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JP Markets Review - Is it scam or safe?

JP Markets Review - is jpmarkets.co.za scam or good forex broker?

RATING: 2.9 / 9 REVIEWS
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Trading Accounts

 

Account type   Minimum deposit  Minimum trade size Maximum leverage Spread
Standard R3 500 0.01 1:500 2.4 pips on EUR/USD

 

JP Markets offers its clients a single account type with variable spreads, no commission frees, leverage up to 1:500 and STP market execution. What is more, PAMM services are also available with this broker.

 

Keep in mind that scalping, hedging and use of automated strategies (EAs) is not allowed with JP Markets.

 

The Company. Security of Funds

 

Company

Country

Regulation

JP Markets SA (Pty) Ltd.

 South Africa 

FSB

 

JP Markets offers trading in around 30 forex pairs, stock indices, oil, gold and OTHER CFDs on the widely used MetaTrader 4 platform. The company behind the brand, JP Markets SA (Pty) Ltd. is licensed and regulated by the Financial Services Board (FSB), South Africa, FSP 46855. The broker also has presence in Kenya, Pakistan and Bangladesh.

 

Lately South Africa is seen as a financial market with great potential, as it is one of the most developed countries in Africa. FSB is in charge of the licensing process and supervision of forex brokerages in the country. Besides, the South African regulator has enforcement powers to deal with breaches through the enforcement committee, and runs a customer complaints service, the Office of the Ombud for Financial Services Providers.

 

Although regulation in South Africa is not among the strictest and most reputable ones, it provides a certain level of reliability. Locally licensed brokers are required to keep all client funds in segregated trust accounts in a recognized bank in the country.

 

Trading Conditions

 

Minimum Initial Deposit

The minimum initial deposit, required by JP Markets amounts to R3 500, which is a reasonable amount to start with. Other South African brokers, such as Blackstone Futures require more (R5 000).

 

Average Spreads & Commissions

JP Markets charges no commission fees, yet we find its spreads too wide to be competitive: averaged 2.4 pips on EUR/USD. Although fixed spreads are generally wider than floating ones, Blackstone Futures offers spreads fixed at 1 pips for EUR/USD. For more information, you may look up real-time spreads of 15 leading brokers here.

 

Leverage

The maximum leverage on all FX products, offered by JP Markets, is 1:500. Such leverage is considered comparatively high, although a number of brokers offer similar or higher leverage rates.

 

Traders, however, should be careful, for higher leverage involves greater risk.  That is why limitations on leverage rates are set in many jurisdictions.

 

Trading Platforms

 

This broker supports the popular MetaTrader 4 (MT4) platform. MT4 offers all a trader needs: ease of use, numerous order types, a wide range of technical indicators, extensive back-testing and advanced charting package. The platform is especially valued for its autotrading capacities via Expert Advisors (EA) that allow users to fully automate their trades by and let the program do all the work. Unfortunately, JP Markets does not allow automated strategies.

 

 

 

Here is a list of more forex brokers offering MT4 platform.

 

Promotions

JP Markets offers a number of different promotions:

-30% welcome on-deposit bonus granted for period of 60 days;

-20% redeposit bonus-

-Rebate bonuses, happy hour bonuses, and other such-like.

 

Methods of Payment

 

Clients of JP Markets can make deposits and withdrawals from and to their accounts via credit/debit cards, bank and wire transfer, Skrill, Neteller and Bitcoin.

 

Conclusion

 

JP Markets is a duly regulated forex and CFD South African broker that supports the robust MT4 platform. Unfortunately, its spreads are high and besides, it imposes many trading restrictions. In a nutshell, here are the Pros & Cons with regards to this broker:

 

Pros Cons
FSB-regulated High spreads
NDD execution Scalping, hedging and EAs not allowed
MT4 available No choice of trading platforms
Bonuses available  

 

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Spread

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Slippage

Pros

Cons

 

 

Requotes

Pros

Cons

 

 

Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

Traders` reviews for JP Markets

Best Broker in SA

I've been with JP Markets for more than 6 months and honestly they are the best broker in SA at the moment. They offer me interest on my account balance (no other broker does this). Deposits and withdraws on the same day, (no other broker does this.... with other brokers, it's at least 5-7 days to get your money back) They are FSB regulated and can therefore legally offer copy trader.
I highly recommend them over Hotforex, who has good service but they rob you blind when it comes to getting you money back.

I see the comments below.. and none of them are even related to what JP Markets is in control of. Ayanda Mgobozi seems to be a IB partner so i dont see how JPM can get involved, these clients must take their issues with with Ayanda and not blame JPM for their decisions to choose Ayanda as their IB.

I've withdrawn over 30k with JPM multiple times, yes they do phone you, I spoke to the CO, a chap by the name of Kurt and he explained that this is for security purposes to ensure you are the person making the withdraw. We need to understand that they are regulated by FSB so they have to follow procedures to comply with regulation. This is no mickey mouse broker they are the real deal.

Kobus Manning 09/22/2017

Ayanda Mgobozi: Where are you or is he, JPM?

Hi

This time I just want to share that Ayanda Mgobhozi is still making people loose their money all in the name of JP Markets. A lady told me she lost money after being convinced by Ayanda that he would help her and her partner trade with JPM.
Given that he still uses the name of JP Markets I think it is discouraging and JP must intervene and help us get our lost moneys or at least get hold of Ayanda. Simple!The last time I phoned I thought I would get something positive as to his whereabouts but it is all quite as if it is business as usual. The next call i received was four days ago from a lady also complaining about Ayanda robbing her.
How many of us must be victims before JP stops him?

Mlungisi Makubalo 09/20/2017

invalid account

I have registered with this broker and send me login details which were invalid,I have tried several times to contact them but no one has responded to my e-mails. people you should be careful with these brokers. now I cannot do anything my money it is there at their dashboard.

David Mkwane 08/02/2017

Damages to my accounts. Nobody to assist with followup.

one of my accounts appars to have disappeared. i cannot get hold of Ayanda who recruited me and assited with trading. No response from JP Markets.
what mmust i do?
Is this how things are done to vulnerable people like me?

Mlungisi Makubalo 07/31/2017

Liquidated account.

Where is Ayanda Mgoboza? I need to talk to him regarding my liquidated accounts. My number is 0732089001. Please contact me ASAP.

Mlungisi 07/17/2017

Registering account

Hi I registered in the morning at around 8am using this email and I still haven't received any confirmation from you. How long does it take for me to get one?

Bester 06/23/2017

JP Markets Scam

Hi
Please do not trade with this broker . If you withdraw more than 10k you won't get it. They are saying they have to get confirmation from the owner hahahahahaha i withdrew all my money 1 by 1 .shit brocker. Market maker

Complain 06/22/2017

Trading deposit

Query!! Does this mean if you have minimum entry fee level of R1000.00 you can't trade or partake in any action with JPmarket...

Tshepo 06/22/2017

JP Markets: Why scaliping is not allowed

Can you explain why scalping is not allowed in your platform

Elias 05/28/2017
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