Risk warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. We publish independent research, not investment advice. Risk disclosure
XM is the trading name the Trading Point group uses for online forex and CFD trading. Clients in the European Economic Area contract with Trading Point of Financial Instruments Ltd in Cyprus, which has held a CySEC licence since 2010. Clients elsewhere are served by XM Global Limited in Belize and, depending on where they live, by group companies in Seychelles, Mauritius, South Africa and the Dubai International Financial Centre. XM states that the XM trading name belongs to Trading Point Holdings Ltd.
Each licence was matched on the regulator’s own register on the date shown. Unverified claims are listed under Regulation and legal entities.
Assessment summary
We verified XM’s EU licence on CySEC’s register and its Seychelles company on the FSA’s register. The licences of its Belize, Mauritius, South African and Dubai entities could not be checked, because those registers could not be accessed when we checked. XM publishes a full set of legal documents for its EU and international businesses, including segregation of client money and negative balance protection, and EU clients have access to the Cyprus ombudsman and compensation fund. Brazil’s securities regulator has twice ordered XM group companies to stop soliciting Brazilian residents, in 2019 and 2026, and XM appears on Indian and Malaysian lists of unauthorised platforms. Philippine press reported an SEC cease and desist order in December 2025 that we could not confirm from the SEC’s own records. XM does not disclose who owns its holding company or name its managers, and the latest financial disclosure we found is from 2017.
Key positives
Clients can tell which regulated entity serves them 39101112
The EEA site says it is operated by Trading Point of Financial Instruments Ltd for EEA residents, the international site names XM Global Limited and its Belize licence, and each client agreement names the contracting company. Regional footers say which company serves South Africa, the DIFC and the UAE.
Both client agreements say client money is segregated from the company’s own funds: under CySEC rules for EEA clients, and in approved bank accounts, possibly pooled, for XM Global clients.
Authorisations are current and unrestricted 124567
Every register we could check lists the companies as current, with no suspension or restriction beyond the DFSA’s limit to matched principal dealing, and CySEC’s board decisions contain no measure against the Cyprus company.
Retail clients have negative balance protection 1112
Both client agreements apply negative balance protection per trading account, limiting losses to the funds in the account.
A complaints procedure is published with a dedicated email address, handling by the compliance department and a 30 business day target.
Key concerns
Brazil’s CVM orders Trading Point group companies to stop offering services in Brazil 23
Reduced the enforcement dimension by 10 points (moderate severity, 0.7 years before the review).
Brazil’s CVM orders XM Global Limited to stop offering forex to Brazilian residents 24
Reduced the enforcement dimension by 2.5 points (moderate severity, 7 years before the review, counted at a quarter of its weight).
Named on the Reserve Bank of India’s alert list of unauthorised forex platforms 20
Reduced the enforcement dimension by 2 points (low severity, 0.9 years before the review).
Listed on the Securities Commission Malaysia Investor Alert List 21
Reduced the enforcement dimension by 0.5 points (low severity, 8.8 years before the review, counted at a quarter of its weight).
Listed on Bank Negara Malaysia’s Financial Consumer Alert List 22
Reduced the enforcement dimension by 0.5 points (low severity, 8.8 years before the review, counted at a quarter of its weight).
Breakdown by dimension
Each dimension is scored from its criteria, then weighted. Dimensions without enough evidence are left out and the remaining weights are rescaled. Open a dimension to see every criterion, our rationale and the sources.
Regulatory status and licence verification 26% of score 84 out of 100
Whether the firm’s licences exist, are current and cover what it offers.
Partly met
Client-facing entities appear on the regulator’s register 123456
XM names six licensed client-facing companies, and we matched five on their regulators’ registers: Trading Point of Financial Instruments Ltd (CySEC 120/10), XM (SC) Limited (FSA Seychelles), XM Global Limited (FSC Belize 8557558), XM ZA (Pty) Ltd (FSCA FSP 49976) and Trading Point MENA Limited (DFSA F003484, from an archived copy of the register taken on 26 October 2025). The FSC Mauritius register puts automated requests through a bot check, so XM International MU Limited’s licence is shown as claimed.
Met
Authorisations are current and unrestricted 124567
Every register we could check lists the companies as current, with no suspension or restriction beyond the DFSA’s limit to matched principal dealing, and CySEC’s board decisions contain no measure against the Cyprus company.
The registers show permissions that cover what each company does: CySEC lets the Cyprus company deal on own account in CFDs, FSC Belize licenses XM Global to trade in securities as principal, the FSA lists XM (SC) as a securities dealer, the DFSA lets Trading Point MENA deal as principal on a matched principal basis for retail clients, the FSCA approves XM ZA for intermediary services in derivatives, and the UAE company may only introduce and promote. We could not see the Mauritius company’s permissions.
Partly met
Regulatory claims on the website are accurate 1234568910
XM’s licence claims for its Cyprus, Belize, Seychelles, DIFC, South African and UAE companies match the registers, although the UAE register does not display the licence number XM quotes. We could not check the Mauritius licence.
Met
Clients can tell which regulated entity serves them 39101112
The EEA site says it is operated by Trading Point of Financial Instruments Ltd for EEA residents, the international site names XM Global Limited and its Belize licence, and each client agreement names the contracting company. Regional footers say which company serves South Africa, the DIFC and the UAE.
Criteria and their weighting are explained in the methodology.
Corporate transparency and ownership 13% of score 75 out of 100
Whether you can find out who owns and runs the firm.
Full name, company number and registered address are published for the Cyprus company, and name, number and address for XM ZA. For XM Global Limited the registered address and licence are given but no company number, and for XM (SC) Limited and XM International MU Limited only the name and licence.
GLEIF records Trading Point Holdings Limited, a Cyprus company (HE 322690), as the direct and ultimate parent of XM’s Cyprus, Belize, Mauritius and DIFC companies and reports that no parent consolidates it, but we found no record of who owns Trading Point Holdings.
XM explains which group company serves which region, and GLEIF records Trading Point Holdings as the parent of most of them, but XM does not explain how the companies are owned, and XM (SC) Limited reports no consolidating parent.
Partly met
Directors or senior managers are identified 461315
Regulators’ registers name authorised individuals for the DIFC company and a key individual for the South African company, but XM names no directors or senior managers, and the free Cyprus registry search does not show the Cyprus company’s officers.
The only regulatory financial disclosure we found for the Cyprus company covers 2017. We found no current audited accounts or annual disclosures for any XM company.
Criteria and their weighting are explained in the methodology.
Client fund protections and disclosed safeguards 13% of score 88 out of 100
What protects client money if something goes wrong.
Both client agreements say client money is segregated from the company’s own funds: under CySEC rules for EEA clients, and in approved bank accounts, possibly pooled, for XM Global clients.
Met
Retail clients have negative balance protection 1112
Both client agreements apply negative balance protection per trading account, limiting losses to the funds in the account.
EEA clients of the Cyprus company are covered by the Investor Compensation Fund, up to the lower of 90% of covered claims and EUR 20,000; XM states membership in its agreement. Clients of XM Global and the other offshore companies have no compensation scheme.
The EEA agreement says approved withdrawals are normally processed within one business day and lists the conditions, but reserves the right to impose fees and limits without stating them. Payment providers are named on the regulation page; we found no published schedule of withdrawal fees.
Criteria and their weighting are explained in the methodology.
Enforcement and substantiated adverse findings 13% of score 85 out of 100
Regulator warnings, enforcement actions and final legal findings on record.
Starts at 100 and loses points for each substantiated adverse finding by severity and age. Allegations, complaints and clone
warnings never count. Total deducted: 15.5 points.
We searched CySEC’s board decisions, the FCA’s warnings and notices, and the websites of the DFSA, FSCA, FSA Seychelles, FSC Mauritius and FSC Belize, as well as the Indian, Malaysian (Securities Commission and Bank Negara) and Brazilian lists and notices that name XM. Each search is cited with its date. The findings are listed on this profile. The Japan FSA’s list of warned unregistered firms (September 2026) includes two Trading Point companies (2012 and 2016). On 7 October 2026 we also checked the FSCA’s regulatory actions report for 2025/26, the DFSA’s register entry for Trading Point MENA and the FSC Belize and UAE CMA registers; none records an action against an XM company.
Enforcement action
Brazil’s CVM orders Trading Point group companies to stop offering services in Brazil 23
11 Feb 2026. Reduced the enforcement dimension by 10 points (moderate severity, 0.7 years before the review).
Enforcement action
Brazil’s CVM orders XM Global Limited to stop offering forex to Brazilian residents 24
25 Sept 2019. Reduced the enforcement dimension by 2.5 points (moderate severity, 7 years before the review, counted at a quarter of its weight).
Regulator warning
Named on the Reserve Bank of India’s alert list of unauthorised forex platforms 20
19 Nov 2025. Reduced the enforcement dimension by 2 points (low severity, 0.9 years before the review).
Regulator warning
Listed on the Securities Commission Malaysia Investor Alert List 21
1 Jan 2018. Reduced the enforcement dimension by 0.5 points (low severity, 8.8 years before the review, counted at a quarter of its weight).
Regulator warning
Listed on Bank Negara Malaysia’s Financial Consumer Alert List 22
6 Dec 2017. Reduced the enforcement dimension by 0.5 points (low severity, 8.8 years before the review, counted at a quarter of its weight).
Enforcement action
Philippine SEC cease and desist order reported against Trading Point Holdings (XM) 3233
12 Dec 2025. Not counted: the matter is not concluded, or was removed or overturned.
Regulator warning
Warned by Japan’s Financial Services Agency in 2012 and 2016 for derivatives business without registration 25
1 May 2016. Not counted: more than 10 years old at the review date.
Criteria and their weighting are explained in the methodology.
Complaint handling and documented resolutions 8% of score 63 out of 100
How the firm handles complaints, and what independent records show.
EEA clients can escalate to the Financial Ombudsman of the Republic of Cyprus. XM Global’s agreement names only the courts of Belize, with no ombudsman or independent dispute body.
Not determined
Independent complaint outcomes show no adverse pattern
We found no published ombudsman or dispute-body outcomes for XM’s companies.
Spreads, swaps, commissions and the dormant account fee are explained before sign-up, and the agreement discloses that currency conversion may carry a mark-up.
The order execution policy states that the company is always the counterparty and sole execution venue and explains how prices are sourced. A conflicts of interest summary is published.
Met
The client agreement is available before sign-up 1112
The full client agreements for the EEA and international businesses can be downloaded without an account.
For the EEA company, maximum retail leverage (30:1), margin call (100%) and stop-out (50%) are disclosed, with separate levels for professional clients. XM Global’s agreement gives margin call (50%) and stop-out (20%) levels but leaves maximum leverage to the trading platform.
The EEA site shows the required warning with the share of retail accounts that lose money (75.12%). The international site shows a general risk warning.
Criteria and their weighting are explained in the methodology.
Public disclosures and communication 4% of score 83 out of 100
Whether public claims hold up and the firm communicates openly.
Partly met
Marketing claims are accurate and attributable 11531
Awards are attributed to named organisations and years, and the regulatory claims we could check are accurate. Claims of over 20 million clients and 13.5 billion trades with zero requotes or rejections give no source.
Met
An address and working contact channels are published 1911
A physical address, phone number and email are published, and the Cyprus address matches CySEC’s register.
The agreement says changes are posted on the website or notified to clients, but puts the onus on clients to check, and we found no public record of past changes.
Criteria and their weighting are explained in the methodology.
On-site office verification 5% of score 100 out of 100
What our visit confirmed in person: a real, staffed office of the assessed entity, not a ghost address.
Our visit on 7 October 2026 confirmed every check below: a real, staffed office of the assessed entity at the stated address. Read the on-site review.
Met
Real office at the stated address, not a ghost address
Met
Office of the assessed entity
Met
Staffed and operating
Criteria and their weighting are explained in the methodology.
On-site assessment and platform testing 10% of score Not assessed: insufficient evidence
What our on-site checks and 30-day platform testing found.
Too few testing categories could be rated to score this dimension, so its weight is shared among the others. Read the on-site review.
Not determined
Company identity
Not determined
Regulatory claims
Not determined
Office visit
Not determined
Account opening
Not determined
Platform usability
Not determined
Costs and disclosures
Not determined
Customer support
Not determined
Deposits and withdrawals
Not determined
Trading functions
Not determined
Complaints process
Criteria and their weighting are explained in the methodology.
Regulation and legal entities
A brand can trade through several companies, each licensed in a different place with different protections. Check which entity your
account would be with.
Trading Point of Financial Instruments Ltd
Client-facing entity · Incorporated in Cyprus · Company number HE 251334 · Residents of the European Economic Area
Cyprus Securities and Exchange Commission (CySEC) · Reference 120/101
Reception and transmission of orders, execution of orders on behalf of clients and dealing on own account in financial instruments 1 to 10 (which include CFDs); ancillary services including safekeeping and foreign exchange connected to investment services; cross-border services to EEA states.
Licence granted 5 August 2010. Approved domains on the register include www.xm.com.
Listed among the FSA's licensed securities dealers with trade name XMGlobal. The register does not show the licence number; SD190 is the number XM gives.
The FSC Mauritius website and its online public register put automated requests through a bot check on 4 and 7 October 2026, so we could not read them.
Claimed by the firm, not yet verified
XM ZA (Pty) Ltd
Client-facing entity · Incorporated in South Africa · Company number 2018/527968/07 · South African residents only; an intermediary, with XM Global Limited as product supplier and counterparty
Client-facing entity · Incorporated in United Arab Emirates · Company number 3273 (DIFC) · Clients of the Dubai International Financial Centre business; execution only
Arranging deals in investments; dealing in investments as principal, on a matched principal basis only; retail clients; holding or controlling client assets
Read from an archived copy of the DFSA’s register entry taken on 26 October 2025, because the DFSA refuses our requests. Licensed since 10 September 2019; no regulatory actions listed.
Other · Incorporated in United Arab Emirates · Company number 1464395 (Dubai Department of Economic Development) · Introduction and promotion only in the UAE; XM says it does not hold client money
Capital Market Authority (CMA) · Reference 202000003228
Category 5: introduction and promotion only
The register shows the company and its introduction and promotion licences as active but does not display a licence number; 20200000322 is the number XM gives.
Affiliate · Incorporated in Kenya · Company number PVT-BEUX5EZV · Kenyan non-dealing online forex broker owned by Trading Point Holdings; XM’s websites do not name it
Holding or parent company · Incorporated in Cyprus · Company number HE 322690
No licence recorded for this entity.
Dated findings
Warnings, enforcement actions, legal findings, allegations and complaint records are labelled separately. What each label means.
Enforcement actionConcluded
Brazil’s CVM orders Trading Point group companies to stop offering services in Brazil 23
· Comissão de Valores Mobiliários · Brazil · Last checked 7 Oct 2026
On 11 February 2026 the CVM’s markets and intermediaries department said it had found signs that the Trading Point Group, which it named as XM International MU Limited, XM (SC) Limited, XM Global Limited and Trading Point of Financial Instruments Limited, was seeking clients resident in Brazil through the XM platform and www.xm.com without CVM authorisation. By Ato Declaratório CVM 24.769 it ordered the companies to suspend immediately any public offering of securities intermediation services, including through websites, apps and social media, with a daily fine of R$1,000 for non-compliance.
Enforcement actionOngoing
Philippine SEC cease and desist order reported against Trading Point Holdings (XM) 3233
· Securities and Exchange Commission, Philippines · Philippines · Last checked 7 Oct 2026
Philippine newspapers reported on 12 December 2025 that the Securities and Exchange Commission had issued a cease and desist order against Trading Point Holdings Ltd, operating as XM, XM Global Ltd and XM Philippines, directing it to stop offering securities in the Philippines until the required registration and permits are in place. We could not access the SEC’s own notice when we checked on 4 October 2026, and we have not confirmed the order’s current status, so this finding rests on press reports and is not counted in the score.
Regulator warningActive
Named on the Reserve Bank of India’s alert list of unauthorised forex platforms 20
· Reserve Bank of India · India · Last checked 7 Oct 2026
The Reserve Bank of India’s Alert List, updated as on 19 November 2025, includes XM (www.xm.com) among entities that are neither authorised to deal in forex under the Foreign Exchange Management Act nor authorised to operate a forex trading platform in India. The list warns residents but does not allege fraud.
Enforcement actionConcluded
Brazil’s CVM orders XM Global Limited to stop offering forex to Brazilian residents 24
· Comissão de Valores Mobiliários · Brazil · Last checked 7 Oct 2026
On 25 September 2019 the CVM said it had found signs that XM Global Limited was recruiting clients in Brazil for forex trading through www.xm.com and social media. By Ato Declaratório CVM 17.397 it declared that XM Global Limited is not authorised to take on clients resident in Brazil and ordered it to stop advertising forex or other derivatives investment opportunities immediately, with a daily fine of R$1,000 for non-compliance.
Regulator warningActive
Listed on the Securities Commission Malaysia Investor Alert List 21
· Securities Commission Malaysia · Malaysia · Last checked 7 Oct 2026
The Securities Commission Malaysia’s Investor Alert List includes “XM platform operated by Trading Point Holdings Ltd / XM Malaysia”, with the websites www.xm.com, www.xmfxbroker.com and www.xmglobal.com, for carrying out unlicensed capital market activities. The list records the entry under the year 2018 without a specific date; we use 1 January 2018. The entry was still on the list when we checked on 4 October 2026.
Regulator warningActive
Listed on Bank Negara Malaysia’s Financial Consumer Alert List 22
· Bank Negara Malaysia · Malaysia · Last checked 7 Oct 2026
Bank Negara Malaysia added “XM Forex Malaysia”, with the website www.xm.com/my, to its Financial Consumer Alert List of unauthorised companies and websites on 6 December 2017. The entry was still on the list when we checked on 4 October 2026.
Regulator warningActive
Warned by Japan’s Financial Services Agency in 2012 and 2016 for derivatives business without registration 25
· Financial Services Agency (Japan) · Japan · Last checked 7 Oct 2026
Japan’s Financial Services Agency warned Trading Point of Financial Instruments Ltd. on 14 June 2012 and Trading Point (Seychelles) Limited in May 2016 for offering or soliciting over-the-counter derivatives trading over the internet without registration in Japan, under the service names “Trading Point” and “XM.com (XM)”. The list gives the month only for 2016; we use 1 May 2016.
Company response
Firms can respond to their profile and to any finding. No response has been published for XM. How firms can respond.
Cyprus Securities and Exchange CommissionRegulator recordChecked 7 Oct 2026Cyprus
Lists licence 120/10 granted on 5 August 2010, company registration number 251334, the Limassol address XM publishes, and approved domains www.trading-point.com, www.xm.com and www.pipaffiliates.com. Authorises reception and transmission of orders, execution of orders and dealing on own account in financial instruments 1 to 10, ancillary services including safekeeping, and cross-border services to EEA states. No suspension or restriction is shown. Checked again on 7 October 2026, unchanged.
Financial Services Authority SeychellesRegulator recordChecked 7 Oct 2026Seychelles
Lists XM (SC) Limited among licensed securities dealers, with trade name XMGlobal, address OST Building, Unit 6, Office 2, Zone 18, Providence, Mahe, and website www.xm.com. The list does not give licence numbers. Checked again on 7 October 2026, unchanged.
Trading Point Holdings LtdCompany statementChecked 4 Oct 2026
The footer texts served with XM’s website for its regional versions state that XM (SC) Limited holds Seychelles FSA securities dealer licence SD190; XM ZA (Pty) Ltd (CIPC 2018/527968/07) is an FSCA financial services provider, number 49976, serving South African residents only, with XM Global Limited as product supplier; Trading Point MENA Limited is regulated by the DFSA under reference F003484 and provides execution-only services; XM International MU Limited holds FSC Mauritius investment dealer licence GB23202700; and XM Financial Products Promotion L.L.C holds UAE Capital Market Authority licence 20200000322 for introduction and promotion only. They also state that all these entities are part of the Trading Point Group.
Dubai Financial Services AuthorityRegulator recordChecked 7 Oct 2026United Arab Emirates
An archived copy, taken on 26 October 2025, of the DFSA’s register entry, read because the DFSA’s website refuses our automated requests. It lists Trading Point MENA Limited, a DIFC company, under reference F003484, licensed on 10 September 2019 to arrange deals in investments and to deal in investments as principal on a matched principal basis only, with endorsements for retail clients and for holding or controlling client assets, at Unit S402, Level 4, Emirates Financial Towers, DIFC. It lists no regulatory actions.
Financial Services Commission, BelizeRegulator recordChecked 7 Oct 2026Belize
The FSC’s public register of licensed and registered service providers lists XM GLOBAL LIMITED under number 8557558 as active, registered on 1 January 2025, for trading in securities as principal and arranging transactions in securities, with the domains www.xm.com and www.xmglobal.com.
Financial Sector Conduct AuthorityRegulator recordChecked 7 Oct 2026South Africa
The FSCA’s FSP search lists XM ZA (PTY) LTD, trading name XM, registration 2018/527968/07, as an authorised financial services provider under number 49976 since 13 September 2019, at the Portside Building, 4 Bree Street, Cape Town, approved for intermediary services, not advice, in Category I derivative instruments.
Cyprus Securities and Exchange CommissionRegulator recordChecked 4 Oct 2026Cyprus
We reviewed all 1,173 board decisions in CySEC’s online list (announced from 2014 to 2 October 2026) for the names Trading Point and XM. None concerns Trading Point of Financial Instruments Ltd. The online list does not cover decisions before 2014.
Capital Market Authority (UAE)Regulator recordChecked 7 Oct 2026United Arab Emirates
Lists XM FINANCIAL PRODUCTS PROMOTION L.L.C as active, established on 30 January 2025, at Office A604, The Opus by Omniyat, Business Bay, Dubai, with active licences for introduction and promotion. The authority notes that the company holds only a Category 5 licence and is not licensed to broker derivatives, unregulated commodity contracts or spot foreign exchange. The register does not display a licence number.
Trading Point of Financial Instruments LtdCompany statementChecked 4 Oct 2026
States that Trading Point of Financial Instruments Ltd is licensed by CySEC under licence 120/10 and lists outward passporting registrations. The footer says the site is operated by Trading Point of Financial Instruments Limited, registration number HE251334, at the Limassol address; that it serves residents of the EEA; and that XM is a trading name of Trading Point Holdings Ltd. Displays the risk warning that 75.12% of retail investor accounts lose money when trading CFDs with this provider. Under safety of client funds it says XM banks with Barclays Bank Plc and other financial institutions, keeps client funds segregated, is a member of the Investor Compensation Fund and applies negative balance protection.
XM Global LimitedCompany statementChecked 4 Oct 2026
States that XM Global Limited is registered and regulated by the Financial Services Commission of Belize under the Securities Industry Act 2021, licence number 8557558. The footer carries a general risk warning without a loss percentage and says XM does not serve citizens of the United States, Canada, Israel or Iran.
Trading Point of Financial Instruments LtdCompany documentChecked 4 Oct 2026
Names Trading Point of Financial Instruments Ltd as the contracting party. Says client funds are segregated from the company’s own funds under CySEC rules and excluded from its assets on insolvency; applies negative balance protection per account; states membership of the Investor Compensation Fund. Retail margin call at 100% and stop-out at 50% of required margin (professional clients 50% and 20%); retail leverage fixed between 2:1 and 30:1 by instrument. Dormant accounts (no activity for 90 days) pay USD 10 a month; currency conversion may carry a mark-up. Approved withdrawals are in principle processed within one business day, and XM reserves the right to impose withdrawal limits and fees. Changes to the terms are posted online or notified, and clients are expected to check for them. The text says this version was posted on 3 January 2018.
XM Global LimitedCompany documentChecked 4 Oct 2026
Names XM Global Limited, a Belize company regulated by the FSC with its registered office at Suite 101, 63 Eve Street, Belize City, as the contracting party. Client money is held with an approved bank, segregated from the company’s funds and may be pooled in an omnibus account. Negative balance protection applies per account. Margin call at 50% and stop-out at 20% of required margin; maximum leverage is set and published on the trading platform. Disputes go to the courts of Belize; the agreement names no ombudsman or independent dispute body and no compensation scheme.
Department of Registrar of Companies and Intellectual Property, CyprusOfficial filingChecked 4 Oct 2026Cyprus
The Cyprus companies registry lists Trading Point of Financial Instruments Limited under number HE 251334 as a registered company. The registry’s free search does not show directors or shareholders.
Global Legal Entity Identifier FoundationOfficial filingChecked 7 Oct 2026
The global LEI index records Trading Point Holdings Limited (Cyprus, HE 322690, LEI 21380034P8T9Q97Z9Y71) as the direct and ultimate parent of Trading Point of Financial Instruments Limited (HE 251334), XM Global Limited (Belize, 000012017, formerly Direct Markets Trading Limited), XM International MU Limited (Mauritius, C207330, incorporated on 19 April 2024), Trading Point MENA Limited (DIFC, 3273) and TPXMGLOBAL Kenya Limited (Kenya, PVT-BEUX5EZV), and of a company of the group’s separate Trading.com brand. It reports that no parent consolidates Trading Point Holdings itself. XM (SC) Limited (Seychelles, 8434949-1) reports no consolidating parent.
Trading Point Holdings LtdCompany statementChecked 4 Oct 2026
Claims more than 20 million clients from over 190 countries and more than 13.5 billion trades executed with zero requotes or rejections. No source or period is given for these figures. The page names no directors or senior managers.
Trading Point of Financial Instruments LtdCompany documentChecked 4 Oct 2026
The most recent regulatory financial disclosure for the Cyprus entity we could find. It covers the year to 31 December 2017 and is dated April 2018. We found no later disclosure or audited accounts on XM’s websites.
Cyprus Securities and Exchange CommissionRegulator recordChecked 4 Oct 2026Cyprus
Describes the Investor Compensation Fund for clients of Cyprus investment firms that are not credit institutions. Covered non-professional clients can claim the lower of 90% of their covered claims and EUR 20,000 if a member firm cannot meet its obligations.
Financial Conduct AuthorityRegulator recordChecked 4 Oct 2026United Kingdom
A search of fca.org.uk on 4 October 2026 for Trading Point and XM Global found no final notices, decision notices or warnings naming XM’s entities. XM does not name a UK entity on its websites.
Several of these sites refuse automated requests, so on 4 October 2026 we searched each regulator’s website by domain-restricted web search for Trading Point MENA, XM ZA, XM Global, XM (SC) and Trading Point. We found no enforcement action, sanction or public warning against these entities. The DFSA search returned its register entry for Trading Point MENA Limited (F003484).
Reserve Bank of IndiaRegulator recordPublished 19 Nov 2025Checked 4 Oct 2026India
Lists entities that are neither authorised to deal in forex under the Foreign Exchange Management Act nor authorised to operate electronic trading platforms for forex in India. Entry 33 is XM, https://www.xm.com.
Securities Commission MalaysiaRegulator recordChecked 4 Oct 2026Malaysia
The list of unauthorised entities, checked on 4 October 2026, includes an entry dated 2018 for “XM platform operated by Trading Point Holdings Ltd / XM Malaysia” (www.xm.com, www.xmfxbroker.com, www.xmglobal.com) for carrying out unlicensed capital market activities. The list also names several unrelated schemes misusing the XM name; we do not treat those as findings about XM.
Bank Negara MalaysiaRegulator recordChecked 4 Oct 2026Malaysia
Lists companies and websites that are not authorised or approved under the laws Bank Negara Malaysia administers. Includes “XM Forex Malaysia”, with the website https://www.xm.com/my, added on 6 December 2017.
Comissão de Valores Mobiliários (Brazil)Regulator recordPublished 11 Feb 2026Checked 4 Oct 2026Brazil
Market alert published on 11 February 2026 announcing Ato Declaratório CVM 24.769 against the Trading Point Group, named as XM International MU Limited, XM (SC) Limited, XM Global Limited and Trading Point of Financial Instruments Limited.
Financial Services Agency of JapanRegulator recordPublished 25 Sept 2026Checked 6 Oct 2026Japan
Lists Trading Point of Financial Instruments Ltd., Limassol, warned on 14 June 2012 (services “Trading Point” and, added in 2014, “XM.com (XM)”), and Trading Point (Seychelles) Limited, warned in May 2016 under the service name “XM.COM (XM)”, both for offering or soliciting over-the-counter derivatives trading without registration in Japan. It also lists Tradexfin Limited (XMTrading, 2020) and “XM WebTrader” (2024); we have not linked those to XM.
Trading Point of Financial Instruments LtdCompany documentChecked 4 Oct 2026
Formal complaints go to complaints@xm.com and are handled by the compliance department, with a target of resolution within 30 business days. Unresolved complaints can be referred to the Financial Ombudsman of the Republic of Cyprus, whose contact details are given. The procedure asks clients to report complaints within three business days of the event, but says late complaints will still be reviewed.
Trading Point of Financial Instruments LtdCompany documentChecked 4 Oct 2026
Explains variable spreads, overnight swap charges (with triple swaps on set weekdays), the commission on XM Zero accounts (USD 3.5 per side per USD 100,000) and the dormant account fee, with worked examples.
Trading Point of Financial Instruments LtdCompany documentChecked 4 Oct 2026
States that the company is always the counterparty (principal) to client trades and the sole execution venue, and that its prices are derived from quotes from third-party liquidity providers. Sets out execution factors and order types.
The Philippine StarSecondary reportingPublished 12 Dec 2025Checked 4 Oct 2026Philippines
Reports a cease and desist order by the Philippine SEC against Trading Point Holdings Ltd, operating as XM, XM Global Ltd and XM Philippines, requiring it to stop offering securities until registration statements are approved and permits issued.
BusinessMirrorSecondary reportingPublished 12 Dec 2025Checked 4 Oct 2026Philippines
Reports the same cease and desist order against Trading Point Holdings, operating as XM Group, XM.com and XM Global Ltd, for the unauthorised offer or sale of securities.
