JP MARKETS: An Unbiased Review

JP Markets has made a name for itself in forex trading by being a trendsetter and a company with many firsts. Recently the broker was at it again, becoming the first broker to allow traders to request for payments via WhatsApp. Here is all you need to know about JP Markets, Africa’s premier forex broker.

 

What is JP Markets?

According to forexsouthafrica.org, JP Markets is Africa’s leading forex broker which deals in trading of gold, stock indices, oil, and over 30 forex pairs. Founded in South Africa, JP Markets has expanded and now has a presence in Swaziland, Bangladesh, Kenya, and Pakistan. The brokerage firm was founded in 2016 by Justin Paulsen, a renowned entrepreneur from South Africa who has a wealth of experience in financial services. The operations of JP Markets are approved by South Africa’s FSD (Financial Services Board) and while regulation in South Africa is not known for its strictness (at least as far as forex trading is concerned) it does give the broker credibility and confidence from its customers.

 

Accounts Available on JP Markets

This is one area where JP Markets leaves much to be desired. While many brokers provide their clients with more than one account type, JP Markets provides only one account to type to select from. Nonetheless, the account type has fixed spreads and comes with no commission fees. The account also comes with STP market leverage reaching a maximum of 1:500.

Also known as Straight Through Processing, STP is of paramount importance to forex traders as it removes the myriad of processes a customer’s order goes through before reaching banks or larger brokers and resultantly hastens the processing of transactions. It is also in the broker’s interest to employ STP since this directs markups to the broker regardless of whether the trader makes a loss or profit and, therefore, eliminates any conflict of interest.

 

The MetaTrader 4 (MT4) Platform

Like most leading forex brokers, JP Markets supports the MT4 platform which has become the industry standard platform due to its innumerable benefits. The platform’s popularity in the industry stems from the fact that it implements the foreign exchange agency model, is able to make competitive assessments and has an extraordinary organization of trading. The use of the platform also negates the emotions that are involved in trading which often cloud a trader’s judgment. The platform accurately presents the conditions in the market in real time allowing you to make an informed decision when executing trades.

 

Withdrawal and Deposits

Traders are required to have a minimum initial deposit of R3500 which is within the financial reach of most people. JP Markets has a few deposit options for its clients. Ned Bank is the sole bank option provided by JP Markets when making deposits. The broker also allows deposits made via Skrill, Neteller, debit and credit cards, and Bitcoin.

 

JP Markets allows its traders to make withdrawal requests via WhatsApp, something that is yet to be replicated by another broker. The broker has bank transfers as the only withdrawal option. Withdrawals are impressively fast, taking about 24 hours to be processed. However, the time taken for the money to reflect on one’s bank account is dependent on the bank. For any withdrawals to be processed, traders are required to provide documentation including scanned copies of bank statements and their IDs. This is done as is required by the FSB. However, withdrawals made via credit cards attract a fee of R50 and those done via bank transfers are subject to the transaction fees of the respective banks.

 

Leverage and Bonuses

JP Markets offers a maximum leverage of 1:500 which is among the highest in the forex industry. While such a high leverage can be impressive, it exposed traders to great risk in their trades. To protect the traders from these risks, regulatory bodies have a cap set on the maximum leverage.

 

The broker has goodies for its traders in form of bonuses. First is their welcome on deposit bonus which is valid for two months. Other promotional bonuses include bonuses on redeposit and rebate bonuses. It is, however, important to note that there is a minimum amount required for one to qualify for these bonuses and this currently stands at R3000.

 

Merits

The broker supports the MT4 platform (MetaTrader 4) which is popular among forex traders.

Customers look for a broker who’s regulated and JP Markets happens to be regulated by the FSB.

The broker offers same-day withdrawals and deposits, saving you time.

Customers are not charged any fees for withdrawals or deposits made via JP Markets’ payment gateways.

Other than the US Dollar and the Euro, customers can also trade using the South African Rand.

JP Markets supports a wide array of options for deposits and these include Neteller, Skrill, cryptocurrency (Bitcoin), MasterCard, Visa, and bank transfers.

Traders’ funds are secured and all transactions are thoroughly scrutinized to ascertain the safety of the money.

The platforms allow for NDD (No Dealing Desk) execution.

Traders can receive bonuses.

Traders are able to request for withdrawals via WhatsApp, a function not yet seen on any other platform.

 

Demerits

One complaint from JP Markets’ clients is deposits taking more time than necessary to reflect on the account. Customers have also complained of delayed payments despite the broker claiming to make instant payments.

The spreads on JP Markets are too wide.

There are crucial features that are not supported by the broker’s platform and these include hedging, the use of EAs, and scalping techniques.

There are crucial features that are not supported by the broker’s platform and these include hedging, the use of EAs, and scalping techniques.

The platform does not support automated strategies.

With JP Markets, customers do not have a choice in trading platforms.

 

The Take-Away

JP Markets warrants its place among the world’s leading forex brokers and is, without a doubt, Africa’s leading forex broker. Does it have its disadvantages? Absolutely. However, the merits of using this broker far outnumber the demerits. Therefore, JP Markets is a broker worth considering when choosing a credible and experienced forex broker.