XM : assessment of 7 October 2026
Verified by Trading Trust Index · 2026
This is an earlier assessment, shown as it was published. See the current profile.
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.
- Client money segregation is disclosed 1112
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 27
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 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
- Partly met
Permissions cover the services offered 124568
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
- 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 Whether you can find out who owns and runs the firm.
- Partly met
Legal entity details are published 39111213
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.
- Partly met
Ultimate ownership can be identified 914
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.
- Partly met
- 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.
- Partly met
Financial statements are available 16
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 What protects client money if something goes wrong.
- Met
- Met
- Partly met
An investor compensation scheme applies 111217
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.
- Partly met
Banking and custody arrangements are disclosed 9
XM names Barclays Bank Plc as a bank it uses, alongside unnamed other financial institutions, and lists its payment service providers.
- Partly met
Withdrawal terms are disclosed 911
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 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.
- Met
Warning lists and enforcement records have been searched 4578181920212223242526
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
- 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 How the firm handles complaints, and what independent records show.
- Met
A complaints procedure is published 27
A complaints procedure is published with a dedicated email address, handling by the compliance department and a 30 business day target.
- Partly met
- Not determined
Independent complaint outcomes show no adverse pattern
We found no published ombudsman or dispute-body outcomes for XM’s companies.
- Not met
Complaint data is disclosed 27
XM publishes no complaint statistics in the documents we reviewed, and we found none published by a regulator or ombudsman for its companies.
Criteria and their weighting are explained in the methodology.
Trading terms and operational transparency 8% of score Whether costs, execution and risks are disclosed before you sign up.
- Met
- Met
- Met
- Partly met
Leverage and margin terms are disclosed 1112
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.
- Met
Criteria and their weighting are explained in the methodology.
Public disclosures and communication 4% of score Whether public claims hold up and the firm communicates openly.
- Partly met
- Met
- Partly met
Material changes are communicated 11
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 What our visit confirmed in person: a real, staffed office of the assessed entity, not a ghost address.
We have not checked this firm’s office in person, so this dimension scores zero. We check offices through our on-site verification programme.
- Not met
Real office at the stated address, not a ghost address
- Not met
Office of the assessed entity
- Not met
Staffed and operating
Criteria and their weighting are explained in the methodology.
On-site assessment and platform testing 10% of score What our on-site checks and 30-day platform testing found.
We have not completed an on-site assessment of this firm, so this dimension does not count and its weight is shared among the others.
- 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.
Sources
- 1 Register of Cyprus investment firms: Trading Point Of Financial Instruments Ltd
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.
- 2 Regulated entities, capital markets: securities dealers
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.
- 3 XM website: footer statements for XM’s regional sites
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.
- 4 DFSA public register: Trading Point MENA Limited (archived copy)
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.
- 5 FSC Belize public register: XM Global Limited
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.
- 6 FSCA register of financial services providers: XM ZA (Pty) Ltd
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.
- 7 Board decisions: search for Trading Point and XM
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.
- 8 UAE Capital Market Authority, licensed companies: XM Financial Products Promotion L.L.C
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.
- 9 XM website for the EEA: regulation page and footer
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.
- 10 XM Global website: regulation page and footer
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.
- 11 Client Agreement: Terms and Conditions of Business (EEA)
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.
- 12 XM Global Client Agreement: Terms and Conditions of Business
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.
- 13 Company search: Trading Point of Financial Instruments Limited, HE 251334
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.
- 14 GLEIF: Trading Point Holdings Limited and its subsidiaries
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.
- 15 Who is XM Group?
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.
- 16 Risk Management Disclosures (Pillar III), year ended 31 December 2017
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.
- 17 Investor Compensation Fund for IF clients: information
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.
- 18 FCA warnings and enforcement notices: search for Trading Point and XM Global
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.
- 19 DFSA, FSCA, FSA Seychelles, FSC Mauritius and FSC Belize: searches for XM’s entities
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).
- 20 Alert List (updated as on 19 November 2025)
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.
- 21 Investor Alert List
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.
- 22 Financial Consumer Alert List
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.
- 23 Área técnica da CVM alerta para atuação irregular do Trading Point Group
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.
- 24 Alerta de atuação irregular no mercado Forex
Market alert published on 25 September 2019 announcing Ato Declaratório CVM 17.397 against XM Global Limited.
- 25 Names of unregistered overseas firms warned by the Financial Services Agency (updated 25 September 2026)
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.
- 26 FSCA regulatory actions report, 1 April 2025 to 31 March 2026
The FSCA’s report of the regulatory actions it took in its 2025/26 financial year. It does not name XM ZA, XM or Trading Point.
- 27 Complaints Handling Procedure (EEA)
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.
- 28 Costs and Associated Charges (EEA)
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.
- 29 Order Execution Policy (EEA)
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.
- 30 Summary of Conflicts of Interest Policy (EEA)
Summarises how the Cyprus entity identifies and manages conflicts of interest under MiFID II.
- 31 XM Awards
Lists industry awards, each with the awarding organisation and year, for example CFI.co and World Finance.
- 32 SEC delivers knockout blow to XM
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.
- 33 SEC orders Trading Point to stop offering securities
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.
- 34 Capital Markets Authority licensees: non-dealing online foreign exchange brokers
Lists TPXMGLOBAL Kenya Limited, P.O. Box 39258-00623, Nairobi, with licence number 233.