XPro Markets Review 2023 – 5 Important Facts To Watch
XPro Markets broker is in the business since 2019 and trades under the Ukuchuma Services Ltd flag. Important to realize is that Ukuchuma Services is in the IGM Forex Ltd group based in Cyprus.
With competitive trading software and a solid instruments range this broker could be considered a good one. But is that really what we are looking for in a broker, check in this honest XPro Markets review.
|Broker status:||Regulated Broker|
|Owned by:||Ukuchuma Financial Services (PTY) Ltd|
|Headquarters Country:||South Africa|
|Supported Platforms:||MT4/Web trader|
|Cryptocurrencies:||Yes – BTC, BNB, XRP, ADA|
|Types of Assets:||Forex, Commodities, Indices, Shares, Cryptocurrencies|
|Free Demo Account:||Yes|
|Accepts US clients:||No|
Does XPro Markets Operate as a Regulated Broker?
XPro Markets broker is interesting on many levels. Primarily, they are licensed by the South African regulator FSCA (License number 32535). But the owner of the company is part of a larger company group that is registered in Cyprus. However, XPro Markets doesn’t have a CySEC license.
Since FSCA doesn’t provide clients with ICF (compensation fund) traders are not protected as with CySEC regulator. Therefore, it’s quite strange that this broker opts for a less trusted license. Even though they issue warnings and penalties against shady brokers, they are not as good as CySEC.
Even though they have an FSCA license, some traders have experienced issues with XPro Markets. Besides the MT4 platform, all other conditions are quite speculative. Especially leverage up to 1:400 which is extremely dangerous.
What Traders Are Saying About XPro Markets
Another key point is an analysis of XPro Markets reviews. The broker presents itself as a trusted one with professional support and competitive conditions.
Yet, some traders experienced issues with this broker. Especially with withdrawals. Out of 62 reviews on Trustpilot, almost 20% are rated 1-star. Check it out for yourself first. After all, it’s important to make an informed decision.
Differentiating The XPro Platforms – A Software Comparison
In general, traders look for highly reliable and trusted platforms. That’s why many prefer MetaTrader over anything else.
It provides a vast of trading indicators, even social and automated options for trading. On the contrary, web-based trading platforms are often used for beginners. They are quite user-friendly but less functional, especially compared to MetaTrader 5 or even cTrader.
On the positive side, XPro Markets broker provides access to MetaTrader and Web trader.
Mobile App For Android
For fans of mobile trading, MetaTrader is available for download on AppStore and PlayStore. Important to realize is that traders don’t lose any functionality here. Not to mention easier access to the trading room and fast executions. However, with leverage up to 1:400 traders expose money at extreme risk.
MetaTrader has as well a download option for any Windows or Mac device. For those that like tracking multiple charts and making strategies with advanced tools this is a perfect choice. But if you are not a fan of downloads you can use the web-based version. MT designers have thought of everything.
As mentioned, Web trader is a proprietary trading platform. It allows access to all same assets, but with fewer functional trading options. It’s often used for beginners to understand trading better on a user-friendly platform. But for experienced traders, can’t be compared to the Meta Trader.
XPro Markets’s Trading Assets and Instruments
As with any other trading company, this broker provides similar instrument classes. Must be remembered that with EU, UK or Australian regulator their leverage would be limited to 1:30.
Therefore, the risk of losing money would be lower. But they still offer up to 1:400. Some of the instruments are:
- Forex GBP/AUD, NOK/EUR, USD/SGD
- Commodities crude oil, silver, natural gas
- Indices CAC 40, BE 20, Nikkei 225
- Shares General Motors, Amazon, Shopify
- Cryptocurrencies ADA, XRP, LTC
What Are The Different XPro Markets Account Types?
In general, trading companies often give different offers to motivate traders to deposit more money. However, this broker remains mysterious on that topic. Besides the minimum required information, we couldn’t find minimum requirements for all account types. It’s not often the case, that it’s up to the personal preference and decision of a broker. Depending on the trader’s potential.
Anyway, those account types are:
The main difference comes from better spreads while leverage remains the same.
Can a Trader Use a Demo Account?
Generally speaking, all regulated brokers should provide some option to check the platform without extreme cost. Whether it’s a demo account or a micro account.
XPro Markets broker allows access to a demo account through MT4. It’s important to have in mind, that not only trading conditions have a key role in decision making. But also commissions and fees.
Terms and Conditions for XPro Markets – What You Should Know
Primarily, considering their high spreads, we should look for a more competitive broker. Moreover, they have insanely high commissions for withdrawals.
Even though available methods are reliable, it is better to trade with a less costly broker. Not to mention that some brokers require traders to pay an additional withdrawal fee. While they can charge it from the trading balance. Since there is multiple negative XPro Markets reviews, be aware of this point.
Leverage, Spreads and Fees
The maximum leverage approved by any EU, UK or Australian regulator is 1:30. As well as with ESMA. However, this broker allows leverage up to 1:400, which is violating all rules if they are trading with clients from the EEA zone. Therefore, check your domestic jurisdictions first.
Besides quite poor spreads that are above the industry average, they have shamelessly high inactivity fees. As a matter of fact, the first inactivity month is charged $80. But if you reach out to 1 year of inactivity they can charge a $1000 fee.
What Should I Do If I Have an XPro Markets Problem?
Primarily, you can try to sort out the problem with FSCA. If that doesn’t work try getting your money out as quickly as possible.
Our fund recovery team can assist you at every step. When traders experience troubles with withdrawals they usually start a chargeback process. Our specialized team can guide you step-by-step. Book your free consultation today!
What Is XPro Markets?
XPro Markets is a trading company operating in South Africa since 2019. However, their owners come from Cyprus.
Is XPro Markets a Regulated Broker?
Yes. But instead of holding a more trusted Tier 1 CySEC license, they only have an FSCA (South Africa) license.
Is XPro Markets Available in the United States or the UK?
There are no confirmations of service countries. However, with an FSCA license, they shouldn’t offer services to the US or the UK due to very strong domestic regulations.
Does XPro Markets Offer a Demo Account?
One of the rare positive things here is the availability of a demo account. Traders can check the broker platform and trading conditions through a demo with MT4.