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Contract reading

What JP Markets legally published, but does not want you to read

Every clause below is published by JP Markets itself, on its own website, today. The finding is not that the text exists. It is the distance between what a client is shown and what a client agreed to. Read from its own documents on .

Contracting entity: JP Markets SA (Pty) Ltd

sole discretionprofit voidingbonus lockmarketing mismatchwithdrawalsdeemed acceptancehidden feekyc freezeunilateral amendmentconflict disclosure

JP Markets sells synthetic indices as a regulated product. Its own contract says those prices come from a random number generator and are not regulated as financial products. Close a trade inside 15 minutes and the client agreement lets JP Markets void it. You get two working days to dispute a trade before it is binding, and the fee schedule the contract binds you to is not published.

Back to JP Markets

Contract risk

Money at risk
7.6/10

Where this contract sitsHow far this contract goes, overall. Under 2 is nothing beyond the ordinary; 6 to 9 means several clauses put money you have already earned at risk; 9 and above reads as designed to make payout refusable.

0510
CriticalClauses that can cost you money you have already earned or deposited, or that remove your ability to challenge it.
11
FlaggedEvery clause worth knowing about, at all three severities. Ordinary terms that every broker has are not counted.
29
DocumentsHow many of the broker's own legal files this reading is based on. Each one was downloaded and hashed on the date shown.
22
ContradictionsPlaces where a promise the broker makes in public is not kept by the clause that governs it.
9

How the 29 break downThe same flagged clauses, split by how much each one can cost you. Severity is our reading of the clause, not the broker's label.

Critical11
Warning15
Notice3

section 57 of 61is where the deepest clause sits, 93% of the way into the document it is in

The numbers in this contractFigures taken from this broker's own clauses, so the labels differ from broker to broker. The four in the panel above are the same on every report.

4 of these 4 figures come from a clause we rate critical, which means it can take your money or your profit rather than only delay it.

Critical15Profit at risk. Jump to the clause this comes from.Closing a trade inside 15 minutes counts as scalpingCritical7Fee you were not shown. Jump to the clause this comes from.The fee schedule your contract binds you to is not publishedCritical2 working daysTime to complain. Jump to the clause this comes from.Two working days to dispute a trade, then it is bindingCritical$1500Bonus requirement. Jump to the clause this comes from.Removing your bonus can stop out your open trades

What the documents say

29 clauses worth knowing about, worst first, each quoted from JP Markets's own files

01

The synthetics page sells you "pure price action driven by advanced algorithms". Clause 15.1.2 of the contract behind it says the prices are made by a random number generator. Clause 2.1 says the product is not regulated as a financial instrument at all.

Why this matters

You are betting against a number generator owned by the firm taking the other side, and the badge on that page says Regulated ODP. Nothing on the page tells you either fact.

Exhibit 1CriticalRarely seen

Instead, values are generated using a Random Number Generator (RNG)-based engine, which applies predetermined algorithms to simulate certain market-like movements and trading conditions.
Clause 15.1.2 in Client Agreement for Synthetic Contracts for Difference (CFDs), p.23
Read from the broker's site on Open the reference
Our own capture of jpmarkets.co.za, taken on Aug 23, 2026The claim, on Synthetics landing page, "Trade Synthetic Indices 24/7" panelVisit this page on the broker's siteDownload the full size image file
Our own capture of jpmarkets.co.za, taken on Aug 23, 2026The claim, on Deposits and withdrawals page, "Trusted Regulation" panelVisit this page on the broker's siteDownload the full size image file

Buried at section 43 of 47 in the Client Agreement for Synthetic Contracts for Difference (CFDs), 91% of the way through.

Our readingBrokers offering synthetic indices normally describe them as simulated. Naming a random number generator in the contract while marketing the same product as price action is the unusual part.

02

Clause 19.1.1 defines scalping as closing a position within 15 minutes of opening it, or averaging 5 pips or less. If JP Markets suspects it, clause 19.2 lets it void the trade and shut your account the same day.

Why this matters

A short trade that goes your way can be cancelled after the fact, and you have no defined right of appeal. Clause 19.1.2 also bans holding opposite positions on one instrument, which many traders use to manage risk.

Exhibit 2CriticalHarder than usual15

Scalping: Means a form of trading strategy through which the Client performs and/or tries to perform numerous transactions on small price changes (5 pips average or less within 24 hours trading period) or in very short timeframes (closing a trading position within 15 minutes of opening).
Clause 19.1.1 in JP Markets Client Agreement March 2026 v2, p.15
Read from the broker's site on Open the reference

Where it sits: section 28 of 61 in the JP Markets Client Agreement March 2026 v2, 46% of the way through.

Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA must treat customers fairly and cannot cancel a valid trade simply because it was profitable and short. This contract makes a 15 minute holding time itself the trigger.

JP Markets is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

  • Worse together with Exhibit 13The bonus terms reverse profits made with a prohibited strategy, and this clause is what makes a 15 minute trade prohibited.
03

Trade synthetic indices and your counterparty is JP Financial Markets Namibia (Pty) Ltd, not the South African company whose FSCA licence the site advertises. Clause 19.1 puts the contract under Namibian law and clause 19.2 sends disputes to the High Court of Namibia.

In plain words

On a principal basis, as your counterparty, means the broker takes the other side of your trade itself. Your loss is then the firm’s gain, so it has an interest in how your trade ends.

Why this matters

To sue over a synthetics account you would have to do it in Windhoek, and the South African FSP licence on the page is not the licence covering that product.

Exhibit 3CriticalHarder than usual

Product Provider: JP Financial Markets Namibia (Pty) Ltd (“JP Markets Namibia”)
Clause Cover page in Client Agreement for Synthetic Contracts for Difference (CFDs), p.1
Read from the broker's site on Open the reference

Where it sits: section 9 of 47 in the Client Agreement for Synthetic Contracts for Difference (CFDs), near the start.

04

Clause 1.1.8 makes a Fee Schedule on the website part of your agreement, and clause 10.2 says keeping up with it is your job. No such schedule appears on the legal documents page, and the site's own search returns none. The synthetic agreement names seven kinds of fee that live only in that missing document.

Why this matters

Fees can be taken from your account balance in amounts you cannot look up, and clause 10.2 makes a change effective the moment JP Markets publishes it.

Exhibit 4CriticalHarder than usual7

“Fee Schedule” means the comprehensive list of all applicable Fees and Charges published on the JP Markets website, as amended by JP Markets from time to time at our sole discretion;
Clause 1.1.8 in JP Markets Client Agreement March 2026 v2, p.3
Read from the broker's site on Open the reference

Where it sits: section 20 of 61 in the JP Markets Client Agreement March 2026 v2, 33% of the way through.

Set against a regulated standard: FCA (UK), CySEC (Cyprus), FSCA (South Africa)

Firms licensed by the FCA and CySEC must give a retail client the costs and charges of a product before that client trades it. Here the schedule of charges is incorporated by reference and not published.

JP Markets is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

  • Worse together with Exhibit 9The inactivity fee and the period that triggers it are both set in the schedule nobody can read.
05

Clause 23.1 says any negative balance caused by abnormal market conditions is payable by you to JP Markets once it sends you a statement. JP Markets decides what counts as an abnormal condition, using the definition in clause 1.1.1.

In plain words

Negative balance protection is a limit that stops you owing more than you put in. Without it, one fast market move can leave you owing the broker money on top of your deposit.

Why this matters

You can finish a bad day owing money you never deposited. The client agreement never promises negative balance protection, even though the bonus terms mention it as if it exists.

Exhibit 5CriticalHarder than usual

Any negative balance in the Trading Account arising from or the occurrence of Abnormal Market Conditions shall be for the account of the Client and will be payable by the Client to JP Markets upon delivery of a Trading Account statement, indicating such negative balance.
Clause 23.1 in JP Markets Client Agreement March 2026 v2, p.20
Read from the broker's site on Open the reference

Buried at section 37 of 61 in the JP Markets Client Agreement March 2026 v2, 61% of the way through.

Set against a regulated standard: FCA (UK), ESMA (EU), CySEC (Cyprus)

Firms licensed by the FCA and under ESMA rules must give retail CFD clients negative balance protection, so the client can never lose more than the account holds. This agreement puts the shortfall on the client.

JP Markets is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

  • Worse together with Exhibit 20Leverage advertised up to 1:2000 is what turns a small adverse move into a balance below zero.
06

Clause 32.9.5 gives you two working days from receiving a trade confirmation to object in writing. Miss it and clause 32.9.6 treats the confirmation as correct and binding on you. Statement errors get even less: clause 21.2.1 puts the limit at 24 hours.

In plain words

A manifest error means an obvious mistake by the broker.

Why this matters

Two working days is the whole window to catch a wrong price or a wrong volume, and the clock starts when the confirmation is sent, not when you read it.

Exhibit 6CriticalHarder than usual2 working days

The Client shall promptly review each Transaction Confirmation and notify JP Markets in writing of any alleged discrepancy within two (2) Business Days after receipt of the confirmation.
Clause 32.9.5 in JP Markets Client Agreement March 2026 v2, p.31
Read from the broker's site on Open the reference

Buried at section 57 of 61 in the JP Markets Client Agreement March 2026 v2, 93% of the way through.

What it costsA confirmation sent on Friday evening must be challenged by Tuesday. After that it is correct by contract, whatever the platform actually did.

  • Worse together with Exhibit 18The window is short and JP Markets has no duty to keep the record of what you actually instructed.

JP Markets can cancel a trade after you have made money on it

Clause 19.1.1 of the JP Markets client agreement defines scalping as closing a position within 15 minutes, and clause 19.2 then allows the trade to be voided and the account closed. On synthetics, clause 11.4 allows any trade to be cancelled or repriced to a value JP Markets decides. The bonus terms add profit reversal for anyone trading from the same IP address as another client.

Trades undone3 clauses flagged

Clause 11.4.1 lets JP Markets Namibia review, cancel, void or amend any trade it believes came from a pricing or technical error or from abnormal platform behaviour. Clause 11.4.2.2 lets it reprice your trade to a value it decides is fair.

Why this matters

A winning trade on an instrument whose price JP Markets generates can be repriced by JP Markets, and it is the same company that decides the price was wrong.

Exhibit 11CriticalHarder than usual

JP Markets Namibia reserves the right to review, cancel, void, or amend any trade or series of trades that it reasonably believes:
Clause 11.4.1 in Client Agreement for Synthetic Contracts for Difference (CFDs), p.19
Read from the broker's site on Open the reference

Buried at section 36 of 47 in the Client Agreement for Synthetic Contracts for Difference (CFDs), 77% of the way through.

  • Worse together with Exhibit 25The firm that sets the price also decides after the fact that the price was an error.

The drawdown bonus terms treat trading from the same IP address as bonus abuse. Clause 8.2 then lets JP Markets strip the profits made and close the bonus account. Deposits are returned, so the money you paid in comes back.

Why this matters

A partner or a flatmate on the same home line can put your profits inside the abuse definition, and clause 7.2 says an outside monitoring service flags it.

Exhibit 12CriticalRarely seen

Trading from related accounts sharing the same IP address;
Clause 8.1 in 100% Drawdown Bonus Account Terms and Conditions, p.3
Read from the broker's site on Open the reference

Our readingSharing an internet connection is treated as evidence of coordination in itself, with no further test of whether the two accounts actually traded together.

Clause 9.1 of the drawdown bonus terms lets JP Markets reverse all profits made using a prohibited trading strategy, and points to the main terms for the list. The 300% bonus terms carry the same clause.

Why this matters

The list those terms point to includes closing a trade within 15 minutes, so ordinary short term trading can wipe out a bonus account's gains.

Exhibit 13CriticalHarder than usual

The use of prohibited trading strategies as described in the company's Terms and Conditions.
Clause 9.1 in 100% Drawdown Bonus Account Terms and Conditions, p.3
Read from the broker's site on Open the reference

Every JP Markets bonus can be taken back while your trades are open

Clause 3.4 of the 300% bonus terms lets JP Markets remove bonus credit above the cap, clause 3.5 accepts that this can stop out your open trades, and clause 3.3 excludes liability for the result. Withdrawing before you trade the bonus forfeits it in full. The R100 welcome bonus allows one withdrawal, and only after the account has doubled.

Credit with strings4 clauses flagged

Clause 3.4 of the 300% bonus terms lets JP Markets take back any bonus credit above the cap. Clause 3.5 admits this can stop out the trades you have open, and clause 3.3 says JP Markets is not liable for what that costs you.

Why this matters

Equity you are relying on to keep a position alive can be removed while the position is open, and the loss that follows is yours.

Exhibit 14CriticalRarely seen$1500

The maximum allowed bonus any client may have at any time is R30000 / $1500, should a client have more than the maximum allowed bonus in the trading account, the company reserves the right to remove any amount over the maximum allowed bonus.
Clause 3.4 in 300% Bonus Terms and Conditions, p.2
Read from the broker's site on Open the reference

Our readingMost bonus terms remove credit when a trade closes. This one allows removal mid-trade and names the resulting stop out as an accepted outcome.

What happens, and when

The stages this clause runs through, taken from the broker's own document
TriggerWhat the broker may then doClause
Bonus above $1,500JP Markets can take back any bonus credit above the cap.3.4
Bonus removedYour open trades can be stopped out as the equity drops.3.5
Trades stopped outJP Markets accepts no liability for the loss.3.3

Clause 5.2 of the synthetics bonus terms forfeits the whole bonus if you withdraw before you have traded with it. The welcome bonus goes further: you must double 100 ZAR to 200 ZAR first, and you get one withdrawal only.

Why this matters

Taking any of your own money out early cancels the credit that was offered to you, with no compensation and no partial credit.

Exhibit 15WarningStandard wording100%

Any withdrawal of funds prior to utilising the Bonus Credit for trading shall result in automatic forfeiture of the Bonus Credit in full, without compensation.
Clause 5.2 in 100% Bonus Synthetics Account Terms and Conditions, p.2
Read from the broker's site on Open the reference

What it costsA R100 welcome bonus needs the account to reach R200 before you may withdraw. One withdrawal is allowed, and an early attempt cancels the bonus and the profit.

The cashback account credits you 10% of your realised trading losses each day, capped at R10,000. It pays nothing when you win, and hedging is banned on the account.

Why this matters

To collect the R10,000 daily maximum you have to lose R100,000 that day, which is the account's whole deposit limit.

Exhibit 16WarningRarely seen10%

“Cashback” means the daily rebate credited by the Company to the Client’s Cashback Account, calculated as 10% of realised net trading losses incurred within a 24-hour period
Clause 1.1.1.3 in Cashback Account Terms and Conditions, p.1
Read from the broker's site on Open the reference

What it costsLose R10,000 in a day and R1,000 comes back at midnight. The other R9,000 stays lost.

Our readingMost broker rebates are calculated on trading volume. This one is calculated on the money you lost, so it only pays out when the account goes down.

  • Worse together with Exhibit 24The same contract says JP Markets earns its revenue from client net losses, which is what this rebate is a share of.

The JP Bucks terms say you need a minimum of [X] points before you can redeem anything, and that redemptions take [X] business days. The placeholders were never filled in. Points expire after 12 months and are forfeited if your account is closed.

Why this matters

You earn points towards a threshold the published terms do not state, and clause 8.2 forfeits everything unredeemed if the account holder dies.

Exhibit 17WarningRarely seen

Clients must accumulate a minimum of [X] points before redemption. Some rewards may require additional conditions, such as active trading within the past 30 days.
Clause 7.6 in JP Bucks Loyalty Rewards Program Terms & Conditions
Read from the broker's site on Open the reference

Our readingA published set of terms that still carries its drafting placeholders leaves the redemption threshold legally undefined.

JP Markets earns from your losses and controls the price you get

Clause 10.1.5 states that JP Markets derives revenue from client net losses. On synthetics, clause 12.1 says an independent vendor runs the pricing free of JP Markets influence, and clause 4.5 says JP Markets may modify the pricing methodology at its sole discretion. The conflict of interest policy is not published; the FAIS disclosure says to email for it.

Whose price is it2 clauses flagged

Clause 12.1 tells you an outside software vendor runs the synthetic pricing without influence from JP Markets. Clause 4.5 of the same contract says JP Markets is solely responsible for the price feed and may modify the pricing methodology at its sole discretion.

Why this matters

Both sentences cannot be true, and the one that decides what your trade is worth is the one giving JP Markets the controls.

Exhibit 25CriticalRarely seen

This vendor is contractually mandated to ensure that the generation of price simulations and the operation of related trading mechanisms are performed autonomously and without influence from JP Markets Namibia, its affiliates, or any intermediary acting on its behalf.
Clause 12.1 in Client Agreement for Synthetic Contracts for Difference (CFDs), p.20
Read from the broker's site on Open the reference
Our own capture of jpmarkets.co.za, taken on Aug 23, 2026The claim, on Synthetics page, "Instant Execution" card, listed above the bullet "No slippage"Visit this page on the broker's siteDownload the full size image file

Buried at section 38 of 47 in the Client Agreement for Synthetic Contracts for Difference (CFDs), 81% of the way through.

Our readingOne agreement carries two opposite descriptions of who controls the price, eight clauses apart, with no order of precedence between them.

Clause 10.1.5 states that JP Markets derives revenue from client net losses under its ODP licence, and the 2024 master agreement repeats it. The conflict of interest policy that would explain how this is managed is not published: the FAIS disclosure says you must email for a copy.

In plain words

Remuneration means payments it receives.

Why this matters

The firm quoting your prices and holding your money is on the other side of your trade, and the document describing how it handles that is not on the site.

Exhibit 24WarningStandard wording

For the avoidance of any doubt, revenue is derived from the Client’s net losses in terms of JP Markets’ prevailing ODP license conditions.
Clause 10.1.5 in JP Markets Client Agreement March 2026 v2, p.10
Read from the broker's site on Open the reference

Where it sits: section 19 of 61 in the JP Markets Client Agreement March 2026 v2, 31% of the way through.

Set against a regulated standard: FSCA (South Africa), FCA (UK)

Firms regulated by the FSCA must maintain a conflict of interest management policy and make it easily accessible to clients. This one is offered on request by email.

JP Markets is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

What the JP Markets website promises is not what its contracts say

JP Markets advertises synthetic indices as regulated price action with no slippage. The contract behind that product says the prices come from a random number generator, that the product is not regulated as a financial instrument, and that slippage and gaps are yours to accept. The advertised stop out level on the micro bonus account is 10%, and its own terms say 30%.

Page against contract2 clauses flagged

The account types page shows the JPM Micro 300 account stopping out at 10%. The Micro Accounts terms that govern it set the stop out level at 30% of account equity, in two separate clauses.

Why this matters

The stop out level decides how far a trade can fall before JP Markets closes it. Between 10% and 30% sits most of the money in a small account.

Exhibit 22WarningHarder than usual

Stop-Out Level: A threshold established by JPM, set at 30% of the account equity, at which open positions may be automatically closed to prevent further losses.
Clause 1.11 in Terms and Conditions Micro Accounts, p.3
Read from the broker's site on Open the reference

The FAQ says JP Markets serves South Africa, Namibia, Swaziland and Lesotho. The footer of that same page names three countries and leaves Lesotho out.

Why this matters

If you are in Lesotho, one line of the page invites you in and another says the service is not offered where you live, and clause 20.2.1 makes your legal capacity your own warranty.

Exhibit 23WarningHarder than usual

JP Markets SA (Pty) Ltd, only offers services in South Africa, Namibia, Swaziland and Lesotho.
Clause FAQ: What countries do we operate in? in JP Markets FAQs
Read from the broker's site on Open the reference

The JP Markets fee schedule is binding and nowhere to be found

Clause 1.1.8 of the JP Markets client agreement makes a Fee Schedule on the website part of your contract, and clause 10.2 makes checking it your job. It is not on the legal documents page and the site's own search does not find it. Seven categories of fee, including inactivity and withdrawal charges, are defined only by reference to it.

Cost disclosure2 clauses flagged

Clause 13.5 of the 2024 master agreement lets JP Markets change the commission it takes on deposits and withdrawals whenever it likes, and tells you to check the website. The deposits and withdrawals page names no fee at all.

Why this matters

Money is taken off the top of what you pay in and what you take out, at a rate the page you were sent to never mentions. Clause 10.3 also puts the payment account's own charges on you.

Exhibit 7WarningHarder than usual

JP Markets has the discretion to occasionally change the commission received and/or shared for making deposits and/or withdrawal of funds and shall advertise the same under the relevant sections of the JP Markets website.
Clause 13.5 in OTC Derivative Master Agreement
Downloaded from the broker's site on Open the reference

JP Markets publishes overnight swap rates as bare figures, so gold shows -88,87 for a long position. The document never says whether that is points, rand, dollars, or per what trade size.

Why this matters

You cannot work out what holding a position overnight will cost you, and clause 10.1.2 of the agreement makes you pay it anyway.

Exhibit 8NoticeHarder than usual

XAUUSD -88,87 25,82
Clause Swap Rates table in Swap Rates, p.2
Downloaded from the broker's site on Open the reference

JP Markets promises withdrawals in hours and commits to nothing

The JP Markets deposits page says withdrawals arrive in a matter of hours. The client agreement contains no withdrawal timetable at all: no deadline, no process, no stated minimum. Clause 9.1 limits the company's own operating day to 08:00 until 17:00 on business days.

Getting paid1 clause flagged

The site promises withdrawals in a matter of hours. The client agreement sets no withdrawal timetable at all: no deadline, no process, no minimum. Clause 9.1 limits JP Markets' own working day to 08:00 until 17:00.

Why this matters

Nothing in the contract you signed obliges JP Markets to pay you within any period, so a slow payout breaks no promise you can point to.

Exhibit 10WarningHarder than usual

JP Markets operates between 08:00 and 17:00 on every Business Day, and its client support line shall operate between 07:00 and 22:00 on every Business Day, excluding international public holidays.
Clause 9.1 in JP Markets Client Agreement March 2026 v2, p.10
Read from the broker's site on Open the reference

Where it sits: section 18 of 61 in the JP Markets Client Agreement March 2026 v2, 30% of the way through.

A negative balance is your debt, and the terms change without you

Clause 23.1 of the JP Markets client agreement makes any negative balance from abnormal market conditions payable by you, and JP Markets decides what abnormal means. The site advertises leverage up to 1:2000 and an account with no stop out at all. Clause 31 lets JP Markets amend the contract by publishing a notice, while clause 32.1 of the same document says no change is valid unless both parties sign it.

Terms that move2 clauses flagged

The account types page offers the Premium account at leverage of up to 1:2000, and several others at 1:500. The client agreement never mentions leverage: clause 1.1.12 leaves margin to be set by JP Markets.

Why this matters

At 1:2000 a move of one twentieth of one percent against you wipes out the margin, and clause 23.1 hands you the shortfall.

Exhibit 20WarningHarder than usual2000

“Margin” in the Trading Account, refers to the amount in excess of the value of a Trade that will be held as a free margin, which Margin will be calculated as a percentage of the Trade value as determined by JP Markets;
Clause 1.1.12 in JP Markets Client Agreement March 2026 v2, p.3
Read from the broker's site on Open the reference
Set against a regulated standard: FCA (UK), ESMA (EU), ASIC (Australia)

Firms licensed by the FCA and under ESMA rules cap retail CFD leverage at 1:30 on major currency pairs. This broker advertises up to 1:2000.

JP Markets is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

Clause 31.1 lets JP Markets amend the agreement at its sole discretion, and clause 31.2 binds you from the day it posts the notice. Clause 32.1 of the same document says no change is valid unless both parties sign it.

Why this matters

On the synthetics side you have 7 calendar days to object, and clause 17.6.2 lets JP Markets close your account if you do.

Exhibit 21WarningHarder than usual7 days

The aforesaid amendment shall be effective on the date that JP Markets notifies the Client of the amendment or on such later date as may be applicable the notice and shall be binding on the Client.
Clause 31.2 in JP Markets Client Agreement March 2026 v2, p.29
Read from the broker's site on Open the reference

Buried at section 54 of 61 in the JP Markets Client Agreement March 2026 v2, 89% of the way through.

You have two working days to challenge a JP Markets trade

Clause 32.9.5 gives you two business days to dispute a trade confirmation and clause 32.9.6 then treats it as correct and binding. Statement errors must be reported within 24 hours. Clause 8.8 records everything you say while releasing JP Markets from keeping the record of what you instructed, and clause 30.9 commits you irrevocably to arbitration in Cape Town.

Complaint windows2 clauses flagged

Clause 8.8 records every call and message you send and allows JP Markets to use them as evidence against you. The same clause says JP Markets has no obligation to keep the record of the instructions it received from you.

Why this matters

The evidence that would show what you actually asked for is the evidence the contract lets JP Markets discard. On the synthetics side, clause 14.5 makes its own logs final and binding.

Exhibit 18WarningHarder than usual

JP Markets is under no obligation to retain the record of instructions received from the Client.
Clause 8.8 in JP Markets Client Agreement March 2026 v2, p.9
Read from the broker's site on Open the reference

Where it sits: section 17 of 61 in the JP Markets Client Agreement March 2026 v2, 28% of the way through.

Clause 30 sends disputes to an arbitrator who must be an advocate of at least 10 years' standing, sitting in Cape Town. Clause 30.9 makes your consent irrevocable, and the client agreement never mentions the FAIS Ombud.

Why this matters

An advocate's fees can cost more than the balance you are arguing about. The separate complaints policy does name the free FAIS Ombud, which will not hear claims above R800 000.

Exhibit 19WarningStandard wording

This clause shall constitute the irrevocable consent of the Parties hereto to the arbitration proceedings in terms hereof, and no Party shall be entitled to withdraw therefrom or to claim at any such arbitration proceedings that it is not bound by this clause.
Clause 30.9 in JP Markets Client Agreement March 2026 v2, p.28
Read from the broker's site on Open the reference

Buried at section 52 of 61 in the JP Markets Client Agreement March 2026 v2, 85% of the way through.

Set against a regulated standard: FSCA (South Africa)

Firms regulated by the FSCA must give retail clients access to a statutory ombud scheme. The complaints policy points to the FAIS Ombud, while the client agreement routes disputes into private arbitration instead.

JP Markets is not licensed by this regulator, so this is a comparison of practice, not a finding of any breach.

JP Markets can pass your data to debt collectors and disable the account

Clause 25.12 of the JP Markets client agreement allows your information to be shared with attorneys, tracing agents and debt collectors, and clause 25.9 covers biometric data. The published privacy policy describes only what website visitors type in. Clause 5.4 disables the trading account if ongoing due diligence cannot be completed, with no deadline and nothing said about the balance.

Your documents and data2 clauses flagged

Clause 25.12 lets JP Markets share your information with attorneys, tracing agents and debt collectors. Clause 25.9 includes your biometric information, marital status and education in what may be processed. The published privacy policy covers only what visitors type into the website.

Why this matters

The terms that actually govern your personal data sit in the trading contract, not in the document called Privacy Policy, and no retention period is stated anywhere.

Exhibit 26WarningHarder than usual

JP Markets may share Client information with the following persons (amongst others) who have an obligation to keep the Client information secure and confidential: Attorneys, tracing agents, debt collectors and other persons that assist with the enforcement of agreements;
Clause 25.12 in JP Markets Client Agreement March 2026 v2, p.23
Read from the broker's site on Open the reference

Buried at section 43 of 61 in the JP Markets Client Agreement March 2026 v2, 70% of the way through.

Clause 5.4 says your trading accounts will be disabled if JP Markets cannot complete its ongoing due diligence. No deadline is given, no notice is promised, and nothing is said about the money inside.

Why this matters

A document request you miss can switch off access to your balance, and the Namibian agreement allows account closure on the same ground.

Exhibit 27WarningStandard wording

Should JP Markets be unable to conduct the customer ongoing due diligence as required in FICA, the Client Trading Accounts will be disabled, and a record thereof must be kept for no less than 5 (five) years.
Clause 5.4 in JP Markets Client Agreement March 2026 v2, p.7
Read from the broker's site on Open the reference

Where it sits: section 13 of 61 in the JP Markets Client Agreement March 2026 v2, near the start.

Three months of silence and the account closes to you

JP Markets archives any account left inactive for three months, and says an archived account is no longer active or accessible. That rule appears only in the FAQ, not in any legal document. The synthetic agreement adds an inactivity fee whose amount and trigger period are both set in the unpublished fee schedule.

Dormant accounts1 clause flagged

JP Markets says in its FAQ that an account left inactive for three months is archived automatically and will no longer be active or accessible. No legal document on the shelf mentions this, and none says what happens to money sitting in it.

Why this matters

Your balance can be in an account you can no longer reach, and the same FAQ says trading accounts cannot be deleted from the system.

Exhibit 9WarningHarder than usual

It is not possible to delete trading accounts from our system. However, if an account remains inactive for a period of three months, it will be automatically archived. This means that the account will no longer be active or accessible.
Clause FAQ: Can Trading Accounts be removed? in JP Markets FAQs
Read from the broker's site on Open the reference

No compensation fund, and a risk policy written for crypto

The JP Markets risk policy states that no statutory compensation arrangements protect the client in any circumstance, and the synthetics agreement says funds may not be recoverable if the Namibian company fails. That same risk policy, which clause 1.1.2 makes part of your agreement, warns about digital currency prices and lost private keys rather than leveraged CFDs.

What stands behind it2 clauses flagged

The risk policy says plainly that no statutory compensation arrangements protect you in any circumstance. The synthetics agreement adds that if JP Markets Namibia fails, you may not get your funds back.

Why this matters

Segregation keeps client money apart from company money. It does not replace it if the company fails, and South Africa has no investor compensation fund to do that.

Exhibit 28NoticeStandard wording

The Client assumes all risks associated with trading and acknowledges that no statutory compensation arrangements protect them in any circumstance.
Clause 1. Purpose in Risk Policy, p.2
Read from the broker's site on Open the reference
Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Clients of firms licensed by the FCA and CySEC are covered by statutory compensation schemes if the firm fails. This document states that no such arrangement applies here.

JP Markets is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

JP Markets makes its risk disclosure part of your agreement under clause 1.1.2. That document warns you about digital currency price swings and losing your private keys. It is not a CFD risk disclosure.

Why this matters

You confirm under clause 22.1.2 that you read and understood a risk warning written for a different product than the one you are about to trade.

Exhibit 29NoticeRarely seen

Loss of Private Keys: Users are solely responsible for safeguarding their private keys or login credentials. Losing access to these credentials may result in permanent loss of funds.
Clause 2.5.1 in Risk Policy, p.3
Read from the broker's site on Open the reference

Our readingThe document incorporated into the contract as the risk disclosure addresses crypto wallet risks rather than leveraged CFD risks.

Where the marketing and the contract disagree

A promise made in public, set against the clause that governs it

01

The page sells price action; the contract says a random number generator makes the prices.

Said in public, in English

Experience continuous trading with our synthetic volatility indices. No weekends, no market closures – just pure price action driven by advanced algorithms.

Synthetics landing page, "Trade Synthetic Indices 24/7" panel

We took a picture of this page. It is shown once, with the finding it belongs to. See our capture of jpmarkets.co.za

In the contract · clause 15.1.2

Instead, values are generated using a Random Number Generator (RNG)-based engine, which applies predetermined algorithms to simulate certain market-like movements and trading conditions.

02

The site claims global regulation while the synthetics contract says the product is not regulated at all.

Said in public, in English

As a globally regulated broker, we prioritise your security by adhering to strict regulations and using top-tier banks for your funds.

Deposits and withdrawals page, "Trusted Regulation" panel

We took a picture of this page. It is shown once, with the finding it belongs to. See our capture of jpmarkets.co.za

In the contract · clause 2.1

This Agreement sets out the contractual terms and conditions under which JP Markets Namibia will provide the Client with access to trade Synthetic Contracts for Difference (“Synthetic CFDs”), which are not recognised or regulated as financial products or instruments under any applicable financial sector legislation.

03

The page advertises no slippage while the contract makes you accept slippage and gaps from the pricing model.

Said in public, in English

Lightning-fast order execution with minimal slippage, powered by our advanced synthetic market algorithms.

Synthetics page, "Instant Execution" card, listed above the bullet "No slippage"

We took a picture of this page. It is shown once, with the finding it belongs to. See our capture of jpmarkets.co.za

In the contract · clause 11.2.3

Partial fills, slippage, and price gaps may occur due to the behaviour of the proprietary pricing model, and the Client accepts such outcomes as part of trading Synthetic CFDs.

04

Withdrawals are promised in hours while the contract sets no payout deadline and limits the working day to office hours.

Said in public, in English

Our technology allows you to make deposits 24/7 and withdrawals in a matter of hours

Deposits and withdrawals page, "Instant deposits and withdrawals" panel

In the contract · clause 9.1

JP Markets operates between 08:00 and 17:00 on every Business Day, and its client support line shall operate between 07:00 and 22:00 on every Business Day, excluding international public holidays.

05

Zero commission is advertised on a product whose contract lets JP Markets change commissions without notice.

Said in public, in English

Commission R0

Synthetics page, "Start Trading Today" specification box

In the contract · clause 9.1.3

JP Markets Namibia may adjust spreads, commissions, and other trading costs at its sole discretion without prior notice, except where a material change requires notification under this Agreement.

06

Capital security is promised on the page while the risk policy says no compensation arrangement protects you.

Said in public, in English

Your funds are safeguarded in segregated accounts at premier banks, ensuring your capital's security and your peace of mind.

Deposits and withdrawals page, "Safe and Secure" panel

In the contract · clause 1. Purpose

The Client assumes all risks associated with trading and acknowledges that no statutory compensation arrangements protect them in any circumstance.

07

The advertised stop out level for the micro bonus account is a third of the level its own terms set.

Said in public, in English

Stop out 10%

Account Types page, JPM Micro 300 specification table

In the contract · clause 5.2

If the account equity falls below 30%, the Client’s open positions may be stopped out, which will result in the loss of the bonus credit.

08

The bonus is sold as protection while its terms make you indemnify JP Markets for losses caused by removing it.

Said in public, in English

Extra protection when you need it. This account gives you a 100% bonus cushion to help manage drawdowns and reduce risk.

Account Types page, 100% Drawdown Bonus description

In the contract · clause 11.1

Loss Indemnity: The client shall indemnify and hold the company harmless from any losses, damages, liabilities, or expenses incurred because of the client's use of the drawdown bonus, including but not limited to trading losses, losses as a result of the removal of the bonus, withdrawal implications, and any associated financial consequences.

09

The FAQ and the footer of the same page give different lists of the countries served.

Said in public, in English

JP Markets SA (Pty) Ltd, only offers services in South Africa, Namibia, Swaziland and Lesotho.

FAQ answer to "What countries do we operate in?"

In the contract · clause Site footer

JP Markets SA (Pty) Ltd, only offers services in South Africa, Namibia and Swaziland.

The documents this reading is based on

22 files, all published by JP Markets. Each shows when we read it and a fingerprint of its wording.

WIKILIX keeps the copy of each file it read, and does not republish it: what is published is the fingerprint of its wording. Download the file yourself and hash its text, lowercased with runs of whitespace collapsed, and a matching fingerprint means the wording quoted above is still the wording JP Markets publishes.

How this reading was done

Every clause above was read out of a document JP Markets publishes itself

This reading was published on .

Documents
16 of 22downloaded from the broker's site, and 16 read in full
Pages opened
22pages walked to find those documents, footer links included
Marketing pages
8public pages set against what the contract says
Position measured
15clauses whose position was counted: which numbered section of the document holds them, out of how many

Who the contract is with

JP Markets SA (Pty) Ltd

A South African client contracts with JP Markets SA (Pty) Ltd, registration number 2016/123297/07, holder of FSP number 46855. Synthetic indices are different. The synthetic client agreement names JP Financial Markets Namibia (Pty) Ltd, registration number 2020/0661, as the product provider, under Namibian law. Three more spellings appear on the same shelf: JP Markets (Pty) Ltd in the FAIS disclosure, JPM Markets (Pty) Ltd in the micro account terms, and JP Markets South Africa in the header of a bonus document whose stated issuer is the Namibian company.

Quotations are copied verbatim from the documents named above, with the clause number and the page each one came from. Where a clause is quoted in another language, the original is shown first and the English is a translation.

The plain-language parts, what a clause means for a client, how ordinary it is, and how it reads against a regulated standard, are WIKILIX's analysis and are labelled as such on every card. This is a reading of public documents, not legal advice and not an allegation of wrongdoing.

In fairness, and what we could not check

A reader who knows the edges of the work can trust the middle of it

JP Markets writes down in its own contract that it earns money when you lose. Clause 10.1.5 says revenue comes from client net losses, and the 2024 master agreement repeats it. Most brokers leave that to a policy nobody reads. The complaints policy sets real deadlines, 7 business days to acknowledge and 30 business days to answer, and prints the FAIS Ombud's phone number and email. Client money sits in a segregated third party funds account under Conduct Standard 2 of 2018, and clause 13 says what that account may be used for. Seventeen legal documents sit on one page, free, with no login.

We read the March 2026 client agreement and the Namibian synthetic agreement end to end, plus fifteen other files. We did not read the glossary or the PAIA manual at all. We read only parts of the 2024 OTC Derivative Master Agreement, and every quotation credited to it comes from the clauses we opened. The FSP licence and the ODP certificate are picture scans with no text in them, so neither could be read, and the ODP licence number appears nowhere in the client agreement. No earlier copy of any document could be reached, so nothing here rests on comparing today's wording against last year's. Several bonus and cashback PDFs carry a broken font that turns letters into wrong characters, so we quoted sentences that avoid those words.

How to check any of this yourself

Every quote above links to the JP Markets file it came from. This is what to do with it.

Open the three stepsFind the words in the source, work out the fingerprint, and read what a difference does and does not prove.

Open the source and search for the words

Every quote has a link under it. Open the file, or the web page, and search it for the words we quote. The clause number next to the quote tells you where to look.

If the words are not there any more, the source may have changed after we read it. That is worth knowing too. We keep the date we read it, and a code worked out from its wording, so the quote stays checkable.

What a fingerprint is

A fingerprint is a code worked out from what a source says. Change one word and the code changes completely. We keep two codes for every file we read, and the panel on each source shows both.

The first is the code of the exact file we downloaded. The second is the code of its wording alone, with capital letters lowered and runs of spaces collapsed. When the same words are saved as a new file, the first code changes and the second one stays the same.

Only the first code can be worked out on your own computer. Save the file, then run one of these, putting the name of the file you saved where the example is. The panel on each source prints the command with that source's real file name already in it.

macOS or Linux:
  shasum -a 256 the-file-you-saved.pdf

Windows:
  certutil -hashfile the-file-you-saved.pdf SHA256

The two codes are different from each other, and they are not meant to match. Comparing one against the other proves nothing.

What a difference means, and what it does not

A different file code on its own proves nothing. A PDF saved again with a new date inside it is a new file saying exactly the same thing.

A different wording code means the words themselves changed. That is the one that matters, and it is why we keep it.

Even then, a change is not proof of bad faith. Companies update their documents. What this report says is what the document said on the day we read it, and every quote carries that date.

A source that is a web page and not a file has no file to save, so only the code of its wording is shown.

How this report is made

Every clause quoted above comes from a document JP Markets publishes on its own website, downloaded and hashed on the date shown, with the clause number and page recorded so any reader can check it. We do not allege anything the documents do not say, and we do not judge JP Markets on anything other than its own published terms and its own public marketing. Where a clause has a qualifier that softens it, the report says so. Last read Aug 23, 2026.

If you represent JP Markets and a clause has changed, been withdrawn, or is being read out of context, tell us and we will re-read the documents and update this page. Corrections from the broker are welcome and are published with the reading they change. Contact us.

This is a reading of a contract, not legal advice and not a ruling on JP Markets. Whether its licence is real and current is a separate check on the broker profile.

Back to the JP Markets profile