XProMarkets is a broker based in South Africa that offers FX, commodities, indices, and crypto trading. Yes, having a license makes it more reliable than many offshore firms.
However, unfortunate trading requirements and unreasonable fees leave it far behind its competitors. This XProMarkets review is here to show you more details you should know.
|Headquarters||West Street, Sandown Sandton Gauteng 2196, South Africa|
Regulation of XProMarkets and Fund Safety
XProMarkets is a part of UKUCHUMA FINANCIAL SERVICES (PTY) LTD. This is a South African company licensed by the local FSCA. FSCA isn’t the strictest and most trustworthy monetary regulator.
However, regulated South African brokers are not free from obligation and need to meet certain conditions to ensure clarity and client protection.
The FSCA strives to guarantee that retail investors are treated fairly. They want to make sure they are provided with the appropriate information when investing. The regulator keeps a record of the firms licensed by it. Moreover, it has enforcement authorities to deal with violations through the enforcement board.
Due to the more flexible law in South Africa, brokers like XProMarkets can take benefit from some terms that would be unimaginable for brokers in Europe or Australia. For instance, the high leverage or the chance to have trading bonuses and other advertising.
However, keep in mind that the broker should not only have a license with the FSCA. It should also have a license with top-notch regulatory bodies such as the FCA in the UK, the ASIC in Australia, or the CySEC.
XProMarkets Trading Platform
As you may have seen, XProMarkets supports the top-rated MetaTrader4 software. Without a doubt, this is a huge advantage. This platform has appointed itself as an industry standard, and there is a sound reason for that. This platform is trustworthy and intuitive.
Also, it’s safe to say that includes a broad range of practical features. This is a fact! Some of those features are charting tools, a combination of options for customization, bot trading, and much more.
Apart from the MT4, this broker also has some sort of web-based trading software. The downside is that there is no MT5, the overall best platform for trading.
XProMarkets Account Types
There’s a substantial quantity of XProMarkets account types. These account types are as follows:
The minimum deposit amount is visible in the FAQ section. However, there is no data regarding other account types. The biggest disparities are swap discounts, trading signals, a full account outline, and account managers.
|Broker||XProMarkets||FXTM||OctaFX||FPMarkets||XM Broker||HFM||FBS Broker|
Deposit and Withdrawal Process on XProMarkets
XProMarkets broker supports credit cards, wire transfers, and the popular Skrill, Neteller, and WebMoney e-wallets.
The website says the minimum withdrawal amount is $10 for bank cards and $100 for wire transfers. All withdrawals are subject to a minimum $100 requirement, according to the Customer Agreement.
Only amounts not greater than the deposited amount can be withdrawn by card or e-wallet. If the withdrawal amount exceeds this amount, the remaining amount will be transferred by bank transfer. XProMarkets states that it does not charge deposit fees. However, there are substantial withdrawal fees.
Note: It’s always advisable that you use only licensed brokers. Your money will be safe and you would forget about the worries. Always do proper research to discover the ideal forex broker for you.
What About the Fake Brokers?
XProMarkets is a broker with a license that has some drawbacks. However, you should be aware of fake organizations that have various tactics to deceive you. With these firms, you will witness withdrawal issues almost always.
Besides, you will undergo strange fees. Also, there are phony high fees, often exceeding 20%. Sometimes those are called withdrawal processing fees.
Furthermore, there’s almost always a profit fee. Fake websites want you to pay these fees in advance. Likewise, there are unreasonable guaranteed returns. This is another famous trickery method that you should be aware of. Fake sites will always promise enormous guaranteed returns.
Note that trading with leverage is risky. Any broker deception will try to tell you that your returns are 100% guaranteed. Always try to work with brokers that have a license and are regulated.
The Most Reliable Forex Brokers
XProMarkets may be a solid broker for some. However, there are many options to choose a better and safer FX broker. Let’s take a look at some of the most reliable forex brokers in the table below!
|FXTM Broker||Cyprus, UK, Mauritius||4.5||$10||Forextime.Com|
|OctaFX Broker||Cyprus, SVG||4.4||$100||OctaFX.Com|
|FP Markets Broker||Australia, Cyprus||4.7||$100||FpMarkets.Com|
|XM Broker||Cyprus, Belize, Australia||4.7||$5||XM.Com|
|HFM HF Markets Broker||Cyprus, UK, South Africa, UAE, Kenya||4.3||$5||HFM.Com|
|FBS Broker||Cyprus, Belize, Marshall Islands||4.85||$100||FBS.Com|
We hope that this XProMarkets review is of any use to you. However, if you have had any problems with XProMarkets, do not hesitate to contact us. The company is regulated.
However, keep in mind that FSCA doesn’t have a solid fund and will barely return your money if something happens.
FAQs About XProMarkets Broker
Is XProMarkets Legitimate?
This company is regulated. However, keep in mind that FSCA doesn’t have a solid protection fund.
What Are the Funding Methods at XProMarkets?
XProMarkets supports credit cards, bank transfers, and the popular Skrill, Neteller, and WebMoney e-wallets.
Is my Money Safe with XProMarkets?
Even though this FX broker has a license, your money is not 100% regulated. Beware of this!