In today’s fast-moving online trading world, picking the right broker is crucial for your success. XPro Markets is a player in this space, claiming to offer a wide range of trading options and different kinds of accounts.
But how trustworthy is this platform? In this review, we’ll dig into the details about XProMarkets to help you make a smart choice.
We’ll look at its background, the types of assets you can trade, and the account options they provide.
XPro Markets Details
XPro Markets is an online trading broker, owned by Ukuchuma Financial Services (PTY) Ltd and IGM Forex Ltd. The firm lists its address as Office 1-14, 1st Floor, Workshop17, 138 West Street, Sandown, Sandton, Gauteng 2196, South Africa.
For communication, their support team is available via phone at +27870948672 and +27101573383, or by email at email@example.com.
The company’s website can be accessed at xpromarkets.com.
It’s imperative to proceed with caution and conduct thorough research before initiating any interactions with online trading platforms, including XPro Markets.
Regulatory Framework and Company Affiliations
Regulatory Approval by FSCA
One of the key factors that contribute to the credibility of a broker is its regulatory affiliations. XPro Markets claims to be operated by Ukuchuma Financial Services (PTY) Ltd, which is authorized and regulated by The Financial Sector Conduct Authority (FSCA) of South Africa.
After inspect the register of the FSCA, it turns out that Ukuchuma Financial Services (PTY) Ltd is indeed listed. This adds a layer of authenticity and regulation to the brokerage, ensuring a certain degree of reliability.
Group Affiliations and CySEC Regulations
XPro Markets asserts that it’s part of a corporate family, sharing affiliations with Ukuchuma Financial Services (PTY) Ltd and IGM Forex Ltd. According to their claims, both of these companies are part of the same group.
While IGM Forex Ltd is indeed regulated by the Cyprus Securities and Exchange Commission (CySEC), a detail that might seem reassuring, there’s a catch.
The CySEC-approved domain for IGM Forex Ltd is www.igmfx.com, not xpromarkets.com. What this means is that even though XPro Markets is claiming this association, clients using their platform will not enjoy the added layer of security that comes from CySEC regulation.
Warnings from Malaysian Authorities
While the broker is authorized by FSCA, the Securities Commission Malaysia has issued a warning against XProMarkets. According to the warning, the brokerage is “carrying on unlicensed capital market activities of dealing in securities” in Malaysia.
This raises concerns about its global credibility and suggests potential legal hurdles that could affect traders in specific jurisdictions.
Trading Asset Offerings and Account Types
A Diverse Asset Portfolio
- Forex: Trade on a variety of currency pairs, major and minor.
- Commodities: Options include trading in resources like oil and gold.
- Cryptocurrency: Provides access to popular digital currencies such as Bitcoin and Ethereum.
- Indices: Opportunity to invest in stock market indices.
- Metals: An attractive option for those looking at precious metals.
- Shares: Offers a plethora of stocks from various sectors.
Flexible Account Types
XPro Markets provides traders with five different types of accounts to cater to various trading needs and preferences:
- Classic: Comes with spreads starting from 2.5 and leverage up to 1:400. Offers over 160+ tradable assets.
- Silver: Offers spreads from 0.07 and leverage up to 1:400. No deposit limit and access to 160+ assets.
- Gold: Spreads begin at 0.05 with the same leverage options. Unlimited deposit and access to 160+ assets.
- Platinum: Lower spreads at 0.03 and leverage up to 1:400. Again, no deposit limit and 160+ assets.
- VIP: Spreads from 0.09, leverage up to 1:400, and 160+ assets to trade on.
XPro Markets offers an array of features that may appeal to diverse traders. Its regulation under the FSCA offers some level of assurance.
However, it falls short in the department of global regulatory compliance, particularly with the Malaysian warning, and does not offer the same level of security that CySEC provides.
The brokerage does offer a variety of asset classes and account types, making it flexible for traders with different preferences and risk tolerances.
Got Scammed by XPro Markets?
If you have lost money with XPro Markets, stay calm. It has likely happened to many others, and it its important to learn from these experiences. Do not forget that even the most cautious investors can fall victim to online fraud.
The good news is that there is help available. The team at MyChargeBack – a specialist group dedicated to helping consumers recover funds lost online – can help you.
5 Simple Steps To Get A Chargeback From XPro Markets
Follow our straightforward guide to efficiently reclaim your lost funds from XPro Markets with minimal hassle.
- Complete the Form: Begin by completing the form above, providing necessary details about your case. This allows the team to understand your situation with XPro Markets and prepare for the consultation.
- Get A Free Consultation: Schedule a free consultation with MyChargeBack team of experts. During this consultation, they will assess your case and offer guidance on the best course of action to recover your lost funds from XPro Markets.
- In-Depth Case Analysis: As you proceed with MyChargeBack, their expert team conducts an in-depth analysis of your case, identifying the optimal chargeback strategy for fund recovery based on your unique circumstances.
- Recovery Process: Their team of specialists scrutinizes your case, collects evidence, and negotiates with the involved parties to expedite the recovery of your funds. MyChargeBack team will consistently communicate with you and your bank or card issuer during the chargeback process.
- Fee Payment: Upon successful recovery of your funds lost to XPro Markets, MyChargeBack charges a fee as a percentage of the reclaimed amount. If fund recovery is unsuccessful, no fees apply, except in exceptionally complex cases.
Through these five straightforward steps, MyChargeBack simplifies the fund recovery process, enabling you to reclaim your money from XPro Markets with minimal inconvenience.
Is XPro Markets regulated by FSCA?
Yes, it is regulated under the Financial Sector Conduct Authority of South Africa.
Can I benefit from CySEC’s security measures when trading with XPro Markets?
No, CySEC’s approved domain is www.igmfx.com, not xpromarkets.com.
What warning has been issued against XPro Markets?
The Securities Commission Malaysia warned that the broker is carrying on unlicensed capital market activities in Malaysia.
What kinds of assets can I trade with XPro Markets?
The platform offers Forex, Commodities, Cryptocurrency, Indices, Metals, and Shares.
Are there multiple account types available?
Yes, XPro Markets offers five types of accounts: Classic, Silver, Gold, Platinum, and VIP.