XPro Markets review – 5 things you should know about xpromarkets.com

XPro Markets review – 5 things you should know about xpromarkets.com

Rating: 2.1

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XPro Markets is a South Africa-based broker offering forex, commodities, indices and cryptocurrency trading. Having a license makes it nominally more trustworthy than many offshore brokers operating in Africa, Asia and the Caribbean. But unfavourable trading conditions and excessive fees leave it far behind the competition. XPro Markets has very few advantages that cannot compensate for the obvious disadvantages.

XPRO MARKETS REGULATION AND SAFETY OF FUNDS

XPro Markets is operated by Ukuchuma Financial Services (PTY) LTD, which is stated to be authorized and regulated by the Financial Sector Conduct Authority (FSCA) of South Africa. A check of the regulator’s database confirms that this information is correct.

Ukuchuma Financial Services belongs to the same group of companies as IGM Forex Ltd, which manages the Cyprus-licensed broker IGMFX. Although the FSCA oversees the activities of brokers to ensure the safety of their clients, brokers in South Africa provide fewer benefits and guarantees to traders than their competitors in the European Union or the United Kingdom.

XPro Markets claims to offer negative balance protection, but In the EU and the UK brokers must also participate in guarantee schemes that cover a certain amount of the trader’s investment if the broker becomes insolvent. These guarantees amount to up to 20 000 EUR in the EU and 85 000 GBP in the UK. European brokers also have to maintain a significant net capital of EUR 730 000, which reduces the likelihood of bankruptcy.

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XPRO MARKETS TRADING SOFTWARE

XPro Markets offers the industry’s most established trading software – MetaTrader 4 (MT4). In addition to desktop, the platform is also available in a web version as well as mobile apps. Here’s what the desktop version looks like with a Demo account:

Although it has been on the market since 2005, MT4 is still perfectly adequate for most brokers’ needs. This platform has established itself as industry standard because of the wide range of features, including a variety of options for customization, multiple account usage, designing and implementing custom scripts for automated trading and backtesting trade strategies.

However, its functionality is undeniably lagging behind more advanced platforms, including the newer MetaTrader 5 software version. Some brokers offer packages of software extensions that bring MT4’s capabilities closer to newer platforms, but XPro Markets is not one of them.

XPRO MARKETS TRADING CONDITIONS

The XPro Markets website describes four types of trading accounts – Classic, Silver, Gold and VIP. Here we encounter the first problem with this broker – it is not clear from the description of the accounts what the requirements are for upgrading to a higher package with more favorable terms. Such information is missing both on the website and in the Client Agreement.

Usually different accounts have different minimum deposits, but XPro Markets specifies one level for all – 250 EUR/USD. This is not a particularly competitive level – many leading brokers allow you to start trading with a minimum deposit of 100 USD or even less.

The indicated indicative spread of 2.5 pips for the benchmark currency pair EUR/USD is also too unfavourable. In the trading platform we saw an even higher level of over 3 pips. Only the VIP account theoretically offers a spread of 0.9-1.4 pips, which is comparable to the industry average. But as noted, it is not clear what the requirements are for creating a VIP account.

Looser regulations in South Africa allow XPro Markets to offer very high leverage – up to 1:400 for forex, 1:200 for indices and commodities, 1:5 for cryptocurrencies. For comparison, the European Securities and Markets Authority (ESMA) and accordingly all EU regulators limit leverage to 1:30 for major currency pairs, 1:20 for non-major pairs, gold and major indices, 1:10 for other commodities and non-major indices, and 1:2 for cryptocurrencies. High leverage creates the opportunity for more significant profit, but correspondingly increases the risk of sudden and excessive losses. All leading regulators therefore restrict leverage for retail traders.

The South African registration allows XPro Markets to offer bonuses and promotions, which is also prohibited in more strictly regulated jurisdictions. We find reference to “Bonus Terms and Conditions” in the Client Agreement, but no such document can be found on the website. Nowhere are specific bonus and promotion programs mentioned or described.

XPRO MARKETS DEPOSIT/WITHDRAW METHODS AND FEES

XPro Markets allows deposit funds in two currencies, EUR and USD. Available deposit methods are credit card, wire transfer, and the Skrill, Neteller and WebMoney e-wallets.

According to the website the minimum withdrawal amount is 10 EUR/USD for credit cards and 100 EUR/USD for wire transfer. But the Customer Agreement specifies that the minimum for all withdrawals is 100 USD or equivalent. Only amounts not exceeding the deposited amount may be withdrawn by credit card or e-wallets. If the withdrawal exceeds this amount, the remaining amount will be transferred by bank transfer.

XPro Markets states that it does not charge deposit fees, but there are significant withdrawal fees:

Most leading brokers do not charge any transaction fees and even cover bank fees up to a certain amount.

But withdrawal fees are not the only additional cost that differentiates XPro Markets from most of its competitors. In the legal documentation we find a long list of fees. These include a monthly maintenance fee of 10 EUR/USD, and a monthly inactivity fee that starts at 80 EUR/USD after one month and reaches 1,000 EUR/USD after 12 months. On top of that, if the customer wants to reactivate his account after 12 months of inactivity, he has to pay a 2000 EUR/USD fee. These amounts are outrageous and more reminiscent of the schemes of financial fraudsters than the practices of legitimate brokers.

And that’s not all – if the customer asks for a chargeback, XPro Markets reserves the right to charge him a “research fee” of 150 USD or close his account.

BOTTOM LINE

Despite being a licensed broker, XPro Markets is very questionable. The only theoretical advantage of this brokerage is that it offers risk-prone traders to use high leverage. But the extremely unfavorable trading conditions completely negate this.

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44 Comments

  1. XProMarkets is a scam company ,they have fake MT4 system i lost my all money at this platform,they are playing wt the market they ll make you lose your money so they can gain profit by your loss , first they look kind and they ll ask u to put more money then they ll block your account or make you losing , they are banch of scammers dont invest your money wt them ,keep your money safe.

    1. Hi i already invest 250$ ,please i need help how i can get back my money???

    2. I am a victim of xpromarket also.
      I want we have to do something to find our money.

      Please send me a email.

    3. Why there are so many people lost their in xpromarket?

      Because they can make money when You deposit money in xpromarket account.

      You can not withdraw your money in one day.
      It will take so many days after you ask withdraw your money

      They ask you more money and more money to make a profit.

      But they can not make a profit…

      They are going to lose all your money in a few days.

      after you lose your money, you realize they are fraud and scam….

      Be sure to never send your money to them…

    4. We have the same experienced with this company Micro.I lost all my hard earned money of 500 USD early this this very year with this Scam company in XproMarkets!.They got lots of thricks and that,just to trap and victimize you.

    5. This company is definitely a scam. I invested $250 with them. then they started to call me evry day and wanted me to invest more. Also got a shower of emails. I got fed up and asked to get my money back. First online they started a process on their website where I was asked to deposit $1000!!
      I then sent an email where i just asked that the money was refunded the card I had used originally. I then got a phone call to help me with the refund on the computer. But what they wanted was that they basicly took control over my computer and wanted me to open my bank account for them, because they had to return money to my bank account, not to my card! Who wants to open his bank account to somebody who can control your computer remotely!??. Not able to refund card! SCAM SCAM SCAM!

  2. All the good reviews about them are fake, they make it so you trust them it’s very clear, they made me lose my all money. They are not calling from London, please don’t invest with them, they ask you for more money evey time they call you, until they trade your all money, and the next day you’ll find 0 balance.

    1. I am a victim of xpromarket also.
      I want we have to do something to find our money.

    2. Dear Mattia,

      We are sorry to hear that your experience with XPro Markets has not met your expectations. At XPro Markets, we pride ourselves on our high level of service and commitment to you and your investments. Our goal is to help you increase your knowledge and keep you up to date with all the latest market events that might be of benefit to you. Additionally, we aim to enhance the relationship between us and our clients to its fullest extent, always with the best interests of our clients in mind.

      Unfortunately, we could not investigate your case as you have not provided your trading account name. Please contact us directly through email ([email protected]) or our social media channels, letting us know of your customer ID so we can assist you immediately.

      XPro Markets

      1. I contacted you by your mentioned email. I have not started investing. But I have paid $250 in the wallet. Please, refund the amount and close my account. If you do not refund the amount I have to expose everything whatever happened with me in an international News Channel.

  3. Raghavendra Kamath

    Learnt from Google Matinee idol Amitabh is endorsing trading with these fraudsters? strange

    1. Dear Raghavendra,

      We are truly sorry to see that you did not have the best experience with XPro Markets. It’s our goal to make sure that every customer receives the best possible service. With that said, we would like to emphasize the fact that Forex trading is highly risky, and profits or losses are nearly unlimited in this market. Therefore, it is extremely important to keep abreast of changes in the market and understand the different mechanisms of trading.

      Please note that we are currently investigating the matter and we will get back to you the soonest.

      XPro Markets

  4. It’s true, they lie, they cheat and when you realize they make you lose all your money, don’t trust this company, they should be arrested, not to deceive people anymore.
    ————————
    É verdade, eles mentem, enganam e quando você perceber eles fazem você perder todo o seu dinheiro, não confie nessa empresa, eles deveriam ser presos, para não enganar mais as pessoas.

    1. Dear Mari,

      We are sorry to hear that your experience with XPro Markets has not met your expectations. At XPro Markets, we pride ourselves on our high level of service and commitment to you and your investments. Our goal is to help you increase your knowledge and keep you up to date with all the latest market events that might be of benefit to you. Additionally, we aim to enhance the relationship between us and our clients to its fullest extent, always with the best interests of our clients in mind.

      Unfortunately, we could not investigate your case as you have not provided your trading account name. Please contact us directly through email ([email protected]) or our social media channels, letting us know of your customer ID so we can assist you immediately.

      XPro Markets

  5. Ravi Shankar kumar

    Yes I this company total fraud .it used to cheat funds from international clients in the name of famous people. In this company all employees belongs to Muslim religion .I guess they used cheated funds in terrorism and their survival.I also lost $10236 USD .then I claim then they give me bond agreement to pay 2200 USD only after agreement they not pay agreemened amount I.e 2200 $.

    1. Hello Mr Ravi, i am one of it.

      Could u pls kindly email me to further communication.

    2. 합의금을 더 내놓으라고 주장하세요.
      10236$전부를 되찾을 때까지,
      xpromarket에 대한 모든 방법을 동원하셔서,
      당신의 귀중한 돈을 되찾으시길 바랍니다.

      신의 은총이 당신과 함께 하시길~~~
      ————————–
      Ask for more settlement money.
      Until you get all $10236 back,
      By all means for xpromarket,
      Hope you get your precious money back.

      May God’s grace be with you~~~

    3. Hello Mr Ravi,

      I have also been duped by this scam arrangement. Could you please share your contact so that we can devise some strategy to counter this legally ?

      Prasad Bhinge

      1. I want that company to be sanctioned and arrested by the authority and for closure.I got two account managers right their,but they got one common voice,and
        all their zooms for me to use got invalid meeting IDs,meaning its all blap and fakes.

        1. very sad and frightening, hope it will not come true for me.

  6. Biggest scam, they coarse you to deposit more money. They make you have a few wins with no withdrawal. Then after that Boom you loose all the money…..all of it. And that’s how they con people thousands of dollars.

  7. They ask you more money and more money to get profit.

    Silver(30,000$), Vip(50,000$)
    After you lose that money, then you realize this is scam and fraud.

    Broker and Company donot lose their money, but they make money from your money.

    They are intelligent and electronic scam.

    Donot waste your time and your money in xpromarket.

    They are kind all the times but they will be angry if you reject to put more money in your account.
    They call you everyday and open very high risk items.
    You cannot withdraw your money because of opened items.

    Be sure you can lose all your money.
    When you lose all money, they do not call any money.

    1. We the same experience xpro m.,they call you everyday asking for additional funding.
      The ‘Evil Company’,that is the XproMarkets,they are the Legion of Fraudsters rigth there.

  8. Do not ever be allured by their traps , i have most recent experience that my trading account 70107791 where i have invested 3750 USD but the entire amount got forfeited by the customer Manager Ali R &company. They will build up your confidence by sharing some positive results that account balance is increasing & also provide some insight on stock at the cost of investing more money but ultimately forfeit your money entirely by telling that due to market.

  9. Avijit is extremely right because I hv too trapped in and now my 3500 dollars are at stake it’s a matter of very recent.So nobody should invest with them they are totally fraud

    1. Dear Customer,

      We are truly sorry to see that you did not have the best experience with XPro Markets. It’s our goal to make sure that every customer receives the best possible service. With that said, we would like to emphasize the fact that Forex trading is highly risky, and profits or losses are nearly unlimited in this market. Therefore, it is extremely important to keep abreast of changes in the market and understand the different mechanisms of trading.

      Unfortunately, we could not investigate your case as you have not provided your trading account name. Please contact us directly through email ([email protected]) or our social media channels, letting us know of your customer ID so we can assist you immediately.

      XPro Markets

  10. This company are scammers! Beware!!!!

    1. Dear Grace,

      We are sorry to see that you did not have the best experience with XPro Markets. Unfortunately, we could not investigate your case as you have not provided your trading account name. Please contact us directly through email ([email protected]) or our social media channels, letting us know of your customer ID so we can assist you immediately.

      XPro Markets

  11. Xpromarkets is a scam company. They post fake stories and attract customers. Once you open a trading account they will force you to increase your investment. They will advice all stocks and volume to be purchased. After few weeks your money will be wiped for 50% commission and remaining as trade lost. I lost few thousand dollars within one month. It’s a scam company. Pls don’t believe in this company. Otherwise your money will be siponed.

  12. Dear Customer,

    We are truly sorry to see that you did not have the best experience with XPro Markets. It’s our goal to make sure that every customer receives the best possible service. With that said, we would like to emphasize the fact that Forex trading is highly risky, and profits or losses are nearly unlimited in this market. Therefore, it is extremely important to keep abreast of changes in the market and understand the different mechanisms of trading.

    Unfortunately, we could not investigate your case as you have not provided your trading account name. Please contact us directly through email (inqu[email protected]) or our social media channels, letting us know of your customer ID so we can assist you immediately.

    XPro Markets

    1. You SHUT UP XproMarkets!,You Sons & Daugthers of the Demon!!

  13. I just signed up on the website and received a call after a few minutes. The caller was forcing me to make a deposit. For me, this is a red flag. I will not proceed with this company based on this and the previous reviews posted here. Thank you all for letting me know they’re a scam company.

  14. They are are cheat. Never get trapped into investing with them. They just lure you into investing more and more until you get bankrupt. Moreover, they keep on calling you from different numbers, even of your country code, disturbing your work and family life. Total waste of time and your life long savings.

  15. Why don’t we take them all together. Do let me know if any legal firm can help us. Few website positive reviews are given.

    We need to stop this way of investing no clue how it works once you get profit they don’t recommend or allow to withdraw.

  16. clearly, this company is a fraud and must be taken down and prosecuted to the fullest extent of the law for their evil, I too was a victim of their electronic scam. they still call me every day from strange phone numbers. I figured it a good while now, they mus be stopped.

  17. Compte 70107779
    J’ai ouvert un compte auprès de XPro Markets après avoir lu une publicité sur Facebook. Après un 1er versement de EUR 500.00, on m’a convaincu d’investir plus d’argent pour générer des profits. Parallèlement, un agent signant comme “Directeur de comptes principal” m’a conseillé pour faire des opérations sur le Forex et les matières premières. J’ai rapidement constaté que toutes les opérations étaient déficitaires. L’agent de XPro Markets m’a dit qu’il mettait un crédit à ma disposition et que je devais investir plus pour faire des profits. En tout, j’ai investi EUR 20’279.00 que je suis en train de perdre intégralement. Ils vous font croire que le montant du profit en négatif est normal et qu’il va se transformer en positif, ce qui évidemment ne se produit pas. Contrairement à leur publicité, il n’y a aucune protection contre les pertes. Pas d’utilisation du Stop loss. En réponse à mes inquiétudes, c’est toujours la même stratégie : mettre plus d’argent pour profiter d’opportunité. J’ai donc fait un dernier virement de EUR 10’000.00 et j’ai appris que ce n’était que pour consolider mon compte qui allait être bloqué ! Et je reçois toujours des téléphones me demandant encore plus d’argent. Autre mésaventure : J’avais fait un virement de EUR 17’500.00 selon leurs instructions. L’argent n’est jamais arrivé sur leur compte, mais heureusement, ma banque a réclamé et obtenu le retour. ATTENTION : il y a des plateformes sérieuses et qui respectent les objectifs fixées au départ. Ce n’est clairement pas le cas de XPro Markets avec qui j’avais convenu des investissements faibles et des profits à court terme.

  18. Account 70107779
    I opened an account with XPro Markets after reading an ad on Facebook. After a first payment of EUR 500.00, I was convinced to invest more money to generate profits. At the same time, an agent signing as “Senior Account Manager” advised me to trade in Forex and commodities. I quickly noticed that all the transactions were in deficit. The XPro Markets agent told me that he put a credit at my disposal and that I had to invest more to make a profit. In all, I have invested EUR 20’279.00 which I am losing entirely. They make you believe that the amount of profit in negative is normal and that it will turn into positive, which obviously does not happen. Unlike their advertising, there is no protection against losses. No use of Stop loss. In response to my concerns, it’s always the same strategy: put more money to take advantage of opportunities. So I made a last transfer of EUR 10’000.00 and I learned that it was only to consolidate my account that was going to be blocked! And I always get phones asking me for more money. Another misfortune: I had made a transfer of EUR 17’500.00 according to their instructions. The money never came into their account, but fortunately, my bank claimed and got the return. ATTENTION: there are serious platforms that meet the objectives set at the outset. This is clearly not the case with XPro Markets with whom I had agreed on low investment and short-term profits.

  19. Thanks to all of you. I am safe after going through your comments

    1. The XPro Market run by UKUCHUMA FINANCIAL SERVICES (PTY) LTD is clearly a fraudster. They trap you and extract all your money. Once you transfer any amount, they’ll ask you to transfer more to take advantage of an opportunity. When you want to withdraw the amount they’ll say you have lost all your money in the trading which they claimed before is safe and low-risk. Please do not fall prey to their false promises and fake stories.

  20. Merci à tous

  21. No even single person say he got profit all of them are being got lost what kind of this company, its scam

  22. I did 250USD deposit – Within a hour I realized they are a fraud company. So I blocked my CARD immediately. Is there anyway we can get the deposit money. i sent an email to [email protected] , but no response

  23. I have loosed 4500$ my hard earned money in just 10 days by the time i know its fraud I closed all my open positions and left with the 555$ at least I am requesting them to refund what is there in my wallet they are not processing it either not getting replay also.

    @Xpro – requesting you again please refund my money

  24. Classic Account Number MT4 70108971
    I had a terrible experience with this broker. Over just 28 days 24 June to 21 July l was encouraged by My manager Alexsy to increase my investment from 250 dollars to 7500 then to 15000 dollars to 24000 dollars and made 14000 dollars floating profit by literally not sleeping for those 28 days but lost all 380000 dollars at the end of the day!!! All of this investment was without ever mentioning availability of trainings, e-courses, demo accounts to guide me even though l made it clear l was new to trading!! Even worse he was hardly available during the day and never after 4pm. Their helplines were never available at any time l tried to call them. All he was interested in was for me to invest more and more money so that they can make a profit and l foolishly went along in m
    order to recover my investment of 7500 dollars after not being unable to meet a margin call not because l had no money but because their website did not accept my deposits!! Yet their company went ahead to close my trades and make me lose my money which they then attributed to the market !! However, they claim to offer 24 hour customer care assistance!! They have a pattern of encouraging highly risky trades, no use of stop loss, not asking clients to cut their losses, rather allowing SWAP to accumulate, triple swap on Wednesdays (incidentally never mentioned to me before hand). It is now abundantly clear to me that their aim is to make a profit and what happens to the client is none of their business. At the time l lost the rest of the money in my account on the 21st of July 2022, the majority of the trades of almost 30 thousand dollars trades l had at the time of the last margin call were composed of swap and trades initiated on his advice!!
    They may claim that there are disclaimers on the agreement l signed but it does not reduce their duty of care to do the best for me as their client. They definitely from the above did not do this!!
    This company being registered in South Africa where client investment losses are borne entirely by clients unlike Western countries where brokers bear some of any losses from trades made by a client managed by them could not care less about what happened to me. In the last 10 days no one has called me or sent an email to me since l began asking for my money back. No wonder South Africa is in danger of being graylisted by the Financial action task force if they allow brokers behave like this (see Financial times September 4th 2022) Please never put your money in their hands. You will just be relieved of it without mercy. I have lost my entire savings over the years.

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