The JP Markets minimum deposit amount to open a real trading account is 3000 (three thousand) ZAR. The Minimum Deposit for 1st-time traders might vary based on the trading account type selected. Deposit activation can be up to 72 hours
The minimum deposit amount of ZAR3,000 when registering a live account is equivalent to USD 170,38 at the current exchange rate between South African Rand and the US Dollar on the day that this article was written.
They are a South African-based broker which is authorized and regulated by one of the strictest and most demanding regulating entities namely FSCA, and as a regulated broker, one of the requirements is that client funds be kept in segregated accounts.
In complying with this, amidst several other strict rules and regulations, all client funds must be kept separate from the broker account, and it can only be used by traders to conduct trading activities.
In addition to ensuring client fund security through segregated accounts, regulated brokers such as JP Markets are required to be a member of a compensation scheme or fund which pays out a certain amount to eligible clients in the case of company insolvency.
Deposit fees and deposit methods
They do not charge any fees when deposits are made into the trader’s account, and traders can deposit the minimum deposit amount by using any of the following methods:
- Bank Transfer (ABSA, FNB, Nedbank)
- Credit/Debit Cards
- Transfers from ATMs, and
- SnapScan, and
They support a variety of deposit currencies in which traders can fund their accounts including:
Step by step guide to depositing the minimum amount
Once the trader has completed the process of registering on the website, the trader can make the initial minimum deposit by taking down the banking details provided to transfer funds via EFT, or traders can follow these steps for other payments:
- Navigate to their website and log into the Client Portal.
- Select the deposit option, the payment method and the amount.
- Follow the instructions and additional prompts to deposit the minimum amount.
Traders should take note that with making deposits by using Bank Wire Transfer, the transactions may take a certain amount of time depending on the method, time of the day, any day of the week.
Bank Wire Transfers take anything from a day to a few business days depending on the time the payment was made during the day along with the day of the week.
Pros and Cons
|Deposit fees and withdrawal fees are not charged||Small variety of deposit methods supported|
|Only a few deposit currencies supported|
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What is the minimum deposit for JP Markets?
Interactive brokers do not have a specified minimum deposit.
Professional accounts, however, have certain minimum deposits depending on the account that the professional trader opens.
How do I make a deposit and withdrawal from JP Markets?
You can make use of the following payment methods to deposit or withdraw funds:
- Bank Wire Transfer
- US Automated Clearing House (ACH) Transfer Initiated at Interactive Brokers
- Direct Debit/Electronic Money Transfer
- Canadian Electronic Funds Transfer, or EFT
- Single Euro Payment Area (SEPA)
Does JP Markets charge withdrawal fees?
The first withdrawal is free, thereafter traders will be charged per withdrawal depending on the size of the withdrawal and the method of payment.
How long does it take to make a withdrawal?
- Bank Wire Transfer – can take from a day to several days.
- US Automated Clearing House (ACH) Transfer Initiated at Interactive Brokers – between one to two working days.
- Cheques – between one to two business days.
- Direct Debit/Electronic Money Transfer – can take from a day to several days.
- Canadian Electronic Funds Transfer, or EFT – between one to two business days.
- Single Euro Payment Area (SEPA) – between one to two business days.
- BACS/GIRO/ACH – between one to two business days.