Read our full JP Markets review below.
WHAT IS JP MARKETS?
Found in 2016, JP Markets is a respectable forex and CFD brokerage firm with its headquarters located in South Africa. This online broker is regulated by the Financial Services Board, South Africa.
At JP Markets, clients can trade a range of trading instruments, such as Forex, Metals Indices, Futures and Shares based on CFDs.
The broker also offers a variety of trading platforms to its traders, including MT4 (MetaTrader 4).
A powerful broker with high standards, JP Markets is an elite part of Forex. One thing that sets them apart is their attention to quality – they seek it out as ruthlessly as their clients do. JP Markets provides a versatile number of services and values that are all based around united business practices.
JP Markets is regulated and licensed by the Financial Services Board in South Africa.
JP Markets began as a small office operation, as most brokerages have. Today, there are multiple offices in several different countries around the world.
From the beginning, JP Markets has spent a great deal of time focusing on their clients and giving them the best customer service possible. This ended up working out in their favour, as this is what has helped them grow so expansively throughout the years. While customers of other brokerage companies complain that brokers will sometimes trade against their best interests, customers of JP Markets have never had that issue.
There is no doubt that JP Markets is one of the strongest and most highly trusted brokerages on the market today. Naturally, they are a favourite by traders looking to be represented in their companies.
This company offers any and all services that a trader could need, including:
- Instant deposits and withdrawals
- Meta Trader 4
- STP and ECN account availability
- Secure server choices
- Cryptocurrency trading
- JP Markets app for custom trading
In addition, JP Markets offers clear and concise communication with all of its customers to ensure that trading is done fairly.
PROS & CONS
Before going into a further review about JP Markets, a quick glance at the biggest advantages and disadvantages of this brokerage can help traders make the best choice when considering which broker to invest in.
- Same-day deposits
- Multiple online payment portals available
- Consistent bonuses and promotional offers
- Protection against negative balances
- South Africa based and founded
- Recognized in Africa
- Extremely low spreads
- South Africa FSP regulated
- Beneficial interest rates on trading accounts
- MT4 trades
- Rand, EUR, and USD available
- Good customer support
- Multiple global industry awards
- Customer support is not 24/7
- Not a large number of trading platforms available
- Some traders have bad experiences with their withdrawals
- Cannot use hedging, scalping, or EAs
IC Markets Forex Broker Review
Below, you’ll find a complete review of JP Markets and the qualities that make them a big contender on today’s market.
Some have complained that JP Markets does not offer as many account types as other brokers might. Let’s take a look at what is offered through this company when you open up an account.
You can make an account based in ZAR, EURO, GBP, or USD. This includes commission accounts as well.
All accounts through JP Markets have direct market access. You can flow your orders in real-time to always get the best prices available. JP Markets pulls from the Forex market with no lag time or price gouging.
Standard Vs. ECN
This broker allows you to make a standard account or an ECN account. Also known as electronic communications network accounts, ECN accounts charge you a commission per each transaction as opposed to standards accounts which charge you per spread.
HOW TO OPEN AN ACCOUNT
How do you open an account with JP Markets? It depends on what kind of account you want to open up. But the beginning steps are pretty easy.
First, you need to complete the sign-up form. You’ll be asked to provide an email address and verify your account through that email.
You will be asked to provide certain documents to prove your identity. You might have to give them a copy of:
- Your ID card
- Proof of residence (utility bills, rental agreements, mortgage statements, telephone bills, TV licenses, bank statements, etc.)
- Bank details
Those who are hesitant to sign up and provide all of that information can make use of the new demo account provided by JP Markets.
You won’t be able to make trades using real money when you have a demo account, but you can use virtual cash and simulate real market data to get the hang of things before you invest. The demo account simulates everything from the current trade conditions to live market leverage so you’ll see exactly how it works.
Making a demo account is pretty easy:
- On your Dashboard, click the “My Trading Account” tab. Underneath, you should find “Open Account”. Click that to go to the next page.
- Choose “Open New Trading Account”.
- Select your currency, select between an STP or ECN account, and click “Demo”.
- Make up a secure login and password and verify your account.
What kind of trading instruments are available through JP Markets? There are quite a few tradable things to take advantage of, like gold, forex, and CFDs. A quick rundown of each instrument can help incoming clients choose their method of success.
The most common trading is Forex, also called FX or currency trading. This is a marketplace where people and organizations can exchange currencies and receive currencies at different rates.
Stock indices refer to the stock market indexes on the market. These are popular measurements of a company’s value, or the value of each stock in that company. If you want to invest in some of the biggest companies in the country, you can take a look at indices.
Different commodities can be traded at different values. Commodities are some of the most traded items in the history of the free market and are a great way to diversify your portfolio.
Gold and Oil
You can always trade precious metal and earth resources on the market. Hard commodities always play a role in modern trading markets and you never know when the value of oil or gold is going to rise up.
One reason why JP Markets always stays on top is that it allows customers to trade through Meta Trader 4, also known as MT4. MT4 trading has become incredibly popular due to its dynamic features. By and large, MT4 is considered the gold standard of all trading spaces.
MT4 is easy to use because it supports transactions through all popular platforms, including:
- CFD transactions
MT4 makes it easy to buy and sell different currencies. In fact, there are a handful of included base currencies with MT4, including EUR, SGD, and PLN on top of the standard currencies available.
WITHDRAWALS AND DEPOSITS
There are too many horror stories of brokers not paying their clients on time. Or maybe they can’t payout at all because their deals went upside-down on the market. One good thing that JP Markets has going for them is that they always put the customers’ needs first and will always focus on fast and efficient withdrawals.
Deposits can be made easily and in a number of ways.
Is there a minimum deposit?
There isn’t a very strict minimum deposit required, so customers typically invest whatever they feel is a good amount for them. If you are looking to make a lot of money over the long run and want to commit right away, starting with R3,000 is a common minimum.
Is Bitcoin investment available?
You can make deposits through Bitcoin or your Skrill wallet. JP Markets is trying to stay on the leading edge of introducing cryptocurrency into viable trading options.
Is there a deposit turnaround time?
Again, JP Markets tries to be quick. Most deposits are instantly allocated to your bank account. Most transactions are still manual, however, and might take a little bit of time to show up. It would never take more than an hour at most.
What reference number is used to make a deposit?
When you sign up with JP Markets you are also using MT4, so you will be assigned an MT4 account number. This is the same number you should use when depositing funds into your account. If there are any issues, the customer service email email@example.com is available to help with your account.
How are accounts funded?
You can actually make local deposits through your bank to JP Markets. This sets them apart from other brokers. Through Nedbank, Absa, or FNB, you can make direct deposits.
You can request a withdrawal through a simple process. JP Markets allows you to process withdrawals Monday through Friday from 9 am to 5 pm GMT. The broker may call you to confirm that you requested the withdrawal and that will help it process faster.
How long do withdrawals take to reflect in an account?
Within 4 hours of approving the withdrawal, you should see the money leave your JP Markets account and enter your bank account. It should be noted that Capitec is an exception, as their withdrawals take much longer to process.
What is the turnaround time for withdrawals?
You can expect to receive a withdrawal immediately after requesting it. As long as you have spoken to a JP Markets representative and filled out the proper documentation, you can expect payment quickly.
Can bonuses be withdrawn?
You earn all of your promotions and bonuses. They are connected to lots at $5 per lot. You can determine how many lots you need to trade in order to collect your bonus.
For the vast majority of professionals who use JP Markets on a daily basis, they are offered maximum daily ratios of 1:500. There are some cases where a JP Markets trader may encounter 1:200 or even 1:100, but it varies per market and per instrument used.
These high ratio leverages are allowed under local jurisdictions, making JP Markets one of the most popular options in all of South Africa. You should still double-check all of your trading conditions for the best ratios before you start your trades, however.
COMMISSIONS & FEES
Commissions are one of the most critical components of JP Markets’ success. Commissions are slightly different between ECN and STP accounts, so let’s take a look at them both in more detail.
ECN Account Commissions
You’ll be charged $10 per lot for your commission. If you want, you can upgrade to a VIP account, which allows you to have a lower commission charge.
Depending on the account that you have and the type of regulating entity it is attached to, you might be faced with different types of fees. Your place and country of residence can really have an impact on what you’ll be charged.
Everyone can opt for an ECN account, but it is especially encouraged for professional traders.
There are competitive market spreads available through JP Markets. You can get about 2 pips on an STP account if you are trading in USD or EUR. The lots are based on market conditions, but usually, you can count on 2 pips on average.
Other spread conditions may apply, but it is hard to tell what those conditions might be just from looking at the MP Markets website. While statistics are unclear, you can depend on a steady rate of commissions and fees no matter what kind of account you have.
The strong focus on customer prosperity has made JP Markets a powerhouse in education. In fact, this broker is a leader in providing knowledge and resources to all types of investors. JP Markets can teach people how to have success through their business endeavours and life choices.
JP Markets has a community of both experts and peers who can answer questions related to trading basics, complex brokerage tips, forex investing, and big projects. Those who want to have one-on-one conversations with a pro can schedule seminars or even sign up for mentoring.
There are face-to-face opportunities to introduce clients to bigger opportunities. You can even connect with outside sources of education by starting through the JP Markets community.
Free training is available once you sign up as a member of JP Markets. You can participate in scheduled online courses to better your knowledge about the trading world, helping you make smarter decisions when it comes time to buy or sell. This is just one way that JP Markets continues to look out for its clients, no matter if they are individuals or organizations.
The experts at JP Markets might not give you a direct link to important research, but they will set you up with the tools and training you need to be able to find the research on your own. They will help you learn how to research an investment before you pour your own money into it.
JP Markets will try to stop you from losing money however possible by telling you how you can use your research skills to gain proper education on the topic. As an account holder, you will be able to access world-class education about specific market activity.
You can sign up for email alerts or even SMS text message alerts that will notify you about the newest pairs, glossaries, forex calendars, or tutorial documents that are available.
There are many components of a great brokerage, and customer service is one of the most important. Without the ability to pay attention to customers or help them make smart investments, a brokerage is putting both the client’s and their own financial stake at risk.
JP Markets is all about communication and helpfulness. The team at JP Markets will try to help you however and whenever they can, although they do not provide 24/7 support. You will have to make sure to pay attention to the time zone you are in to see when someone is available to speak to.
During open hours, JP Markets has a live online chat available. You can connect directly with an agent and have your questions answered right away. You’ll also be able to text them through WhatsApp or through SMS text messaging. A phone support line is available during open hours as well.
If you need to contact JP Markets right away, you can reach them at the following:
SOUTH AFRICA OFFICE TELEPHONE: +27 010-590-1250
EMAIL ADDRESS: firstname.lastname@example.org
It is part of the JP Markets mission statement to provide helpful and high-quality answers to any customer questions. Whether you decide to contact the team through live chat or through a forum post, there are is always help available.
The fact that JP Market is the recipient of global awards is a boost to its legitimacy. It continues to be one of the most sought-after brokerages in South Africa and beyond.
The most recent awards won by JP Markets include:
- Global Forex Newcomer of the Year 2020 – Forex
- South Africa’s Fastest Growing Broker 2019 – International Finance Logo
- South Africa’s Best Broker 2019 – Global Business Outlook
Over the past few years, JP Markets has continued to grow in number and in legitimacy, making it a budding choice for beginners and experienced investors alike.
SAFE OR SCAM?
JP Markets is a regulated entity and an authorized FSP 46855. Some of the organizations that regulate them include the Financial Services Board, SARB, the FICA Act, and the FIC Act.
Your funds are completely safe and secured while you are trading on JP Markets. You actually have your own segregated account that is monitored by professionals and registered with a third-party so its protection has many layers of foolhardiness. You can also invest in account insurance which will protect you in the event of a risk.
There are many regulatory obligations that JP Markets must comply with as well, making it one of the safest places to start trading. It is an international service that deals with finances, making it compliant with some global safety laws in addition to South African laws.
Another benefit of JP Markets is that it is not just regulated in South Africa. It can support ZAR along with other currencies throughout Africa, making it a good choice for people in many different countries.
Clients are able to communicate with JP Markets pros throughout this process for better peace of mind that their investments are secure. These pros will also be transparent in the event that your account has been compromised.
JP Markets is a growing brokerage that has gained both national and international trust in the financial industry. There are easy, competitive, and fair trading conditions with account opportunities that are easy to set up. There are plenty of opportunities for beginners and veterans alike who are looking to get a good handle on their investment portfolio.
While diverse in its investment and education opportunities, JP Markets does not offer a lot of different account types. For now, you can only use the MT4 platform, although there are many instruments and currencies available within MT4. It is easy for individuals to trade manually or to make investments through Copy Accounts and automate the experience.
Overall, JP Markets is a trustworthy and well-known brokerage within South Africa. You can use it for national or international trade deals and there are more and more currency types being added every day.
JP Markets is unique by offering educational opportunities for their clients. Free webinars, individual mentoring, forum conversations, and live chats are available to help people get the answers they need.
It is a great forex broker if you are looking to start out. With free research materials, you can get the hang of trading on these markets. MT4 is a high-quality space that will also help you through your trading experience. You might want to try out a demo account before you fully register, though. Ultimately, the choice is yours to make.