Beware! JMP Forex Broker 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.
If you wonder what a pure scam actually does mean, we can provide you with a quick answer: JMP Forex Broker. The so-called broker is a fishy business creature that doesn’t even provide trading services but offers highly controversial investment plans and Binary Options! That being so, we can outright say that JMP Forex Broker is a scam – brokerage firms cannot legally offer Binary Options for trading! The entity waves many other red flags as well, and in the following review, we’ll cover everything you need to know about JMP Forex Broker.
JMP Forex Broker Regulation And Safety Of Funds
JMP Forex Broker is NOT REGULATED! In fact, we cannot even prove it’s legally registered as a firm as it shows a fake incorporation certificate. Allegedly, JMP Forex Broker is registered in Britain with incorporation number 12163714, but that’s a pure lie – the number belongs to DE NOVO DWELLINGS LTD, which is a real estate company, and there is no proof it’s linked to JMP Forex Broker! The latter is totally illegal; that’s a scam!
If you want to trade with peace of mind, you should trust your money with regulated brokers only! For example, both CySEC (Cyprus) licensed brokers, and FCA (Britain) brokers are proven safe as both authorities force strict regulations to guarantee safety for clients’ funds. The compulsory rules include client account segregation, risk-reducing measures like leverage restrictions and negative balance protection, and increased capital requirements to license a broker (€730 000). Most importantly, though, both authorities maintain deposit insurance funds – clients of CySEC brokers can claim up to €20 00o in compensation, while the UK protections are even higher at £85 000 per person! It goes without saying that if you trade with unregulated brokers, you’ll remain unprotected and exposed to fraud risks!
And here, you can see the fake certificate we already discussed:
JMP Forex Broker Trading Software
JMP Forex Broker claims that all trading activities are carried out on the leading platform MetaTrader4, but that’s just another lie! There are no download links, and upon registration, one cannot find trading software – the Dashboard consists of two buttons only (Invest and Withdraw)! Laughably, the s0-called brokerage does not even have a platform, and with this being the case, we further confirm that JMP Forex Broker is a pure scam!
Trading software is a critical component, and for that reason, we prefer MetaTrader4 and MetaTrader5 brokers. We do so because both MTs are industry leaders and provide all the essential tools a trader would need – intuitive charts, reliable indicators, excellent charting tools, news and so forth. And at the same time, MetaTrader comes with advanced features that can increase your chances for profit – MQL, expert advisors, automated trading and even a marketplace with thousands of trading apps.
And before we continue, let us show you a screenshot presenting evidence of a scam. Namely, JMP Forex Broker claims that Binary Options trading is possible (which is not true, actually), which is a red flag as these so-called instruments are already banned by regulators – Forex brokers cannot legally offer Binaries!
JMP Forex Broker Trading Conditions
Actually, there is nothing to discuss in this section as there are no real trading conditions available. Nevertheless, we’ll pay attention to the Investment plans offered by JMP Forex Broker. If you go back to the beginning of the review, you’ll see that the so-called brokerage offers guaranteed earnings of 35% per day, or more, depending on the deposit size! That’s also evidence of a scam because such profitability is simply impossible to provide – legit companies cannot secure 10% per year, let alone 35% per day! Not to mention that regulated Forex brokers are not allowed to provide guaranteed profitability – their license cover trading services only! Beware!
JMP Forex Broker Deposit/Withdraw Methods And Fees
The minimum deposit with JMP Forex Broker is $40, which is generally a favourable requirement. But as you already know, we exposed the so-called broker as a scam scheme, so you shouldn’t send even a dime to it.
The funding methods are Bitcoin, Ethereum and USDT, so it’s only possible to deposit cryptocurrencies. Cryptos are trendy and provide many advantages – quick transactions, security, instant transfers and so forth. However, the digital money provides advantages for scammers, too – each deposit via Bitcoin is practically non-refundable, and if things go wrong, you’ll be unlikely to claim your money back. And it’s always evidence of a scam if a brokerage accepts cryptocurrencies only, denying access to standard methods such as Credit/Debit cards or e-wallets, so yet again, another red flag appears – count has already been lost!
As for withdrawals and fees, there is nothing specified by JMP Forex Broker, but at the end of the day, it would be naive to wait for money from these scammers! Avoid!
How Does The Scam Work
Forex scams are different from one another, but in most cases, the fraudulent scheme is practically carried out in the same way. Scam brokers are always unregulated and usually registered somewhere offshore, which helps scammers remain anonymous and untraceable. If you open an account with such an entity, you should expect endless phone calls. Scammers will constantly try to approach you and make you deposit money as quickly as possible. Remember that urgency is always a treacherous sign, so it’s probably a scam if someone calls you twenty times per day, asking for money.
In the worst-case scenario, you’ll deposit, and scammers will persuade you to trade instead of you. You’ll soon see magnificent profits generated – false, of course, and you’ll get excited, asking to take your money back. As you probably guess, they won’t let you do so and will try to get another deposit from you, promising that much more lucrative gains are waiting. Or, they can ask for a false tax, saying that withdrawals are only possible if you cover the charge in advance. If you pay, you’ll increase the amount stolen from you, but if you keep asking for your money, you’ll soon realise it’s a scam!
What To Do If Scammed
You should first inform the authorities – call the police and contact your local regulators and other government bodies dealing with crime and fraud. Also, deactivate your cards ASAP and call your bank to inform them about what happened – they can provide essential information and help you reduce further financial damage.
If you deposited cryptocurrencies, there is not much you can do, but if you used your credit/debit cards, you could file a chargeback, hoping that all or some of the money invested can be retrieved. However, you shouldn’t go blindly looking to recover the loss because many fraudulent chargeback agencies are waiting to double-scam victims of fraud – be cautious about it!
And lastly, consider sharing your experience to help protect others and provide further information about how scams work!