XProMarkets is a legitimate and licensed South African broker, with a Financial Sector Conduct Authority (FSCA) license. While this regulator is not the strictest and does not fall under the category of tier-one regulators XProMarkets is far from free to do whatever they please.
They, like other legitimate brokers based in South Africa, must be in complete compliance with the regulations set by this regulator. Possible clients of XProMarkets should be aware that there is a large number of licensed MT4 brokers available, and that just having a license and a good platform is not enough to make the choice to go with a broker.
|Address||Office 1-14 1ST Floor Workshop17, 138 West Street, Sandown Sandton Gauteng 2196, South Africa|
Regulation and Safety of Funds at XProMarkets
A crucial thing for investors to look for when browsing brokers is the regulation status. It is important for the company that you are considering to be regulated, as this is how you can be sure that your rights and best interest are kept in mind by the broker.
The best legitimate brokers are regulated by tier-one regulatory bodies such as CySEC, ASIC, or the FCA. Lacking tier-one regulation does not necessarily mean that the broker is not legitimate.
As we can see in the case of XProMarkets they are only regulated by the local regulatory body of South Africa, the FSCA. All that said, there is a warning against this broker in Malaysia.
Trading Platform Available at XProMarkets
This brokerage provides its users with the MetaTrader4 trading platform. This is a plus for this broker, as MetaTrader4 is seen as an industry standard and is generally indicative of an investment firm that provides good trading conditions for its clients.
One of the major benefits of this trading platform is the high degree of customizability that is available to traders. This ensures that all levels of traders are able to set up their software to best suit their needs.
Another huge plus side of MetaTrader4 is the large selection of highly versatile tools that investors can use to make quality decisions about their investments.
Deposit and Withdrawal Methods at XProMarkets
Clients of this broker have multiple payment options when it comes to depositing and withdrawal methods:
- Credit Cards
- Wire Transfer
- E-Wallets Skrill and Neteller
Clients of this investment firm can be forgiven for having a difficult time understanding the withdrawal limits that are set by this brokerage. Ultimately it boils down to a minimum withdrawal amount of $100.
These are fairly standard payment options that are generally used by legitimate brokers. Users that make payments by credit card or by wire transfer are the safest as both of these payment methods allow for either a chargeback or a recall.
Both of these options are methods that can be used in conjunction with a client’s back to retrieve funds that have been deposited if an issue arises. Traders should also note that the sooner this process is initiated the higher the likelihood that their funds can be retrieved.
How They Execute the Scam
This broker technically is still a scam, even though the fraud they are running is quite a bit different than the standard get-rich-quick investment scams we have discussed in the past.
This brokerage has an FSCA license which makes them a legitimate broker, but only in South Africa. The issue arises due to the fact that this investment firm operates globally while only legally be allowed to function within South Africa.
Traders outside of South Africa should be wary about depositing funds to a broker that is willing to break the rules by operating without a license on a global scale.
Recommended Forex Brokers
Even though this is a legitimate broker in South Africa, we would suggest looking into one of the other brokers that we have reviewed in the past and are listed below. These feature lower initial deposits and more favorable trading conditions.
Additionally, they’re not limited to one region only holding multiple Tier1 licenses, which is quite important for any investor outside of South Africa.
|FXTM Broker||Cyprus, the UK, Kenya, and Mauritius||4.5||10$ USD||FXTM.com|
|OctaFX Broker||SVG and Cyprus||4.4||100$ USD||OctaFX.com|
|FP Markets Broker||Australia, Cyprus, and SVG||4.7||100$ AUD||FpMarkets.com|
|XM Broker||Belize, Australia, and Cyprus||4.7||5$ USD||Xm.com|
|HFM HF Markets Broker||SVG, Cyprus, South Africa, UAE, UK||4.3||5$ USD||Hfm.com|
|FBS Broker||Belize, Australia, and Cyprus||4.85||1$ USD||Fbs.com|
XProMarkets is a legitimate broker that is licensed and regulated in South Africa by the FSCA, the local regulatory body. While this brokerage is legitimate in the South African region, one of the downsides is the steep minimum investment of $250.
This is a sizable minimum deposit, especially considering that there are competitors with significantly lower minimum deposits going as low as $1. Another issue that arises is the large withdrawal fees that this broker charges.
This is not typical as a large number of reputable brokers do not even charge withdrawal fees going as far as covering bank fees for transactions up to certain amounts.
Overall trading with this investment firm is relatively safe but the conditions that are provided are not exactly ideal. Many potential clients could draw the line at the transaction fees that the large minimum deposit.
FAQs About XProMarkets Broker
Is It Possible To Sign Up Without Depositing at XProMarkets?
It is possible to create an account without making the minimum deposit of $250, by using a Demo account.
What Is The XProMarkets Minimum Deposit Amount?
This broker has a minimum deposit requirement of $250.
What Account Types are Available at XProMarkets?
This broker offers a number of different account types: Classic, Silver, Gold, and VIP.