Every trader with some know-how regarding trading and Forex brokers will know that it is crucial to choose a well-regulated broker through which to trade currencies.
There is a vast amount of brokers that cater for Zimbabwean traders, but as of late, despite the variety of options, and with consideration towards the ongoing Covid-19 pandemic, there has been a surge in internet searches pertaining to JP Markets.
Since the emergence and spread of Covid-19 on a global scale, there has been widespread panic regarding the impact it has on economic and socio-economic systems and more people have started looking at the option of trading Forex to secure additional income.
There is a variety of factors that need to be considered before selecting a broker, one of which is that traders need to look at brokers that will cater for their trading needs.
Although there are many brokers that cater to individual needs, it would be more suitable for Zimbabwean traders to seek a broker that is a little closer to home as the broker is more personally aware of economic and socio-economic conditions in the country which it is based.
View the 10 Best No deposit Forex Brokers in Africa here
JP Markets Overview
JP Markets is a South African brokerage firm that was established in 2016 and currently it is considered to be a Forex powerhouse along with being one of many successful brokers due to the engagement with its clients with efforts focused at meeting trader needs.
JP Markets is approved by the Financial Services Board (FSP No 46855) in providing traders in Africa with a platform and the technology to trade in international financial markets, more especially the Forex Market.
JP Markets focuses on aiding local traders in providing them with a customer service which is personalised along with a variety of tools to meet the various needs of African traders.
What does JP Markets offer to Zimbabwean traders?
Apart from being strictly regulated by the FSP and highly reputable across the African continent, JP Markets provides traders with comprehensive trading conditions in addition to an offering which caters for beginner and advanced traders alike.
This is one of the main reasons that JP Markets is the most searched Forex Platform in Zimbabwe. JP Markets caters extensively to the needs of African traders and keeps their budgetary restrictions pertaining to economic situations and the impact of Covid-19 in mind.
JP Markets provides two levels of deposit bonus when traders sign up for a live account, these bonuses are:
- 200% Deposit Bonus – when making a deposit of up to R280 000 which is equal to US$15,248.73, traders will get 200% back on their deposit as soon as their trading account has been funded.
- 100% Deposit Bonus – this bonus is offered to traders who make use of the JP Markets Android and iPhone App or alternatively, through making use of the online portal. Deposits over R3,000 or US$163.38.
The conversion from South African Rand to US Dollar was done at the current exchange rate on the day that this article was written.
In addition to the deposit bonuses, JP Markets also allows traders to earn interest on their trading account balance as well as profits at a rate of approximately 7.2% per annum which is allocated weekly.
Interest earned is in the base currency of the account, whether USD, GBP, EUR, ZAR, or KWD, which increases the real value of the trading account in the interim.
JP Markets’ accounts and trading conditions
JP Markets offers flexible accounting solutions to cater for a variety of traders. The base accounts are STP and ECN accounts which have flexible leverage which ranges from 1:1 up to 1:500 when trading Forex.
JP Markets also offers accounts for copy trading along with the opportunity for traders to become copy masters who offer their trade signals to which other traders can subscribe.
The STP account provides traders with flexible leverage and variable spreads which are based on market conditions along with leverage of up to 1:500. When using the standard account, traders are not subjected to commission fees.
With the ECN account traders will have lower and tighter spreads in addition to leverage of up to 1:500. Where the STP account has zero commissions charged, the ECN account will be subjected to commission charges of $10 per transaction.
JP Markets also provides a VIP account option to professional traders which will have additional benefits along with access to tight spreads and lower commission charges tied to the execution of trades.
JP Markets also provides traders with the option of opening a demo account which can be used for trading in a risk-free environment should beginner traders wish to practise trading or should traders like to explore JP Markets’ offering in a mimicked live environment.
You might also like: Learn more about forex trading here
Which trading platforms does JP Markets offer?
JP Markets offers the use of the MetaTrader 4 trading platform which can be used when traders open a live or demo account. The platform can be used on desktops that run Windows or MacOS along with Android and iOS mobile devices.
Provision is also made for a JP Markets Mobile App which is available for both Android and iPhone users. Through this application, traders have unlimited access to their JP Markets account.
Minimum deposit, deposits, and withdrawals
Unlike various other regulated brokers, JP Markets does not have a strict and set minimum deposit. JP Markets caters for flexibility with regards to what traders can afford to pay when they open a live account.
Despite the flexibility, beginner traders are advised to deposit a minimum of around R3,000 which is equivalent to US$163.38 at the current exchange rate on the day that this article was written.
Traders can fund their trading account through local deposits along with being able to use a variety of other payment gateways including Airtel Money, Bonga, DPO South Africa, Eazzypay, eLipa, Mastercard, M-pesa, Neteller, Ozow, Skrill, Visa and several others.
Withdrawals are quick and hassle free, with added security that JP Markets will contact the trader telephonically when a withdrawal request has been made.
JP Markets does not waive any fees on either deposits or withdrawals, but traders will have to verify with their payment provider of choice to enquire about banking fees waived.
When evaluating the comprehensive offer that JP Markets provides, it is clear why JP Markets is the best, most reliable and trusted broker in Africa and there has been an influx in internet searches regarding this broker, especially during the Covid-19 pandemic.
Traders will not have to feel as though they are trading against their broker to make profits and become more profitable traders, JP Markets assists their traders in achieving the trading goals that they set out in their trading plans.