BrokersView has reviewed that JM Financial is an unregulated broker JM Financial claims to be operated by JM Financial Services Co., allegedly authorized by the Ministry of Commerce in the State of Kuwait, and run by Elinnovate Processing Ltd, supposedly registered in Cyprus. However, registration with the Ministry of Commerce in Kuwait alone does not constitute valid authorization to offer financial services. The Central Bank of Kuwait has explicitly stated that they do not supervise forex trading activities, meaning JM Financial is not operating in a regulated environment. Additionally, there are no indications that Elinnovate Processing Ltd is licensed by the Cyprus Securities and Exchange Commission (CySEC). In essence, JM Financial is not regulated by any governing body. Entrusting it with investors' funds is highly risky, as there are no legal protections in place to safeguard the funds. JM Financial appears to be a scam.