JP Markets review
JP Markets is a Forex trading company based out of South Africa. It was formed in 2016. Although it is primarily based in South Africa, it spans over the whole African continent. Meta Trader 4, the sector-wide popular platform, is what the company operates on. The MT5 integration is not yet available with the company. The spreads of this company ranges from a minimum of 0.7 pips to an average of 2 pips. Professional traders can avail a generous flexible leverage of 1:500, whereas the retail customers can access it at 1:200. On the other hand, the company charges some additional costs like roll-over fee and inactivity fee. Thankfully there are no charges on deposit and withdrawal. Read the full JP Markets review here.
About JP Markets
The owner-cum-CEO of JP Markets is Justin Paulsen. It is not a publicly listed company. The company boasts having over 320,000 clients, with over 30,000 active traders. The broker operates on the most popular Meta Trader 4 platform. The company deals in a wide array of CFDs, with underlying assets ranging over 30 currency pairs and various spreads in four of the most popular cryptos in the market, BTC, LTC, ETH and XRP. The company does have some educational resources like some tutorial videos and also a demo account, that beginners can learn trading with virtual cash, using real time market data. The problem starts with Customer service, which isn’t the usual 24/7 support, rather a 5-day support system. Also, this could be a reason for the plethora of bad reviews and complaints that JP Markets has acquired in the recent past.
As bad reviews and complaints to FSCA grew against JP Markets, it soon drew the watchful eyes of investigators. The investigators were initially supposed to look into delayed and missing withdrawals, but soon found more skeletons in their closet. The investigation was helped a lot when a former employee of JP markets and a seasoned trader himself, Saad Sidat became a whistleblower and outed certain sensitive emails between him and the CEO of the company. This became the biggest evidence for the FSCA, as the mails indicated that the CEO, Paulsen had instructed Sidat to round up clients who were making great profit, into a different group, with a significantly high spread. This obviously was unfair conduct, and was deemed as a conflict of interest.
JP Markets has since been under quite a bit of confusion about the status of their FSP license. The fact is, JP Markets was awarded a FSP license(FSP no. 46855) 4 years ago in 2016. However on 19th June, 2020, the FSCA “provisionally suspended the license of JP Markets SA Ltd.” This is the latest update on the status of their license in September 2020. This can be verified here. Currently the FSCA seems determined to go beyond just a license suspension and is demanding the liquidation of JP Markets. So it seems fair to say that JP Markets is not a very trustworthy broker in 2020 and potential traders should be safe from it.