The broker JPFinance is situated on the Marshall Islands that claims to provide more than one thousand trading instruments. Trading instruments like 48 foreign exchange pairs, precious metals, cryptocurrency, commodities, indexes, stocks, and futures. All the tradable instruments can be traded on a web trader trading platform with competitive spreads and higher leverages. The broker also manifests high security to trader’s funds. Claims of JPFinance are great, however, its unregulated broker and blacklisted by the United Kingdom’s financial regulator. Our JPFinance review will provide all explanations for why this broker is not credible. Go ahead and read it to know more.
JPFinance brand is managed and owned by the offshore Marshall Islands-based company Jean Pierre Technology LTD. The Marshall Islands is the country that does not come under the jurisdiction of any financial watchdogs. Furthermore, the Frequently Asked Questions section on the official website of JPFinance claims that the broker is registered by Belize based International Financial Services Commission. However, the license detail is kept blank. Nevertheless, the broker JPFinance is blacklisted by the Financial Conduct Authority of the United Kingdom as a scam broker. Such unregulated brokers make efforts to accept as much investment as possible from traders. It lures its clients by offering 100% welcome bonuses. The sad part is these bonuses need high trading volume trade requirement before one can withdraw them. In the case of JPFinance, the trading volume of at least 600000 times is required to be eligible for withdrawals. Every withdrawal is charged with 0.5% or 30 USD. Also, some profit clearance and maintenance fee are applied. The primary account of JPFinance needs a minimum deposit of 250 USD. This deposit is according to the current market trend. However, other accounts need more than 1000 USD initial investment. A higher level of leverages and spreads like 1:400 and 3 pips can be seen on the provided web based trading platform. Nevertheless, this higher trading environment is not economical. Also, higher leverage levels are restricted in regulated markets to protect the trader’s investments. A web-based traders trading platform is provided and payments via bank transfer, credit cards, and wallets are accepted.
Is JPFinance scam or legit?
The broker is situated in Marshall Island but claims to be regulated by Belize based regulator. It is blacklisted by financial conduct authority of UK as a scam broker. Trading conditions are uneconomical and web-based trading platform is provided. All of this makes JPFinance a scam broker 2020.