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JP Markets Broker Review

Author Author:  Jeffrey Cammack Published: May 9, 2020
Editor Editor:  Chris Cammack Updated: September 18, 2023

Last Updated On September 18, 2023

Jeffrey Cammack
Broker Score
2.78 2.78 / 5
🏦  Min. DepositUSD 1
🛡️  Regulated By
💵  Trading Cost 
USD 22
⚖️  Max. Leverage200:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 
AlertFollowing client complaints about JP Markets we advise traders to find another broker.

Last Updated On September 18, 2023

Jeffrey Cammack

75-90% of retail traders lose money trading Forex and CFDs. You should consider whether you understand how CFDs and leveraged trading work and if you can afford the high risk of losing your money. We may receive compensation when you click on links to products we review. Please read our advertising disclosure. By using this website, you agree to our Terms of Service.

Our verdict on JP Markets

JP Markets is a Zambian 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Spreads are unpublished, but JP Markets state that spreads on the EUR/USD average about 2 pips under normal market conditions, which is very wide for brokers of this type.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 we advise traders to find another broker. For more detail on JP Markets’ legal issues read below.

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

Overall Summary

Trust Rating
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, JP Markets became one of the largest brokers in the country.

Since JP Markets was founded, we have received many complaints from their clients. These range from deposits not reflecting, to withdrawals never appearing and, most worrying, direct manipulation of the spread and client trades. Customer support is described as poor and often unresponsive, particularly in cases of funding issues.

Considering the sheer number of complaints, we recommend that traders steer clear of JP Markets. We remind traders that you should never sign up with a broker over social media.

If you have had any issues with JP Markets, or any other broker, please let us know through our Broker Scam Report

Legal Issues

Since 2020, JP Markets has been embroiled in a legal battle with the South African regulator following numerous client complaints. See below for more details:

In June 2020, the FSCA provisionally suspended the licence of JP Markets SA, citing complaints from clients that JP Markets was not honouring withdrawal requests and was manipulating market data.  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/.

In September 2020, the FSCA successfully filed for JP Markets to be liquidated and funds returned to clients. JP Markets appealed this decision.

In October 2021, the Supreme Court of Appeal of South Africa found in favour of JP Markets, stating that there was no evidence that JP Markets was a “systemic risk to its clients or to financial markets generally.” Source: https://www.moneyweb.co.za/news/south-africa/fsca-was-wrong-to-shut-down-jp-markets-supreme-court/.

In May 2023, the FSCA fined JP Markets 100,000 Rand for operating without a licence, but simultaneously restored its Financial Service Provider licence. Source: https://www.moneyweb.co.za/news/companies-and-deals/fsca-fines-and-licenses-online-trading-firm-jp-markets-in-same-week/

For more detail on the JP Markets saga and what it means for the Forex industry regulation in South Africa, you can read our opinion piece in the Daily Maverick here: https://www.dailymaverick.co.za/opinionista/2021-10-25-back-to-square-one-what-jp-markets-exoneration-means-for-the-forex-trading-industry/

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Group Regulators
Trading Desk
Website
Year Founded
Office Locations
Additional Fees
FSCA
Market Maker
2016
South Africa, Swaziland
No

 

Editorial Team

 

Chris Cammack
Head of Content

Chris joined the company in 2019 after ten years experience in research, editorial and design for political and financial publications. His background has given him a deep knowledge of international financial markets and the geopolitics that affects them. Chris has a keen eye for editing and a voracious appetite for financial and political current affairs. He ensures that our content across all sites meets the standards of quality and transparency that our readers expect.

 

Alison Heyerdahl
Senior Financial Writer

Alison joined the team as a writer in 2021. She has a medical degree with a focus on physiotherapy and a bachelor’s in psychology. However, her interest in forex trading and her love for writing led her to switch careers, and she now has over eight years experience in research and content development. She has tested and reviewed 100+ brokers and has a great understanding of the Forex trading world.

 

Ida Hermansen
Financial Writer

Ida joined our team as a financial writer in 2023. She has a degree in Digital Marketing and a background in content writing and SEO. In addition to her marketing and writing skills, Ida also has an interest in cryptocurrencies and blockchain networks. Her interest in crypto trading led to a wider fascination with Forex technical analysis and price movement. She continues to develop her skills and knowledge in Forex trading and keeps a close eye on which Forex brokers offer the best trading environments for new traders.

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AlertFollowing client complaints about JP Markets we advise traders to find another broker.
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Broker Score
2.78 2.78  / 5
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