Is XM regulated? XM group companies and their regulators

Short answer: XM's website names several group companies, each overseen by a different regulator. For example, XM states that XM Global Limited is registered by (and in its footer, "regulated by") the Financial Services Commission (FSC) of Belize, licence no. 8557558. This page does not tell you whether XM may legally serve residents of your country. That depends on your local rules, so check with your local regulator.

Last checked 2026-11-15

Which regulators does XM list?

The table below repeats what XM states on its "XM Group Licences" page. We did not confirm each entry in the regulators' registers. Use the register links to check them yourself.

Older reviews may list other XM licences. This table only shows what XM's page lists on the date checked.

Which XM company would I deal with?

It depends on where you live. When we checked, XM's main website (xm.com/en) named XM Global Limited and the FSC of Belize in its footer. XM Global's client agreement names XM Global Limited as the company you contract with.

The company that serves you is written in your client agreement and usually in the footer of the XM site you sign up on. Each company has its own regulator, rules, account types and fees.

XM Global states that it does not offer its services to citizens of the United States, Canada, Israel and Iran, and other sanctioned countries. It also says it is your responsibility to make sure that using XM follows the laws where you live, and that XM "does not affirm that the information on its website is suitable to all jurisdictions."

What does regulation cover, and what does it not?

A licence means a regulator has authorised a company for certain activities and can supervise it. The rules differ a lot between regulators. Leverage limits, client money rules and complaint schemes are not the same in Belize, Cyprus, Dubai or South Africa.

A licence does not remove trading risk. XM's own risk warning says its services "involve a significant risk and can result in the loss of your invested capital." Regulation also does not tell you whether a company may serve clients in your country.

What about India?

People in India often ask whether they can use XM. XM's licences page, as checked, does not name an Indian regulator.

Indian rules on foreign exchange are set by Indian authorities, including the Reserve Bank of India (RBI). Check the RBI website and your own legal adviser.

The RBI publishes an Alert List of entities it says are not authorised to deal in forex or to operate electronic trading platforms for forex transactions. The list updated as on November 19, 2025 includes the name "XM", with the website www.xm.com.

This page does not tell you whether XM may legally serve residents of India.

What about Indonesia?

XM's licences page, as checked, does not name an Indonesian regulator. Indonesian financial authorities publish their own lists and warnings. You can check ojk.go.id and bappebti.go.id.

This page does not tell you whether XM may legally serve residents of Indonesia.

How can I check a licence myself?

1. Find the XM company named in your client agreement or in the footer of the XM site you use.
2. Open that regulator's official register, using the links above or the regulator's own website.
3. Search for the company name and licence number. Check that the status is active.
4. Check that the website addresses listed by the regulator match the site you are using.
5. Look for regulator warnings about clone sites that copy a licensed firm's name.

If anything does not match, contact the regulator before you deposit.

Sources

• XM Group licences page
• XM Regulation page (XM Global Limited)
• XM Global Client Agreement, introduction
• RBI Alert List of unauthorised forex trading platforms (updated as on November 19, 2025)