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Is XProMarkets a Fraud or Legitimate?
The first thing you should check for when considering whether a broker is a fraud or legitimate is a valid license. XPro Markets fulfills this requirement; it is owned by a company called Ukuchuma Financial Services which has a license from the FSCA, South Africa’s financial regulator. So that should mean that Xpro Markets is safe, right?
Is XProMarket’s FSCA License Just a Fig Leaf?
Not so fast. Even though the majority of fraudulent brokers we investigate don’t have licenses, some brokers use their licenses as a fig leaf to cover over questionable practices.
The FSCA is a valid regulator, but it isn’t first-rate like the FCA of the United Kingdom or CySec in Cyprus. The parent company of Xpro Markets is Cyprus-based, which means that it should have a CySec license. The fact that XproMarkets chose instead to be regulated by a more lenient, second-tier regulator rather than CySec, which holds brokers to a stricter standard, is telling.
Unlike European regulators, the FSCA isn’t as exacting about market capitalization, leverage limits, or account protections for consumers. XPro Markets seems to be going beyond the rather loose limits imposed by FSCA and boasts of signing up clients in Germany, France, Switzerland, Norway, Austria, South Korea, and other countries, and yet doesn’t have a license to operate in any of these areas.
Broker Complaint Registry Customers Have Raised the Alarm About XproMarkets
Even though the FSCA hasn’t yet flagged XProMarkets, that doesn’t necessarily mean that this broker is safe. We are alerting the public to problems with XPro Markets based on numerous complaints Broker Complaint Registry customers have made about this broker.
We wouldn’t be surprised if the FSCA will soon issue a public warning, and it’s more than likely we are ahead of the game, but not at all hasty; our team has investigated these claims and has determined they provide an accurate picture of XPro Markets.
High Risks and Excessive Fees
What is apparent in our investigation of XPro Markets is that it lacks the kind of protection for customers we see in many regulated brokers.
Although they show documents and details about its policies, such as warnings about trading risks, a statement about regional restrictions, complaints procedure form, cancellation policy, details of privacy, and anti-money laundering provisions, XPro Markets customers are nonetheless burdened by high risks, burdensome fees, and alarming account issues.
XPro Markets has a leverage of 1:400, which is the level of many suspect, unregulated brokers. Excessively high leverage is dangerous for consumers and can put traders at risk of huge losses.
Although pips can be as low as 0.9, this is only for VIP accounts and pips for other accounts can be as high as 2.8.
Withdrawal fees seem reasonable at first: 3.5% for some payment types and a $30 flat fee for wire transfer, inactivity fees are shockingly high, ranging from $80 a month to $1,000 monthly after one year. Reactivating an account can cost clients up to $2,000.
In addition, many brokers have no minimum for withdrawals, whereas XPro Markets will not release funds less than $100. We also found a huge list of fees, including a monthly account maintenance fee.
The Biggest Problem BCR Customers Have With XPro Markets
We have received numerous complaints that XPro Markets ignores withdrawal requests or finds excuses to avoid returning money to clients. In some cases, clients are denied their principal when there was no reason not to expect access to it.
XPro Markets may be like many brokers that seem legitimate up front, but customers don’t know how problematic the broker is until they try to withdraw money.
We recommend you avoid opening an account with XPro Markets. If you have an account with them, demand a withdrawal. If you don’t receive your money, contact Broker Complaint Registry.
If You Have Lost Money to XPro Markets, Talk to Us
We create these reviews to warn consumers about brokers and schemes that may be fraudulent. If you have an account with XPro Markets, close it and request a withdrawal. If you are not given your money back, contact the Broker Complaint Registry right away. We will consult with you, work to track down your funds, and create investigative reports that will help you with your case.