Company DetailsTrading PlatformsRecommended Alternatives To JP MarketsProductsSpreads & CommissionsLeverageJP Markets Mobile AppPayment MethodsDemo AccountWelcome BonusLicensingAdditional FeaturesAccount TypesBenefitsDrawbacksTrading HoursJP Markets Customer SupportSafety & SecurityIs JP Markets a good broker?Popular Alternatives To JP MarketsAccepted CountriesAlternatives to JP MarketsFAQ
JP Markets is an online forex and CFD broker based in Johannesburg. After opening a demo or live account, users can sign in and start trading on the award-winning MetaTrader 4 (MT4) platform. This review will detail JP Markets’ welcome bonus, the login process, how to contact the chat help desk, and more.
Company Details
JP Markets was founded in 2016. Its owner and CEO, Justin Paulsen, aims to become Africa’s leading forex broker, and has made strides towards doing so. The company now has offices in South Africa’s Johannesburg, Polokwane, Bloemfontein, Cape Town, and Pretoria, in addition to operations in Swaziland, Kenya, Pakistan, and Bangladesh.
JP Markets is regulated in its home country of South Africa, holding a license with the Financial Services Board (FSB). Regulatory oversight from the FSB helps prevent scams and many fraudulent forex brokers operating in Africa have been exposed by the FSB.
Trading Platforms
JP Markets offers the downloadable MetaTrader 4 (MT4) platform. Considered the gold standard for retail forex trading, MT4 can be downloaded to Windows and Mac devices. The MT4 terminal is responsive while the setup and interface is customisable.
Once you’ve signed in, you’ll find a wealth of trading tools at your fingertips. There are nine standard chart timeframes, 30 built-in technical indicators, plus thousands of additional price indicators available from the Market. Multiple order types are available, as well as risk management features.
JP Markets MT4 platform facilitates trading in multiple currencies, including GBP, EUR, USD, SGD, and PLN, and is available in 30 different languages.
JP Markets MT4 trading platform
Note, MetaTrader’s MT5 and Web Trader platforms are not available with JP Markets real trading accounts.
Recommended Alternatives To JP Markets
Show Filters ▾
Review
Reliable and affordable trading since 2009. Join over 900,000 others trading on 400+ CFD products over assets like forex, gold, indices, cryptocurrency and shares from 0.0 spreads through TradingView, MT4 or MT5. Vantage is ASIC regulated and client funds are segregated. Open an account in under 5 minutes.
Reliable and affordable trading since 2009. Join over 900,000 others trading on 400+ CFD products over assets like forex, gold, indices, cryptocurrency and shares from 0.0 spreads through TradingView, MT4 or MT5. Vantage is ASIC regulated and client funds are segregated. Open an account in under 5 minutes.
Review
Leading forex and CFD broker regulated in Ireland, Australia, Canada and South Africa. Avatrade are particularly strong in integration, including MT4
Leading forex and CFD broker regulated in Ireland, Australia, Canada and South Africa. Avatrade are particularly strong in integration, including MT4
Review
A regulated bank, Saxobank offer Equities and Forex trading on 40,000+ markets via the SaxoTrader Pro and SaxoTrader Go platforms
A regulated bank, Saxobank offer Equities and Forex trading on 40,000+ markets via the SaxoTrader Pro and SaxoTrader Go platforms
Show All 90 Brokers ⇩
Products
JP Markets offers forex and CFD trading across 5,000 global markets, including:
Stocks & shares on major global companies
Forex, including majors, minors & exotics
Indices, such as Nasdaq 100 (NAS100)
Commodities, such as gold and silver
Cryptocurrencies, including Bitcoin
Spreads & Commissions
Spreads at JP Markets start from 0.7 pips with average spreads on the likes of EUR/USD 2 pips. This, coupled with a $10 commission per lot on the broker’s ECN and STP accounts makes them expensive to trade with. If you take JP Markets vs Pepperstone, IB, or XM, for example, spreads and commissions are relatively high.
In terms of additional costs, the broker charges an inactivity fee as well as a rollover fee for positions held overnight. Fortunately, JP Markets reduce costs in other areas. For example, there are no deposit or withdrawal fees, which is a useful bonus.
Leverage
Flexible leverage up to 1:500 is available. With that said, maximum leverage is usually extended to professional traders with retail customers able to access leverage up to 1:200. Leverage levels do also vary between instruments.
Overall though, JP Markets offers generous leverage, in part due to the relatively relaxed regulatory requirements in South Africa. For traders, this means the ability to take much bigger positions than would usually be allowed in Europe, for example. And while it does increase the risk of potential losses, it also increases the potential for large returns.
Margin requirements and the margin call process can be discussed with a member of the JP Markets team. The contact details for which are listed further below.
JP Markets Mobile App
The JP Markets mobile app promises total account control while on the move. From the mobile dashboard, users can make deposits and withdrawals, open real live accounts, and browse educational resources. The mobile app can be downloaded to both Android (APK) and iOS (Apple) devices.
JP Markets mobile trading
Note, the broker’s app is regularly updated to improve the user experience.
Payment Methods
A decent range of deposit and withdrawal options are available to JP Markets clients.
Deposits
Funding your account is possible through:
Debit/credit cards (Mastercard & Visa)
Bank transfer (details on website)
Skrill
Deposits usually appear in your trading account the same day but can take up to 24 hours. Clients can fund their account using local currencies. JP Markets has bank accounts with Absa, FNB, Standard Bank and Nedbank, details of which are available on their website. For ECN and STP accounts, there is no minimum initial deposit, so traders can choose an amount they’re comfortable with.
In terms of how to deposit funds, from your account area, select ‘deposit’, then choose your currency and payment method, and follow the instructions. There are no fees for deposits or withdrawals.
Withdrawals
Withdrawals are processed Monday to Friday from 9 am to 5 pm, GMT +2 (South African Standard Time). Unfortunately, there are a few security hurdles to jump through as part of the withdrawal process:
Log into your secure members’ area to request an internal transfer from your trading account to your landing account.
Select ‘Transfers’ and then ‘Internal Transfers’.
Enter the amount you would like to withdraw, noting the ‘from’ account is your trading account while the ‘to’ account is your landing account.
Upload relevant documents to ensure prompt account validation and payment processing, including ID, proof of address, and banking details, including account number.
Once the Finance department has processed the payment request, withdrawals are processed within four hours.
Overall, if you take JP Markets vs popular providers in Africa, such as Exness and Globex360, the broker offers a decent range of payment options, minimal fees, plus prompt processing times.
Demo Account
JP Markets does offer a demo account. The practice account simulates live trading conditions, using real market data and leverage. The only difference is virtual cash is used.
To open a new demo account:
Navigate to the Dashboard
Select ‘Open Account’ underneath ‘My Trading Account’ section
Hit ‘Open New Trading Account’
Select your base currency
Choose between account types (ECN or STP)
Enter secure login credentials and select ‘Submit’
Welcome Bonus
JP Markets offers a 200% free deposit welcome bonus up to R280,000 or USD equivalent. The 2020 bonus is applied automatically and is compatible with mobile and desktop deposits. However, withdrawal terms and conditions state that you cannot withdraw the bonus credit.
Licensing
JP Markets is regulated by South Africa’s Financial Services Board (FSB), license number – 46855. The broker is currently under investigation concerning customer complaints, and as a result, their license has been suspended. We recommend waiting until JP Markets has resolved their regulatory issues before registering for a new account.
JP Markets client funds are segregated from company capital and monitored daily by a third-party auditor. Indemnity insurance is also in place along with negative balance protection.
Additional Features
JP Markets stands out for its beginner trading courses. Forex novices can sign up for free lessons and online webinars. There are video tutorials on a breadth of topics, including pattern analysis, the VIX 75, and trading strategies. Also available on the broker’s website is an economic calendar, trading workshops, how-to documents, plus JP Markets Telegram – an online forex trading community. In addition, JP Markets COVID-19 market insights have gained attention across Africa, particularly among traders from Zimbabwe.
JP Markets economic calendar
Copy-trading and automated trading capabilities would be a welcome addition to the broker’s current offering. So too would a signals service, although the broker does send optional market information via SMS, sometimes several times a day.
Account Types
There are several types of JP Markets accounts. When you open a real live account, you can choose between ZAR, USD, and GBP based options. Also, you can choose between an ECN or STP model. The ECN zero spread account comes with a commission charge per trade while with the STP model, the broker takes its fee from the spread.
When it comes to account registration, you will need to supply FICA documents, which include proof of ID and address. Each investor account type promises a secure login process and a members’ area to navigate resources and account features.
Benefits
There are several good reasons to create a live trading account with JP Markets, including:
FSB regulated
No payment fees
WhatsApp support
MT4 trading platform
Welcome deposit bonus
Free forex courses & webinars
Same-day deposits & withdrawals
Drawbacks
There are some drawbacks to consider before you register for an account:
Scalping & hedging unavailable
No MetaTrader 5 download
Some customer complaints
No automated trading
Wide spreads
Trading Hours
Trading hours at JP Markets depend on the instrument but tend to follow normal market operating hours. As a result, trading forex and stocks is predominantly a weekday activity while cryptocurrency trading takes place in decent volumes over the weekend.
JP Markets Customer Support
Support is available to customers through several channels:
Live chat – chat logo found in the bottom right-hand corner of the broker’s website
Telephone contact number – 082 828 0576
WhatsApp number – 0715599457
Email address – support@jpmarkets.co.za
The website also has a fairly extensive FAQ section and an online query form. Customer service agents are pretty knowledgable and able to help with login issues, account verification, plus client area server issues. They can also advise what to do if an internal payment transfer is declined.
Our only constructive criticism would be that support times could be improved. It can be several minutes before you get through to anyone on live chat or using the telephone helpline.
For the latest JP Markets news, follow the broker on social media:
Twitter
Facebook
Instagram
YouTube
Specific contact details and zip codes for the Johannesburg headquarters address and the broker’s other offices can be found on the JP Markets website.
Safety & Security
Website encryption is used to create a secure trading environment at JP Markets. The MetaTrader 4 platform also comes with a one-time-password (OTP) for an additional layer of security.
Is JP Markets a good broker?
JP Markets is one of the best-known forex brokers in South Africa. It’s particularly good for beginners with free training courses and online webinars. The mobile app and reliable MT4 platform also ensure a high-quality trading experience. With that said, we would like to see tighter spreads, automated trading, and better customer support. And until the broker’s license is fully operational, we’d recommend holding off registering for a new account.
Popular Alternatives To JP Markets
Show Filters ▾
Review
Reliable and affordable trading since 2009. Join over 900,000 others trading on 400+ CFD products over assets like forex, gold, indices, cryptocurrency and shares from 0.0 spreads through TradingView, MT4 or MT5. Vantage is ASIC regulated and client funds are segregated. Open an account in under 5 minutes.
Reliable and affordable trading since 2009. Join over 900,000 others trading on 400+ CFD products over assets like forex, gold, indices, cryptocurrency and shares from 0.0 spreads through TradingView, MT4 or MT5. Vantage is ASIC regulated and client funds are segregated. Open an account in under 5 minutes.
Review
Leading forex and CFD broker regulated in Ireland, Australia, Canada and South Africa. Avatrade are particularly strong in integration, including MT4
Leading forex and CFD broker regulated in Ireland, Australia, Canada and South Africa. Avatrade are particularly strong in integration, including MT4
Review
A regulated bank, Saxobank offer Equities and Forex trading on 40,000+ markets via the SaxoTrader Pro and SaxoTrader Go platforms
A regulated bank, Saxobank offer Equities and Forex trading on 40,000+ markets via the SaxoTrader Pro and SaxoTrader Go platforms
Show All 90 Brokers ⇩
Accepted Countries
JP Markets accepts traders from Australia, Thailand, Canada, United Kingdom, South Africa, Singapore, Hong Kong, India, France, Germany, Norway, Sweden, Italy, Denmark, United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, Qatar and most other countries.
Traders can not use JP Markets from United States.
Alternatives to JP Markets
If you are looking for alternatives to JP Markets we have compiled a list of the top 5 brokers that are similar to JP Markets below. This list of brokers like JP Markets is in order of similarity and only includes companies that accept traders from your location.
OctaFX – OctaFX offers multi-asset trading on a range of platforms and mobile solutions.
RoboForex – RoboForex is a multi-asset online broker offering powerful trading aides.
ThinkMarkets – ThinkMarkets is a multi-regulated forex and CFD broker
LQDFX – LQDFX offers online trading with multiple STP accounts and MT4 analysis tools.
FP Markets – FP Markets is a multi-asset broker offering a choice of trading platforms.
FAQ
What is JP Markets?
JP Markets is one of Africa’s top-rated forex trading brokers. Their website invites retail traders from around the world to create an account and trade their forex and CFD products.
How do I deposit money into my JP Markets trading account?
To deposit funds into your JP Markets account, select ‘Deposit’ from your account area, choose your currency, and select your preferred payment method. Then follow the on-screen instructions. Note, you may need to use your MT4 account number as the payment reference.
What is the minimum deposit for JP Markets?
JP Markets does not have a rigid minimum deposit policy. Traders are free to deposit however much they are comfortable with. However, the broker does recommend depositing approximately R3 000.
Does JP Markets have KWD?
Yes – you can fund your account with Kuwaiti Diner (KWD). And as with all JP Markets accounts, you can earn interest on the balance of your trading account.
Does JP Markets support scalping?
No – JP Markets does not allow scalping. Hedging and automated trading also aren’t possible on the online trading platform.