JP Markets Review 2024
Website: www.jpmarkets.co.za
Min. Deposit: US$
Leverage: 1:200
Trading Platforms: MT4, JPM App
Regulation: FSB
Headquarters: South Africa
Founded: 2016
Regulatory Licenses:
- JP Markets SA (PTY) Ltd - authorized by FSB (South Africa) registration no. 46855
Updated on March 11, 2024
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In our approach to reviewing JP Markets, we have meticulously compared it against 1000 brokers. This comprehensive analysis includes a deep dive into the broker's offerings, services, trading conditions, platform reliability, regulatory compliance, customer feedback, and overall market competitiveness. Our aim is to provide an unbiased, detailed assessment to guide potential traders in making an informed decision.
Established in 2016, JP Markets is a forex broker based in South Africa, known for its commitment to forming lasting relationships with traders globally through its robust trading environment. The foundation of JP Markets' offering is the emphasis on trader education, recognizing that informed traders are the most successful ones. The ownership structure of JP Markets supports this vision, ensuring a stable and reliable trading platform for traders at all levels.
Opening an account with JP Markets is straightforward and offers quality trading conditions, copy trading options, and an array of educational materials. This positions JP Markets as a highly reliable brokerage, catering to both novice and seasoned traders.
Pros
Easy and smooth account opening process
Quality trading conditions
Availability of copy trading
Comprehensive educational resources
Cons
Some negative feedback from users
Questions about the broker's professionalism due to past regulatory issues
[The section on awards would typically outline any accolades or recognitions that JP Markets has received in the industry. As the original text does not provide specific awards, this section is left generic and would be updated with relevant information as it becomes available.]
Is JP Markets safe or a scam? ▲
JP Markets is not a scam. It operates as an incorporated entity in South Africa and holds a valid license from the Financial Services Board (FSB), ensuring compliance with financial regulations and offering transparent, low-risk trading conditions to its clients. Recent rumors regarding the suspension of its license were clarified, as the domain in question was no longer in operation by JP Markets, maintaining their clear regulatory record.
Is JP Markets regulated?
Yes, JP Markets is regulated by the Financial Services Board in South Africa, holding license number FSP 46855. This regulation ensures that JP Markets operates within the legal framework, providing secure and fair trading conditions.
How South Africans are protected?
South Africa's growing forex industry sees JP Markets leveraging its strong incorporation background and FSB regulation to offer excellent trading opportunities. Compliance with stringent regulatory standards ensures negative balance protection, segregated trader funds, and high-level security, safeguarding clients' interests comprehensively.
Is JP Markets license suspended?
Contrary to the circulating rumors, JP Markets' license was suspended in 2019 by the FSB due to an alleged violation linked to a domain the broker no longer operated. This was later rectified, and JP Markets' regulatory record remains unblemished, affirming its reliability and commitment to lawful operations.
Given that JP Markets is a broker established in South Africa, it operates under local regulations which currently permit high leverage ratios for both retail and professional traders. This flexibility with leverage has contributed significantly to the popularity and expansion of South African brokers, including JP Markets. The level of leverage available depends on the type of asset being traded as well as the account type a trader has chosen:
For professionals, leverage can reach up to 1:500,
Retail traders have access to leverage ratios such as 1:100 or 1:200.
It's important to note that the offered leverage and associated risk levels can also vary depending on the specific instrument and asset being traded, so traders are encouraged to verify trading conditions beforehand.
Our review of JP Markets reveals the availability of two main types of accounts: one based on STP execution with costs incorporated into the spread, and the other an ECN account featuring raw spreads and commission charges. Additionally, JP Markets offers the option to open an account for Copy Trading, including either Copy Trader or Copy Master, which may require additional authorization settings for seamless trading. A unique aspect of JP Markets' offerings is the rare provision of interest on trading accounts, subject to maintaining a qualifying minimum balance.
JP Markets offers flexible trading fees with options between standard fees based on spread and an ECN account that incurs a commission. The broker also presents attractive opportunities such as the ability to trade through deep liquidity and low fees for Cryptocurrency and Commodity trading. Based on our extensive research comparing over 1000 brokers, JP Markets' fees are considered low, with an overall rating of 8.4 out of 5. However, fees may vary based on the entity offering the service. Below, we detail our findings on fees and pricing.
The spreads at JP Markets are variable and contingent upon market conditions but are generally competitive within the market. On average, the EUR/USD spread is about 2 pips for an STP account. As mentioned earlier, the ECN account entails a commission of $10 per lot, making it a preferable option for professionals, though it remains accessible to all traders. Unfortunately, the website does not provide clear information regarding spread conditions, preventing us from accessing specific statistics on its spread offerings. In our comparative analysis against other brokers, JP Markets' spreads received a lower rating of 7 out of 5, with the Forex spread notably higher than the industry average of 1.2 pips for EUR/USD.
JP Markets provides a broad selection of instruments, catering to the needs of international traders through its state-of-the-art trading benefits. Clients can engage in trading Forex, Metals, Indices, Futures, and Shares, all based on CFDs. The diverse range of trading instruments is commendable, with a scoring of 4.0 out of 5. The limitation, however, lies in its focus mainly on CFDs and Forex Instruments, which, while extensive, may not cater to every trader's needs.
JP Markets distinguishes itself with a wide array of deposit methods, including traditional bank accounts from Absa, FNB, Standard Bank, and Nedbank, alongside modern payment gateways like Skrill and the option to use Bitcoin. The broker's innovative JPM Card, functioning as a MasterCard, connects directly to your trading account, facilitating seamless transactions. This comprehensive approach to funding methods earns JP Markets an excellent rating of 4.0 out of 5. The absence of minimum deposit requirements is a significant advantage, particularly for new traders, with a recommended starting amount of around $200. Withdrawal processes at JP Markets are designed to be straightforward, with no explicit charges for deposits or withdrawals, though it's advisable to check for potential fees from banks or payment providers.
JP Markets excels in offering the MT4 platform, ensuring quality trading execution without requotes or rejections and flexible trading conditions. The platform's industry-standard status is acknowledged, yet the absence of alternative platforms is a notable drawback. The overall rating for JP Markets' platform stands at 4.0 out of 5. Additionally, JP Markets has developed its proprietary JPM Mobile App, enhancing trading convenience by allowing control over trades anytime, anywhere. Social Trading is also facilitated through desktop platforms, enabling traders to either copy trades or become Master Traders for increased market exposure.
JP Markets has established a customer support service aimed at providing timely and accurate responses to trader inquiries. Although the broker's support team is accessible via Live Chat during working hours, there have been instances of client dissatisfaction regarding response quality. Nonetheless, our testing revealed quick and knowledgeable responses, leading to a rating of 3.5 out of 5 for customer support. This highlights JP Markets' commitment to maintaining a reliable support system for its traders.
Education and research are areas where JP Markets shines, offering a vast array of materials, including videos, online courses, fundamental analysis, and news feeds. Traders also benefit from the extensive research tools available through MetaTrader. The quality and availability of these educational resources are impressive, earning JP Markets a rating of 4.0 out of 5. The broker's dedication to empowering traders with knowledge and tools is evident, making it a commendable choice for both novice and experienced traders.
JP Markets stands out as a reputable broker in South Africa, recognized by international traders for its competitive trading conditions and comprehensive educational materials. The broker offers a blend of manual and copy trading options, catering to a wide range of trading preferences. With its continuous growth and expansion, JP Markets presents a compelling option for long-term investment. The broker is particularly well-suited for:
Professional Traders
Beginners Traders
Share Trading
Forex and CFD Trading
Traders preferring MT4
Floating Spread Trading
No Commission Trading
Scalping and Hedging
Traders from South Africa
In summary, JP Markets offers a solid trading experience, backed by a robust platform, diverse market instruments, and excellent educational resources. Its commitment to improving trading opportunities and services makes it a noteworthy option for traders seeking a reliable forex broker.
