A trader-filed complaint referenced FSC Ref: A7IGOC is currently under active investigation by the Belize Financial Services Commission — the regulator overseeing one of XM's operating entities. The complaint concerns an unresolved fund dispute the trader escalated after XM's support did not address it internally. As of this review, the case remains open with no published resolution.
XM Group was founded in 2009 and has grown into a globally recognised forex and CFD broker, primarily regulated by CySEC in Cyprus. It also operates offshore entities under the FSC in Belize and the FSC in Mauritius. Its core offering includes MT4 and MT5 platforms. While its European entity is considered top-tier, clients from certain non-EU countries are often routed to the offshore branches.
Traders in Belarus are typically assigned to XM's offshore entity because the National Bank of the Republic of Belarus (NBRB) does not have a direct regulatory arrangement with XM's European arm. This means local clients fall outside CySEC's protective framework and instead rely on the offshore regulator's oversight, which is generally less stringent. The NBRB itself does not license or supervise XM, leaving Belarusian traders with limited local recourse.
The regulatory score remains comparatively high at 4.0/5 because XM's CySEC license is genuine and actively supervised. However, the score is marked down for the active Belize FSC complaint (Ref A7IGOC). Complaint volume and severity sit at 1.3/5, and resolution reliability at 2.0/5, reflecting that 61% of withdrawal complaints remain unresolved after 30+ days. This gap between regulatory standing and complaint handling explains why the overall risk score is 1.8/5—elevated caution despite a legitimate license.
The most significant entry in the complaint ledger is the regulatory escalation: a formal dispute now under active investigation by the Belize FSC (Ref A7IGOC). This moves the issue beyond a simple delay. Account lockout and full account deletion are more severe than withdrawal-only complaints because they cut off access entirely. The disputed USDT deposit and NFP execution issues add to the pattern, though no theft or commingling is alleged.
Independent fraud-monitoring reports have flagged "XM Saham Investment" as a separate, fraudulent operation suspected of misusing XM's name and branding to promote fake investment schemes on Facebook, Instagram, and Telegram. This is not XM Group — it is a clone impersonation scam that trades on a legitimate broker's reputation to mislead investors.
If you were contacted via social media with guaranteed-return promises using XM's name, this is very likely the clone scam, not the real broker. Always verify you're on XM's official domain and never send funds based on a social-media investment pitch.
| Entity | Regulator | Tier | Protection |
|---|---|---|---|
| XM Group (EU) Ltd | CySEC | Top-tier | ICF up to €20,000 |
| Trading Point of Financial Instruments Ltd | FSC Belize | Offshore | No compensation scheme — site of the active complaint |
| XM Global Limited | FSC Mauritius | Offshore | No compensation scheme |
Belarusian traders are most likely assigned to XM's offshore entity, regulated by the FSC Belize. This entity is separate from the CySEC-regulated European arm. The FSC Belize is considered a lower-tier regulator with less rigorous enforcement and no compensation scheme comparable to CySEC's Investor Compensation Fund. The active complaint (Ref A7IGOC) falls under this Belize entity's oversight.
Protection differences are stark: CySEC clients benefit from strict capital requirements, segregated funds, and a compensation fund up to €20,000. Offshore clients under FSC Belize have no such statutory compensation. This means Belarusian traders have fewer safeguards if a dispute arises, and the ongoing FSC investigation highlights the practical gap in resolution reliability.
The documented pattern of account-access lockouts after 2FA or email issues—described as "one strike and you're out"—is a serious operational red flag. At least one case involved full account deletion after a dispute. This suggests that once a client loses access, recovery options may be limited or nonexistent. For Belarusian traders, this risk is compounded by distance and lack of local regulatory support.
Traders should take precautions: keep independent records of all account activity, use a dedicated email address, enable 2FA only after confirming recovery codes, and avoid keeping large balances on the platform. If locked out, immediately contact XM support and, if unresolved, file a complaint with the Belize FSC. Do not rely solely on the broker's internal dispute process.
Not every independent source frames XM this negatively. BrokerChooser, a professional broker-review site that states it tracks 40,000+ brokers, currently assesses XM as "a legit broker" with "a clean track record" and "no major incidents," based on its regulatory tier and testing. We're including this for balance: reasonable, independent assessors can reach a more favorable overall conclusion than this file does — our file weights the active regulatory complaint and account-lockout pattern more heavily than a general safety assessment would.
| Broker | Regulatory | Complaint Severity | Resolution |
|---|---|---|---|
| XM Group | 4 | 1.3 | 2 |
| Pepperstone | 4.9 | 4.5 | 4.6 |
| IC Markets | 4.6 | 4.1 | 4.3 |
For Belarusian traders, XM Group presents a mixed picture. The broker is not a scam—it has a genuine CySEC license and a clean track record according to BrokerChooser. However, the active Belize FSC complaint (Ref A7IGOC), the 61% unresolved withdrawal complaints, and the account-lockout pattern with no recovery path are significant concerns. The offshore entity serving Belarus offers weaker protections than the European arm, and local NBRB oversight does not extend to XM. Caution is warranted, especially for large deposits.
Practical recommendations: verify which entity your account falls under before depositing. Start with a small amount to test withdrawals. Keep thorough records and avoid using the same email for other critical services. If you experience lockouts or delays, escalate promptly to the Belize FSC. Consider brokers with top-tier regulation accessible to Belarusian residents, and treat any social media account named "XM Saham Investment" as a separate clone scam.