- XM's official regulation page lists 8 group licenses across Belize, Cyprus, Dubai, Mauritius, South Africa, Seychelles, Kenya, and the British Virgin Islands
- XM Global Limited is registered with the Financial Services Commission (FSC) of Belize under license number 8557558
- Your protection tier depends entirely on which legal entity onboards you — check the client agreement before funding
- Offshore entities can offer higher leverage and bonuses, but they usually do not provide EU-style investor compensation
Regulated Global Broker Trusted by 20M+ traders — open your account in minutes
- Trade 1,400+ instruments
- Country-based bonus offers where eligible
- MT4 & MT5 available
- Easy deposits and withdrawals
- Leverage up to 1000:1, where available
- Copy Trading: auto-copy expert strategy managers
July 2026 XM consistency note: XM details can vary by country and legal entity. Current official XM pages list 8 group licenses, 1,400+ global assets, MT5/WebTrader/app access, and public promotions such as Refer a Friend and monthly competitions; welcome/deposit bonus tiles must be verified inside the live XM Members Area because eligibility depends on country, entity, KYC status and account type.
June 2026 field note: XM's official regulation page currently lists 8 XM Group licenses: FSC Belize, CySEC Cyprus, DFSA Dubai, FSC Mauritius, FSCA South Africa, FSA Seychelles, CMA Kenya, and FSC British Virgin Islands. Those protections only matter to your account if your client agreement names the relevant legal entity.
Important notice (YMYL)#
This article is not investment or broker-selection advice. Forex and CFD trading carries significant risk; you can lose more than you deposit. "Trustworthy" here refers to regulatory context, transparency, and typical operational patterns — not a guarantee of capital protection or profit. The XM group entity that contracts with you directly affects your rights; read your agreements and risk disclosures.
Why "Is XM safe?" is not a simple yes/no#
A licensed broker is not automatically "safe" — and an offshore license does not automatically mean "scam." The real question is: what specific protections apply to YOUR account?
The XM brand is used across multiple legal entities. XM's regulation page lists several XM Group companies, including XM Global Limited in Belize and TPXMGLOBAL Kenya Limited under Kenya's CMA. Your country of residence and signup route determine which entity serves you — and that determines:
- Your maximum leverage (1:30 vs 1:1000)
- Whether you have access to an investor compensation scheme
- Your dispute resolution options if something goes wrong
- What marketing rules and transparency requirements the broker must follow
XM brand vs your account entity#
Do not read the list below as "every XM client gets every license." A license belongs to a specific legal company, not to the logo alone. If your client agreement says XM Global Limited, the relevant license is FSC Belize; if it names TPXMGLOBAL Kenya Limited, the relevant license is CMA Kenya; if it names XM (BVI) Limited, the relevant license is BVI FSC.
| # | Regulator | Entity (Legal Name) | License No. | License Type | Serves |
|---|---|---|---|---|---|
| 1 | CySEC (Cyprus) | Trading Point of Financial Instruments Limited | 120/10 | Authorised Cyprus Investment Firm (CIF) | EU / EEA countries |
| 2 | DFSA (Dubai) | Trading Point MENA Limited | F003484 | Authorised Firm (Cat. 4) | DIFC / Middle East / GCC |
| 3 | FSCA (South Africa) | XM ZA (Pty) Ltd | 49976 | Financial Services Provider (FSP) | South Africa |
| 4 | FSC (Belize) | XM Global Limited | 8557558 | XM regulation page | International / Global |
| 5 | FSA (Seychelles) | XM (SC) Limited | SD190 | Securities Dealer Licence | International / Global |
| 6 | FSC (Mauritius) | XM International MU Limited | GB23202700 | Investment Dealer Licence | Africa / Asia |
| 7 | CMA (Kenya) | TPXMGLOBAL Kenya Limited | 233 | Non-Dealing Online Forex Broker | Kenya / East Africa |
| 8 | FSC (British Virgin Islands) | XM (BVI) Limited | SIBA/L/25/1182 | Investment Business Licence | International / BVI entity clients |
What each regulator means for you — detailed breakdown#
CySEC — Cyprus Securities and Exchange Commission (License 120/10)#
Entity: Trading Point of Financial Instruments Limited
CySEC is a tier-1 EU regulator operating under the MiFID II framework. This is XM's highest-protection entity:
- Leverage cap: 1:30 for major FX pairs (EU retail rules)
- Investor Compensation Fund (ICF): Up to €20,000 per client if the firm becomes insolvent
- Negative balance protection: Mandatory
- Segregated funds: Required by law at EU-tier banks
- Audit: Annual external audits, quarterly financial reporting to CySEC
- Marketing rules: Strict — no misleading bonus claims to EU retail clients
- Bonuses: Not permitted for retail clients under ESMA rules
Who gets this entity: Clients residing in EU/EEA member states.
Verify: CySEC Public Register → Search "Trading Point"
DFSA — Dubai Financial Services Authority (License F003484)#
Entity: Trading Point MENA Limited
The DFSA regulates financial services within the Dubai International Financial Centre (DIFC) — a special economic zone with its own legal framework:
- Leverage cap: 1:30 for retail (DFSA conduct rules mirror EU caps)
- Client money: Must be held in segregated accounts under DFSA Client Money Rules
- Negative balance protection: Yes
- Conduct standards: Must comply with DFSA's Conduct of Business Module
- Dispute resolution: DIFC Courts and Financial Markets Tribunal
Who gets this entity: Clients in the UAE, GCC, and broader Middle East region.
Verify: DFSA Public Register → Search "Trading Point MENA"
FSCA — Financial Sector Conduct Authority (License 49976)#
Entity: XM ZA (Pty) Ltd
The FSCA is South Africa's financial market conduct regulator:
- Status: Authorised Financial Services Provider (FSP)
- Client funds: Must be kept separate from operational funds
- Negative balance protection: Yes
- Dispute resolution: FAIS Ombud (Financial Advisory and Intermediary Services)
- Reporting: Regular compliance reports to FSCA
Who gets this entity: South African residents.
Verify: FSCA FSP Search → Search FSP No. 49976
FSC Belize — Financial Services Commission (Licence 8557558)#
Entity: XM Global Limited
The FSC Belize is XM's primary international entity — the one that onboards the majority of global clients:
- Regulated under: Securities Industry Act 2021 (replaced the older FSC Belize framework after Belize's 2019 regulatory restructuring)
- Leverage: Up to 1:1000 — significantly higher than EU/DFSA entities
- Compensation scheme: None — no formal investor compensation fund
- Client fund segregation: Required but enforcement depth is lighter than CySEC
- Negative balance protection: Yes (XM policy, not statutory requirement)
- Bonuses: Permitted — this is where the welcome deposit bonus and deposit bonus are offered
Who gets this entity: Most international clients (Asia, Latin America, parts of Africa, Middle East) who don't fall under CySEC, DFSA, FSCA, or CMA.
Verify: FSC Belize Registry → Search "XM Global"
⚠️ Important: FSC Belize should not be equated with EU-level protection. Higher leverage means higher risk, and there is no compensation scheme if the broker fails. However, XM has operated under this license since 2009 without a major regulatory incident.
FSA Seychelles — Financial Services Authority (License SD190)#
Entity: XM (SC) Limited
The FSA Seychelles provides a Securities Dealer Licence for international markets:
- Leverage: Up to 1:1000
- Compensation scheme: None
- Client fund segregation: Required under FSA rules
- Negative balance protection: Yes (XM policy)
- Bonuses: Permitted
Who gets this entity: International clients, often as an alternative to FSC Belize depending on onboarding routing.
Verify: FSA Seychelles → Search "XM (SC) Limited"
FSC Mauritius — Financial Services Commission (License GB23202700)#
Entity: XM International MU Limited
The Mauritius FSC provides an Investment Dealer Licence:
- Leverage: Higher than EU (varies by instrument)
- Compensation scheme: None
- Client fund segregation: Required
- Negative balance protection: Yes
Who gets this entity: Clients in parts of Africa and Asia not covered by other entities.
Verify: FSC Mauritius → Search "XM International MU"
CMA Kenya — Capital Markets Authority (License 233)#
Entity: TPXMGLOBAL Kenya Limited
The CMA is Kenya's financial markets regulator. XM is authorised as a Non-Dealing Online Forex Broker:
- License number: 233
- Regulatory status: Authorised and operating in accordance with CMA requirements
- Dispute resolution: CMA complaint channels
- Oversight: Regular reporting and compliance with CMA requirements
Who gets this entity: Kenyan residents and potentially clients routed through the Kenya-regulated entity.
Verify: CMA Kenya → Search "TPXMGLOBAL"
FSC British Virgin Islands — Financial Services Commission (License SIBA/L/25/1182)#
Entity: XM (BVI) Limited
XM's 2026 regulation page lists XM (BVI) Limited as regulated by the Financial Services Commission of the British Virgin Islands under an Investment Business License:
- License number: SIBA/L/25/1182
- License type: Investment Business License
- Compensation scheme: No EU-style investor compensation fund
- Client protections: Depend on the BVI entity's terms, client agreement, and BVI FSC rules
Who gets this entity: Clients routed through the BVI legal entity. Confirm this in the signup flow and client agreement before funding.
Verify: BVI FSC → Search "XM (BVI) Limited" or license number "SIBA/L/25/1182"
Protection comparison — what you actually get#
| Protection | CySEC (EU) | DFSA (Dubai) | FSC Belize | CMA Kenya | BVI FSC |
|---|---|---|---|---|---|
| Max leverage (retail) | 1:30 | 1:30 | Higher/offshore terms | Local/entity terms | Offshore/entity terms |
| Investor compensation | €20,000 (ICF) | No | No | No EU-style scheme | No EU-style scheme |
| Negative balance protection | Mandatory | Yes | Yes (policy) | Entity terms | Entity terms |
| Segregated funds | Mandatory (EU banks) | Mandatory | Required | Local requirements | BVI/entity requirements |
| Bonus offers | Prohibited (ESMA) | Limited | Permitted | Depends on local rules | Depends on entity terms |
| Dispute resolution | CySEC + EU Ombudsman | DIFC Courts | FSC Belize | CMA Kenya | BVI FSC |
| Regulatory teeth | Strong — can fine, suspend, revoke | Strong within DIFC | Moderate | Local market conduct oversight | Offshore oversight |
How to verify XM's license yourself (2 minutes)#
- Go to the current XM regulation page: xm.com/landing/regulation — note the exact entity name and license number shown for the entity relevant to your account.
- Visit the regulator's public register:
- CySEC: cysec.gov.cy
- DFSA: dfsa.ae/public-register
- FSCA: fsca.co.za
- FSC Belize: fscommission.org
- FSA Seychelles: fsaseychelles.sc
- FSC Mauritius: fscmauritius.org
- CMA Kenya: cma.or.ke
- BVI FSC: bvifsc.vg
- Search by entity name or license number — confirm the status reads "Authorised" or "Active."
- Check your Client Agreement — the PDF you signed during registration states which entity you are contracted with. This is the authoritative document.
Restricted regions#
XM does not accept clients from:
- United States
- Canada
- Israel
- Islamic Republic of Iran
- Other sanctioned countries
XM's website and services are not directed at individuals in countries where such use would violate local laws or regulations. It is the user's responsibility to confirm compliance with their local legislation before accessing XM's services. XM does not represent that the information on its website is appropriate for all jurisdictions.
What regulation does NOT guarantee#
Even a fully licensed broker cannot protect you from:
- Market risk — regulators do not refund losses from bad trades or excessive leverage
- Slippage and gaps — these are market realities; no execution policy guarantees every order fills at the requested price
- Your own risk management failures — leverage amplifies both gains and losses
- Bonus terms — promotional credits come with volume requirements; read the terms before relying on bonus money
- Inactivity fees × $5/month after 90 days of inactivity (XM policy, not a regulatory requirement)
Balanced takeaway#
XM is a widely recognised multi-asset CFD/FX brand, but regulation must be read at the legal entity level. The current XM regulation page lists 8 XM Group licenses: FSC Belize, CySEC Cyprus, DFSA Dubai, FSC Mauritius, FSCA South Africa, FSA Seychelles, CMA Kenya, and FSC British Virgin Islands. Those licenses do not automatically apply to every client account.
However: which entity serves you defines your protection set. An EU client contracted with a CySEC entity may get EU-style leverage caps and compensation coverage. An international client contracted with an offshore entity such as XM Global Limited or XM (BVI) Limited may get different leverage/bonus conditions — but not EU-style investor compensation.
The practical advice: always check your Client Agreement, verify the license on the regulator's register, and never assume that one entity's protections apply to another.
For onboarding steps, see our XM account opening guide. For a full broker review including account types, platforms, and fees, see What is XM? Comprehensive Broker Review.
Education-first next step: practise on demo, calculate your risk per trade, then review the current XM account, bonus and withdrawal terms before opening or funding a live account. Check XM terms only after you understand the risks; eligibility depends on your country, legal entity and live campaign rules.
Risk Warning: Our services carry a significant level of risk and can result in the loss of your invested capital. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Please read and ensure you fully understand our Risk Disclosures (XM Global), Risk Disclosures (XM International MU) and Risk Disclosures (XM (SC) Limited). Past performance is not indicative of future results. This content is for informational purposes only and does not constitute investment advice.
Comments 4
The regulatory breakdown by region was super helpful. I didn't know XM had separate entities for different jurisdictions. This cleared up a lot of confusion.
Thanks for clarifying the entity structure. I'm based in the GCC so I trade under the DFSA-regulated entity and the difference in negative balance protection wording vs the offshore entity is something most reviews don't even mention. Useful detail that actually matters when something goes wrong.
The breakdown of segregated accounts vs investor compensation schemes was clear. I'd add that XM's compensation under CySEC's ICF caps at €20k per client which is actually relatively standard for EU brokers — newer traders don't realize that's not a 'guarantee everything is fine' number, especially for larger accounts.
Great piece. Quick question — does the article apply equally to XM Trading and XM Global, or are those separate licensing schemes with different protections? A small comparison table would help international readers picking the right entity at registration.
Add a useful note for other traders. We review comments before publishing.