At a glance, JP Markets gives the impression of an honest broker with the best interests of its clients at heart.
You could easily get carried away by its awards for ‘The Most Transparent Broker’, ‘South Africa’s Best Broker’, and others. The JP Markets Homepage talks about reliable deposits and withdrawals, friendly customer support, and state of the art security for your money.
But as we will see in this candid JP Markets review, all these are far from the truth.
JP Markets is just another scam broker that uses any possible method to cheat and frustrate investors. If you have lost your money through the fraudulent JP Markets or any other scam broker, talk to the experts. Schedule a free consultation with us, and we will help you recover your money.
About JP Markets
JP Markets is the brand name for JP Markets SA (Pty) Ltd. It has its main office in Johannesburg, South Africa. The company registration number is K2016/123297/07.
It offers the Metatrader4 trading platform, with a Windows and Mac variety. It also comes in a JPM mobile app for Android and Apple.
JP Markets offers ZAR, USD, and GBP based accounts. Traders can open an account that either charges a commission or charges a spread as a cost.
Is It Regulated
JP Markets is licensed and regulated by the Financial Services Board under license number FSP 46855.
However, this license was withdrawn by the Financial Sector Conduct Authority (FSCA), following the broker’s fraudulent ways, as we will see in this review.
Poor Reviews for JP Markets
Customers who have dealt with JP Markets had nothing but negative reviews about the broker. Reviews on Forex Peace Army, a trusted review website, show that:
- When investors try to deposit money into their trading accounts, the money is deducted from the bank account. Still, it does not reflect in their trading account. This is theft.
- JP Markets does not respond to customers’ complaints. They are only responsive when the client is trying to make a deposit.
- The broker manipulates trades and accounts to make investors lose while increasing its profitability. It operates in conflict with its clients.
- It does not honor withdrawals despite claiming to pay 4 hours after the withdrawal is approved. Instead, it gives baseless excuses as to why you cannot get your funds.
The same kinds of complaints about JP Markets are in Trustpilot, another unbiased review website.
From the theft of investors’ funds to account manipulations, the list of accusations against this broker is long and enough to conclude this JP Markets review on a negative note.
Use of Enticing Rewards
Scam brokers will use any method to attract and convince investors to invest their money. One method is by use of rewards and bonuses.
JP Markets uses bonuses to entice new clients. It keeps them trading and adding funds to their account. JP Markets offers a 200% bonus for deposits of up to R280 000 or equivalent currency. This is very high compared to other brokers.
The broker also offers interest on deposits and profits. The interest rate is about 7.2% per annum allocated weekly. This is too good to be true, considering that it is way higher than what banks offer on savings accounts.
The purpose of the juicy bonus and high interest is to get investors to add capital to their account. That’s all. You cannot withdraw it, as indicated by reviews from the broker’s clients. And account manipulations by the broker ensure that clients do not make profits from the money either.
JP Markets Liquidated and License Withdrawn
The best part about financial regulatory bodies like FCA and CySEC is that they protect customers from fraudulent entities.
The FSCA, South Africa’s financial watchdog, filed an application with the High Court to liquidate JP Markets. It was granted on 7th September 2020.
This was the first time the FSCA exercised its statutory power, according to section 38B of the FAIS Act. It’s a sign of how bad the accusations against JP Markets were. The section allows FSCA to call for liquidation proceedings if the interests of the members of the public or clients of a financial services provider are at stake.
The license of JP Markets was withdrawn following the liquidation. FSCA is also considering involving the National Prosecution Authority (NPA) to carry out further investigations and possibly, conduct a criminal prosecution.
Before this, FSCA had provisionally suspended the license of JP Markets due to the numerous complaints it had received. The clients complained that the broker did not honor client withdrawal requests.
JP Markets Continues to Defraud Investors
Despite having been exposed by the FSCA and liquidated for its fraudulent ways, JP Markets still tried to scam its investors.
According to a warning released by FSCA released on 8th September 2020, persons claiming to be JP Market’s employees contacted its clients. The said persons would ask clients to first deposit some amount in a particular bank account, and then they would get their investments back.
The FSCA made it clear that no one, except for the liquidators, had access to JP Market’s funds. And these individuals claiming to be JP Market’s employees were scammers.
No Changes to the Website
Despite having lost its license, there is no indication of this on the website. It’s business as usual.
It continues to claim that it is licensed and proudly displays the license certificate on the website. The About Page still reads that it is ‘South Africa’s and Africa’s largest broker’ and that it has ‘excellent relationships with its clients.’
This is misleading. Investors who have not carried out background research on the broker could easily fall for these lies.
The only change is on the account creation page. Note that the broker says it has suspended access to its portals, pending further notification. This means it plans on continuing its operations in the future, and possibly scamming other unsuspecting investors.
JP Markets Review Conclusion: The Next Step for Victims of This Scam Broker
It is clear from this unbiased JP Markets review that the FSCA’s decision to liquidate and withdraw the license of JP Markets was long-overdue. This scam broker has been cheating investors off their hard-earned money through tricks such as account manipulations and failing to pay withdrawal requests.
But this does not mean investors are safe. The minimal changes to the broker’s website mean it plans on resuming operations either under the same name or different brand. And the deception will continue.
If you have lost your money to JP Markets or any other broker, schedule a free consultation with us, and we will help you recover your money.