Classification: Confirmed Unauthorized Trading Platform – Active Scam Operation
Ontario Securities Commission (OSC): 🔴 Blacklisted – Unregistered/Unlicensed entity
Trustpilot Rating: 2.0/5 (109+ reviews)
WikifX Rating: High-risk – Multiple withdrawal complaints
Executive Summary
Pro X Markets (operating under domains including xpromarkets.com, xpromarket.uk, and xpromarkets.co.uk) is a confirmed unauthorized trading platform that has received an official blacklisting from the Ontario Securities Commission (OSC) for being an “Unregistered/Unlicensed entity offering financial products or services” .
The platform has amassed a devastating collection of victim reports across multiple consumer protection platforms. Trustpilot reviews average 2.0/5 stars, with victims reporting losses ranging from $250 to €136,000 ($146,000 USD) . WikiFX lists over 20 individual scam complaints from victims worldwide .
Victims consistently report a classic scam pattern: initial small withdrawals to build trust, aggressive pressure for larger deposits, fabricated profits to encourage “upgrades,” and then complete withdrawal blocks, account deactivations, and hostile customer support. The platform uses fake account managers with names like “Lucas Monfort” and “Luna”—both almost certainly fictitious . Fake WhatsApp and Telegram groups are used to simulate a legitimate trading community.
Verdict at a Glance:
| Aspect | Assessment |
|---|---|
| Regulatory Status | 🔴 Blacklisted by Ontario Securities Commission – Unregistered |
| Trustpilot Rating | 2.0/5 (109+ reviews) – “Poor” |
| WikiFX Complaints | 20+ individual scam reports documented |
| Documented Losses | €136,000 ($146k USD), $98,000, $30,000, €9,000+ |
| Fake Managers | “Lucas Monfort,” “Luna,” “Erdi,” “Melvin” – fictitious |
| Tactics | Bonus lures ($2,000 bonus for $3,000 deposit), fake profits, withdrawal blocks, account deletion |
| Legal Action | Case registered under Indian Penal Code sections 419, 420 |
| Risk Level | 🔴 High – Confirmed Fraud |
| Recommendation | DO NOT DEPOSIT ANY FUNDS |
Official Regulatory Warning: The Decisive Red Flag
Ontario Securities Commission (OSC) Blacklisting – November 2024
The single most important fact in this review is that Canada’s top financial regulator has officially blacklisted Pro X Markets.
On November 21, 2024, the Ontario Securities Commission (OSC) added www.xpromarket.uk to its official warning list as an “Unregistered/Unlicensed entity offering financial products or services” .
Traders Union confirms that the company operating under the name XProMarket and using the domain www.xpromarket.uk is not regulated by the Securities Commission and may not have the legal authorization to provide financial services in Ontario .
What this warning means for investors:
- ❌ Pro X Markets is not authorized to provide financial services in Ontario
- ❌ The platform operates with no regulatory oversight
- ❌ There is no investor protection if funds are lost
- ❌ There is no compensation scheme (no deposit insurance)
- ❌ There is no ombudsman to appeal to
How Pro X Markets Operates: The Scam Pattern
Based on extensive victim documentation from WikiFX and other sources, here is the detailed step-by-step pattern of how Pro X Markets’ fraudulent operation works.
Phase 1: The Bait – $250 Entry with 1-on-1 “Mentor”
A victim from Taiwan detailed the initial lure:
Translation: “Initially, I saw on the website that I could start with a $250 deposit investment, and they arranged an online teacher to provide guidance.”
The platform offers an attractive entry point. A “broker” or “account manager” is assigned to guide the victim.
Phase 2: Trust Building – The “Small Withdrawal” That Works
The victim reported a confirmed small profit withdrawal:
Translation: “Initially, I was able to withdraw $50.”
This critical step builds the victim’s confidence. The scam works precisely because they allow small withdrawals at first.
Phase 3: The Trap – Forced Escalation to $3,000 Tier
The friendly “mentor” turns. The victim described:
Translation: “Next, they told me I could not deposit $3,000, and the teacher’s attitude started to become unfriendly.”
Another victim detailed the “bonus” lure:
Translation: “He persuaded me that if I deposited $3,000, they would reward me with $2,000. I deposited $3,740 to trade.”
Phase 4: The Hook – Fabricated “Profits” After Upgrade
The victim who deposited $3,740 reported:
Translation: “Sure enough, the market grew exponentially, so I earned $7,700.”
This is a fabrication. No real trading occurs. The numbers are manipulated to encourage larger deposits.
Phase 5: The Withdrawal Block – Account Deactivated
The first victim reported:
Translation: “Later, when I tried to log in again, I found my account was blocked.”
Another victim detailed the demand for reactivation fees:
Translation: “He was informed that his account had been deactivated. He was told he needed to pay $1,000 for reactivation.”
Phase 6: The Secondary Trap – “Losses” and Demands for More
The victim who earned the $7,700 “profit” described the perversion of the system:
Translation: “Minutes later, my account was negative with a debt of -$1,200. They told me I had to deposit $1,200 to cover the loss.”
The platform then weaponizes the victim’s own funds to force additional payments.
Phase 7: The End – Account Zeroed, Support Silenced
The victim concluded:
Translation: “Minutes later, they sent me another email canceling my withdrawal due to ‘insufficient balance.'”
The account is zeroed. The “profits” and deposits disappear. The “account manager” vanishes. The victim is left with nothing.
What Real Victims Are Saying
Victim Story 1: €136,000 Lost – Fighting for 9+ Months
A verified Trustpilot reviewer reported a catastrophic loss:
“I am a victim to manipulation by employees of this company. I lost 136,000 EURO due to the actions of Xpromarkets.”
The victim has been fighting for justice for over 9 months.
“They have offered me last May EUROS 65,000 as settlement that is totally unacceptable. Previously, they have deleted 4 times my true review with false allegations, declaring to Trustpilot that they cannot find me in their database as a customer!”
The platform actively suppresses negative reviews by lying to Trustpilot .
Loss Amount: €136,000 (~$146,000 USD)
Key Red Flags: 9+ month battle, settlement offer (admission of liability), review deletion
Victim Story 2: The Cancer Survivor – £??? Lost, Blackmailed
A victim identified as “Sneha” detailed a horrifying experience:
“I had put review about this company just on 7th dec 2023. they called me after reading review and blackmailed me to put down the review.”
When Sneha attempted to withdraw, the company agreed to $500 in exchange for deleting a negative review. Later, the victim requested $1,000 withdrawal.
“then some finance team guy called and told me to approve u need to keep account active.. will initiate small trade by that time he will proceed withdrawal.. then he initiates a trade himself which made all my balance to $100 and losses.. this is just to scam me” .
Key Red Flags: Blackmail to delete reviews, agents initiating trades without permission to wipe accounts
Victim Story 3: The Pune Senior – ₹42 Lakh (~$50,000) Lost
A 77-year-old retired metallurgical engineer from Pune, India, was duped:
“When Kanetkar attempted to withdraw 2,000 dollars from his trading account, he encountered obstacles. When he contacted the company, he was informed that his account had been deactivated. He was directed to pay 1,000 dollars for reactivation” .
The victim complied, but the cycle repeated.
Loss Amount: ₹42 Lakh (~$50,000 USD)
Key Red Flags: Social media reel ad, manager “N Anil”, gold account upgrade required for withdrawal, account deactivation, reactivation fee demands
Victim Story 4: The $3,740 “Bonus” Trap – “Lucas Monfort”
A victim known as “Berny” detailed the “Lucas Monfort” scam:
“The broker ‘Lucas Monfort’ (I consider it a fictitious name) persuaded me that if I deposited $3,000, they would reward me with $2,000. I deposited $3,740” .
After his account showed $7,700 profit (fabricated):
“Minutes later, my account was negative with a debt of -$1,200. They told me I had to deposit $1,200 from my cards to cover the loss.”
Loss Amount: $3,740 (initial deposit)
Key Red Flags: Fake manager “Lucas Monfort”
Victim Story 5: The Telegram Manipulation – “Luna”
A Mexican victim reported the involvement of a woman named “Luna”:
“A woman named Luna contacted me. She claims to be a broker for the XPro Markets company” .
After Luna stopped responding:
“Days later, someone called me, saying they had scammed me, and asked for my investment details.”
Loss Amount: $21,451 Mexican Pesos + $16,085 Mexican Pesos (~$2,100 USD total)
Key Red Flags: Broker “Luna”, fake follow-up calls offering “help” (secondary targeting)
Victim Story 6: The Colombian Victim – $3,472 Trapped
A victim from Colombia, “orlando9343,” reported:
“I met a Peruvian lady who told me to invest $3,472. At first, they let me withdraw. After a while, they called me and said I couldn’t withdraw because if I withdrew, I would lose the margin” .
The victim’s account was held hostage. Any attempt to withdraw triggered a warning of total loss.
Victim Story 7: The “Narayan Murthy” Fake Article Trap
An Indian victim reported being lured by a fabricated article:
“I fell for this due to some fake article published by this team keeping Mr Narayan Murthy as face” .
The article falsely claimed that the respected Indian business figure endorsed the platform.
Key Red Flags: Fake celebrity endorsement, fabricated news articles
The Fake Managers: “Lucas Monfort,” “Luna,” “Melvin,” “Erdi”
Victims consistently report being contacted by named “account managers.” These are almost certainly fictitious identities created by the scam operation.
These names are likely being cycled or re-used as the scam operation continues to evolve. The use of such personal outreach is a key part of the psychological manipulation: building trust through a “name.”
Trustpilot Poison: Fake Positive Reviews Used as Cover
Pro X Markets has a 2.0/5 star rating on Trustpilot based on 109 reviews . The platform aggressively responds to both positive and negative reviews, creating an illusion of legitimacy.
The company’s responses often claim they are “actively looking into the matter” or have “contacted you numerous times.” The victims overwhelmingly report that these are empty promises designed to maintain a veneer of professionalism.
Positive reviews appear that are structured identically to the scam’s own marketing language:
“Nice broker for beginners You can withdrawal if you need. However customer support is not friendly”
“The website is easy to use for now, ok.”
These positive reviews should be treated with extreme suspicion. They are likely fabricated by the company to counteract the overwhelming volume of scam complaints .
Comparison: Legitimate Broker vs. Pro X Markets
How to Protect Yourself: Red Flags of Pro X Markets
Steps to Take If You Have Been Affected
If you have already deposited funds with Pro X Markets, take these actions immediately:
SiiraOasis – Asset Recovery Specialists
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