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JP Markets is solid, at first glance, as African brokers go, but what is most important is that it is actually regulated. Please read on to find out what this broker has to offers traders.
JP Markets SA (PTY) LTD is regulated by Africa’s Financial Sector Conduct Authority (FSCA). The regulatory agency aims to promote fair customer treatment, but above all else to maintain a stable financial market for the institutions under its governance. However, members of the overseer are not eligible for a compensation scheme.
There is however one major obstacle that will prevent us from properly reviewing this brokerage firm: we couldn’t register because the broker asks for bank details and ID. The problem is that you need to provide said details even when opening a demo account. Furthermore, the exact leverage and spread values are nowhere indicated, meaning that one must register first before these details are revealed.
However, seeing that the broker is regulated outside of zone that restrict the leverage amount, like the EU/UK by ESMA, one can expect a relatively high leverage.
The same is applied to the instruments for trading. There is not info on the website as to what they are.
The languages that are made accessible are: English, Afrikaans, French, Sesotho, Kiswahili, Zulu and isiXhosa. These are all regional African languages and dialects.
JP MARKETS LOGIN
The broker comes with the most popular platform, the MT4.
MetaTrader’s design and interface is by now well known. The platform is abundant in trading options and possibilities, and attractive to users both rookie and pro. The platform also allows for VPS. The point of the VPS is to let the auto trading bots trade, without worrying that his job will be interrupted by a power failure or net crash.
There is a mention of a $10 commission when using a ECN account, but it’s rather ambiguous; it does not say if it’s round turn or per side. But considering this broker is regulated, we like to think that the value is round turn. Thus the $10 commission adds an additional 1 pip to any cost of trading.
The precise spread and leverage values are, as already mentioned, not indicated anywhere on the website.
The platform can be accessed via: Windows trader, for Android, and for iOS.
JP MARKETS MINIMUM DEPOSIT
There is no minimum deposit, but JP Markets recommends starting with at least $200. Upon further inspection we stumbled upon a piece of information claiming that there is a minimum deposit indicted once a user is fully registered:
Payment Methods are all African based banks, and some common ones like Visa, Mastercard, Skrill, i-Pay and PayFast.
The maximum time to allocate a deposit into a trader’s account is 24 hours.
There seem to be no fees concerning the funding of an account.
JP MARKETS WITHDRAWAL TIME AND FEES
Withdrawals can be done via the local banks mentioned in the deposit section up above, and by PayFast and Skrill.
There is confusion surrounding the withdrawal times. In the FAQ the broker claims that withdrawals are processed within 4 hours:
The minimum withdrawal amount is $25.
We started off this review on a positive note, but things quickly escalated. Africa has never been the most promising place for Forex and CFDs trading, and it shows as exemplified by the disorganized website. The inconsistencies are far too many to be taken lightheartedly, and thus we have to advice traders to be careful when dealing with JP Markets. Tread at your own risk!