XPro Markets is a relatively new online broker that offers trading in forex, stocks, indices, commodities, and cryptocurrencies. As with any new broker, there are concerns about whether it is a legitimate and trustworthy company. In this article, we will examine the key factors to determine if XPro Markets is real or fake.
Regulation
XPro Markets is regulated by the Financial Sector Conduct Authority (FSCA) of South Africa. The FSCA is a respected regulatory agency, though not considered a top-tier regulator like the UK’s Financial Conduct Authority (FCA) or the US Securities and Exchange Commission (SEC). Still, FSCA regulation provides a baseline level of oversight and consumer protection. On the other hand, the lack of top-tier regulation could be a red flag for some traders.
What FSCA regulation means
- XPro must comply with FSCA rules on fair trading practices, capital requirements, and protecting client funds.
- FSCA provides a dispute resolution process for traders with complaints against XPro.
- FSCA enforcement gives traders recourse if XPro engages in fraud or other violations.
Limitations of FSCA regulation
- Not as stringent as FCA or SEC rules.
- Less transparency on XPro’s finances and ownership structure.
- Less assurance of high ethical standards compared to top-tier brokers.
Trading Platform and Conditions
XPro Markets uses the popular MetaTrader 4 (MT4) platform. MT4 is widely used and generally provides a positive trading experience. But some traders report issues at XPro:
MetaTrader 4 platform
- Offers advanced charting and analytics tools.
- Allows for automated trading via Expert Advisors (EAs) and bots.
- Integrated with many third party tools and indicators.
Concerns about execution quality
- Some traders report slippage and requotes.
- Spreads may widen during news events or volatility.
- Speed of order execution could be better.
Lack of transparency on orders
- Details on order flow and execution are not disclosed.
- Hard for traders to verify if they got true market prices.
Fees and Commissions
XPro Markets appears to have competitive spreads but fees are on the high side:
Spreads
- Forex spreads from 0.0 pips on major pairs.
- Stock and index CFD spreads competitive vs other brokers.
- But spreads can widen significantly during volatile markets.
Fees
- Inactivity fee charged after 90 days without trading.
- High withdrawal fees compared to other brokers.
- Fees to deposit via some payment methods.
Customer Service
The quality of XPro Markets’ customer service seems to be hit or miss based on user reviews:
Positive reviews
- Helpful and responsive customer support over email and live chat.
- Quick KYC verification and account setup process.
Negative feedback
- Long delays reported for withdrawals.
- Difficulty reaching support by phone.
- Complaints of poor English among support staff.
Lack of local support offices
- XPro Markets has no regional support offices.
- Support only provided remotely via chat, email and phone.
- Inability to meet with representatives in-person.
Is XPro Markets a scam?
While XPro Markets has some red flags, there are no definitive signs it is a scam or fake broker:
- It is a legally registered company and regulated broker.
- Users are generally able to deposit, trade, and withdraw funds.
- Mt4 platform works adequately despite some execution issues.
However, the following should be considered high risk warnings:
- Regulation by FSCA only, not top-tier regulators.
- Lack of transparency around order flow and executions.
- Uncompetitive fees and subpar customer service.
- Unable to meet with representatives face-to-face.
How to withdraw money from xpro markets
That being said, if Xpro Markets is a legitimate trading platform, the process for withdrawing money typically involves the following steps:
- Log In:
- Visit the official website of Xpro Markets.
- Log in to your account using your username and password.
- Navigate to Withdrawal Section:
- Look for a “Withdrawal” or “Funds Withdrawal” section on the platform. This is usually located in your account dashboard.
- Choose Withdrawal Method:
- Select your preferred withdrawal method. This could include bank transfers, credit/debit cards, or other payment systems, depending on what options the platform offers.
- Enter Withdrawal Details:
- Provide the necessary details for the withdrawal, such as the amount you want to withdraw and any additional information required by the platform.
- Submit Request:
- Once you have filled in all the required information, submit your withdrawal request. Some platforms may require you to confirm the withdrawal through email or SMS.
- Wait for Processing:
- The platform will process your withdrawal request. The time it takes can vary depending on the platform and the withdrawal method chosen.
- Check Your Account:
- After the withdrawal is processed, the funds should be transferred to your chosen withdrawal method. You may want to check your bank account or other financial accounts to ensure the money has been received.
Conclusion
XPro Markets appears to be a real but potentially high risk broker. Traders should approach with caution. Consider starting with a small account to test XPro’s services with little at stake. Be prepared for the possibility of excessive spreads, unexpected fees, and poor customer support. Check other regulated brokers for comparison. Avoid XPro Markets entirely if you are a beginner or require comprehensive support.