JP Markets Broker Review

Is JP Markets Safe?

JP Markets is a South African brokerage firm, founded in 2016 and regulated by the FSCA through licence no 46855. Through an aggressive marketing and “Partner” programme, mainly over social media, it has grown to become one of the largest brokers in the country.

JP Markets offers support for the MT4 platform only. Spreads are unpublished and JP Markets refuses to take responsibility for the spread, stating that “JP Markets has no control over the platform, spreads or clients’ account”. All JP Markets will say is: “On average you can get EUR/USD for about 2 pips, under normal market conditions.” While this may be the case, this is a very wide spread for the most traded currency pair in the world.

While both statements are deceptive, more worrying is the number of complaints we have received about this broker. These range from deposits not reflecting, to withdrawals never appearing and, most worrying of all, direct manipulation of the spread and client trades. Customer support is described as poor and often unresponsive, particularly in cases of funding issues.

While we are currently investigating these claims, we recommend that traders steer clear of JP Markets until these complaints are verified. Once we have completed our investigation we will write a full review. In the meantime, we can categorically state that you should NEVER sign up with a broker over social media.

As of June 2020, the FSCA provisionally suspended the licence of JP Markets SA citing complaints from clients that JP Markets is not honoring withdrawal requests.  Source: https://www.iol.co.za/personal-finance/fsca-provisionally-suspends-the-licence-of-jp-markets-sa-49743265 and https://www.financemagnates.com/forex/brokers/south-africa-regulator-temporarily-suspends-license-of-jp-markets/

If you have had a similar experience with JP Markets, or any other broker, please let us know through our Broker Scam Report

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