Jones Mutual Review
Why Jones Mutual Sucks In 50 Words
The website has an “unfinished” feel to it, the corporate information is a mess (we can’t tell who owns this broker exactly). Important information – such as deposit requirements for each account – is missing and they only offer a web-based platform (Sirix), despite advertising Meta Trader 4 in some areas of the Client Cabinet.
Why Jones Mutual Doesn’t Suck In 50 Words
That’s a tough one but I’ll try. If you are into social trading (copying other traders), you’ll be happy to know that Jones Mutual offers this feature. However, it’s nowhere near as good as the social trading offered by the big players, like eToro, so I don’t see why you would risk investing your money with an unregulated broker like Jones Mutual when you have much better options.
Is Jones Mutual A Scam?
The general Internet vibe is that Jones Mutual is a scam and taking into account everything that we’ve seen during this review, we can’t say they are not. We cannot brand them 100% Scam, but come on, let’s be real here: there’s no regulation and they mention two owning/operating companies on the same page. Why is that? So I don’t know who to look for if there’s а trouble? Then they say they are registered in Estonia but operate out of Ireland (allegedly), they are not transparent about the minimum deposits, they advertise Meta Trader but don’t offer this software, and they don’t even proofread their website… because why bother.
All of the above combined with complaints and horror stories like failed withdrawals, tens of phone calls from managers asking for more money, and unauthorized trades on clients’ accounts, have convinced us to recommend staying away from this broker.
Should I Open An Account With Jones Mutual?
Jones Mutual is a newly launched CFD broker based in Estonia, with an operational office in Ireland. The website is owned and operated by Kolusha OU or by GreenRiver OU, depending on where you look on the website. Both are registered in Estonia, but with slightly different addresses. Upon checking their regulation, we couldn’t find them in any of the registers of major financial supervision authorities, so we conclude this broker is not regulated.
No, you shouldn’t and there’s no reason to sugar coat it. This broker launched sometime in 2018 but the exact date is unknown because their “About” page is just a bunch of hype words and mumbo-jumbo about how they are gonna help everyone achieve financial success. The platform (Sirix) is disappointing, with a design that resembles 80’s video games and barebones trading features. It’s available as a web-based version only, which brings the advantage of mobility, but that’s not so impressive because Meta Trader also has a web-only version, which is light years ahead of Sirix. And surprisingly (or not so much), Jones Mutual advertises Meta Trader but after opening an account and logging in, there was no sign of this charting package. They also advertise Demo accounts, but there’s no way of opening one.
As for accounts, Jones Mutual offers 5 types: Basic, Silver, Gold, Platinum, and Diamond. The higher accounts benefit from lower spreads (they do not specify how low) and more tradable assets. It doesn’t feel like you’re getting more for a higher account, but you are getting less for a lower account. Let me explain: 99.99% of brokers offer the entire range of assets for all their accounts but Jones Mutual will only give you Forex, Indices, and Commodities for the first two account types and the full asset list will be unlocked starting at Gold. What’s even more bothering is that Jones Mutual doesn’t offer information about the deposit requirements on the website, but after registering an account, we’ve learned that the minimum deposit is 300 USD.
Education material lacks totally unless you count a handful of FAQs as learning, so overall there’s nothing that can weigh in the favor of you opening an account with this broker. There are many regulated brokers that offer better trading conditions and a whole lot more transparency, so I don’t see any reason why you would risk investing your money with Jones Mutual.
Kolusha OU, lists the address Harju maakond, Tallinn, Keslinna linnaosa, Roosikrantsi tn 2-K276, 10119, Estonia. GreenRiver OU has a registered address at Harju maakond, Tallinn, Keslinna linnaosa, Parda tn 4, 10151, Estonia. The operational address of the broker is 77 Sir John Rogerson’s Quay, Grand Canal Docklands, Dublin, Ireland. The broker can be contacted at phone +353 -76 680 5512 (Ireland) and email [email protected].
Jones Mutual Complaints
People are generally angry and most user reviews are negative. The complaints range from unauthorized trades made by account managers on clients’ accounts and pressure to deposit more, to straight-up disappearing withdrawals. A user even complained that Jones Mutual posted a 5-star review on TrustPilot, using his name and now he cannot delete it. We cannot confirm that, but the amount of complaints and negative reviews is staggering, so we recommend caution around this broker.
Jones Mutual Withdrawal
The minimum withdrawal amount is 50 account units (USD, EUR, GBP) but that information is not available on the website so we had to dig into their Terms And Conditions. The processing time is long, at 7 business days and the methods are limited: only credit/debit cards and wire transfers. Unfortunately Jones Mutual doesn’t allow e-wallet or cryptocurrency withdrawals or deposits.
Jones Mutual Extras
The broker offers a Forex Heat Map, which is basically a dashboard that displays changes in the price of major currency pairs in the form of a colored table (green for rising currency pairs and red for falling pairs). There’s also a Stock Market Volatility Indicator, which displays four of the most volatile stocks, with a bunch of additional information.
Jones Mutual Overall Ratings
User Friendliness 12/20
The website is only available in English and information is very scarce. The Sirix Web platform is cluttered and poorly designed, with an emphasis on copy trading. Demo accounts and mobile platforms are not available; US traders are not accepted.
Range Of Markets, Spreads And Leverage 12/20
The available trading assets are limited to Forex, Indices, and Commodities if the client opens a Basic or Silver account. More assets will be unlocked for Gold, Platinum and Diamond accounts, so if you want to benefit from the entire range, you will have to invest more. The spreads are high for EUR/USD: 3 pips but low for cryptocurrencies. For example, BTC/USD was a surprising 3 USD, which is very low but we cannot guarantee it won’t widen when the market becomes more volatile and besides, you need an expensive account if you want to trade cryptocurrency. Leverage is not specified but according to outside sources, it goes as high as 1:100.
Fees And Support 14/20
After two months without deposits, withdrawals, or trades, an account will be considered inactive and will be deducted a monthly fee of 50 account units (EUR/USD/GBP, etc.). That’s quite a hefty inactivity fee, so make sure you don’t allow your account to become inactive, or simply withdraw your money if you are not trading. All withdrawals have an additional processing fee of 3.5% for credit/debit card transactions and a $15 fee for all bank wire requests. Live chat support is not available, so the only options are email or phone, but that means you will give them your details.
Deposits And Withdrawals 14/20
The big disappointment here is that the deposit requirements for each account type are not specified. The FAQ section informs that 250 USD is the minimum deposit but when we tried to deposit 260 USD, we got a message saying that the minimum is 300. The methods are limited to just credit/debit cards (only Visa or MasterCard) and wire transfers (no e-wallets or crypto deposits/withdrawals) and the processing times for withdrawals are rather long, at up to 7 business days. The minimum withdrawal amount is fair, at 50 account units.
Extras 15/20
The Forex Heat Map and the Stock Market Volatility Indicator are useful features but not indispensable for traders. You could do without, but it’s good they offer them.
Jones Mutual Ratings: 67/100