Comprehensive Review of XPro Markets

Not all forex brokers that offer the best conditions and guaranteed reliability are truly as they claim. Here we have another company with few online reviews that has been operating for some years yet, for some reason, has failed to earn traders’ trust. So, what is the reason for XPro Markets’ failure? Is it a scam, or is there something else?

Highlights

Key Trading Features

First, let’s examine some trading conditions that appear suspicious:

• The minimum deposit is $250.
• Zero commission.
• Maximum leverage 1:400.

Why are these parameters questionable? Let’s break it down. Most fraudulent companies set the minimum deposit at precisely $250. It’s unclear why, but the fact remains. Furthermore, look at the most reputable firms — they often allow trading with as little as $5 or have no minimum deposit, or they offer a cent account. Did XPro Markets set such a high minimum deposit as part of a common practice, or are they trying to extract more money from clients?

Zero commissions also raise doubts. How does the platform make money if it’s an intermediary for traders? If there are no commissions, then XPro Markets likely profits from spreads. However, the broker boasts that spreads start at 0.03 pips, which is extremely low. It’s unlikely that such spreads will cover the company’s expenses. That leaves one possibility — a dealing desk. In other words, the firm has a vested interest in its clients losing money.

The leverage of 1:400 is a clear sign that XPro Markets lacks serious regulation. The FCA, CySEC, ASIC, and other respected global financial commissions prohibit brokers from offering leverage above 1:30.

The broker offers five account tiers, but they differ only in terms of minimum deposit and spreads. In short — the higher the account tier, the lower the spreads, but you’ll need to deposit more money.

Overview of Available Trading Instruments

XPro Markets provides a standard selection of financial instruments: forex, commodities, cryptocurrencies, stocks, and indices. Each asset has a table detailing spreads, swaps, minimum lots, and leverage. While traditional markets are well-represented, the crypto market is limited to outdated and low-volatility coins. The firm is certainly not keeping up with the times. It’s the end of 2024, and in the cryptocurrency market, other coins have gained popularity and volatility.

Trading Platform Analysis

Traders have access to a basic web platform that lacks dedicated apps for iOS/Android smartphones but is adapted for mobile browsers. This approach isn’t considered serious or professional. Browser versions are always inferior to standalone apps or desktop programs in terms of optimization, speed, and functionality.

Yes, the XPro Markets platform is suitable for trading, as it supports technical and chart analysis, one-click execution, stop-loss and take-profit orders, and multiple chart layouts. However, these are just basic functions available on any other platform. Advanced tools like an order book, custom indicator uploads, or auto-trading are not supported here.

Additional Services

XPro Markets doesn’t offer particularly unique or interesting services. The company promises all clients free educational courses and customer support. They also provide a partner program and auxiliary tools:

• Trading central.
• Economic calendar.
• Chart analysis.
• Market holidays.

These are standard options, once again offered by any other brokerage. This is not a unique offering. Essentially, XPro Markets lacks a competitive edge. It’s unclear how the company intends to attract new clients to its platform.

Fee Structure

As mentioned above, XPro Markets doesn’t charge commissions on trades, only spreads. Spread sizes by account tier are listed on the official website. However, it’s essential to know the conditions related to deposits and withdrawals. Deposits are free of charge, but withdrawals come with a fee. The company charges 3.5% per transaction. However, if the client has completed full identity verification and made at least one trade, they are exempt from this fee.

XPro Markets also charges an inactivity fee. It starts at $100 per month if the trader has not made any trades for more than a month. The maximum fee is $500 if no trades have been made for six months or more.

Legitimacy of XPro Markets

The footer of the official website lists all the company’s legal information. The broker is owned by UKUCHUMA FINANCIAL SERVICES (PTY) LTD, which was registered in South Africa in 2020, based on the registration number 2020/735688/07. Moreover, the firm holds a license from the FSCA regulator and is part of the IGM Forex Ltd group, which is overseen by CySEC in Cyprus. Let’s verify this information.

These are legitimate companies. They are indeed registered and operate legally. So, the legal details are real, not fake. However, does this guarantee XPro Markets’ reliability? It’s best not to jump to conclusions.

There’s a chance that there is no actual connection between these companies. The creators of xpromarkets.com could have fabricated their association with UKUCHUMA FINANCIAL SERVICES (PTY) LTD. However, the main drawbacks lie in regulation.

The FSCA is far less strict than, for example, the UK’s FCA or Australia’s ASIC. For instance, it doesn’t require brokers to insure client funds. This means that if the company fails or simply decides to disappear, the FSCA does not mandate any preparedness for such situations. As a result, traders could find themselves in a situation where their money simply vanishes with no recourse. Additionally, there is no compensation fund. So, if XPro Markets goes bankrupt, traders will not receive any reimbursement.

Company History

According to registration data, the firm began operations in 2020, as the FSCA license was obtained that year. However, there are some inconsistencies. For example, the domain was created in 2019 but remained inactive until 2022, as shown by WebArchive snapshots. Moreover, the first reviews only started appearing in 2022. So, we believe the actual launch date for XPro Markets is 2022.

Conclusion

XPro Markets raises suspicions. High leverage, a high minimum deposit, and a dealing desk business model are all typical signs of a fraudulent broker. The FSCA license seems weak: this regulator won’t ensure reliable protection, and if issues arise, recovering funds will be challenging. The inactivity fee and slow withdrawal process are also concerning. These are far from ideal conditions for CFD trading. It’s best to stay away from this broker if safeguarding your funds is a priority.

Weighing the Pros and Cons

Common Questions