XPro Markets Review 2024

Trust

XPro Markets Regulations

In our reviews, we examine the licenses and regulations of each entity operated by a broker. This allows us to compare their different levels of protection. We rank licenses by various regulatory bodies on a three-tier system, where Tier-1 licensing indicates the highest level of regulation.

This is what I discovered about XPro Markets:

• UKUCHUMA FINANCIAL SERVICES (PTY) LTD is authorized and regulated in South Africa by the Financial Sector Conduct Authority (FSCA) under license number 32535. We rank the FSCA as a Tier-2 regulator.

We have summarized the most essential aspects of XPro Markets in terms of regulation and safety in the table below:

Why is it Important to Know Where Your Broker’s Subsidiaries are Regulated?

Brokers operate multiple entities because it allows them to serve clients worldwide. However, licenses obtained by regulators in different jurisdictions do not always entail the same degree of protection. Some regulators mandate compliance with the strictest financial frameworks, whereas others are less rigid. That is why traders need to familiarize themselves with the safety mechanisms ensured by the entity they want to open an account with beforehand.

Here is what you need to be looking for in a broker in terms of safety mechanisms:

• Segregation of client funds. Keeping client funds in segregated bank accounts from the ones used for the broker’s corporate capital negates the risk of accounting errors. XPro Markets adheres to this requirement.
• Negative balance protection. This safety mechanism removes the risk of trading losses exceeding the account balance. In other words, the losses you incur from trading are capped at the amount you have put in your trading account. This is especially important in volatile markets. XPro Markets ensures negative balance protection.
• Compensation scheme. A compensation scheme protects traders against the broker’s liabilities in the unlikely event that the company becomes insolvent. There is no such safety net with XPro Markets.
• Maximum leverage. Capping the maximum leverage limits the maximum market exposure to retail traders. The higher the leverage, the higher the potential profits and potential losses. Under FSCA regulation, the maximum retail leverage is 1:400.

Is XPro Markets Safe to Trade With?

XPro Markets ensures segregated funds and negative balance protection under FSCA regulation, which means compliance with the most essential safety requirements in the industry. However, it lacks other important safety mechanisms. For instance, the broker has not issued a ‘best execution policy,’ which is a legal mandate to deliver the most favorable price feeds and execute client orders under the most favorable market conditions.

Despite lacking a ‘best execution policy’, XPro Markets maintains that it achieves an execution speed of 4 milliseconds. This, however, cannot be verified because the broker does not publish regular execution statements with its Legal Documents. If this performance is real, this would mean that XPro Markets would rival the top 5 brokers in the world in terms of low-latency trading.

Stability and Transparency

In our tests for the Trust category, we also cover factors relating to stability and transparency. Here, we focus on how long the broker has been in business, how big the company is, and how transparent it is in terms of readily available information.

When you visit XPro Markets’ website, the first thing you see is the following:

The broker should be praised for trying to differentiate itself from potentially fraudulent activities. However, it should also be remembered that similarities in trade names are sometimes coincidental.

Some areas for improvement in XPro Markets’ transparency include a lack of readily available information about the company’s structure and management team. Additionally, there appears to be some inconsistency between the trading instruments listed on their website and what’s actually accessible on the platform.

I noticed a difference between the spread rates shown on the website and the real numbers. For example, for two consecutive days, I recorded a spread of 4.1 pips of EURUSD on a Classic account while it is said that the spread rate starts from 2.5 pips, so it’s better to always check and compare the real spreads (they do mention that the spreads start from 2.5 Pips). In addition, XPro’s ‘Product Specifications’ page does not display information regarding spread rates on different instruments.

In summary, my research indicates the following about XPro Markets in terms of trust and stability:

• Regulated by the FSCA
• Keeps client funds in segregated bank accounts
• Ensures negative balance protection
• Does not have a ‘best execution policy’
• Missing information about the company management

Fees

XPro Markets’ Trading Fees

XPro Markets’ Spreads

I tested XPro Markets’ spreads during the most actively traded times – the London open at 8:00 a.m. GMT and just after the U.S. open at 2:45 p.m. GMT. The test was conducted on 07 September 2023.

Broken down by asset class and compared to the industry average, XPro Markets charges high spreads on FX pairs, commodities, share CFDs, indices, futures CFDs, and cryptocurrencies.

XPro Markets’ Swap Rates

A swap fee is a trader’s cost for holding an open position overnight because of changing interest rates. Swap long refers to the charge deductible or credit receivable for holding a buy position open overnight. In turn, swap short relates to the charges/credits deductible or receivable for holding a selling position open overnight.

The values listed below are for one full contract (100,000 units) of the base currency.

While the industry average is $5 per lot, XPro Markets charges around $20-25. For comparison, a swap-long charge for either pair above $10 is considered high.

XPro Markets’ Non-Trading Fees

XPro does not charge deposits, but there is a 3.5% handling fee on withdrawals. The broker also charges an inactivity fee depending on how long your account has laid dormant:

If your account is fully verified and you have opened at least one trade, your first withdrawal is free of charge. There is a $10 maintenance fee charged monthly regardless of trading activity. If your account has no activity for at least one month, you’ll also be charged an extra fee for inactivity. You can access XPro Markets’ general costs here.

Are XPro Markets’ Fees Competitive?

I assessed XPro’s trading and non-trading fees and concluded they are not competitive. Even though the broker offers commission-free trading, its spreads and swaps are considerably higher than the industry average. Additionally, the broker charges non-trading fees for inactivity and withdrawals.

Accounts Comparison

I could not collect relevant data about XPro Markets’ accounts besides its Classic account type. That is why I decided to compare its Classic account to the industry benchmark for STP and ECN accounts.

The table shows how much you will have to pay to trade 1 full lot (100,000 units) on the EUR/USD when the pip value of the pair is $10 on an XPro Markets Classic account compared to standard STP and ECN accounts. These numbers are taken from my previous reviews.

My tests indicate that you will have to pay $41 to execute a full-sized position on the EURUSD, which is remarkably higher than with other brokers.

Platforms and Tools

The platform is available from the Client Portal. It has a very easy learning curve, making it quite suitable for beginners. The platform, however, does not have an Expert Advisors (EAs) feature, which is necessary for automated trading. The platform also includes no order types that enable even rudimentary automation. There is also no opportunity for social trading.

XPro Markets’ Web Trader Platform

General Ease of Use

XPro Markets’ platform has a mostly practical design. I like that quite a lot of space is given to its chart screen, which makes scaling price action up and down easy.

I also appreciated that important trading information is also readily available on the right-hand side of the platform. You can read about the day’s lows and highs on a given instrument, its swap long and short, daily sentiment, and more. This easily accessible information makes it easier to make a trading decision even in volatile environments.

Charts

The chart is a vital platform component. Traders use it to analyze price action behavior the direction of the market, and determine potential entries and exits in and out of trades.

In addition to having clear and informative charts, a platform should also comprise a broad range of technical indicators, drawing tools, and other such instruments to accommodate technical analysis.

My overall impression of XPro Markets’ charts is a prevailingly positive one. You can apply multiple indicators and drawing tools, as well as manipulate price action in various ways. I have broken down all the available analytical tools and chart configurations below:

• 67 technical indicators. The platform supports trend-based, volume-based indicators, oscillators, and Bill Williams indicators. These can be applied to study price action behavior and determine the underlying market sentiment. In general, technical indicators are used to gauge where the market is likely to head next.
• 23 drawing tools. Drawing tools, such as Fibonacci retracement levels and Elliott waves, are used to study repeatable price patterns. Additionally, they can be applied to determine key support and resistance levels and potential breakout or breakdown levels.
• 11 timeframes. You can examine price action behavior in the short and long terms. The greater the number of available timeframes, the more intricate examinations that can be carried out and the more trading strategies applied.
• 4 chart types. Price action can be represented as a line, bars, candlesticks, or Heikin Ashi.

Orders

I have broken down the available order types on the platform by type:

• Market orders. Market orders are used for immediate entry at the best possible price. If triggered, they guarantee volume filling, though there could be a discrepancy between the requested price and the price where the order actually gets filled.
• Limit orders. Unlike market orders, limit orders guarantee exact price execution. However, a limit order will not be filled if the price action does not reach the pre-determined execution price.
• Stop orders. They are used to support open positions by limiting the maximum loss that can be incurred if the market turns in the opposite direction. A stop-loss order is placed at a fixed price below or above the spot price. If the market does indeed turn and triggers the stop-loss, it will transform into a market order and get filled at the best possible price.

Tradable Instruments

A plus in XPro’s offering is that some of the available instruments are denominated in several currencies. For instance, you can trade XAUUSD (Gold vs. US Dollar) or XAUEUR (Gold vs. Euro). Traders can thus avoid paying conversion fees when trading with instruments denominated in their account currency.

What Are CFDs?

Contracts for difference (CFDs) are derivatives used to speculate on the price of the underlying without physical delivery. For example, a long position on gold would generate a profit as the price rises or incur a loss as it falls. This is achieved without having to purchase actual bars of gold. One of the biggest advantages of trading CFDs is that traders can get in and out of the market almost instantaneously, thereby catching even minute changes in the price of the derivative.

What Can You Trade With XPro Markets?

I have broken down the available instruments by asset class:

• 54 Currency Pairs
  Major, Minor, Exotic
• 9 Commodities
  Metals and Energy
• 146 CFD Shares
  Retail, Technology, Financial, Other.
• 12 Indices
  U.S., Europe, Asia.
• 9 Cryptocurrencies
  Major and Minor
• 12 CFD Futures
  Agriculture, Metals, Energy

Compared to the broader industry, XPro Markets offers an average amount of FX pairs, commodities, and share CFDs. There is also a high amount of indices and a narrow range of cryptocurrencies.

Forex	Commodities
EURUSD | GBPJPY | EURJPY | USDCHF | USDTRY | GBPCAD | USDZAR | USDSEK | EURMXN	Gold | Crude Oil | Brent Oil | Silver | Platinum | Palladium

CFD Shares	Indices
Apple | Tesla | Alphabet | Microsoft | Air France | Bank of America | Uber	Dow Jones 30 | Germany 40 | Japan 225 | Australia 200 | UK 100 | S&P 500

CFD Futures	Cryptocurrencies
Wheat | Soybean | Natural Gas | Cotton | Copper | Coffee | Crude Oil	Bitcoin | Ethereum | Dogecoin | Ripple | Litecoin

Customer Support

Customer support is available in English, Arabic, Portuguese, Spanish, French, German, Korean, Chinese, Malay, and Thai. I also appreciated that support is available over the phone with account creation. Additionally, there is also a dedicated FAQ section on the website.

Customer Support Test

Testing a broker’s customer support team, we evaluate the agents’ knowledge of their own website, how long it takes them to respond to questions, and how detailed their answers are.

I conducted my test on 8 September at 11:11 a.m. CET via the live chat, available at the bottom-right corner of the main page. I had several questions, so I started with what I presumed to be the more complex inquiry, followed by the more straightforward ones.

My first inquiry was about XPro Markets’ execution model. The website says that they operate on a No-Dealing-Basis (NDD), and in the Client Agreement, it is stated that XPro Markets is paid a commission by their liquidity provider for executing each client order. So I wanted a bit of clarification, but the agent simply said that my account manager would contact me shortly without answering me.

Then I decided to ask two more straightforward questions, but the result was the same. Upon inquiring about their company structure and whether they have a mobile app, the agent said that my account manager would contact me. The assertion that he is not allowed to share information pertaining to their platform and tools was also factually incorrect. Overall, the agent could have been more helpful as he did not fully address my questions.

Deposit and Withdrawal

XPro Markets Deposit Methods

XPro Markets Withdrawal Methods

The first withdrawal with XPro Markets is free, after which a handling fee is applied. The fee of 3.5% meets the industry average, though traders should keep in mind that third-party banking fees may also apply. XPro Markets’ waiting times also seem reasonable.

Account Types and Terms

Why is Choosing the Right Account Type Important?

Your account should reflect your goals, needs, and ambitions on the market. You should take into consideration several things, such as whether the account type has a minimum deposit requirement, what its spreads and commissions are, what the execution method is, and more.

What Account Types Does XPro Markets Offer?

I have arranged XPro Markets’ account types below:

There are only marginal differences between XPro Markets’ retail account types. They all offer the same instruments, have the same margin policies, and minimum deposit requirements. They also all afford commission-free trading.

The spread rate information is taken from XPro’s website, however, there are reasons to doubt the validity of these numbers. For instance, it is stated that EURUSD spreads on a Classic account start from 2.5 pips, but based on my measurements, I determined that the spread rate actually starts from 4 pips.

Overall, I assessed that neither account type is tailored for a particular kind of trading, whether it be high-frequency, short-term (scalping and intraday), or longer-term (swing, day, and position) trading.

What is XPro Markets’ Execution Model?

The broker operates on an STP (Straight-Through-Processing) basis with market execution. STP brokers send their client orders for execution at the interbank level by their liquidity providers. The benefit of this model, which functions without a dealing desk, is generally, but not always, faster order execution. XPro Markets is paid a commission by its liquidity provider for each executed order. Orders are filled at the market.

Market execution guarantees volume filling at the best possible price, though not necessarily at the requested price. XPro Markets claims to average an execution speed of 4 milliseconds, which, if true, would make it one of the fastest brokers in the entire industry. This claim, however, cannot be confirmed.

In my experience, market execution is better suited for day trading and position trading strategies where volume is important. But it is less so for intraday trading strategies, such as scalping, where precise order filling is more important.

What is CFD Leverage?

The leverage determines a trader’s overall market exposure. When trading Contracts for Difference (CFDs), positions can be opened for a fraction of their value because of the leverage. Essentially, the broker lends the trader money so that the latter can open bigger-sized positions. The leverage multiplies the profits a trader generates from winning positions but also the losses incurred from failed trades.

XPro Markets Account Opening Process

I have summed up the account creation process with XPro Markets in the following easy steps:

• Step 1. Click ‘Create account’ at the top-right corner of the main page.
• Step 2. Fill in your personal information, including your name, email, and number.
• Step 3. Choose a password.
• Step 4. State your address and DOB.
• Step 5. State if you are a US-responsible person or a politically exposed person.
• Step 6. Provide information about your trading experience and source of funds.
• Step 7. Upload proof of address and proof of identity to verify your account.
• Step 8. Fund your account.

Why is a Demo Account Important?

XPro Markets offers demo accounts that introduce traders to the broker’s services and allows them to tweak their strategies in a risk-free environment. The market is continually evolving and never static, so it is important to hone your skills in a safe environment. You can set up a demo account for yourself alongside your live CFD account.

XPro Markets Restricted Countries

The broker does not accept clients from the U.S., Canada, Turkey, Australia, Israel, and certain EU member states.

Research

Research Tools

I have broken down the two available types of content below:

Economic calendar

A must-have tool, the calendar informs traders of upcoming events – financial, economic, and political – that have the potential to cause a significant market reaction. Traders anticipate such economic releases, and trading activity tends to pick up around them, which is what causes said reaction. That is why the calendar is so indispensable, as it helps traders prepare in advance for currently unfolding trading opportunities.

Trading Central Analyses

One of the leaders in its field, Trading Central provides top-of-the-line market research, including technical and fundamental analyses, news screener, trading ideas, and more. Its technical analyses are well-researched and supplemented with detailed charts. Each potential trading setup is highlighted with pivot points underscoring the prevailing market bias, potential breakout or breakdown points, and more.

XPro Markets should be praised not only for incorporating this excellent research tool but also for making it easily accessible even to registered clients. Most brokers require their clients to have funded their accounts with at least $500 before they can access Trading Central content.

Education

The Bottom Line

XPro Markets is a CFDs broker from South Africa that was founded in 2022. It is licensed and regulated by the FSCA as an investment firm offering derivatives trading solutions to retail traders, who can choose from over 220 instruments from different markets.

The broker’s instruments offering is fairly decent, and it affords exposure to the biggest markets. XPro Markets also has a diverse range of trading accounts, though there is little to differentiate them apart from the underlying spreads. I determined that the biggest advantages of the broker are its feature-rich and highly customizable platform and the incorporation of content from the seamless Trading Central.

On the downside, XPro Markets has above-average trading costs, has no mobile app, and doesn’t provide educational content.

My overall impression is that beginners and advanced traders from South Africa can take advantage of easy access to content from Trading Central via XPro Markets. They can also benefit from the intuitive charts of the broker’s proprietary platform.

FAQ