XPro Markets: reviews of working with the broker in 2022
XPro Markets: Review of Services and Opportunities
The broker XPro Markets, recently introduced to the market, offers a variety of services. However, an analysis of the conditions shows that cooperation with it is not always convenient and profitable. Reviews from clients from different countries indicate that making a profit through XPro Markets may be a challenging task. Below is a detailed review of all the strengths and weaknesses of this company.
Main Information about XPro Markets
The XPro Markets brand is managed by the company UKUCHUMA FINANCIAL SERVICES (PTY) LTD, registered in South Africa. There is no separate address or representation of the broker, all contacts belong to the parent organization. Some details raise doubts, including the legal address. According to the WikiFX service, there is no office at the specified address, it is used only for registration purposes.
To contact the broker, you can use the phone, email, or feedback form. There are also accounts on social networks, but there are few publications, and comments are limited. Apparently, communication with clients is possible only in a one-way mode.
The domain xpromarkets.com was registered several years ago, but active updates started only this year. All reviews were written in the last few months, indicating that the broker’s real work experience is only a few weeks.
Regulation of XPro Markets in Different Countries
UKUCHUMA FINANCIAL SERVICES obtained a license from the regulator FSCA of South Africa. The services are not clearly defined on the parent company’s website, but on the FSCA website, the validity of the license can be checked. According to this information, among the approved services are insurance, pension funds, and investments, but not currency trading.
It is important to note that cryptocurrencies are not officially regulated in South Africa, while XPro Markets offers cryptocurrency operations, violating legislation.
Also, the FSCA reminds that its authority is limited to the territory of South Africa. To provide services in other countries, the broker needs to obtain a license from the local regulator. By offering services in Russia, XPro Markets operates without permission from the Central Bank.
There is no information about licenses from other regulators.
Trading Conditions and Account Types
When launching a new brokerage company, it was promised that it would be customer-oriented. However, besides the multilingual interface on the website and a small amount of educational materials, the quality of service and technical issues raise complaints in client reviews.
There are 4 types of accounts provided, but their differences are minimal. To start trading, it is enough to deposit 250 euros or dollars. Among the advantages of XPro Markets is the ability to trade more than 160 assets, including CFD contracts on stocks, currencies, indices, commodities, and cryptocurrencies.
- Spreads at XPro Markets start from 2.5 points, while most other brokers offer minimal spreads. A leverage of 1:400 also violates the requirements of most regulators.
- Users can choose one of two platforms for trading: MetaTrader 4 or WebTrader. Mobile and web versions of the platforms are also available.
Traders’ Reviews on Withdrawals at XPro Markets
The broker XPro Markets has already deceived many users from around the world, as confirmed by reviews from Europe, America, and Asia. Users from different countries express negative opinions:
Translation: XPro Markets uses photos and names of famous personalities to deceive and attract investments. I deposited 250 dollars into their account and found a lot of negative reviews, hoping for a refund.
Translation: This is a fraudulent company, and why it is still active, I do not understand. I lost up to 3000, and what to do for people who lost their capital?
Traders from Russia also share negative reviews about XPro Markets:
To create a favorable image, XPro Markets allows traders, especially beginners, to earn and withdraw money. This can explain some positive reviews, but it is not advisable to rely solely on them.
Extortion Under the Guise of Trading
Criminals behind the scam project XPro Markets persuade clients to open accounts, deposit money, and promise rewards for referring friends. This is a classic pyramid scheme, but the scheme continues to be profitable for scammers.
Initially, the client may feel lucky. The account balance grows, trading signals are accurate, trading brings easy money. Many invest more and more, expecting increased profits. Users also pay high commissions, insurance, taxes, and other fees insisted upon by the manager.
Since scammers can interfere with trades (delaying trade closures, changing quotes, canceling profitable trades), they can easily withdraw the client’s deposit under the pretext of unsuccessful trading. If a client demands a refund, they are simply blocked.
Is It Worth Opening an Account with XPro Markets?
Experts from different countries unanimously do not recommend using the XPro Markets platform for trading. The website is managed by a South African company with a dubious history, and the number of negative reviews is too high to ignore. The trading conditions are not advantageous for beginners or professionals. With XPro Markets, you can only lose money, but you cannot recover it.