JP Markets Broker Review

Author By Jeffrey Cammack
Updated: September 7, 2022
Overall Rating
2.78 2.78 / 5
🏦  Min. DepositUSD 1
🛡️  Regulated By
💵  Trading Cost 
USD 22
⚖️  Max. Leverage200:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 
AlertJP Markets is not accepting new clients. As of 2020, the FSCA has suspended JP Markets' license and the company is being liquidated. Existing client access to all portals has been suspended.
Last updated on September 7, 2022
by Editorial Director Jeffrey Cammack
Jeffrey Cammack

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Our verdict on JP Markets

JP Markets is a South African market maker broker offering support for MT4 and an exceptional 200% deposit bonus.

Spreads are unpublished, but JP Markets state that spreads on the EUR/USD average about 2 pips under normal market conditions, which is very wide for brokers of this type. Education is limited and only a single account type is available. Market analysis and research seem to be non-existent.

We have received many complaints about JP Markets and are in the process of investigating these. We advise traders to find another approved broker until we have verified these claims.

🏦  Min. DepositUSD 1
🛡️  Regulated By
💵  Trading Cost 
USD 22
⚖️  Max. Leverage200:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 

Overall Summary

Regulation
000000/ 5
Trading Conditions
111003/ 5
Trading Platforms
111104/ 5
Deposit & Withdrawal
11110.54.5/ 5
Education & Research
110002/ 5
Assets Available
111104/ 5
Customer Service
1110.503.5/ 5
Beginner Friendly
Standard
Welcome Bonus

Account Information

Base Currencies
ZAR, USD, GBP, KWD
Number of FX Pairs
15
Crypto Pairs
0
Copy Trading
Hedging Allowed
Scalping Allowed
Islamic Account

Trading Conditions

Account Name
Trading Desk
Commission
2 USD / lot
EUR/USD
0 pips
GBP/USD
0 pips
USD/JPY
0 pips
Negative Balance Protection

Company Details

Company Name
JP Markets SA
Founded
2016
Website Language
English
Support Language
English
Office Locations
South Africa, Swaziland

Pros

  • Low minimum deposit
  • Fast and free withdrawals
  • Great customer support

Cons

  • MT4 only
  • Limited demo account
  • Limited currency pairs
  • High commission

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

AlertJP Markets is not accepting new clients. As of 2020, the FSCA has suspended JP Markets' license and the company is being liquidated. Existing client access to all portals has been suspended.
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Overall Rating
2.78 2.78  / 5
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