JPM Invest
JPM Invest Details
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First impression of JPM Invest are positive, but as we know, there is always something hiding behind the facade. Read on to see if JPM Invest is worth your investment.
The broker is operated by a MCF Invest Group Ltd which is located in the Marshall Islands, while another company by the name of MCF Media Solutions Ltd based in Bulgaria, provides payment and clearing services. What interests us here is the operational company that is based on the Marshall Islands. Readers might be aware by now that the Marshall Islands do not have a financial regulator. Meaning that, even if the broker is registered there, it most certainly is not regulated there. We can conclude that JPM Invest is UNLICENSED, and therefore a risk to all investors.
Investing in unregulated brokers is the digital equivalent of throwing your money away for the wind to disperse it. It’s obvious that no one would do such a thing. Go with brokers that are regulated by trustworthy organizations like the FCA or CySEC. These entities work closely with the law, enforce it when called for, and have strict requirement for those under their gaze. Not to mention that those under their jurisdiction are members of compensation funds that cover victimized clients’ losses of up to £85 000 (FCA) and €20 000 (CySEC).
After two attempts, we were unable to register. After filling all the necessary details, the process was stuck in loading time for an indefinite amount of time. This means that any trading platform or client portal is inaccessible.
The leverage is said to be maxed at 1:500, which is the typical offshore value. On the website it says that the average EUR/USD spread is 2,4 pips, which is too high.
The assets at JPM Invest used for trading are Forex Pairs, Shares, Crypto, and some Commodities. This is taken from the website.
The two languages made available are English and Russian.
JPM INVEST LOGIN
As mentioned before, we were unable to register, and so we could not get our hands on the seemingly available MT4 platform. And so all the information on this review concerning spreads is based on the details laid out
Nevertheless, the functionalities of the MT4 are all there including drag and drop charts, user friendly accessibility and multiple order types. With MetaTrader 4 you can set automatic trading bot to do your deals for you while you preoccupy your time with different activities.
The spread indicated on the website for the EUR/USD pair is 2,4 pips, which is not favorable to anyone except the broker. The leverage is capped at 1:500, which can go in two very different ways: either very profitable or very disastrous.
The MT4 is said to be available as a webtarder, as a desktop platform, and as an Android/iOS mobile trader.
JPM INVEST MINIMUM DEPOSIT
The minimum deposit is said to be $100.
The Terms and Conditions mention Credit/Debit cards Wire Transfers, and Alternative payment methods, but does not mention any names.
Due to he broker’s lack of any regulation, we advise against depositing any amount whatsoever. If traders wish to invest in online forex, they will find that any FCA/CySEC regulated broker will surely do. These agencies are at the top of their game, demanding a strict conduct from brokers, and requiring regular reports on their activities.
DON’T PROVIDE YOUR CREDIT CARD CVV CODE
The CVV code is the one thing that separates a buyer from a product. Without it, one cannot complete a purchase, even if him/her has given all other necessary information. By giving this detail to someone else, you are essentially inviting them to use your funds for their own means. And be warned that unregulated brokers most certainly plan to do so.
DON’T PROVIDE ACCESS TO YOUR COMPUTER AND BANK ACCOUNT VIA ANYDESK OR TEAMVIEWER
AnyDesk and TeamViewer software are double edged. For one, you provide complete access to your computer to someone else who, essentially, takes over as the new user. This can be helpful if the person with access is a friend, colleague, or acquaintance; or it can be devastating to your private information, including bank info, if you provide entry to someone with a shady background. Hence the double edge. Note that these software are 100% legal meaning that your approval will be needed if someone is to tinker inside your PC.
JPM INVEST WITHDRAWAL TIME AND FEES
The minimum withdrawal is $50 according to the Terms and Conditions.
Withdrawals are processed within 5 days.
There are mentions of undisclosed withdrawal (and deposit) fees:
ADDITIONAL FEES AND TAXES
In order to withdrawal the bonus one must complete a ridiculous amount of trading volume, of 10000 times for each $1 of the bonus.
The broker gives itself the right to introduce additional fees, and change existing ones at any time:
Inactive accounts- more than 90 days of no activity detected- will be charged with a fee of $50 per month
Heed our words. Unregulated brokers do not care who you are and what your situation is; all they see is money, and they will trick you into giving it to them every chance they get. It is only logical then, that any attempt at withdrawing will be unsuccessful. The most popular excuses for denying your withdraw requests are usually smart and for the most part scripted. These include but are not limited to loopholes in the T/C, asking for more deposits in order to withdraw, or just prolonging your pending withdrawal by claiming that the market will suddenly propel, multiplying your winnings by unrealistic proportions.
ACCOUNT VERIFICATION
If a broker is unlicensed, never give you ID and personal details to it, because the broker will use these details against you once you file for a charge back. Furthermore, any allegation held against the brokerage will be easily refuted if they have in their possession a copy of your ID and proof of address.
The most important thing to note is that this broker will not return your deposit, nor will it pay your winnings. It never had this intention in the first place. The best advise is to walk away from it, and go straight for a regulated broker. The FCA and CySEC are the top non-US license issuers, and those under their gaze are bound by the law to put the security of users’ funds as pivotal priority.
HOW TO RECOVER
Don’t delay, and file for a charge back ASAP with your bank or credit card company, but also ask them what the situation with your current account is.
If you have given a CVV code to the broker, be sure to cancel your credit card as soon as possible, because the broker will not delay with draining every cent from it.
Also, beware of self proclaimed “recovery” agencies or agents. These cheeky scammers promise to fix your problem and restore the lost funds. They offer their services in exchange of a small sum from your end, after which you won’t ever hear from them again.
The last line of defense for these indecent folk is more like a desperate cry: often times they will comment on reviews and cite the whole ordeal as a conspiracy initiated by competitive brokers against them; at times even claiming that reviewers are anything but objective, and that no one writes good reviews. The absurdities are limitless!
BOTTOM LINE
We urge traders to leave JPM Invest be. This broker is very suspicious, and all the info we mentioned works in favor of this.
JPM Invest compared to other brands
Brand
Rating
Bonus
Min Deposit
Company
Country
JPM Invest
-
$100
Marshall Islands
ForexTime
Copy trading
$10
United Kingdom, Cyprus, South Africa, Mauritius
OctaFX
50% Bonus
$50
Cyprus, Saint Vincent and the Grenadines