Risk scorecard
Each area is scored 0 (clean) to 10 (worst). Higher means more risk.
Regulation
5/10 · ModerateA genuine CySEC dealing licence covering www.xm.com plus four more group licences we opened on their own registers, offset by a live Philippine cease and desist order, an RBI alert naming the domain, an NZ FMA warning and a 2012 CFTC order for unregistered solicitation.
Identity & transparency
2/10 · LowEntity name, company number and Limassol address match exactly across the Cyprus registry, the CySEC register and the site footer, and three regulators record www.xm.com as the licensee's own domain.
Withdrawals & conduct
6/10 · HighA consistent fund-integrity pattern of profits cancelled and accounts closed across four platforms with checkable amounts and dates, tempered by deposits generally being returned, no advance-fee demand anywhere, and the broker answering and sometimes resolving cases.
Reputation
6/10 · HighTrustpilot has withheld the rating for a guidelines breach and 58 percent of 3,132 reviews are one star, against a very large long-standing client base and roughly 1,100 positive reviews.
Website claims
5/10 · ModerateRegulatory statements are accurate and verifiable and there is no inflated age claim, but headline promises of instant withdrawals sit awkwardly beside the documented record of cancelled profits and closed accounts.
Operational history
2/10 · LowSeventeen years verified from primary records: company incorporated 19 June 2009, trading-point.com registered July 2008, CySEC licence August 2010.
Who they are
A quick desk file on the company behind the brand.
- Brand: XM, a trading name of Trading Point Holdings Ltd.
- Legal entity (this website): Trading Point of Financial Instruments Limited, Cyprus company HE251334, incorporated 19 June 2009.
- Registered: 12 Richard and Verengaria Street, Araouzos Castle Court, 3rd Floor, 3042 Limassol, Cyprus. The same address appears on the site footer, on the CySEC register and at the Cyprus Registrar of Companies.
- Website: www.xm.com, listed as an approved domain on the CySEC register alongside www.trading-point.com and www.pipaffiliates.com.
- Main licence: CySEC 120/10, a full Cyprus Investment Firm authorisation covering reception and transmission of orders, execution on behalf of clients and dealing on own account, passported into 29 EEA states.
- Other group licences: FSC Belize 8557558 (XM Global Limited), DFSA F003484 (Trading Point MENA Limited), FSCA 49976 (XM ZA (Pty) Ltd), FSC Mauritius Investment Dealer licence (XM International MU Limited) and a Seychelles FSA securities dealer registration (XM (SC) Limited).
- Offers: CFDs on more than 1,400 instruments across forex, indices, shares, metals, energies and crypto, on MT4, MT5 and the XM App. Minimum deposit 5 US dollars.
- Not accepted or warned against: the United States, where a federal court ordered it in 2012 to close US accounts; the United Kingdom, where its passport was cancelled on 19 December 2023; the Philippines, where it is under a cease and desist order; India and New Zealand, where regulators have published alerts.
- Age claim: the site makes no founding-year claim on its home page and advertises more than 20 million traders. The 2009 incorporation and the 2008 registration of trading-point.com both check out.
Regulation
Who really oversees this broker, and what each licence is worth to you.
Proof of regulation on an official register: Yes
We confirmed this broker on a genuine regulator’s register.
Licences the broker publishes
Cyprus Securities and Exchange Commission (CySEC)
Financial Services Commission, Belize
Dubai Financial Services Authority (DFSA)
Found by our investigation (6) — the broker does not list these on its own site
Financial Sector Conduct Authority (FSCA), South Africa
Found by us — not listed by the broker
Financial Services Commission of Mauritius
Found by us — not listed by the broker
Financial Services Authority, Seychelles
Found by us — not listed by the broker
Australian Securities and Investments Commission (ASIC)
Found by us — not listed by the broker
Financial Conduct Authority (FCA), United Kingdom
Found by us — not listed by the broker
Capital Markets Authority, Kenya
Found by us — not listed by the broker
Why we reached this verdict
How the evidence adds up.
XM sits in an unusual place. The company is real, old and properly licensed where it says it is, so the usual scam markers are absent. What pulls the score up is conduct, not identity.
- The identity checks all pass. The CySEC register records the exact entity name, the exact Limassol address, company number 251334 and www.xm.com as an approved domain. The Belize register records www.xm.com and www.xmglobal.com against XM Global Limited. The Seychelles FSA list records www.xm.com against XM (SC) Limited. Three separate regulators tie this website to the licence holder, which is the strongest form of proof available and rules out a clone.
- But two regulators have acted against the operation itself. The Philippine SEC ordered Trading Point Holdings Ltd, XM Global Ltd and XM Philippines to stop offering securities, froze their Philippine assets, and pointed to local payment methods and celebrity endorsement as evidence that Filipino investors were the target market. The Reserve Bank of India names XM and www.xm.com on its Alert List of platforms not authorised to deal in forex in India.
- This is a repeat pattern, not a one-off. A federal court in Illinois ordered the same Cyprus company to pay a 140,000 US dollar penalty in 2012 for soliciting US clients as an unregistered retail forex dealer. New Zealand's Financial Markets Authority published a warning about XM Global Limited in 2022, carried on the IOSCO alerts network. The group repeatedly markets into countries where the entity taking the money holds no local permission.
- The complaint pattern is about money, and it is consistent. Across Trustpilot, ForexPeaceArmy, EarnForex and consumer complaint boards, clients describe the same sequence: the balance grows, the account is reviewed, the account is closed or restricted, and the profit is cancelled under an arbitrage, news-trading or bonus-abuse clause. The reports carry amounts and dates, including 2,700 US dollars in October 2026, a balance taken from 288 to 757 US dollars in October 2026, and 4,500 US dollars grown to 22,000 US dollars and reversed in early 2026. Three of the four pattern tests are met: the same failure, on more than two platforms, with checkable detail.
- Trustpilot has removed XM's score. The profile carries a notice that the rating is unavailable because of a breach of Trustpilot guidelines, and the distribution is split 27 percent five star against 58 percent one star with almost nothing in between. A review platform suspending a company's score is a finding in its own right.
- What keeps this out of the scam bands. The deposits generally come back. We found no credible report of anyone being asked to pay a tax, fee or unlock charge to release funds, which is the single most incriminating complaint type and it is absent here. The broker replies to complaints publicly and at least one ForexPeaceArmy case is marked resolved. The licences are genuine, the oldest is 16 years old, and the EEA entity carries Investor Compensation Fund cover.
- The arithmetic. Weighted across the six dimensions the evidence gives 4.3 out of 10, or 43 percent. We publish 48 percent because an active cease and desist order with an asset freeze, and an alert naming this exact domain, carry more weight than a per-dimension average reflects. Both figures sit in the high risk band.
Evidence ledger
Every finding, with its source and how strongly it points.
E1The CySEC register entry for Trading Point Of Financial Instruments Ltd shows licence 120/10 dated 05/08/2010, company registration 251334, the Limassol address, full permissions for reception and transmission of orders, execution on behalf of clients and dealing on own account, passporting to 29 EEA states, and www.xm.com among the approved domains. All three legs of the clone test pass.
E2The Philippine SEC issued a cease and desist order dated 7 November 2025 against Trading Point Holdings Ltd operating as XM, XM.com, XM Global Ltd and XM Philippines, finding the offering and sale of unregistered securities without the required licence, ordering the group to stop soliciting and to take down its local online promotion, and freezing its Philippine bank deposits and assets.
E3The Reserve Bank of India Alert List, last updated 19 November 2025, names XM with the website https://www.xm.com at entry 33. Listed entities are neither authorised to deal in forex under FEMA nor authorised to operate an electronic trading platform for forex transactions in India.
Hard proofReserve Bank of India Alert ListE4The Belize Financial Services Commission register records licence 8557558 held by XM GLOBAL LIMITED with status Active, licence categories Trading in Securities as Principal and Arranging Transactions in Securities, and the licensee domains www.xm.com and www.xmglobal.com.
E5The Cyprus Registrar of Companies records TRADING POINT OF FINANCIAL INSTRUMENTS LIMITED, registration HE 251334, a private company registered on 19/06/2009 with organisation status Registered. This fixes the operating company at just over 17 years old.
E6The Trustpilot profile for xm.com carries a warning that the company rating is unavailable due to a breach of Trustpilot guidelines. Of 3,132 reviews, 1,005 posted in the last 12 months, the distribution is 27 percent five star, 8 percent four star, 4 percent three star, 3 percent two star and 58 percent one star.
E7Recent one-star reviews on the xm.com profile describe the same mechanism with amounts and dates: 2,700 US dollars taken after an account was closed for trading during news events (14 October 2026), a balance grown from 288 to 757 US dollars with the withdrawal rejected and the profit deducted (13 October 2026), and an account banned for alleged arbitrage with no evidence given and no appeal (31 August 2026).
E8A federal court in Illinois entered a consent order on 25 April 2012 requiring Trading Point of Financial Instruments Ltd of Limassol to pay a 140,000 US dollar civil penalty for unlawfully soliciting US customers and acting as a retail foreign exchange dealer without CFTC registration. The order required it to close US accounts and return funds. It contained no fraud finding.
E9IOSCO warning record 20053 carries a New Zealand Financial Markets Authority alert naming XM Global Limited, published 2 February 2022 and still listed.
E10The FSCA register shows FSP number 49976 held by XM ZA (PTY) LTD with the trading name XM and status Authorized.
E11The FSC Mauritius Online Public Register lists XM International MU Limited with a licence dated 24/04/2024 of type SEC-2.1B Investment Dealer (Full Service Dealer excluding Underwriting), a genuine dealing licence rather than a plain global business registration.
E12The Seychelles FSA capital markets list records XM (SC) Limited, trade name XMGlobal, at OST Building, Unit 6, Office 2, Zone 18, Providence, Mahe, with the website https://www.xm.com. A third regulator ties the anchor domain to a licensed group entity.
E13The FCA register shows Trading Point of Financial Instruments Ltd of Limassol, reference 538324, as no longer authorised, the permission having been cancelled on 19 December 2023. The group's remaining UK firm, reference 705428, is listed as TRADING.COM MARKETS UK LIMITED in London.
E14Fund-integrity reports appear on at least three further platforms beyond Trustpilot, including ForexPeaceArmy threads on an account closed with the deposit withheld and an account suspended with the profit kept after a third-party deposit, and an EarnForex thread describing 4,500 US dollars grown to 22,000 US dollars with the profits removed in February and March 2026 and only the deposit returned.
E15The xm.com home page advertises more than 20 million traders, 13.5 billion trades executed, zero rejections or requotes, instant withdrawals and that 92.9 percent of withdrawals are approved automatically. It makes no founding-year claim, so there is no age misrepresentation, but the withdrawal messaging is hard to reconcile with the documented complaint record.
ModerateXM home pageE16Domain records place xm.com at 21 September 1994, xmglobal.com at 15 September 2003 and trading-point.com at 9 July 2008, all on Akamai or UltraDNS infrastructure. The 2008 registration of trading-point.com sits a year before the company was incorporated, which is the normal sequence for a genuine launch.
ModerateVerisign RDAP domain recordsE17XM's own regulation page states only that Trading Point of Financial Instruments Ltd is licensed by CySEC under licence number 120/10, and lists outward passporting registrations with BaFin, CNMV, MNB, CONSOB, ACPR, FIN-FSA, KNF, AFM and FI. The claim matches the register exactly, with no overstatement.
ModerateXM regulation pageE18Regulator warnings circulating under the XM brand name repeatedly target other domains rather than this one, including xm-signals.com flagged by the FCA, xmtoro.com flagged by Spain's CNMV and solidxm.com blocked by Italy's CONSOB. None of these is xm.com, and none of their findings belongs to this broker.
The other side
The strongest case in this broker’s favour.
The case for XM is strong on every point that usually decides these reports, and it deserves stating plainly.
- This is not a clone and not an anonymous shell. Everything lines up: the Cyprus Registrar of Companies, the CySEC register, the Belize register, the Seychelles list and the site's own footer all name the same entity at the same address. We opened each of them.
- The main licence is a serious one. CySEC 120/10 is a full MiFID II investment firm authorisation with dealing permissions, not an advice-only or intermediary registration, and it is passported into 29 EEA states. EEA clients get segregated money, MiFID II conduct rules and Investor Compensation Fund cover.
- The track record is verified, not advertised. The company was incorporated in June 2009, trading-point.com was registered in July 2008 and the licence dates from August 2010. That is 16 to 17 years of continuous, documented operation under one brand, which almost no fraudulent operation sustains.
- The regulator actions are about where it sells, not about stealing. The Philippine order concerns unregistered securities offerings. The RBI listing means not authorised under Indian exchange-control law. The 2012 CFTC order was a consent order for unregistered solicitation and contained no fraud finding. None of these say client money was taken.
- The profit-confiscation complaints have a contractual explanation. Arbitrage, latency trading, news scalping and bonus abuse are prohibited by most brokers' terms, and enforcing those clauses is lawful. XM returns the deposit in most of the accounts described. Some of these clients were genuinely breaching the terms they signed.
- XM is a far more common victim of cloning than most brokers. The FCA has published warnings about unauthorised firms imitating the group, and dozens of lookalike domains and fake XM sites circulate. Complaints found under the brand name often belong to those imitators, so we restricted the complaint sweep to pages tied to xm.com itself.
- There is a large satisfied client base. Roughly 1,100 of the 3,132 Trustpilot reviews are four or five star, and the group publishes audited-style operational figures and genuine industry awards.
What would change this
What we would need to see to revise the verdict.
These are the specific things that would move this verdict in either direction.
- Towards a clean rating: the Philippine SEC lifting or setting aside its cease and desist order, and the Reserve Bank of India removing www.xm.com from the Alert List.
- Towards a clean rating: Trustpilot restoring XM's score after the guidelines breach is resolved, and the one-star share falling back towards the sector norm.
- Towards a clean rating: XM publishing, and independent reports confirming, that accounts closed for alleged arbitrage or bonus abuse get a written explanation with evidence and a real appeal route. The complaints consistently say no evidence is given and no appeal is possible.
- Towards a worse rating: any credible report of clients being asked to pay a tax, fee, insurance or unlock charge before funds are released. We found none, and one credible case would change this report substantially.
- Towards a worse rating: CySEC restricting, suspending or withdrawing licence 120/10, or an enforcement decision against the Cyprus entity over client money.
- Towards a worse rating: reports of original deposits, not just profits, being withheld after account closure, or a complaint spike concentrated in a single window rather than spread across the year.
- Towards a worse rating: a further regulator adding xm.com to a warning list, or an enforcement action in a market where XM is currently licensed rather than one where it is not.
Check it yourself
Official registers and warning lists. Verify every claim first-hand.
CySEC register entry for Trading Point of Financial Instruments Ltd
The main licence, 120/10, with the approved domains including www.xm.com.
Cyprus Registrar of Companies entry HE251334
Confirms the company exists and was incorporated on 19 June 2009.
Belize FSC licensed service providers search
Search the name XM Global to see licence 8557558 and its recorded domains.
FSCA South Africa financial services provider search
Enter FSP number 49976 to see XM ZA (Pty) Ltd and its status.
FSC Mauritius Online Public Register
Search the name XM International to see the investment dealer licence dated 24 April 2024.
Seychelles FSA capital markets licensees
Lists XM (SC) Limited as a securities dealer with the website www.xm.com.
Reserve Bank of India Alert List
Entry 33 names XM and www.xm.com as not authorised to deal in forex in India.
IOSCO alerts network warning on XM Global Limited
The New Zealand FMA warning, published 2 February 2022.
FCA register search for Trading Point
Shows the UK passport for FRN 538324 as no longer authorised.
CFTC press release on the 2012 court order
The 140,000 US dollar penalty for acting as an unregistered retail forex dealer.
XM regulation page
What the broker itself says about its licence and passporting.
Trustpilot reviews for xm.com
3,132 reviews, with the rating withheld for a guidelines breach.
Frequently asked questions
Quick answers about this broker’s safety.
Is XM a scam?
No. XM is a genuinely licensed broker and we found no evidence that it is a fake operation. Its Cyprus company holds CySEC licence 120/10 and the CySEC register names www.xm.com as an approved domain. We still rate it high risk at 48 percent because of a Philippine cease and desist order, an Indian regulator alert naming the website, and a consistent pattern of clients reporting profits cancelled after accounts were closed.
Is XM a fraud?
No court has found XM guilty of fraud, and we are not making that accusation. The closest thing on record is the Philippine SEC, which in November 2025 ordered the group to stop selling unregistered securities and froze its Philippine assets. A 2012 US federal court order required the Cyprus company to pay 140,000 US dollars for operating as an unregistered retail forex dealer, and that order contained no fraud finding.
Is XM regulated?
Yes, in several places. We opened five registers ourselves: CySEC in Cyprus (licence 120/10), the Belize FSC (8557558, XM Global Limited), the FSCA in South Africa (FSP 49976, XM ZA (Pty) Ltd), the FSC Mauritius online public register (XM International MU Limited, investment dealer licence dated 24 April 2024) and the Seychelles FSA securities dealer list (XM (SC) Limited). The Cyprus licence is the strongest of them.
Can I withdraw my money from XM?
Most clients can, and XM states that 92.9 percent of its withdrawals are approved automatically. The complaints we found are concentrated in a specific scenario: an account grows substantially, XM reviews it, and then closes or restricts it and cancels the profit under its arbitrage, news-trading or bonus-abuse rules. In most of those reports the original deposit was returned and the profit was not.
Is my money safe with XM?
It depends entirely on which XM company you sign up with. The Cyprus entity keeps client funds segregated, follows MiFID II rules and belongs to the Investor Compensation Fund, which covers up to 20,000 euros. The Belize, Seychelles and Mauritius entities have no equivalent compensation scheme, so if that company failed there would be nothing to claim against.
Who owns XM and who am I actually trading with?
XM is a trading name of Trading Point Holdings Ltd. The company behind xm.com for European clients is Trading Point of Financial Instruments Limited, Cyprus registration HE251334, at 12 Richard and Verengaria Street, Araouzos Castle Court, 3rd Floor, 3042 Limassol. Clients elsewhere may contract with XM Global Limited in Belize, XM (SC) Limited in Seychelles, XM International MU Limited in Mauritius or Trading Point MENA Limited in Dubai.
How old is XM?
About 17 years. The Cyprus Registrar of Companies shows Trading Point of Financial Instruments Limited was incorporated on 19 June 2009, trading-point.com was registered in July 2008, and the CySEC licence was granted on 5 August 2010. We verified all three dates from primary records rather than taking them from the website.
Is XM a clone or a fake site?
No, xm.com is the genuine site. Three regulators record it as the licensee's own domain: CySEC lists www.xm.com among the approved domains for licence 120/10, the Belize register records www.xm.com against XM Global Limited, and the Seychelles FSA list shows www.xm.com for XM (SC) Limited. XM is, however, heavily imitated, and the FCA has warned about unauthorised firms copying the group's details, so check the domain carefully.
Why did the Philippine SEC act against XM?
The SEC issued a cease and desist order dated 7 November 2025 against Trading Point Holdings Ltd, XM Global Ltd and XM Philippines. It found the group was offering and selling unregistered securities in the Philippines without the required licence, pointed to local payment methods and celebrity endorsements as evidence that Filipinos were the target market, and froze the group's Philippine bank deposits and assets. We found no public record of the order being lifted.
Is XM legal in India?
No. The Reserve Bank of India lists XM and www.xm.com at entry 33 of its Alert List, last updated on 19 November 2025. Entities on that list are not authorised to deal in foreign exchange under FEMA and are not authorised to operate an electronic trading platform for forex in India. Indian residents who trade there have no local regulatory protection.
Is XM regulated by the FCA in the UK?
Not any more. The FCA register shows Trading Point of Financial Instruments Ltd, reference 538324, as no longer authorised, with the permission cancelled on 19 December 2023. That entry was the pre-Brexit EEA passport. The group's remaining UK company, reference 705428, was renamed Trading.com Markets UK Limited and sits behind the Trading.com brand rather than XM.
Is XM regulated by ASIC in Australia?
Not under the XM brand. AFSL 443670 has been held since December 2013 by the company now called Trading.com Markets Pty Ltd, renamed in November 2024. That licence covers the Trading.com business, not accounts opened on xm.com, so an Australian client on xm.com is not covered by it.
Why does Trustpilot not show a rating for XM?
The XM profile on Trustpilot carries a notice saying the rating is unavailable because of a breach of Trustpilot's guidelines. The individual reviews are still visible: there are 3,132 of them, split 27 percent five star and 58 percent one star with very little in between. A withheld score usually follows a problem with how reviews were collected or challenged, and it is a finding worth knowing about.
What should I check before depositing with XM?
Four things. Which legal entity your account agreement names, and whether it carries compensation cover. Whether your own country's regulator has warned about XM. The exact wording of the arbitrage, news-trading and bonus clauses, because that is what sits behind almost every serious complaint. And that you are on xm.com and not one of the many imitation sites using the brand.
What do I do if XM has closed my account and kept my profit?
Ask in writing for the specific clause relied on and the evidence behind it, and keep every reply. If your account was with the Cyprus company, use its complaint-handling procedure first, then escalate to the Cyprus Financial Ombudsman and to CySEC. If your account was with the Belize, Seychelles or Mauritius entity, your options are much narrower, which is why the entity on your agreement matters so much.
What we recommend
The practical takeaway from everything above.
Treat XM as a licensed but high-risk broker, and let your own country decide how much of that risk you carry.
- Check which company you are signing up with before you deposit. The account-opening page names the entity. Only Trading Point of Financial Instruments Limited, the Cyprus company, carries EU Investor Compensation Fund cover. The Belize, Seychelles and Mauritius entities do not.
- Do not open an account from the Philippines or India. The Philippine SEC has ordered the group to stop soliciting there and frozen its local assets, and the Reserve Bank of India lists www.xm.com as not authorised. If something goes wrong, your regulator will not help you.
- Read the arbitrage, news-trading and bonus clauses before you trade, not after. This is the mechanism behind almost every serious complaint we found. If you take a deposit bonus, understand exactly what voids it.
- Withdraw profits regularly rather than letting a balance build. The reported pattern is that account reviews follow large balance growth.
- Keep your own records. Save deposit receipts, trade history and every support ticket. The clients who got traction kept transaction references and dates.
- Verify any XM site you land on. The CySEC register lists www.xm.com, www.trading-point.com and www.pipaffiliates.com as the approved domains. Many imitation sites use the XM name on other domains, and those are not this company.
- For the platform: keep the regulated status, which is factually correct, and add a risk banner covering the Philippine cease and desist order, the RBI listing and the withheld Trustpilot rating. Re-check in 90 days.
This is an independent assessment of risk, not a legal ruling. Scores and verdicts follow the Wikilix broker-safety methodology and can change as new evidence appears. Review scores are treated with caution when a broker’s reviews look manipulated. Last reviewed October 20, 2026. If any detail here is out of date or incorrect, or you represent this broker, please contact us.
What traders say about XM
Comments on XM are posted on its profile
Nobody has commented on XM yet. If you have traded with them, your experience helps the next reader decide.
Write the first comment