Who Has Traded With JP Markets? Are They Safe?
JP Markets are legit regulated by the Financial Sector Conduct Authority (FSCA) in South Africa.
However, JP Markets license was suspended by the FSCA in 2020 & the FSCA moved to liquidate JP Markets for illegally acting as an Over-the counter Derivative Provider (ODP).
The FSCA was able to get a high court order to liquidate JP Markets.
However JP Markets appealed & won the case as the supreme court overturned the liquidation order and asked the FSCA not to liquidate JP Markets.
JP Markets has made amends and has now legally obtained an ODP License from the FSCA so they can now legally act as an Over-the-counter Derivative Provider.
Given their troubled past, you should proceed with caution. It is left for you to decide if you can trust JP Markets.
Disclaimer: I haven't traded with JP Market ever in past or present, but on searching it does seem like they had regulatory issues in the past.
Right now, their entity JP Markets SA (PTY) Ltd is an approved ODP. Their FSP no. 46855 is also authorized.
In terms of regulation only, they are regulated, yes. But are they a good broker, I don't know. You can also contact FSCA at the email or phone number on fsca.co.za to know if they have any current dispute with JP Markets before you decide.
Disclaimer: I haven't traded with JP Market ever in past or present, but on searching it does seem like they had regulatory issues in the past.
Right now, their entity JP Markets SA (PTY) Ltd is an approved ODP. Their FSP no. 46855 is also authorized.
In terms of regulation only, they are regulated, yes. But are they a good broker, I don't know. You can also contact FSCA at the email or phone number on fsca.co.za to know if they have any current dispute with JP Markets before you decide.
JP Markets have asked people contesting unclaimed funds submit their application to be paid. I don't know what's going on with JP Markets but why do people have to contest unclaimed funds? Well, tread with caution with this broker is all I would say.
