JP Markets – The Rise and Fall

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JP Markets claim to be the biggest broker of South Africa. African countries have become very active in trading in the last few years, which is quite a big deal. It offers a wide range of financial products and a popular MT4 trading platform with advanced technology. Over the past few years, JP Markets SA has become increasingly popular worldwide. Founded in 2016, the broker has its base in South Africa.

In this article, you will find out everything you should know about JP Markets. Suppose you wonder about JP market accounts, platforms, customer service, login issues, the rise and fall of brokers in the market, minimum deposit, bonuses and promotions, and other details. In that case, you are at the right place. First of all, you need to know about the JP Markets itself. Read on to get all the details.

What is JP Markets?

Since its launch in 2016, JP Markets has operated globally as an online broker. Since the company began several years ago, it has developed relationships with a wide variety of clients. JP Markets began its journey as a small business establishing a small office with a few employees, but now it has grown to have offices around the globe.

The broker has operations in many countries with unique trading opportunities in currency trading, metal trading, and other instruments via an STP arrangement, with a base in South Africa.

In addition to its branches in South African cities, including Johannesburg, Polokwane, Bloemfontein, Cape Town, and Pretoria, JP Markets operates in Swaziland. Kenya, Pakistan, and Bangladesh.

While noticing the official website, i.e., jpmarkets.co.za, you can see that almost 30% of the visitors are from South Africa. The company’s major consideration is helping local traders succeed in a fast-paced and exciting industry that can make them incredibly wealthy. The company provides clients with the personalised customer service and tools they need to succeed.

Brokerage firm’s vision is to strengthen the ecosystem of forex brokers in Africa by creating almost 30 African-owned brokerages and creating 500 forex millionaires over the next few years.

Who is the Founder?

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Justin Paulsen, leader of JP Markets, is a South African economist who specialises in International Finance. After graduating from Cape Town with an economics degree and a finance degree, he jumped into the private banking sector. South African forex brokerage became one of his leading businesses.

He worked hard as a hedge fund manager, asset manager, portfolio manager, and forex trader. JP Markets emerged in this way.

His original idea was to start his own business, JP Forex Investments, for which he passed the RE1 and RE5 exams. All of these things led to the creation of JP Markets.

How Does JP Markets work?

Accordingly, JP Markets operates on an STP basis. It means JP Markets provides traders with a trading platform and connects trading orders into the market through quotes from its liquidity providers.

Account Types, Leverage, and Spreads

There are two types of accounts offered by the broker. The accounts are JP Markets STP’s standard account and ECN accounts. To better understand whether it will be worthwhile, you can start with a JP Markets demo account before deciding on a JP Market’s real account. Spreads are variable; there is no commission fee, market execution is STP (Straight Through Processing), and leverage is up to 1:500 with a standard account.

The leverage for this broker is considered as high comparatively. Don’t forget, however, the greater leverage entails greater risks. PAMM services are also available. Also, the brokers do not have a strict minimum deposit. However, the broker recommends around R3000 as a minimum deposit, specifically if you are trying it for training purposes.

Furthermore, JP Markets offers an ECN (Electronic Communications Network) account. Trader execution fees are comparatively higher with this account type, but traders benefit from the lower spread. For example, the platform charges a fee of 1 pip per spread, and the execution charges $10 per standard lot. As an ECN account is an electronic communication network, you can execute your orders directly in the market.

How are STP JP Market’s accounts different from ECN accounts?

There is a lot of difference between an ECN account and a standard account at JP Markets. In an ECN account, you pay a commission per transaction, but you pay a commission based on the spread in a standard account. However, both accounts are similar in terms of cost, so it depends on what you as a trader prefer.

While JP Markets has average spreads on the market, it offers competitive pricing. For example, EUR/USD is usually available for about two pips. Hence, you can say that JP Market’s spread is higher than the other brokers.

Account Type Minimum deposit Spread Leverage Minimum Trade Size
STP R3000 2 pips on EUR/USD 1:500 0.01
ECN R3000 1 pip +$10 com. Per lot 1:500 0.01

JP Market Demo account

Demo accounts are available at JP Markets. Real market data and leverage are used to simulate live trading conditions for the practice account. In addition, virtual currency is used in place of real cash.

An account can be opened by following these steps:

  • Go to the Dashboard
  • In the ‘My Trading Account’ section, click ‘Open Account.’
  • Then click ‘Open a New Trading Account.’
  • Enter the currency of your choice
  • You can choose between two types of accounts (ECN or STP).
  • Select ‘Submit’ after entering secure login credentials

Islamic account

There isn’t an Islamic Account offered by JP Markets for traders of the Islamic faith. Consequently, this can be a drawback since these accounts play an important role for traders, explained in detail below.

A no swap account, i.e., Islamic account, is a market account that permits Muslims to trade forex online without compromising their religious beliefs and in compliance with Sharia Law. Islam is the world’s largest faith, with 25% of the population following it. As a result, Islamic forex trading is gaining popularity around the world.

An Islamic Forex account does not charge swap rates or rollover fees for overnight positions held in the forex market. There is, however, an administration fee for opening some accounts.

Does JP Markets allow Capitec Bank?

Yes, indeed, JP Markets is a leading local brokerage firm that Capitec Bank has recommended for Forex, Bitcoin, and Metal traders.

Trading platforms

MetaTrader 4 platform is currently used as a trading platform at JP Markets. Most beginners and experienced traders prefer to use MT4 as their best choice of trading platform. JP Market brokerage provides advanced features like charting packages, trading and analysis tools alerts, signals, and customised indicators at their MT4 platforms. The MetaTrader 4 also provides you with the opportunity to look at the marketplace you are dealing with.

You can utilise the JG market login to enter the MetaTrader 4 platform to activate trading. You can get access to this at the top right of the website entitled JP Market client login. Additionally, if you have a partnership in the company, you can access the platform as a partner, which is close to the client login.

JP Market’s mt4 download for pc

  • To access JP Markets’ platforms, go to www.jpmarkets.co.za and click on Platforms.”
  • According to your requirements, select the appropriate MT4 platform.
  • Windows will download the MT4 executable file. Click on the file to open it
  • Install JP Markets’ MT4 by clicking “Next” in the dialogue box and accepting the license agreement
  • Click “Finish” when the installation has finished
  • A new window will open up on your web browser that contains Metaquotes MQL’s website, where you can access a variety of useful tools and information for your use
  • A dialogue box will appear when the MT4 trading platform is launched. Click “Cancel”
  • After creating your trading account, you will need to log in using the login credentials emailed to you. Log in by clicking “Login.”
  • Observe the bottom right corner of the image at the web showing successful connection. Additionally, you’ll be able to see the balance and other details of your account.

Using the JP Markets’ mobile App

Mobile access to JP Markets accounts is possible with the company’s mobile App. Users can browse educational resources in the account dashboard, deposit and withdraw money, and open real-time accounts. It is available for both Android (APK) and iOS (Apple) devices.

It is important to note that the broker’s App is updated regularly to improve the user experience. Nevertheless, JP Markets provides its proprietary application, JPM mobile app. It is much convenient since it allows you to make trading decisions anytime, anywhere.

Desktop Platform

In addition to manually trading markets or automatically trading markets, you can also use Copy Trader or Copy Master Account. These are available through the Desktop platform to participate in Social Trading. In other words, taking copies of orders is what will allow you to earn profits from trading without any knowledge or interruption at all. Master traders gain extra exposure to the markets and can manage large sums of capital.

Trading products

JP Markets allows its clients to trade 30 Forex pairs, many CFDs, gold, stock Indices, and oil on the brokerage site using MetaTrader 4 platform. There is no other way to do so.

The traders can use Copy Trader or Copy Master Accounts to enter the market and continue trading manually or automatically. Hence, you can achieve profit from the main account by just an easy order copy. Also, you can continue your transaction without any information or deduction. Also, you can get profit as a Master Trader to gain additional exposure to trade markets and management of larger capital.

Fees and charges

The JP Market’s spreads are not stable, so these variable spreads are worse when compared to the spreads of other Forex brokers. They are providing two pips for the average EUR/USD STP account. As mentioned earlier in the table, that ECN account has a commission of $10 on every lot. Therefore, it is considered a better option for experienced traders.

The spreads that the company provides for EUR/USD are comparatively higher. In comparison, other brokers at the Forex market offer much lower rates for spreads. Hence, the JP market’s fees seem unfavourable than others, which means there is no lucrative or enticing side to opening an account to trade.

JP Markets’ minimum deposit

The minimum deposit at JP Market is around R3000, which is about $200. The rate is somehow higher than other Forex brokers. On average, forex brokers require a minimum deposit of twice $100 on the Forex market.

JP Markets do not offer many options for withdrawal and deposit. The brokerage doesn’t offer many options for depositing money. It’s unique to JP Markets because it allows withdrawal requests to be sent through WhatsApp, which is not available on other platforms.

It takes about 24 hours to withdraw money. It is possible to withdraw on working days between 9 am and 5 pm. Over the weekend and on holidays, it is not possible to withdraw money. You will need identity proof, a bank statement, and proof of address before you can make a withdrawal request.

JP Market Bonuses and Promotions

Clients of JP Markets can benefit from some bonuses and promotions.  Among them is the 200% Deposit bonus which is known as the welcome bonus of JP Markets. A full set of terms and conditions are available on their website.

The 2nd promotion that JP Markets provide is earning interest. The interest rate is around 7.2% per year from a weekly allocation, the same as a savings account.

The JPM card is the last one. By taking the MasterCard, you become a VIP client. Unfortunately, JP Markets does not provide any no deposit bonus to its clients.

As a bonus, you can receive $5 per lot. For example, to earn a $50 bonus, you must buy and sell ten lots to earn the whole bonus, which can be withdrawn.

Deposit and Withdrawal methods

There are several deposit methods at JP Markets, including credit/debit, bank wire transfers, Pay Fast, Skrill, and i-PAY. In addition, clients can now withdraw money from the broker quickly and easily via the client portal. With this method, you can withdraw funds quickly.

Steps to withdrawal

As part of the withdrawal procedure, we must overcome these security challenges:

  • Log onto your secure members ‘ area to request an internal transfer between your trading and lending accounts.
  • To transfer funds internally, click on ‘Transfers.’
  • Specify how much you wish to withdraw, taking into account your trading account is the “from” account, while your landing account is the “to” account.
  • Verify your account and upload the relevant documents, such as an ID, proof of address, and bank account number, to ensure prompt account validation and payment processing.
  • Upon receiving a payment request from the Finance department, withdrawal requests are processed within four hours.

JP Markets is a decent choice compared to other major African brokers, like Exness and Globex360. The broker offers minimal fees and prompt executions.

Are JP Markets suspended?

With one of the most developed financial markets in Africa, South African possesses considerable potential. However, to gain a place in this market, the broker also wants to be considered reliable. Despite not having the most reputable name globally, the regulator still has a good reputation.

According to the rules regulating how the broker functions, customers are protected by a qualified standard of trade security and other security rules related to money management and market integration.

A law based on legal obligations serves the trade conditions and maintains several other security rules for money management and market integration and maintaining legal obligations that regard how the broker operates. Negative balance protection thus exists, whereas merchants’ separation ensures maximum security and customer interest being protected.

Most people have queries about whether JP Markets’ license is suspended. Unfortunately, the answer is both yes and no. Earlier, the FSCA (FSB) suspended the license, but it has since been reissued. Thus, if you wish to open an account with this broker, you must be careful.

Trading hours

The hours of Trading at JP Markets vary by the instrument, but on the whole, they typically follow normal operating hours. In this way, stocks and currency trading are primarily weekdays’ activities, whereas cryptocurrency trading occurs reasonably over the weekend.

List of accepted countries

Traders from Australia, Thailand, Canada, United Kingdom, South Africa, Singapore, Hong Kong, India, France, Germany, Norway, Sweden, Italy, Denmark, United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, Qatar, and most other countries can trade with JP Markets.

JP Markets is not available to Traders from the United States

Educational and trading tools

As their website features a packed educational section, it seems like JP Markets takes education very seriously. There is also a glossary of common trading words and phrases, a calendar of upcoming economic events, how-to documents for starting with Forex, and an extensive Forex education course. Further, the website offers the Total Trader section, where you can find articles about trading useful for beginners.

Additionally, they have a blog section with a variety of posts on Forex trading and strategies. Although the latest one was posted in March 2019, it doesn’t appear to be updated often.

Are JP Markets legit?

Forex traders are willing to open a brokerage account with a regulated FX broker. However, the JP Market’s scam review found that even though the FSB regulates the broker, it didn’t possess the legal authority to enter strictly regulated markets such as the European Union and Japan. The suspension of license was the turning point rise and fall of JP Markets’ login, but now it again becomes a reputable broker.

JP Markets’ customer service

What is the JP Market complaint process? You should contact the JP Markets Customer Service Departments immediately if you are dissatisfied with any aspect of their services by calling +27(0) 87 828 0576 or via email support@jpmarkets.co.za as most complaints can be handled at this level.

You can also refer the matter as a complaint to JP Markets Compliance Department if Customer Services cannot resolve the matter. It would be best if you wrote down your complaint clearly.

The Compliance Department will impartially review the complaint to understand the issue. They will overview what happened and assess whether they acted according to their rights and met their contractual and other obligations. You will receive a formal written response right after six weeks of receiving your complaint.

The broker that an investor chooses must offer support and assistance. Hence, they can easily find answers to their customer’s questions and maintain a reliable user experience. In addition, it is possible to communicate by phone call, email, online chat, and WhatsApp.

You can contact them through the channels discussed above if you are not sure about the reliability. At first, you can act like an old client as some companies treat new clients or prospect better than former clients. However, if you decide to invest with them, you should consider all factors.

Pros

The following are some factors that make JP Markets a good place to open an account:

  • There are no fees for payments
  • The Whatsapp application is supported
  • A trading platform based on the MT4
  • Welcome bonus when you make your first deposit
  • Learn Forex online for free with free webinars
  • Withdrawals and deposits the same day

Cons

Before you register for an account, you should consider these downsides:

  • Was Regulated by the FSB (FSCA suspended and liquidated JP Markets)*
  • There is no scaling or hedging available
  • MetaTrader 5 is not available for download
  • Several customer complaints
  • Trading without automation
  • Markets with wide spreads

Conclusion

JP Markets is a well-known and regulated broker that offers the MT4 platform download options. There is a choice between trading manually and copying trades from the Copy Accounts at JP Markets. The education materials are good, and the trading conditions are quite competitive. Therefore, as well as considering JP Market’s reputation and popularity as a trader’s brand in South Africa, we have voted in favour of JP Market. Additionally, the broker is continuously expanding and growing while improving its trading opportunities. Therefore, it is considered as another advantage for a long-term investment.

The broker offers an interesting 100% deposit bonus for trading purposes only on all the accounts, but this bonus is not withdrawable. JP Markets is a great broker for beginners looking to get into the market. You should try out their demo account and read some customer reviews online to get a more detailed understanding of what you should expect when dealing with JP Markets.

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