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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 is primarily regulated by CySEC in Cyprus, a top-tier authority. It also operates offshore entities under the Belize FSC and Mauritius FSC. This structure allows it to serve different regions under varying regulatory protections. While CySEC oversight is genuine, the offshore branches operate with lighter rules, which can affect how client disputes are handled.
Greek traders are typically routed to XM's offshore entity because the group often assigns clients outside the EEA to Belize or Mauritius for operational flexibility. Greece's local regulator, HCMC, does not directly supervise XM, and the country's payment landscape—dominated by bank transfers and cards under capital controls—can complicate withdrawals. This setup means Greek clients may have less local recourse if issues arise.
The regulatory score remains comparatively high at 4.0/5 because XM's CySEC license is active and genuine, and independent reviewers still consider it legitimate. However, the score is marked down by the active Belize FSC complaint (Ref A7IGOC), which signals an unresolved fund dispute. Complaint volume and severity score low due to documented lockouts and withdrawal delays, and resolution reliability is weak at 2.0/5, with 61% of withdrawal complaints unresolved after 30+ days. This gap explains why the overall risk score sits at 1.8/5.
The most significant entry in the ledger is the active regulatory escalation—FSC Ref A7IGOC—because it represents an unresolved dispute that has reached an official body. Account lockout and full account deletion are more severe than simple withdrawal delays, as they cut off access entirely and leave no recovery path. The disputed USDT deposit and execution issues around a US NFP release add further operational concerns, though none of these entries confirm outright fraud.
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 |
Greek traders are typically assigned to XM's offshore entity, likely under the Belize FSC or Mauritius FSC, rather than the CySEC-regulated European branch. This is common for clients outside the EEA, as XM routes them to entities with lighter regulatory requirements. As a result, Greek clients may not benefit from CySEC's stricter investor protection framework, including any applicable compensation schemes.
The protection differences are substantial: CySEC-regulated clients in the EU enjoy negative balance protection, segregated funds, and access to ombudsman schemes, while offshore clients have fewer guarantees. For Greek traders, this means disputes may be harder to escalate locally, and the Belize FSC complaint process—while active—may be slower and less transparent than EU alternatives.
The documented pattern shows that after 2FA or email issues, some accounts are locked out with no recovery path—described as 'one strike and you're out.' At least one case involved full account deletion after a dispute. This is more severe than a temporary hold, as it can leave clients unable to access funds or records. The lack of a clear recovery process is a key risk for Greek traders who may rely on remote access.
Traders should take precautions: keep independent records of account balances, transaction histories, and correspondence; use a dedicated email with backup access; and enable 2FA only through a device they control. If locked out, immediately contact XM support and, if unresolved, file a complaint with the relevant regulator—such as the Belize FSC for offshore accounts—and consider local consumer protection channels in Greece.
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 Greek traders, XM Group presents a mixed picture. The broker is long-established and CySEC-regulated, and independent reviewers still call it legit. However, Greek clients are likely routed to an offshore entity under Belize or Mauritius, where protections are weaker. An active Belize FSC complaint (Ref A7IGOC) and a pattern of account lockouts without recovery paths are red flags. Withdrawal delays affect many users, and 61% of complaints remain unresolved after 30 days. No fraud is confirmed, but the risks are real and should not be ignored.
Greek traders should verify which entity their account is assigned to before depositing, and prefer the CySEC-regulated branch if eligible. Keep thorough records, avoid keeping large balances with the broker, and test withdrawals with small amounts first. If problems arise, escalate to the Belize FSC or HCMC as appropriate, and be aware that local payment methods may add friction. Given the active complaint and lockout pattern, caution is warranted—especially for large accounts.