JP Markets Review- Scam Broker Complaint

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Overview

JP Markets is a South African Forex trading company, formed in 2016. It has its presence in the African continent, based primarily in South Africa. It operates on the market popular, Meta Trader 4 platform. It does not yet have MT5 integration available. The company has spreads ranging from a minimum of  0.7 pips to the average spread of 2 pips. The company offers generous flexible leverage of 1:500 for professional traders, while the retail customer is able to access it at 1:200. However, there are also additional costs like inactivity fees and roll-over fees. Fortunately, there is no fee for deposit or withdrawal.

About JP Markets

JP Markets has an owner and CEO in Justin Paulsen. The company isn’t listed on the stock market. According to Paulsen the company had about 320,000 clients, out of which an average of 30,000 is active. Trading on the platform seems easy thanks to operating on MT4 platform. The company trades in 30 forex currencies. The company also offers various spreads in four popular cryptos, namely – BTC, LTC, ETH, and XRP. The platform does allow a demo, with real-time trading info, and using virtual cash. It also has some training decks. However where they start falling short is custom service, with only 24/5 service. This is not helped by the fact that the company has a bunch of bad reviews, and complaints, made in the public domain. 

License Suspension

So, it wasn’t exactly shocking when the FSCA suspended their license, after being the subject of numerous complaints. The company has recently been under a lot of scrutinies, along with it’s FSP License. So, to clear all doubts, JP Markets was awarded a FSP license(FSP no. 46855) in 2016. However, on 19th June, 2020, the FSCA “provisionally suspended the license of JP Markets SA Ltd.” The current status of their license remains the same. You can check the status of their license.

 

After investigations that started looking into missing and slow withdrawals grew, it showed up much bigger problems. Also, a former employee and veteran trader, Saad Sidat leaked company emails between him and Paulsen. These emails indicated the CEO’s direction to put clients that make large profits, into a special group with a much higher spread. Further investigations revealed that the company was not always looking out for it’s customers and thus manipulated market data. The FSCA seems to be building a very strong case, and hence took strict action by suspending their license provisionally. The FSCA has reportedly stated that it wants JP Markets to be liquidated. The company seems to be headed towards more troubled waters in 2020-21.