XPROMARKETS is a forex and CFD broker that offers trading on various instruments, such as currency pairs, indices, commodities, stocks, and cryptocurrencies. The broker claims to provide a secure and transparent trading environment, with competitive spreads, fast execution, and no hidden fees. But is XPROMARKETS legit or a scam? In this review, we will examine the broker’s features, regulations, trading conditions, and customer support to help you decide if you should trade with them or not.
Regulation and Security
One of the most important factors to consider when choosing a broker is their regulation and security. A regulated broker must comply with strict rules and standards set by reputable financial authorities, such as the FCA in the UK, CySEC in Cyprus, or ASIC in Australia. These rules are designed to protect traders from fraud, manipulation, and unfair practices. A regulated broker must also keep client funds in segregated accounts, use secure payment methods, and participate in compensation schemes in case of insolvency.
XPROMARKETS is not a regulated broker. The broker does not disclose any information about its legal entity, registration number, or address on its website. The only contact details provided are an email address and a phone number with a UK country code. However, this does not mean that the broker is authorized or licensed by the FCA or any other regulator. In fact, the FCA has issued a warning against XPROMARKETS, stating that the broker is operating illegally and targeting UK investors without permission.
Trading with an unregulated broker is very risky and not recommended. You have no guarantee that your funds are safe or that you will be able to withdraw your profits. You also have no recourse in case of any dispute or complaint. You may end up losing all your money or becoming a victim of identity theft or other scams.
Trading Conditions
Another factor to consider when choosing a broker is their trading conditions, such as the types of accounts, platforms, instruments, spreads, commissions, leverage, and bonuses. These factors affect your trading experience, performance, and profitability.
XPROMARKETS offers four types of accounts: Basic, Standard, Gold, and Platinum. The minimum deposit required to open an account is $250 for the Basic account and $50,000 for the Platinum account. The broker claims to offer variable spreads starting from 0.1 pips for the Platinum account and 2.5 pips for the Basic account. However, these spreads are not verified by any third-party source and may not reflect the actual market conditions. The broker also charges commissions of $10 per lot for the Basic account and $6 per lot for the Platinum account. The leverage offered by the broker ranges from 1:100 to 1:400 depending on the account type and instrument.
XPROMARKETS provides access to the MetaTrader 4 (MT4) platform, which is one of the most popular and widely used trading platforms in the industry. MT4 offers advanced charting tools, technical indicators, automated trading systems (Expert Advisors), and customizable features. The platform is available as a desktop application, a web-based version, and a mobile app for iOS and Android devices.
XPROMARKETS claims to offer over 200 instruments for trading, including forex pairs, indices, commodities, stocks, and cryptocurrencies. However, the actual number and variety of instruments may vary depending on the account type and platform. The broker does not provide any information about the trading hours, contract specifications, margin requirements, or swap rates for each instrument.
XPROMARKETS does not offer any bonuses or promotions to its clients. The broker states that it does not have any hidden fees or charges but does not provide any details about the deposit and withdrawal methods or fees.
Customer Support
The last factor to consider when choosing a broker is their customer support service. A good broker should provide reliable, professional, and responsive support to its clients via various channels, such as phone, email, live chat, or social media.
XPROMARKETS offers customer support via phone and email only. The phone number provided is +44 203 807 0069 and the email address is [email protected]. The broker does not have a live chat feature or any social media presence. The website does not mention the working hours or languages of the support team.
Conclusion
XPROMARKETS is an unregulated forex and CFD broker that operates illegally and poses a high risk to traders. The broker does not disclose any information about its legal status or location and has been blacklisted by the FCA. The broker’s trading conditions are unclear and uncompetitive compared to other brokers in the market. The broker’s customer support service is limited and unprofessional.
We do not recommend trading with XPROMARKETS as you may lose your money or become a victim of fraud. You should look for a regulated and reputable broker that offers transparent and fair trading conditions and excellent customer support.
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