XPro Markets Review: All the Details About XPro Markets Broker
XPro Markets, South African-based and regulated broker is owned by Ukuchuma Services Ltd, which is part of the CySEC regulated group, IGM Forex Ltd.
The broker began operating in 2019 and they offer their clients the possibility to invest in Forex, commodities, indices, shares, and crypto using the industry standard and veteran platform MetaTrader4.
Even though they are regulated by the South African regulatory body, FSCA, which is a Tier 2 regulator, they are still a very good, safe, and reliable broker. And that’s why we have decided to conduct this XPro Markets review, so we can present to you all the key facts of why you should trade with this broker.
|Broker Status:||Regulated broker|
|Owner:||Ukuchuma Financial Services (PTY) Ltd|
|Headquarters Country:||South Africa|
|Trading Instruments:||Forex, commodities, indices, shares, crypto|
|Trading Platforms:||WebTrader and MT4|
|Free Demo Account:||Yes|
|Accepts US clients:||No|
Is XPro Markets Regulated? Security and Regulation
The owner of XPro Markets broker is Ukuchuma Services (PTY) Ltd, registered in South Africa. The broker stated to have a regulation number 2020/735868/07 with FSCA. Since we know better than to trust a broker’s word, we’ve checked this authority body.
Far from saying that the FSCA regulation is bad or unsafe. It’s just that the FSCA doesn’t have that many strong rules a company must follow as you can see from the above. In other words, the FSCA regulatory body doesn’t have a compensation guarantee that companies need to follow.
The FSCA aims to ensure that retail traders are treated fairly, and provided with sufficient information when investing. The regulator keeps a register of the companies licensed by it and also has enforcement powers to deal with breaches through the enforcement committee.
And if you would like to work with other good brokers, we suggest you try out XTB Broker. They are regulated by the main watchdog FCA.
XPro Markets Account Types
As for the trading account types, the XPro Markets has solid diversity of them, They offer four account types and those include the following ones:
- Classic – $250
The minimum required deposit is $250 and to be honest, that is a bit pricey for our taste. There are many regulated brokers out there that will let you start for as little as $5.
We also were unable to find any more information about the minimum required deposit for the other trading accounts, which is a bit suspicious. The main differences are swap discounts starting with the Gold account, trading signals via SMS, a full account overview, and account managers.
The good thing that we found is that the broker does offer a Demo account, where you can test out their trading conditions and the MetaTrader4 platform before depositing the funds.
Trading Instrument Offered at XPro Markets
XPro Markets Forex broker offers trading in 5 major markets and those include the following ones:
- Currency pairs – EUR/USD, GBP/USD, CHF/CAD
- Commodities – gold, silver, oil
- Indices – NASDAQ, FTSE100, Dow Jones
- Shares – Amazon, Apple, Google
- Cryptocurrencies – BTC, XRP, ETH
Unfortunately, the spreads and fees are one of the main reasons to avoid this firm. While it may be regulated, it’s nowhere near competitive. The EUR/USD spread starts at 2.5 pips, while the industry standard is 1-1.5 pips.
Additionally, the leverage is set too high and it caps at 1:400. This is nothing new for Tier 2 offshore regulators but it can be very dangerous for inexperienced traders to use this high leverage in the beginning.
Trading Platforms Overview
XPro Markets offers the industry’s most established trading software, MetaTarder4. In addition to desktops, the platform is also available in a web version as well as mobile apps.
This makes it very easy to use and makes it available on the go and at any time. Additionally, MetaTrader4 is considered an industry standard by now as it offers a 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.
Overall, XPro Markets did the needed diligence and opted for an amazing trading platform that is beloved by many traders, both experienced and inexperienced.
XPro Markets on their website listed the following as their deposit methods:
- Visa or Master credit or debit card
- Prepaid cards
- Wire transfers
We already mentioned that the minimum required deposit is $250. As for the withdrawals, the minimum allowed amount is $10. Additionally, the broker has stated that for the E-wallets and credit/debit and prepaid cards, the fees are flat 3,5%, and for the wire transfers is $30.
On top of that, the broker has the right to charge an inactivity fee of $80 after one month, $120 from the 2nd to the 6th month, $500 up to one year, and $1,000 monthly after one year. Very outrageous if you ask us. This is a very good reason to find another broker that has much either no fees and much smaller fees and that is also regulated by the Tier 1 regulator.
Research and Education Offered
The research and educational materials offered at XPro Markers website is certainly not as impressive as you may think. Under the Resources tab you can access following:
- Trading Central
- Chart analysis
- Economic calendar
These materials give you a good understanding of technical views, MT4 charts and indicators, but we would say this is not nearly enough especially for beginners. Honestly, this doesn’t even come near the materials of some other regulated brokers like Interactive, which put a lot more time and effort in developing such goods.
We mentioned multiple times how important these resources are and you should always take time to go through it all as it can help you significantly in your trading. But as XPro Markets broker doesn’t have much, we recommend you find good literature elsewhere.
XPro Markets Customer Service
There are a couple of ways how you can contact XPro Markets:
- Live chat
XPro Markets have a quick live chat to which an agent is connected almost immediately. We got detailed help and relevant answers.
Phone support was helpful and we received detailed answers also. The agent also offered to send us information via email.
Email support is very helpful. We received useful and to-the-point answers to our inquiries, although in some cases we had to wait for a full day for a reply.
Overall, it’s a good experience with customer support and they are there to help you with whatever you need.
XPro Markets Overall Summary
XPro Markets review was conducted to give you a better example of how a well-regulated South Africa-based broker operates. This broker is under a company named Ukuchuma Financial Services (PTY) Ltd, which is regulated by Tier2 regulator FSCA, which is considered an offshore regulator. Additionally, they belong to the group of companies under IGM Forex Ltd which is regulated by CySEC which is also a plus.
In terms of minimum deposit, the requirement is on the higher side, with it being $250, but this is still within the guidelines of the regulator they are under. Same as for leverage, which is 1:400.
As for their trading platform, they offer both a web trader and MT4 and there is a mobile app so you can trade on the go. There is a good variety in the markets they offer as they have forex, crypto, indices, commodities, and shares.
Lastly, the only part lacking is their educational materials as they do not offer any video tutorials or ebooks you can use. This is nowhere near some other regulated brokers which will offer you much more to support your trading journey.
FAQs About XPro Markets Broker
Is XPro Markets a Reliable Broker?
Yes, XPro Markets is a South Africa-based broker that is regulated by Tier2 regulator FSCA, which makes it a reliable choice.
How Long Does an XPro Markets Withdrawal Take?
Unfortunately, we are unable to tell you how long withdrawals from XPro Global usually take as the broker did not mention this on their website.
What Account Types are Available at XPro Markets?
XPro Markets offers five different account types which are classic, silver, gold, platinum, and VIP.
What Trading Platform Do XPro Markets Use?
This South African broker offers two platforms which are web trader and MT4.
Do XPro Markets Offer a Mobile Application?
Yes, XPro Markets has a mobile application you can use for trading anywhere, anytime you want.