XPro Markets is a regulated brand with an owner registered in South Africa. The firm belongs under the same umbrella as IGM Forex Ltd, an owner of IGMFX. However, unlike IGMFX registered in Cyprus, under CySEC regulation, XPro Markets was left with a Tier2 regulator, FSCA. This XPro Markets review will show you what it means for your funds and should you trust the firm.
|Broker Status:||Unregulated Scam Broker|
|Operating Status:||Active Forex Trading Scam|
|Blacklisted as a Scam by:||N/A|
|Broker Owner:||Ukuchuma Financial Services (PTY) Ltd|
|Headquarters Country:||South Africa|
|Trading Platforms:||MT4, WebTrader|
|CFD Trading:||Yes, you can trade CFDs|
|Trading Instruments:||Forex, commodities, indices, shares, cryptocurrencies|
|Islamic Account:||Not Available|
|Accepts US Clients:||US traders are not accepted|
|Global Fraud Protection Team:||Don’t Invest in This Scam Broker!|
Is XPro Markets a Regulated Crypto and Forex Provider?
The owner of XPro Markets broker is Ukuchuma Services (PTY) Ltd, registered in South Africa. The broker stated to have a regulation number 2020/735868/07 with FSCA. Since we know better than to trust a broker’s word, we’ve checked this authority body.
According to the register, XPro Markets regulation is with FSCA, a South African Tier2 regulator. Since the broker is tied to a Cyprus-based firm, we couldn’t help but wonder why this entity got an FSCA instead of a CySEC license.
Just for comparison, CySEC belongs to a Tier1 zone and has ICF. ICF is a compensation fund guaranteeing every customer up to 20,000 EUR protection if something goes wrong. Upon reviewing FSCA, we haven’t found such a guarantee, which is why this authority is considered a Tier2. While it does supervise Forex and binary options firms and penalizes them for fraudulent activities, there’s less security for you as a consumer.
How Safe Is XPro Markets Broker?
XPro Markets is South African trading firm, a part of a larger business operation registered in Cyprus. The company has FSCA license. Trading conditions with this firm are far from ideal, making it not as competitive.
Where Is XPro Markets Broker Active?
The broker XPro Markets has been conducting its services since May 2019. The company is mainly active in:
- South Korea
Note that the FSCA license doesn’t cover the EU territory or South Korea. The firm would need to have a CySEC or any other European license to provide these services.
How Does This Broker Contact client?
Every broker has its own way of contacting existing and potential customers. According to XPro Markets reviews, this firm advertises on Google, Facebook, and Instagram, where most customers come from. Once you register and leave your personal information, you can expect a call and email with different offers and financial proposals. Upon investing, your account manager will contact you in various ways and try to propose different plans requiring you to invest more funds.
In the end, you may be added to Telegram groups and channels, which many brokers do. They claim to send special offers only to a chosen number of customers, but mainly, those are the basic information you could find anywhere.
XPro Markets MT4 Platform
XPro Markets’ trading platform choice is exceptionally solid. The firm offers MT4 and a WebTrader.
MT4 is a MetaTrader, one of the best software this industry has, along with its successor, MT5. You will find many trading tools, including automated and social trading. This platform is quite solid, even for more demanding traders, as it provides you with all the necessary add-ons. For those who prefer web software over installation, MT4 has it all.
Note that FSCA is a loose license allowing brokers to provide different trading conditions than in the EU, UK, or Australia. The leverage with XPro Markets broker is fixed at 1:400 for all account types, while other areas have 1:30 or 1:50. If you don’t know how to handle the leverage, your funds are at tremendous risk.
MetaTrader 4 Mobile Trading App
XPro Markets login is enabled through the MT4 mobile app. The app is available for both Android and iOS devices and makes trading via phone easier.
WebTrader Platform – Basic Trading Software
Unlike MT4, WebTrader offers way fewer trading features. Usually, this software doesn’t support automated and social trading, and there are fewer charts and indicators. However, it might be a good start for beginners since MT4 sometimes seems overwhelming. We would call WebTrader simpler but less secure trading software.
What Can I Trade With the XPro Markets Broker?
XPro Markets Forex broker offers trading in 5 major markets, including:
- Currency pairs – EUR/USD, GBP/USD, CHF/CAD
- Commodities – gold, silver, oil
- Indices – NASDAQ, FTSE100, Dow Jones
- Shares – Amazon, Apple, Google
- Cryptocurrencies – BTC, XRP, ETH
XPro Markets Fees and Spreads
Spreads and fees are one of the main reasons to avoid this firm. While it may be regulated, it’s nowhere near competitive. The EUR/USD spread starts at 2.5 pips, while the industry standard is 1-1.5 pips. Furthermore, the fee for oil trading is $0.14, which is quite high.
Trading Accounts Review – What’s the Difference?
There’s a solid offer of XPro Markets account types, including:
- Classic – $250
We found about XPro Markets’ minimum deposit from the FAQ section, while other accounts were not covered. The main differences are swap discounts starting with the Gold account, trading signals via SMS, a full account overview, and account managers.
Can I Trade With an XPro Markets Demo Account?
We got access to the XPro Markets Demo account through MetaTrader4. Clients will have a chance to check this platform and confirm that it’s the real MT4. However, most regulated firms have Demo accounts but better starting terms. Instead of paying high fees and commissions, you can find a less pricey firm and get the same perks.
How Do I Withdraw Money From XPro Markets?
The minimum XPro Markets withdrawal amount is $10. Clients can use the following payment methods:
- Credit/debit/prepaid card
- Wire transfer
The commission for the first two is 3.5% of the withdrawal amount, while the wire transfer has a fixed fee of $30. The broker has the right to charge an inactivity fee of $80 after one month, $120 from the 2nd to the 6th month, $500 up to one year, and $1,000 monthly after one year.
It’s quite a lot and a reason to find a less expensive brokerage.
Beware of Withdrawal Fee Scam
In addition to already mentioned fees, some brokers ask for prepayment, allegedly to cover bank costs and taxes before approving the withdrawal. If XPro Markets or any other trading firm asks you to deposit the funds from your bank account or a credit card so that they would approve your withdrawal request, it should be an immediate red flag.
Legitimate brokers charge their commissions directly from the profit, and there’s no need for any additional payments. If it happens, it’s illegal, and you’re about to be defrauded.
What Can XPro Markets Victims Do? – Start the Chargeback Process
If you have had any issues dealing with XPro Markets, let us know. While the firm is regulated, we already explained that FSCA doesn’t have a compensation fund and will hardly reimburse you. Contact us via online chat on the first sign of suspicion, and we will evaluate your case during a free consultation.
You know what they say, better safe than sorry.
All In All, Don’t Let the Scammers Get Away for Free!
What Is XPro Markets, and Should I Invest Money In It?
XPro Markets is a South African Forex and CFD trading provider. The firm has a license by FSCA but no compensation fund. If you have any issues with withdrawals, let us know for assistance.
Does XPro Markets Offer a Demo Account?
Yes, XPro Markets offers a Demo account along with Live ones.
What Is the XPro Markets Minimum Deposit?
XPro Markets requires a minimum deposit of $250 to start trading.
Can I Trade Cryptos and CFDs With XPro Markets Broker?
Yes, you can trade both crypto and CFDs with this investment firm.
Does XPro Markets Provide a Good Trading Platform?
XPro Markets provides MT4, one of the best platforms this industry has. Besides, there’s a WebTrader.
Does XPro Markets Give a Deposit Bonus When Opening an Account?
The Client Agreement mentions bonuses, but we haven’t found any specifications for this matter.
Is XPro Markets a MetaTrader 4 Forex Broker?
Yes, XPro Markets is a MetaTrader4 broker. It also offers a basic WebTrader.
Does XPro Markets Have a Mobile Trading App?
The firm has an MT4 mobile app for Android and iOS devices.
How Long Do XPro Markets Withdrawals Take?
According to the FAQ section, it takes 8-10 business days for a withdrawal request to be processed.
Are My Funds Safe With XPro Markets?
Overall, the company has a license. Yet, it’s pretty expensive, and the FSCA is considered a Tier2 regulator for a good reason
Thank you for reading our XPro Markets review. If you have any questions or comments, please contact us_. We would love to hear from you.