Jitak Review

Unregulated Offshore Broker with Fake Offices and Services

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Published: 22 April 2020

Posted by: Anonymous

Jitak is a broker into forex and CFD trading. Jitak is headquartered in Australia. It believes to have offices in Hong Kong, US, UK, Dubai, etc.

Not Regulated by ASIC

Jitak is not regulated by the Australian Securities and Investments Commission (ASIC). The ASIC does not have any regulatory authority over the supervision of the working of Jitak. The company has given the address of 1 Farrer Place, Level 36, Governor Phillip Tower, and Sydney, Australia. The ASIC regulates the financial markets of Australia to ensure safe trading practices and protection of the interests of the customers from the region. The same can be verified at https://connectonline.asic.gov.au/RegistrySearch/faces/landing/SearchRegisters.jspx?_adf.ctrl-state=1c1hjdrn8f_4

Not Regulated by the SFC of Hong Kong

Jitak has given the second address of Hong Kong as 1302, Tower 6, Haiwei Building of Harbour City in Kowloon. They should be under the regulation of the regional financial authority. The Securities and Finance Commission of Hong Kong is the independent body that is responsible for the supervision of the regional futures and securities market. The SFC has no control over Jitak because the company is not authorized to provide its services in Hong Kong. It can be checked at https://www.sfc.hk/web/sfc-search/search.html?collection=s&ui_lang=sfc_en&text=Jitak

Not Regulated in the US

Jitak states that it has regulation from the US NFA authority. The National Futures Association is an independent authority responsible for the regulation of the trading of futures, forex, OTC derivatives, and others. The US FSA does not have any governing powers over the Jitak. It can be verified at https://www.nfa.futures.org/search.html#stq=Jitak&stp=1

Not Regulated by UK FCA

The third address mentioned by the company is that of London. The reputed Financial Conduct Authority of the UK has no regulation over the functioning of Jitak. The traders working with Jitak and based in the UK are not eligible for the compensation scheme offered by the FCA. It can be verified at https://register.fca.org.uk/shpo_nosearchresultpage?mainsearchString=jitak&search=Jitak

Not Regulated by Dubai FSA

The fourth branch address of Jitak is stated to be 1310, Index Tower, Dubai International Finance Centre, Dubai. The Financial Services Authority of Dubai, like the others, does not have any power over the working of Jitak. The DFSA is the independent agency that regulates the financial markets of the Special Economic Zone of the region. It can be verified at link https://www.dfsa.ae/Public-Register/Firm

In the end, my Jitak review confirms that the company has falsely mentioned its association with the US NFA. There is no registration of the company in any of the regions of the US, the UK, Dubai, Australia, and Hong Kong. It is providing services illegally without any regulation. The services are not under the regional financial supervisory authorities. The claims of the company are fake and the license number is anonymous.

Fake Claim of Australian laws

Jitak claims to be governed under the laws of Australia.

It is false as the company is not regulated under the Australian Securities and Investments Commission. The company tries its best to tangle the traders with different addresses. My Jitak review has step by step exposed the lies of this company. The traders should avoid dealing with offshore unregulated brokers like Jitak.

Lost Owners

The tangled details of the addresses of the company with fake details of governing laws are unprofessional operations of the company. There are no details about the owners of the company. The hierarchy level of Jitak is not known and they give  no information about the MD, CEO of the company. Apart from that, the career and growth of Jitak are not available on their website as well.

Trading Services

Jitak is into forex, CFDs, precious metals, and indices.They don’t offer social trading, scalping, and hedging. Unspecified trading services are of no gain to the traders.

Demo Account

The demo account of Jitak requires an invitation code.

It has unrealistic conditions. The profit percentage of a demo account is abnormally high.

It is a terrible strategy of the company to attract traders to invest in their expensive trading accounts. A demo account should not be a trap but should be a simulation provided to the trader to help them in deciding the best trading strategies without risking actual money.

Sole Live Trading Account

Jitak does not provide any options in live trading accounts. There is only one live trading account available, the standard account. It can be opened with the minimum initial investment of $5,000.The average spread in a trading account is claimed to be 0.5 pips. The steep minimum deposit of the account does not have anything fruitful to offer to the trader.

The regulated brokers provide at least 3-4 types of different accounts so that they can suit the requirements of the trader. An amateur trader and a professional trader cannot work using the same trading account. The live trading accounts of the regulated brokers have a variety of services. Sadly, there are no such facilities in Jitak.

Trading accounts are the key to earn profits in forex. If a trader is not satisfied with their trading account, they should have the choice to switch to another one.

Having multiple options adds to the flexibility of trading. But Jitak does not provide such relief and increments the gripe of the traders which are already suffering by the unprofessional services of the company.

Trading Platform of Jitak

The company provides MetaTrader 4 as its trading platform to the customers. There is no provision of any other trading platform. MetaTrader 4 has all the essential services like mobile and desktop compatibility, algorithmic trading, trading charts, and automated trading signals. It is a safe and highly secure trading platform. And this is the only highlight of Jitak, in my opinion.

Available Payment Methods

Jitak does not provide any details about the channels for funds transfer. The only method for deposit is supposed to be bank wire transfer. The minimum deposit limit and the minimum withdrawal limit are not specified either. They fail to mention  the processing time for funds transfer making the process far more cumbersome for a customer.

They have hidden all details about their payment methods. From deposit to withdrawal there is no clarity over the rules, and they don’t clarify their processing fees too. Jitak can charge any amount of money at any time by calling it a fee. In other words, Jitak charges hidden fees, which is a horrible practice.  All unregulated brokers make money through different unethical means and this is one of the methods adopted by Jitak.

They don’t offer Support

Jitak mentions a long list of fake branch offices but does not provide any details about the technical customer support team. They provide only one email ID to contact them but don’t give any dedicated phone numbers for technical support. There is no facility of Skype numbers or other contact methods.

The absent technical support of the broker hints towards their unprofessionalism. The broker company must provide 24*7 technical support to the traders without any terms and conditions. Jitak disappoints once again as it gives no attention to the quality of the customer support it offers to the traders.

Their Website and Online Presence

The website of Jitak is https://jitakcl.com/

The domain of the website was registered at the end of the year 2019.

The website has a major problem with hidden details. No information is readily available on the platform. They have kept it this way to increase the click count on their website because it affects the online presence of the same. The company claims to be from Australia but has maintained the website in Chinese.

Social Media Presence

Jitak does not have any active social media accounts. They don’t have any activity on social media giants like Facebook and Instagram. The company fails to measure the scope of social media in their brand building.

It’s possible that they don’t want to face their dissatisfied customers and that’s why they’ve maintained such a low profile online.

Conclusion

Jitak is not regulated by any financial authority. It tries to attract traders by providing fake information about its registration at various locations.

They don’t offer multiple trading accounts and have not disclosed the details about the charges, the technical support team, and the terms and conditions policy of the company. There must be transparency in operations. I strongly advise you to stay away from this shady broker.

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