XPro Markets Forex Broker
Basic Information
South Africa
2-5 years Regulated in South Africa Financial Service Corporate MT4 Full License Regional Brokers Suspicious Overrun High potential riskCompany profile
Rating Index
XPro Markets Forex Broker - Complete Information Guide
1. Broker Overview
XPro Markets, established in 2019, is an online trading platform operated by Ukuchuma Financial Services (Pty) Ltd, which is based in South Africa. The broker is known for providing a broad range of trading services, including forex, CFDs, commodities, indices, and cryptocurrencies, catering to both beginner and experienced traders. The company operates under a private ownership structure and focuses primarily on retail forex trading, aiming to deliver a user-friendly trading experience.
XPro Markets has made significant strides since its inception, positioning itself as a noteworthy player in the online trading landscape. The company has developed a solid reputation for offering competitive trading conditions and a diverse range of trading instruments. A critical milestone in its growth was obtaining regulation from the Financial Sector Conduct Authority (FSCA) of South Africa, which enhances its credibility among traders.
The broker operates under the umbrella of the IGM Forex Ltd group, which is regulated by the Cyprus Securities and Exchange Commission (CySEC). This relationship adds an extra layer of assurance regarding the broker's operational standards. XPro Markets primarily serves clients in the African region, providing a platform that allows traders to engage in various financial markets.
2. Regulation and Compliance Information
XPro Markets is regulated by the Financial Sector Conduct Authority (FSCA) of South Africa, under license number 32535. This regulatory body oversees the activities of financial service providers in South Africa, ensuring they adhere to specific standards of conduct and operational integrity. The FSCA's regulatory framework is designed to protect consumers and ensure fair treatment in the financial markets.
The broker's license is valid and covers its operations within South Africa. However, it is important to note that the FSCA does not offer an investor compensation fund, which means that clients do not have the same level of protection as they would with brokers regulated by tier-1 authorities like CySEC or FCA.
XPro Markets implements Know Your Customer (KYC) and Anti-Money Laundering (AML) measures to ensure compliance with regulatory standards. This includes verifying the identity of clients and monitoring transactions to prevent illicit activities. Client funds are held in segregated accounts with reputable banks, which adds an extra layer of security for traders.
3. Trading Products and Services
XPro Markets offers a diverse range of trading products, including over 45 currency pairs, which encompass major, minor, and exotic currencies. The broker provides access to CFDs on various asset classes, including indices such as the Dow Jones, commodities like gold and oil, stocks of major global companies, and cryptocurrencies like Bitcoin and Ethereum.
The firm regularly updates its product offerings, ensuring that clients have access to the latest trading instruments. This commitment to product diversity allows traders to implement various strategies and manage risks effectively. XPro Markets focuses on retail trading services, providing a user-friendly platform for individual traders.
While the broker does not currently offer institutional services or white-label solutions, it remains committed to enhancing its retail trading offerings. The absence of asset management services indicates that XPro Markets primarily targets individual traders looking to engage actively in the markets.
4. Trading Platforms and Technology
XPro Markets supports the widely recognized MetaTrader 4 (MT4) trading platform, which is known for its robust features and user-friendly interface. The platform allows traders to access advanced charting tools, a variety of technical indicators, and automated trading options through Expert Advisors (EAs).
In addition to MT4, XPro Markets offers a proprietary web-based trading platform. This platform is designed for ease of use, providing essential trading functionalities without requiring downloads. However, it lacks some advanced features available on MT4, making it more suitable for beginner traders.
The broker also provides a mobile trading application for both Android and iOS devices, enabling traders to manage their accounts and execute trades on the go. The execution model employed by XPro Markets is a combination of market-making and no dealing desk (NDD) execution, which aims to provide quick order execution and competitive spreads.
The broker's technical infrastructure is supported by reliable servers, ensuring low latency and high availability. Additionally, XPro Markets offers API access for automated trading, appealing to traders who prefer algorithmic trading strategies.
5. Account Types and Trading Conditions
XPro Markets offers several account types tailored to meet the needs of different traders. The available accounts include Classic, Silver, Gold, Platinum, and VIP accounts, with a minimum deposit requirement of $250 for all types.
- Classic Account: Suitable for beginners, this account type offers basic trading options with spreads starting at 2.5 pips.
- Silver Account: Designed for intermediate traders, it provides tighter spreads and additional features.
- Gold Account: Aimed at advanced traders, this account offers lower spreads and access to premium services, including personalized account management.
- Platinum Account: This account type is for professional traders, featuring the lowest spreads and exclusive benefits.
- VIP Account: Tailored for high-net-worth individuals, this account provides customized services and the best trading conditions.
The leverage offered by XPro Markets varies by asset class, reaching up to 1:400 for forex and lower for commodities and indices. The broker allows a minimum trade size of 0.01 lots, making it accessible for traders of varying experience levels.
XPro Markets also has an overnight fee policy, which applies to positions held overnight. This fee structure is important for traders to consider, as it can impact overall trading profitability.
6. Fund Management
XPro Markets supports a variety of deposit methods, including bank transfers, credit cards, and e-wallets. The minimum deposit requirement across all account types is $250.
Deposits are typically processed quickly, allowing traders to fund their accounts and start trading with minimal delays. However, the broker does charge withdrawal fees, which can vary based on the payment method used. For instance, withdrawals via credit and debit cards incur a fee of 3.5%, while wire transfers have a fixed charge of $30.
The minimum withdrawal amount is set at $10 for bank cards and $100 for bank transfers. XPro Markets aims to process withdrawal requests within 8-10 business days, although this timeframe may vary depending on the client's local bank and payment regulations.
Additionally, XPro Markets imposes an inactivity fee for dormant accounts, which can accumulate over time, making it essential for traders to remain active to avoid these charges.
7. Customer Support and Educational Resources
XPro Markets provides comprehensive customer support through various channels, including phone, email, live chat, and social media. The support team is available 24/7, ensuring that traders can receive assistance at any time. This multilingual support caters to a diverse client base, enhancing the overall customer experience.
In terms of educational resources, XPro Markets offers a range of materials designed to help traders improve their skills. These resources include webinars, e-books, market analysis, and trading tools such as calculators and economic calendars. While the educational offerings are helpful, they may not be as extensive as those provided by some competing brokers.
The broker also provides daily market analysis and insights, enabling traders to stay informed about market trends and make well-informed trading decisions.
8. Regional Coverage and Restrictions
XPro Markets primarily serves clients in the African region, with a focus on South Africa. The broker has established a solid presence in this market, catering to local traders' needs. However, it does not accept clients from the United States, United Kingdom, or other regions where regulatory restrictions apply.
The broker's operations are based in South Africa, with its headquarters located at Office 1-14, 1st Floor, Workshop 17, 138 West Street, Sandown, Gauteng 2196. This strategic location allows XPro Markets to effectively serve its target market while ensuring compliance with local regulations.
In conclusion, while XPro Markets offers a range of trading products and services, potential clients should conduct thorough research and consider their trading needs before engaging with the broker. The available resources, customer support, and regulatory compliance are essential factors that contribute to the overall trading experience with XPro Markets.
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Latest Reviews
Shorty276
Mexico
Last November 2, a woman named Luna contacted me who claims to be a broker for the company and I agreed to invest with download said They say that later and they put me off and they don't even answer the phone. I already made a withdrawal request on the platform and no one gives me a solution after the second transfer. A few days later a person calls me saying that they scammed me and asking me for the investment details. account numbers and let her see the screen of my phone remotely, which I did not agree to give her any information and after that event is when they no longer give me an account of my money, they do not answer or messages, the numbers are still in the platform continues to reinvest but I don't have access to anything and I want to withdraw the money before they disappear since they don't give me a withdrawal solution. In a few words I asked to withdraw a certain amount and they hid from me.
Exposure
2024-02-03
orlando9343
Colombia
I invested 3472.00 dollars at the beginning they let me withdraw 1489.23 and then they told me no that if I withdrew VAT I would lose margin. I would have 3472.00 left when I went to withdraw. They started calling me not to withdraw it because I would have a loss. I made a process to withdraw from one moment to the next. The money was already there, according to them, they had lost it.
Exposure
2024-02-01
orlando9343
Colombia
I lost my money with this platform. My name was a lady of Peruvian nationality who told me to invest a certain amount of 3,472.00. At first they let me withdraw money and then after a while they called me to say that I couldn't withdraw more because if I didn't lose the margin I would have to invest more. so as not to lose the margin. I don't know what to do, it was a lot of money, that's what I had, please, if you could help me, I invested that money with my partner.
Exposure
2024-02-08