Abstract：JP Markets is an online broker founded in 2016 in South Africa, offering personalized customer service and the necessary tools for trading, including Forex, stocks, indices, commodities, and more. The platform supports the popular MT5 and aims to help African clients trade successfully in international financial markets, particularly in Forex.
JP Markets at a Glance
JP Markets Overview
JP Markets is an online broker founded in 2016 in South Africa, offering personalized customer service and the necessary tools for trading, including Forex, stocks, indices, commodities, and more. The platform supports the popular MT5 and aims to help African clients trade successfully in international financial markets, particularly in Forex.
JP Markets offers a variety of account types, including demo accounts and Islamic accounts. It provides leverage up to 2000x and a minimum deposit requirement of just 100 ZAR, along with a range of payment methods. However, in terms of security, it lacks strong regulatory oversight.
Is JP Markets Safe to Trade with?
Despite its claims of holding licenses such as the ODP and FSP licenses, JP Markets does not display any regulatory licenses on our platform. In fact, the absence of clear regulatory information is a key issue for potential traders looking for a broker with trusted oversight.
Editor's Review
While JP Markets offers a wide range of trading services and claims to operate under specific licenses, the lack of visible regulatory licenses on their website is a significant red flag. Regulatory licenses, such as those from reputable financial authorities, are crucial for ensuring the safety of client funds and fair trading practices.
Trading Instruments
JP Markets offers a wide range of trading markets, including Forex (FX), Metals, Indices, Commodities, and, in certain account types, US and EU shares. The Premium and VIP accounts provide access to all instruments, while other accounts focus on CFDs.
This diverse selection allows traders to explore various asset classes and offers flexibility in implementing different trading strategies.
JP Markets Deposit and Withdrawal Methods
A variety of payment methods for deposits and withdrawals are available for JP Markets, including traditional banking, e-wallets, and local payment solutions.
Clients can make deposits instantly using credit/debit cards, eWallets, and online banking, with cryptocurrency deposits taking up to 3 hours. Withdrawals are processed within 48 hours, with funds typically taking 3-10 business days to reach the client's account, depending on the method used.
Editor's Review
JP Markets provides a solid selection of payment options, payment partners include Capitec Pay, Ozow, Paystack, Skrill, and Alphapo, ensuring a broad and convenient selection of options for traders. The ability to make instant deposits and relatively fast withdrawals is a strong point.
However, withdrawal times, particularly for bank transfers, can be longer than expected, which may impact traders who require quicker access to their funds.
JP Markets Pros and Cons
We advise investors to do their comprehensive checking before opening an account with JP Markets.
What is the minimum deposit for JP Markets?
JP Markets requires a minimum deposit of 100 ZAR for most account types, which is already quite reasonable for beginner traders. However, for their VIP account, the minimum deposit is significantly higher at 5000 ZAR, designed for traders and professionals who need additional features, including tighter spreads and enhanced services. Beginners can start with a deposit of 100 ZAR, while more experienced traders can take advantage of the enhanced trading conditions offered by the VIP account.
Account Types
JP Markets offers five retail accounts: Standard, Premium, VIP, Islamic, and Zero Stop-Out, and two bonus accounts: Draw-Down Bonus and JPM Bonus 300.
For those just starting out, the Standard Micro and JPM Micro 300 accounts offer low minimum deposits and manageable leverage, with no commissions.
Experienced traders may prefer the Premium and VIP accounts for their higher leverage, tighter spreads, and additional tools like commissions and advanced risk management.
The Islamic Account is a great option for Muslim traders, providing a swap-free trading environment. For those seeking additional bonuses, the 25% Draw Down Bonus and JPM Bonus 300 accounts offer incentives, though with higher spreads. The Zero Stop Out account is ideal for risk-tolerant traders looking for flexibility, as it eliminates the stop-out threshold.
JP Markets Demo Account
The demo account from JP Markets comes funded with $50000 in virtual currency and allows traders to test the brokers trade features. The demo account grants access to the MetaTrader 5 account.
You can open a free demo account from JP Markets by taking the following steps:
Step 1 – Select the start trading tab
Navigate to the account registration portal on the brokers website by selecting the Start Trading tab on the top of the page.
Step 2 – Complete the form
Complete the digital sign-up form and select the option to open a demo account.
Step 3 – Verify your account
You will be sent an email from which you can verify your demo account by opening the link.
Step 4 – Start testing the brokers trade features
You demo account will now be available to start testing the brokers trade features.
JP Markets Islamic Account
The Islamic Account offers a swap-free trading environment for Forex, Metals, Indices, and Commodities, with a minimum deposit of 100 ZAR and leverage up to 1:500. It enables interest-free trading with USD ZAR denomination, fully compliant with Islamic financial principles.
JP Markets Fees
Spreads and Commissions
- Standard Micro Account: Offers spreads starting from 2 pips with no commission.
- JPM Micro 300 Account: Offers spreads starting from 3 pips with no commission.
- Premium Account: Offers tighter spreads starting from 1 pip, with no commission.
- VIP Account: Provides the tightest spreads, starting from 0.5 pips, and charges a commission of $3 per lot.
- Islamic Account: Spreads start from 1.5 pips with no commission.
- 25% Draw Down Bonus: Offers spreads starting from 2 pips, with no commission.
- Zero Stop Out Account: Spreads start from 3 pips with no commission.
- JPM Bonus 300: Provides spreads starting from 2 pips with no commission.
Overnight Fees
JP Markets charges overnight fees for positions held beyond 24 hours but also provides a swap-free account option for Muslim traders, showcasing its commitment to accommodating diverse customer needs.
Inactivity Fees
To encourage active participation, JP Markets applies an inactivity fee of 150 ZAR after three months, helping maintain a vibrant and engaged trading community.
Currency Conversion Fees
It is advisable to pay attention to potential currency conversion fees when making deposits or withdrawals in currencies other than USD or ZAR.
Trading Platforms
MetaTrader 5 (MT5) offered by JP Markets is a robust trading platform that provides access to a wide range of markets, including Forex, stocks, and commodities. It features full market depth, 21 timeframes, and an integrated economic calendar to stay ahead of market events.
With over 38 built-in technical indicators, 44 graphical objects, and 6 types of pending orders, MT5 allows traders to customize and fine-tune their strategies. It also supports multi-threaded strategy testing for optimizing Expert Advisors (EAs), making it a powerful tool for both manual and automated trading.
Conclusion
JP Markets offers a comprehensive trading environment with a wide range of markets, including Forex, stocks, indices, and commodities, making it an appealing option for traders, particularly in Africa.
The availability of high leverage, various account types, and the use of the popular MetaTrader 5 platform further enhance its accessibility and appeal.
However, despite these attractive features, JP Markets faces a significant challenge with its lack of visible regulatory oversight.
While the broker provides a solid selection of payment options, the withdrawal times for bank transfers may not meet the expectations of traders seeking quick access to funds.
FAQs
How long is the demo account valid?
JP Markets does not specify the expiration date for its demo accounts. Typically, demo accounts are available for 30 days, though this may vary.
Does JP Markets charge withdrawal fees?
JP Markets does not impose withdrawal fees.
How long does it take to process a withdrawal?
Withdrawals are processed Monday to Friday, between 9 AM and 5 PM GMT+2 (South African Standard Time), with most requests being acted upon within 24 hours.
How long do I have to wait for my withdrawal?
Withdrawal requests are processed during business hours, Monday to Friday. However, delays may occur during public holidays and weekends. While JP Markets processes payments promptly, the time it takes for banks to complete the transaction also needs to be considered. The overall withdrawal duration depends on the payment method and bank processing times.
What documents are required to open a JP Markets Profile?
To comply with the Financial Intelligence Centre Act (FICA), JP Markets requires the following documents to verify your identity and address:
- ID or Passport: A clear image of the front and back, taken within the last three months.
- Proof of Address: A utility bill, bank statement, lease agreement, or similar document dated within the last three months. If you don't own or rent the property, a sworn affidavit with proof of address from the owner is acceptable.
- Bank Statement: A statement from the last three months showing your full name, address, and some transaction history. Screenshots are not accepted.
These measures are in place to ensure a secure financial system and comply with anti-money laundering laws.
Do JP Markets accept US clients?
JP Markets does not provide services to US citizens or residents, as well as individuals living in certain countries such as Japan, Canada, and North Korea, primarily due to tax and regulatory reasons.
Do JP Markets allow third-party deposits?
No, JP Markets does not allow third-party deposits.
