Millions of people around the world would like to see Forex trading less mysterious. Lots of scam brokers decrease the industry’s reputation. To determine the legitimacy of a broker, it is crucial to assess essential factors such as regulatory compliance and transparent withdrawal procedures.
In our unbiased review of JP Markets, we will thoroughly examine aspects such as regulations, account types, customer service, leverage, and fund withdrawals, among other features provided by this broker.
A Look at JP Markets
JP Markets SA (Pty) Ltd is a South Africa-based brokerage firm. The firm boasts of having more than 30 different instruments from which traders can choose.
The broker has established a good presence in South Africa, Bangladesh, Pakistan, and Kenya. The company’s offices are located in Black River Office Park 2 fir Street Observatory, Cape Town Gatehouse Building 2nd Floor, Cape Town, South Africa. The customer service phone number provided is South Africa based.
The Safety and Security details examined
Starting from the regulations there is one big bad news right from the beginning. South African FSCA has provisionally suspended the license of JP Markets because “there is a reasonable belief that substantial prejudice to clients or the general public may occur if they continue rendering financial services.”
The Financial Services Board of South Africa regulates JP Markets. The license number according to the broker is FSP 46855.
FSB of South Africa is among the well-known financial regulators in the world. By being regulated by this body, JP Markets gains a lot of legitimacy, especially among the traders who seek well-regulated Forex firms. However, it is worth noting that FSB is not the most strict body. You will find that brokers seek the FSB license to complement the licenses they already have.
In the case of JP Markets, they lost their FSCA license which is a sufficient red flag to stay away from this broker.
JP Markets Fees and spreads
Spreads start from 2.4 pips on EURUSD which is much higher than the accepted industry average of 1 pip. Leverage is high to lose 4.8 pips right from the opening of a trading position. There are no reasons why you should be trading with a scam broker that uses an unprofessional website.
Accounts, deposits, and withdrawals of JP Markets
The official website of the broker does not clearly show the different types of accounts that one can open. A standard account of the broker has a minimum deposit amount of R3’500. The average spread on EUR/USD is 2.4 pips which is quite high. This makes JP Markets noncompetitive. The leverage, of JP Markets is capped at 1:500.
Deposits and Withdrawals
JP Markets supports several popular payment systems, but the fees are undisclosed and the page is not secured. At this point, JP Markets screams of being a scam.
JP Markets Trading Assets and Features Explored
JP Markets has Forex and several other assets for trading but does not disclose details about them. The broker seems shady and is more focused on luring clients using various promo events. Another red flag arises during examining the trading platforms.
Trading platforms
In this JP Markets scam review, we find that the broker offers an MT4 trading platform. This trading platform is the most popular in the market. The broker doesn’t support other trading platforms and automated strategies.
Download WhatsApp in a trading platforms section? Another red flag of potentially scamming people using the WhatsApp messenger app with the unprofessional design of the website makes it hard to find needed details about trading conditions.
Bonuses offered at JP Markets
The broker offers multiple bonuses to lure new clients or to maintain existing ones. Traders who deposited anything above R3,000 for the better part of 2018 stood a chance to win a car. But as many experienced traders already know, very generous bonuses almost always leave the beneficiaries with a sour aftertaste.
JP Markets Customer Support Review
Let’s list the inefficiencies in JP Markets’ support options:
No live chat
Unprofessional contacts’ page
No hotline support
JP Markets has an online form to send a message to the broker. There are no other options except WhatsApp in the platform sections which requires lengthy procedures. All in all the broker disappoints in the CS as well.
Education JP Markets
Like many African brokers, JP Markets offers educational resources. The majority of these brokers make money by “teaching” unsuspected newbies about the wonders of getting rich with one click. JP Markets’ education consists of an academy, Forex glossary, and trading workshops.
Should you consider JP Markets?
Many traders are willing to open an account with a well-regulated FX broker. While the FSB regulates JP Markets, FSCA suspended its license.
We do not recommend JP Markets, because of its low transparency and regulations.
Is JP Markets regulated?
FSB of South Africa regulates JP Markets, but South African FSCA suspended its licenses.
What are the fees and spreads on JP Markets?
JP Markets has spreads starting from 2.4 pips on EUR/USD, and the fees are undisclosed.
This broker is not recommended!
TopForexBrokers.Net team does not trust this broker and advises you not to sign up with it.
