XPro Markets

XPro Markets seems to lack the confidence and the know-how to truly shine. As a result, many of its features feel unpolished.

The main parent firm behind the broker,  Ukuchuma Financial Services (PTY) LTD, is regulated in South Africa by the  Financial Sector Conduct Authority (FSCA). This entity acts just like any other regulatory body, although with less of a grip than most EU and US-based regulators. There are many approaches that the FSCA takes that will seem unacceptable to EU and US watchdogs, and thus most FSCA brokers tend to be viewed as more loose and less uptight, although much more risky as a result. Interestingly, Ukuchuma is also owner of another regulated entity, the European-licensed IGMFX. So, it seems that XPro Markets has been specifically created to bypass certain restrictions set by other regulators, while also presenting questionable practices, as the review will reveal.

We did not find the user area particularly attractive, which might actually not be a good thing for many clients, especially big players, who turn more to luxurious or stylish brokers and their user areas. But all throughout XPro Markets, one thing is made clear; this is a broker for the average trader, for anyone to try out and potentially stick with.

We proceeded with opening an MT4 demo account, and were successful in doing so. Demo accounts are great for trying out a platform before considering a deposit; most legit brokers have this option. We have found that demo accounts are accurate when compared with live ones.

So from the demo version of the MT4, we found that the available trading instruments are forex currency pairs, indices, cryptocurrencies, metals, energies, and equities. The EUR/USD spread indicated on the software was around 2.3 pips which correlates more or less to what the website states. This is not a favorable spread, and trading with it may lead to loss of funds! The only way to be offered a spread lower than 2 pips on this asset, as well as favorable costs of on other pairs, is to apply for a higher account tier, which might cost the user more money.
The same with the leverage; the value is capped at 1:400 for all account type holders, which again begs the question- why all the unnecessary account types?
This is definitely a flaw, and the way we see it, it needs to be rethought. Relying on simplicity has been proven to be an effective and cost-reducing alternative.

XPRO MARKETS LOGIN

We opened a fully function MT4 with a demo account.

The MT4 is by far the best part of the broker, because this trading terminal has been widely defined by both brokers and users as the best trading software, even though technically its successor the MT5 is better. But the MT4 persists, and is definitely a powerhouse on its own.

XPRO MARKETS MINIMUM DEPOSIT

The minimum deposit is $250, yet the broker has failed to mention the pricing tags on the higher account types that offer far better spread values than the lower ones. If the minimum deposit is really $250 for all accounts, then there shouldn't be a reason to chose the classic account with a 2.5 minimum spread over the Gold or even VIP account with a much better spread.

Here XPro Markets has failed to provide information as to the reasoning behind this choice, yet we feel that once a user is verified and ready to proceed with a live account then will she be able to chose from an account tier. The lack of clearance is annoying and, the way we see it, a design flaw.

The available payment methods are credit cards, Skrill, Neteller, and Web Money.

XPRO MARKETS WITHDRAW TIME AND FEES

According to various sources from the website the minimum withdrawal amount is $100.

The legal docs claim that withdrawal fees may apply “from time to time”, a statement worth the concern. From another source, we find these fees, and they are not a joke: card withdrawals are charged a 3.5% fee, wire transfers (even though there were no deposit means by bank in the user area) are issued a $30 fixed fee, and e-wallets are feed by a range of single digit percentages, from1.5% to 3% tops.

We also found that XPro Markets charges a $150 fee for a chargeback which is very shady and, we think, unacceptable.

For a legit broker, the withdrawal conditions are definitely unsatisfying and disappointing.

BOTTOM LINE

We give XPro Markets a three star rating not because we don't like it, but because the company is yet to tap into its own potential. It feels like, with the resources it has, the broker can easily shift to a much more minimalistic and thus polished experience. Historically, transparent brokers are the best alternatives to the big FX names in the industry.