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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 has grown into a major forex and CFD broker, primarily regulated by CySEC in Cyprus. It also operates offshore entities under the Belize FSC and Mauritius FSC. The brand is well known among Saudi traders for its MT4 and MT5 platforms and broad asset coverage. However, its regulatory standing is not uniform across entities, and an active complaint with the Belize FSC is currently under investigation.
The regulatory score remains comparatively high at 4.0/5 because CySEC is a genuinely active top-tier regulator with real enforcement powers. However, that score is marked down for the active Belize FSC complaint, and the complaint and resolution scores sit much lower—1.3/5 and 2.0/5 respectively. The unresolved complaint, combined with a 61% unresolved withdrawal rate after 30 days, explains the gap. The index reflects a broker with strong oversight on paper but significant practical weaknesses in complaint handling and dispute resolution.
The active Belize FSC complaint (Ref A7IGOC) is the most significant entry in the ledger, as it represents a formal regulatory escalation that remains unresolved. Account lockouts and a reported full account deletion are more severe than simple withdrawal delays because they can leave traders with no access to their funds or records. Withdrawal delays and a disputed USDT deposit add to the pattern, though no verified theft or commingling has been found. The ledger shows a cluster of access and resolution issues rather than 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 |
Saudi traders are typically assigned to XM’s offshore entity under the Belize FSC or Mauritius FSC, rather than the CySEC-regulated European entity. This is common because the CySEC entity generally does not accept clients from Saudi Arabia, so onboarding is routed to less strictly regulated arms. As a result, the protections associated with CySEC—such as stricter capital requirements and oversight—do not automatically apply to Saudi-based accounts.
The documented pattern shows account-access lockouts after 2FA or email issues, with no clear recovery path—described as “one strike and you’re out.” At least one account was reportedly fully deleted after a dispute. This is more severe than a temporary login problem because it can cut off access to funds and transaction history entirely. For Saudi traders, who often rely on mobile verification and local email providers, such lockouts can be especially disruptive.
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 Saudi traders, XM Group presents a mixed picture. The broker is not a confirmed scam, and its CySEC regulation and independent “legit” assessment from BrokerChooser offer some reassurance. However, the active Belize FSC complaint, a 61% unresolved withdrawal rate after 30 days, and a pattern of account lockouts and one reported deletion are serious red flags. Saudi clients are typically routed to the offshore Belize or Mauritius entity, where protections are weaker than under CySEC. The file suggests caution rather than outright avoidance, but the risks are real.
Saudi traders should verify which entity their account is assigned to before depositing, and prefer the CySEC-regulated entity if eligible. Use a dedicated email and back up 2FA recovery codes. Start with a small withdrawal to test processing times. Keep records of all transactions and communications. If access is lost, escalate promptly to the relevant regulator and seek local legal advice. Be aware that “XM Saham Investment” is a separate clone scam, not the real XM Group.