XPro Markets review – Who are the XProMarkets.com brokers?

Who is behind XProMarkets.com broker?

XPro Markets has a South African owner and is a regulated brand. The firm is part of the IGM Forex Ltd umbrella, which also owns IGMFX. XPro Markets, however, was not registered under CySEC regulation like IGMFX. Instead, it was left with a Tier2 regulator, FSCA. This XPro Markets review will explain what this means for your funds, and whether you should trust the firm.

Is XPro Markets a licensed Forex and crypto provider?

Ukuchuma Services Ltd (PTY), registered in South Africa, is the owner of XPro Markets broker. According to the broker, he has a regulation number 2020/735868/07 from FSCA. We don’t trust brokers’ words so we checked the authority body.

The register shows that XPro Markets regulation was with FSCA, a South African Tier2 regulator. We couldn’t help but wonder how this broker was able to get an FSCA license instead of a CySEC.

CySEC is a Tier1 area and has ICF. ICF is a compensation plan that guarantees every customer protection up to 20,000 EUR in the event of an accident. We have not found such a guarantee in FSCA. This is why Tier 2 is considered. It does have jurisdiction over binary options and Forex firms, and can penalize them for fraud. However, it offers less security to you as a customer. 

How safe is XPro Markets broker?

XPro Markets, a South African trading company, is part of a larger business entity registered in Cyprus. The company holds a FSCA license. This firm’s trading conditions are not ideal and it is therefore not competitive.

Are XPro Markets brokers active?

Since May 2019, XPro Markets, a broker, has been providing its services. The main activity of the company is:

• Switzerland
• Norway
• Germany
• France
• South Korea
• Austria

The FSCA license does not cover South Korea or EU territories. To provide these services, the firm will need a CySEC license or any other European license.

How does this broker contact clients?

Each broker uses its own method of reaching potential and existing customers. According to XPro Markets reviews this company advertises on Instagram, Facebook, and Google. This is where the majority of customers are from. After you sign up and provide your personal information, you will receive an email and a call with financial offers and proposals. Your account manager will reach out to you via email and phone to discuss different investment options.

You may end up being added to Telegram channels and groups, which many brokers do. Although they claim that they will only send you special offers to a select number of customers, these are not the most important information you can find anywhere.

XPro Markets MT4 platform

XPro Markets has a solid selection of trading platforms. The firm also offers MT4 trading and a WebTrader.

MT4 is a MetaTrader. It’s one of the most popular software in the industry, alongside its successor, MT5. There are many trading tools available, including social and automated trading. The platform is solid even for the most demanding traders. It also offers all the add-ons you need. MT4 is a web-based platform that allows you to install software without the need for installation.

Note that FSCA licenses are flexible and allow brokers to offer different trading conditions than those in the EU, UK or Australia. All account types have a fixed leverage of 1:400 with XPro Markets broker, while others have a 1:30 or 1:50. Your funds are at great risk if you don’t understand how to manage the leverage.

MetaTrader 4 mobile trading app

The MT4 mobile application allows you to log in to XPro Markets. This app is compatible with both Android and iOS phones and allows traders to trade via their phone.

WebTrader platform – Basic trading software

WebTrader has fewer trading options than MT4. This software does not support social and automated trading and has fewer charts and indicators. It might be a good starting point for beginners, as MT4 can sometimes seem overwhelming. WebTrader is simpler, but less secure than other trading software.

Spreads and fees for XPro Markets

Spreads and fees should be avoided. It may be regulated but it isn’t competitive. EUR/USD spreads start at 2.5 pip, while industry standards are 1-1.5 pip. The fee for oil trading is $0.14. This is very high.

Can I trade with an XProMarkets demo account?

MetaTrader4 allowed us to access the XPro Markets Demo Account. Clients will be able to test this platform and verify that it is the real MT4. Most regulated firms offer Demo accounts with better terms and fees. You don’t have to pay high fees or commissions to get the same benefits as a more expensive firm.

What can I trade with the XProMarkets broker?

XPro Markets Forex broker allows trading on 5 major markets including:

• Currency pairs – EUR/USD, GBP/USD, CHF/CAD
• Commodities: gold, silver, and oil
• Indices – NASDAQ. FTSE100. Dow Jones
• Shares – Amazon. Apple. Google
• Cryptocurrencies – BTC, XRP, ETH

Trading accounts review: What’s the difference between them?

A solid selection of XPro Markets account types is available, including:

• Classic – $250
• Silver
• Gold
• VIP

We discovered the minimum deposit required by XPro Markets. Other accounts weren’t covered. Swap discounts that start with the Gold account, trading signals by SMS, an account overview and account managers are the main differences.

How do I withdraw money from XPro Markets?

The minimum withdrawal amount for XPro Markets is $10. These payment options are available to clients:

• Prepaid/debit/credit card
• E-wallets
• Wire transfer

The commission for the first two options is 3.5% of the withdrawal amount. While the fixed fee for wire transfers is $30, it has a flat fee of $30. After one month, the broker can charge $80, $120, 500, $500, and $1,000 monthly thereafter.

It is a significant amount and it is a reason to look for a lower-priced brokerage.

Beware of the withdrawal fee scam

Some brokers will ask for prepayment in addition to the fees already mentioned. This is alleged to cover taxes and bank costs before authorizing withdrawals. It should be a red flag if XPro Markets, or any other trading company, asks for prepayment to cover bank costs and taxes before they approve your withdrawal request.

Brokers who are legitimate charge commissions directly from the profits. There is no need to make additional payments. It’s illegal and you are about to be scammed.

What can XPro Markets victims do? – Begin the chargeback process

Let us know if you have ever had problems with XPro Markets. Assistance Refund will review your case during a complimentary consultation.

It is better to be safe than sorry if you know what they are saying.

XPro Markets: Video

Below you will find a short video about XPro Markets. Watch it so you don’t miss anything important. In a few minutes you’ll learn the whole truth about XPro Markets!