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What is known about the XPro Markets trading platform - review of the Forex kitchen and honest reviews
Broker XPro Markets is a new company, although the website claims many years of experience. Based on a single domain update, the site went live in 2022. Around this time, negative reviews began to appear. The resource is made like a standard cheap one-page website. There are several sections, but there is little specificity in the text content. Traders have access to analytical data and an economic calendar.
The office claims that there are now more than 10 thousand active traders from all over the world registered on the site. The broker promises access to a wide selection of instruments. Clients are not told anything about the presence of insurance payments and commissions. On the contrary, each trading account description states that the commission is 0%. Investors are obviously being deceived.
The site has a section with legal documentation. The regulator is indicated there, and there is a license number, but the document was issued for the provision of insurance services. The address listed on the marketplace – Office 1-14 1ST Floor Workshop 17, 138 West Street, Sandown Sandton Gauteng 2196, South Africa – is not valid. The phone number +27870948672 is fake. Of the real contacts, there is only a feedback form and email [email protected].
|Year of foundation
|Regulation and jurisdiction
1-14 1ST Floor Workshop 17, 138 West Street, SanDown Sandton Gauteng 2196, South Africa
- Quote manipulation
- Hidden fees and charges
- Ignoring customer requests
|Types of accounts
Classic, Silver, Gold, Platinum, VIP
Stocks, index, cryptocurrencys, currency pairs, commodities, bonds
UKUCHUMA FINANCIAL SERVICES (PTY) LTD
Trading conditions and platform tools
On the XPro Markets platform, traders are offered to trade stocks, indices, commodities, metals, and cryptocurrencies. There is no top-up amount on all accounts except Classic. Clients are given five types of accounts to choose from:
- Classic – deposit $250, leverage 1:400;
- Silver – no deposit specified, leverage 1:400;
- Gold – no deposit specified, leverage 1:400;
- Platinum – no deposit specified, leverage 1:400;
- VIP – deposit $10,000, leverage 1:400.
The company writes that the site has zero commission. But spreads range from 0.9 to 2.5, which is a serious violation on the part of the company. Regulators prohibit setting spreads of 2.4 or higher. Minimum transaction sizes range from 0.10 to 0.14. This depends on the selected account type.
Forex broker XPro Markets is a typical deceiver. Using photos of famous personalities, the company defrauds people of money, demands payment of commissions and other charges. It is impossible to obtain a refund on your own. Only lawyers specializing in chargeback procedures can help return capital.
How scammers scam users – exposure
The company claims that it has a license, and even indicates its number and the regulator that issued the piece of paper. But a check shows that this is a license for insurance activities, and not for trading assets in financial markets. The company belongs to the jurisdiction of South Africa. To provide services in other countries, the broker needs approvals from other regulatory authorities. If a broker provides services in the Russian Federation, then he must have the appropriate document.
The XPro Markets official website offers cryptocurrency trading, but South Africa does not recognize digital assets, and any transactions with crypto are against the law. The scammers set a leverage of 1:400 and a spread of 2.5, which is also a clear violation of regulatory requirements.
The scammers managed to scam people from different countries and continents – Asia, Europe, and the CIS. Cash withdrawals do not work on the site. Clients do not know how to get their capital back. Technical support ignores requests. The trading terminal displays positive results, but in reality the office has no access to real markets. In addition to refusal to withdraw money, traders are faced with demands to pay draconian commissions.
Fake brokers like this one often create low-quality websites. And there are several reasons for this. They tend to hide their identity and location, so they don’t invest enough in developing and maintaining a quality resource. They can disappear quickly and don’t care about long-term reputation. Therefore, it makes no sense for such companies to invest in the site. A low-quality site can be more difficult to track and detect fraud, as scammers can modify it and remove traces of their activity. And this characteristic can be applied to this broker.
Many XPro Markets reviews are proof of these theses. In addition, the office does not provide documents that authorize brokerage activities, and its address is invalid.
XPro Markets – investor reviews
Kitchen brokers don’t worry too much about fulfilling their responsibilities to clients. Their task is to persuade the trader to replenish the account with an amount as large as possible, and then drain the capital, or charge commissions, insurance and other payments that will cover the entire profit. People who have created a personal account on XPro Markets have seen this from their own experience.
Valera says that he no longer has the strength to fight these swindlers. He replenished his deposit on the platform, but then he urgently needed money, and he decided to withdraw the capital. They did not allow him to withdraw money. They began to demand payment of insurance and commission from him. The user became indignant, and as a result his account was blocked.
Daniel says that office employees persuade people to open transactions that will ultimately lead to a loss of capital, and then ask them to replenish their trading account. Daniel hopes that no one else will fall for the tricks of this unscrupulous company like he did.
Ilya says that the office throws around promises, but does not fulfill them. The trader hoped that he could make money on this trading platform, because professionals help beginners. But he was deceived. Within a few hours, his deposit was drained. The company’s employees do not want to be held responsible for this, arguing that by registering on the site, the client agrees with the conditions put forward by the site.
The number of negative comments is growing every day. And they are not written by competitors, but by real users who had the misfortune of contacting this company. Usually, when there are too many such reviews, such kitchens close.
A review of XPro Markets shows that the broker is not trustworthy. The company lies at every turn. She does not have documents that would give her the right to conduct brokerage activities, and the indicated legal address is invalid. By replenishing a trading account on the site, a trader can say goodbye to money. He will not receive them back, nor will he see the profit.
The kitchen broker has only been around for a short time, and his reputation is getting worse every day. The company likes to publish photos of famous personalities on the site in order to mislead traders and instill trust in them.
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The company’s rating and reputation largely depend on whether its clients are satisfied. The reviews about XPro Markets are not the most flattering, and therefore you should take a close look at them before deciding to cooperate with this platform.
To add a review of this company on the resource, you do not need to spend a lot of time. The whole procedure takes no more than 5 minutes, and this is already with registration. A letter with a link to confirm registration will be sent to your e-mail, and it will also contain detailed instructions on how to add a review to the site.
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