XM is one of the best-known forex brands in Asia and the Middle East, and it says it has over 20 million traders. For readers in our five countries the review comes down to one company: XM Global Limited in Belize, the only license shown on xm.com. It also comes with the longest list of regulator actions in this batch.
Is XM regulated?
XM Global Limited is regulated by the Financial Services Commission of Belize under the Securities Industry Act 2021, license number 8557558. Belize is tier 3 in our model. The wider Trading Point group holds licenses elsewhere, including in Cyprus, and industry press reported in 2025 that XM gained a license in Dubai. None of those appear on xm.com’s regulation page, so they don’t count toward this score.
Regulator actions against XM
- Philippines: the Securities and Exchange Commission ordered Trading Point Holdings, XM Global and XM Philippines to stop soliciting investments, finding they offered derivatives, forex and crypto products without the required registration. The order also froze assets.
- Singapore: industry press reported in June 2025 that Singapore moved to block access to XM for operating without a license.
- India: XM is on the Reserve Bank of India’s Alert List of unauthorised forex platforms.
- Japan and Argentina: regulators in both countries have published unlicensed-entity warnings naming XM, listed on IOSCO’s I-SCAN database.
These are actions over operating without local authorisation, not findings of fraud. Under our methodology they don’t trigger the rating cap, but together they weigh heavily on the transparency score.
Costs and bonuses
XM advertises spreads from 0.8 pips, zero commission and no swap fees on its homepage. It also promotes a limited-time welcome bonus. Bonus terms at many brokers restrict withdrawals until a trading volume is reached; we haven’t yet read XM’s current bonus terms, and if they lock withdrawals the score drops by a further 0.5.
Withdrawals
XM states that 92.9% of withdrawals are approved automatically and advertises instant, fee-free withdrawals. Against that, a forex complaints forum carries a run of 2025 and 2026 posts from XM Global clients reporting closed accounts and removed profits. We can’t verify individual posts, but the pattern is why the withdrawals score sits below the brokers’ claims.
Platforms
XM offers MT4, MT5 and its own XM App, with over 1,400 instruments and copy trading.
Who XM suits
XM suits traders who want a well-known brand, low entry costs and bonuses, and who accept a Belize license and an unusually long list of regulator actions. Traders who put protection first have stronger options.