XPro Markets allows deposit funds in two currencies, EUR and USD. XPRO MARKETS DEPOSIT/WITHDRAW METHODS AND FEES Nowhere are specific bonus and promotion programs mentioned or described. We find reference to “Bonus Terms and Conditions” in the Client Agreement, but no such document can be found on the website.
#Xpro vader registration#
The South African registration allows XPro Markets to offer bonuses and promotions, which is also prohibited in more strictly regulated jurisdictions. All leading regulators therefore restrict leverage for retail traders. High leverage creates the opportunity for more significant profit, but correspondingly increases the risk of sudden and excessive losses. For comparison, the European Securities and Markets Authority (ESMA) and accordingly all EU regulators limit leverage to 1:30 for major currency pairs, 1:20 for non-major pairs, gold and major indices, 1:10 for other commodities and non-major indices, and 1:2 for cryptocurrencies. Looser regulations in South Africa allow XPro Markets to offer very high leverage – up to 1:400 for forex, 1:200 for indices and commodities, 1:5 for cryptocurrencies. But as noted, it is not clear what the requirements are for creating a VIP account. Only the VIP account theoretically offers a spread of 0.9-1.4 pips, which is comparable to the industry average. In the trading platform we saw an even higher level of over 3 pips. The indicated indicative spread of 2.5 pips for the benchmark currency pair EUR/USD is also too unfavourable. This is not a particularly competitive level – many leading brokers allow you to start trading with a minimum deposit of 100 USD or even less. Usually different accounts have different minimum deposits, but XPro Markets specifies one level for all – 250 EUR/USD. Such information is missing both on the website and in the Client Agreement. Here we encounter the first problem with this broker – it is not clear from the description of the accounts what the requirements are for upgrading to a higher package with more favorable terms. The XPro Markets website describes four types of trading accounts – Classic, Silver, Gold and VIP.
#Xpro vader software#
Some brokers offer packages of software extensions that bring MT4’s capabilities closer to newer platforms, but XPro Markets is not one of them. However, its functionality is undeniably lagging behind more advanced platforms, including the newer MetaTrader 5 software version.
This platform has established itself as industry standard because of the wide range of features, including a variety of options for customization, multiple account usage, designing and implementing custom scripts for automated trading and backtesting trade strategies. Here’s what the desktop version looks like with a Demo account:Īlthough it has been on the market since 2005, MT4 is still perfectly adequate for most brokers’ needs.
In addition to desktop, the platform is also available in a web version as well as mobile apps. XPro Markets offers the industry’s most established trading software – MetaTrader 4 (MT4). European brokers also have to maintain a significant net capital of EUR 730 000, which reduces the likelihood of bankruptcy. These guarantees amount to up to 20 000 EUR in the EU and 85 000 GBP in the UK. XPro Markets claims to offer negative balance protection, but In the EU and the UK brokers must also participate in guarantee schemes that cover a certain amount of the trader’s investment if the broker becomes insolvent. Although the FSCA oversees the activities of brokers to ensure the safety of their clients, brokers in South Africa provide fewer benefits and guarantees to traders than their competitors in the European Union or the United Kingdom. Ukuchuma Financial Services belongs to the same group of companies as IGM Forex Ltd, which manages the Cyprus-licensed broker IGMFX. A check of the regulator’s database confirms that this information is correct. XPro Markets is operated by Ukuchuma Financial Services (PTY) LTD, which is stated to be authorized and regulated by the Financial Sector Conduct Authority ( FSCA) of South Africa. XPRO MARKETS REGULATION AND SAFETY OF FUNDS XPro Markets has very few advantages that cannot compensate for the obvious disadvantages. But unfavourable trading conditions and excessive fees leave it far behind the competition.
#Xpro vader license#
Having a license makes it nominally more trustworthy than many offshore brokers operating in Africa, Asia and the Caribbean. XPro Markets is a South Africa-based broker offering forex, commodities, indices and cryptocurrency trading. Open trading accounts with at least two brokers.
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