JP Markets offers its clients a single account type with variable spreads, no commission frees, leverage up to 1:500 and STP market execution. What is more, PAMM services are also available with this broker.
Keep in mind that scalping, hedging and use of automated strategies (EAs) is not allowed with JP Markets.
The Company. Security of Funds
JP Markets SA (Pty) Ltd.
JP Markets offers trading in around 30 forex pairs, stock indices, oil, gold and OTHER CFDs on the widely used MetaTrader 4 platform. The company behind the brand, JP Markets SA (Pty) Ltd. is licensed and regulated by the Financial Services Board (FSB), South Africa, FSP 46855. The broker also has presence in Kenya, Pakistan and Bangladesh.
Lately South Africa is seen as a financial market with great potential, as it is one of the most developed countries in Africa. FSB is in charge of the licensing process and supervision of forex brokerages in the country. Besides, the South African regulator has enforcement powers to deal with breaches through the enforcement committee, and runs a customer complaints service, the Office of the Ombud for Financial Services Providers.
Although regulation in South Africa is not among the strictest and most reputable ones, it provides a certain level of reliability. Locally licensed brokers are required to keep all client funds in segregated trust accounts in a recognized bank in the country.
Minimum Initial Deposit
The minimum initial deposit, required by JP Markets amounts to R3 500, which is a reasonable amount to start with. Other South African brokers, such as Blackstone Futures require more (R5 000).
Average Spreads & Commissions
JP Markets charges no commission fees, yet we find its spreads too wide to be competitive: averaged 2.4 pips on EUR/USD. Although fixed spreads are generally wider than floating ones, Blackstone Futures offers spreads fixed at 1 pips for EUR/USD. For more information, you may look up real-time spreads of 15 leading brokers here.
The maximum leverage on all FX products, offered by JP Markets, is 1:500. Such leverage is considered comparatively high, although a number of brokers offer similar or higher leverage rates.
Traders, however, should be careful, for higher leverage involves greater risk. That is why limitations on leverage rates are set in many jurisdictions.
This broker supports the popular MetaTrader 4 (MT4) platform. MT4 offers all a trader needs: ease of use, numerous order types, a wide range of technical indicators, extensive back-testing and advanced charting package. The platform is especially valued for its autotrading capacities via Expert Advisors (EA) that allow users to fully automate their trades by and let the program do all the work. Unfortunately, JP Markets does not allow automated strategies.
Here is a list of more forex brokers offering MT4 platform.
JP Markets offers a number of different promotions:
-30% welcome on-deposit bonus granted for period of 60 days;
-20% redeposit bonus-
-Rebate bonuses, happy hour bonuses, and other such-like.
Methods of Payment
Clients of JP Markets can make deposits and withdrawals from and to their accounts via credit/debit cards, bank and wire transfer, Skrill, Neteller and Bitcoin.
JP Markets is a duly regulated forex and CFD South African broker that supports the robust MT4 platform. Unfortunately, its spreads are high and besides, it imposes many trading restrictions.
JPMarkets Review Conclusion
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