Beware! JPC Markets is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
JPC Markets claims to offer professional access to CFDs, Futures, Contract derivatives, Options and other instruments connected to asset management through specially integrated, state-of-the-art digital technologies. However, the broker’s software is everything else, but state-of-the-art and we also suspect that the brokerage is just another scam scheme. Find out why we do so in the full JPC Markets review.
JPCMarkets.com REGULATION AND SAFETY OF FUNDS
JPC Markets is allegedly registered in St. Vincent and the Grenadines, meaning that it’s unregulated, so your funds will be at risk if you deposit. We strongly advise against trading with Forex brokers that are not monitored because they are unchecked while carrying out their business. Apparently, JPC Markets may put your money at risk or right away misappropriate it, and there will be literally no authority or agency able to prevent the misconduct. However, the problem with offshore brokers is even more severe for two other reasons.
First of all, shady tax havens like St. Vincent and the Grenadines, the Marshall Islands and Dominica, to name a few, have strong confidentiality laws that allow the incorporation of International Business Companies (IBCs) with concealed ownership. Simply put, the people running JPC Markets remain anonymous at all times, so if something wrong happens, there is literally no one who’ll take the responsibility.
The other reason is that these same IBCs are not required to provide access to their accounts or file financial reports, so at any given time, it’s impossible to check the origin of their money, how much they handle and what they do with it. In other words, once you deposit with a broker like JPC Markets, your money goes offshore, where it just disappears. When this happens, you’ll have almost no chargeback options left. Of course, you can always dispute the transaction if you used Credit/Debit cards to deposit, but that’s certainly a procedure you won’t fancy at all.
That’s why we recommend CySEC (Cyprus) and FCA (Britain) licensed brokers instead of unregulated offshore ones. Companies holding European licenses should keep deposits segregated, which guarantees that clients won’t lose their money in case of insolvency. The segregation also improves transparency, speeds withdrawals up and makes chargebacks easier and helps prevent fraud. On top of all that, though, European companies are covered by deposit insurance funds laid down to reimburse clients in case of unforeseen events- CySEC brokers’ clients can get up to €20 000 in compensation, while the British guarantees are even up to £85 000.
Now, see the latest alert in which SVGFSA states that it doesn’t license or monitor brokers:
JPCMarkets.com TRADING SOFTWARE
JPC Markets’ state-of-the-art software is actually a scrappy Webtrader that can’t offer any advantages over MetaTrader 4 or MetaTrader 5, for example. We mentioned the latter two for a reason- both are the two most powerful on the market, delivering sophisticated features like Expert Advisors, reliable indicators and easy-to-use charting tools. JPC Markets’ Webtrader can’t offer anything sophisticated, so we can’t recommend the broker solely because of the inferior platform delivered.
The trading costs also fail to excite- 3.7 pips spread for EUR/USD, which is around 4 times worse than the industry standard of 1 pip or below. So, if you trade with JPC Markets, you pay $37 per lot, while most of the legit brokers get $10 for the same service. JPC Markets is too costly!
As for leverage, it’s 1:200 by default, and we couldn’t find any way to change it ourselves, so the brokerage intentionally limits its clients putting them into a dangerous trading environment- a red flag nonetheless. Also, it’s worth mentioning that 1:200 is not allowed in too many jurisdictions around the globe- 1:30 maximum in the EU, UK and Australia; 1:50 in the US.
Here you can see the platform:
JPCMarkets.com DEPOSIT/WITHDRAW METHODS AND FEES
JPC Markets doesn’t impose a minimum deposit requirement, but it also fails to reassure that clients can fund accounts with as little/much as they want. Well, the brokerage indeed fails to provide enough information about its services, so we can reasonably raise a red flag.
As for funding, only Wire Transfers are accepted, so JPC Markets intentionally limit the chargeback options as much as possible- Wires are final and don’t allow clients to dispute transactions.
Information about withdrawals and fees is not available, so JPC Markets once again fails to deliver information about its services. Beware!
HOW DOES THE SCAM WORK
JPC Markets is an unregulated offshore brokerage and a suspected scam, so we’ll now show you what scammers usually work.
When fraudsters get hold of your contact numbers, you’ll be approached immediately, promised the moon and the stars to make you begin investing. To gain your trust, those criminals usually pretend to work for governments, financial authorities, banks, reputable companies etc. Scammers will be confident in what they are saying, and if you don’t recognise the warning signs, you may end up depositing. However, just then, the Forex fraud actually begins. Once they have your money, the cons will distort prices and forge fake reports to make you believe that you are on the winning side, manipulating you to start thinking big and consider more deposits.
Gradually, the fraudsters will ask you to increase the size of your investment and will make up stories claiming that you need to fund your account for whatever reasons. Sooner or later, you’ll get determined to withdraw your money, and then scammers will ask you to deposit again because, according to their words, there are taxes and fees that you should pay. At this point, you’ll probably realise something wrong is happening, and when the scam becomes too apparent, the fraudsters will simply cut the communication and disappear. Later, the whole website will be brought down, replaced with a new one so that the scammers can carry on with their criminal activities.
WHAT TO DO WHEN SCAMMED
It would be best if you first call your bank to inform it and deactivate your card to avoid getting exposed to additional risks, as the scammers may as well have obtained your details.
Then, call the police, inform the financial authorities, file complaints and don’t forget to spread the word online so that other people can find out about the fraudulent scheme. Still, it’s crucial not to rush trying to reclaim your funds as numerous scams are disguised as chargeback agencies set up to double-scam victims.
Finally, we know it’s an awful experience to get scammed, but please share your story to help protect others!