Want to Open an Account with XPro Markets? Read This First
If you’ve come across XPro Markets and are wondering if this broker is the right choice for you–take a few minutes to read this review first.
CryptoCoinTrace customers have alerted us about this broker and these complaints are consistent with the information we’ve uncovered in our own investigations. We create these reviews to help you keep your money safe online and we are alerting the public about XPro Markets.
Why XProMarkets’ Licence Isn’t Enough
But doesn’t XPro Markets have a license? Yes, indeed. It is licensed by the FSCA, South Africa’s financial regulator. Although the FSCA definitely has standards for its licensees, it isn’t as stringent as first-tier brokers like the FCA of the United Kingdom or CySec in Cyprus.
Speaking of CySec, it seems that XPro Markets, if it is legitimate, should have a CySec license. That’s because XPro Markets is owned by Ukuchuma Financial Services in Cyprus. So why doesn’t it have a license from CySec? Maybe XPro Markets applied and their application was denied by CySec. Maybe it is trying to avoid the more stringent oversight of CySec and prefers the rather lax standards of FSCA instead.
Although admittedly, the majority of broker scams we investigate are unlicensed, that doesn’t mean that XPro Market’s FSCA license necessarily means that it is above board and safe. Often we see brokers like XPro Markets with second-tier licenses that try to engage in suspicious practices under the radar and use their license to give them a veneer of legitimacy.
For instance, unlike European-regulated brokers, XPro Markets offers very limited customer protections and has very high leverage at 1:400. This increases the risk of losses for customers and can encourage them to reach minuses in their accounts.
XProMarkets Charges High Fees
XProMarkets terms and conditions may seem reasonable at first glance, but there are numerous fees and costs that make it expensive for clients. This may not be outright fraud, but it certainly can seem exploitative, at least at some level. For instance, its pips can seem like a bargain at 0.9, but this low level is only available for VIP clients. For others, they can be as high as 2.8.
Withdrawal fees can also seem within an acceptable range-from 3.5% for some payment methods to a $30 flat fee for bank transfers. However, in addition to withdrawal fees is a laundry list of additional charges, including a monthly maintenance fee. Most shocking is the level of XPro Markets inactivity fee at $80 for one month, and the charge increases until it reached $1,000 monthly after a year! In addition, customers must pay a $2,000 re-activation fee.
What CryptoCoinTrace Customers Say About XProMarkets
We have investigated XPro Markets and found many questionable practices and activities, but what has prompted us to create this review is the plethora of complaints from CryptoCoinTrace customers.
The most common complaint our customers make about XPro Markets–and the most serious–is that it ignores withdrawal requests and finds excuses not to release funds to clients. This makes XPro Markets appear similar to other brokers we have dealt with that have licenses and seem legitimate but nevertheless deny their clients access to their funds.
We realize that the FSCA has yet to flag XPro Markets as a suspected scam broker. Regulators warn the public when they have received multiple complaints.
Instead, customers have complained to us about XPro Markets, because they seek our help tracking down their funds. We are in the process of dealing with these claims and seek to warn the public against brokers like XPro Markets who engage in suspicious practices.
If you are thinking about trading with XPro Markets, don’t! Research every regulated broker thoroughly to find one with a solid reputation. If you have an account with XPro Markets, close it and request a withdrawal. If you don’t get your money back, contact our experts right away.
Have You Lost Money to XPro Markets? Talk to CryptoCoinTrace Experts
Our team of crypto experts uses proprietary methods, specialized crypto trace software, and customized investigation strategies and makes them work for you. We give our clients the tools to approach law enforcement and crypto exchanges so they will act on your claim. The sooner talk to us, the greater the chances of a successful claim!
