Minimum Deposit: R3000
Maximum Leverage: 1:500
My Score: 5.1
JP Markets is a global Forex broker. JP Markets is becoming increasingly popular around the world. The broker established in 2016 and has its base in South Africa. They have expanded into Kenya, Pakistan and Bangladesh. When I look at their website, jpmarkets.co.za, 30% of visitors are from South Africa. The company’s focus is on helping traders on a local level, providing clients with the personalized customer service and tools required for them to succeed in a fast-paced and exciting industry that can make them very wealthy. JP Markets’ vision is to play an instrumental role in the creation of at least 30 African-owned forex brokerages across Africa by 2020 and assist in the creation of 500 forex millionaires in the next 10 years.
Is JP Markets scam or safe broker? In this JP Markets review, I will introduce all details about the broker. If you are wondering about JP Markets’ minimum deposit, account types, regulation, spreads, leverage, JP Markets minimum withdrawal, platforms and bonuses, you are in the right place to find them.
JP Markets Regulation
South Africa, one of the most developed countries in Africa, has a substantial financial market potential. JP Markets also wants to be considered as a reliable broker in this market in order to gain a place in this market. JP Markets is licensed and regulated by the Financial Services Board, South Africa, FSP 46855. The regulator is not one of the most reputable in the world, but it still has a certain level of reliability. Locally licensed brokers must maintain all client funds in their segregated credited accounts on a recognized bank in the country.
JP Markets Account Types, Spreads and Leverage
JP Markets offers its clients two account types. The standard account has variable spreads, no commission fees, STP (Straight through Processing) market execution and leverage up to 1:500. JP Markets’ leverage can be considered high. But do not forget that higher leverage comes higher risks of losses. There is also PAMM services. JP Markets does not have a strict minimum deposit. However, JP Markets recommends minimum deposit with around R3 000, particularly if you require training.
There is also ECN (Electronic Communications Network) account. Traders benefit from lower spreads, but this account type charges as trades are executed. eg. spreads will reflect a charge of 1 pip on the platform and then a “commission” of $10 per standard lot on execution.
An ECN account stands for the electronic communication network. It means that your orders are executed directly in the market. The difference between the two is that on an ECN account, you will see a commission charged per transaction whereas on a standard account you will be charged on the spread. Both accounts work out to similar in cost so it is all dependent on what you as a trader prefer.
However, JP Markets offers uncompetitive spreads in the market. On average you can get EUR/USD for about 2 pips. I think JP Markets’ spreads are higher compared to other brokers.
|Account Type||Minimum Deposit||Spreads||Leverage||Minimum Trade Size|
|STP||R3,000|| 2 pips on EUR/USD||1:500||0.01|
|ECN||R3,000||1 pip + $10 com. per lot||1:500||0.01|
JP Markets MT4 (MetaTrader 4) is available as a trading platform. The MT4 is still preferred by most brokers and experienced traders. JP Markets’ platform features advanced charting package, trading and analysis tools, alerts, signals, and customizable indicators. MT4 allows you to see the marketplace you are dealing with.
You can use JP Markets login to enter your MT4 account and start trading. It is at the top right of the site called JP Markets client login. If you are a partner of the company you will enter as a partner near the client login.
You can trade up to 30 forex pairs, other CFDs, gold, stock indices and oil on the site, which uses the MT4 (MetaTrader 4) platform.
The broker has live chat but it was offline when I try to reach. JP Markets’ contact details: Black River Office Park 2 fir street Observatory, Cape Town Gatehouse Building, 2nd Floor.
JP Markets Bonuses and Promotions
JP Markets offers its clients some bonuses and promotions. One of them is ‘Win a Car Competition’. There are terms and conditions you can see them on their website. The second one is JP Markets deposit bonus. It is running 15th to 31st October 2018. You can see the details on their website. The last one is JPM Card. You can be a VIP MasterCard Client by taking the card. Unfortunately, JP Markets no deposit bonus is not available. Your bonuses are earned and you receive 5 dollars per lot. E.g.: if you receive a bonus of $50, you need to trade 10 lots in order to earn the full $50 bonus which you can then withdraw.
Withdrawal and Funding Methods
JP Markets withdrawal and funding methods are credit/debit cards, bank and wire transfer, PayFast, Skrill and Bitcoin. And you can also withdrawal via WhatsApp. You can send your request to the number on the broker’s website.
JP Markets is a regulated forex broker. The broker has limited account types and does not allow scalping, hedging and EAs. And you don’t have the chance to choose trading platforms. JP Markets support MT4 platform, making them easy to use for many traders. However, the spreads are higher than the average, and this, unfortunately, placed many restrictions on trade. There are pros and cons so, you can decide whether trade or not according to them.