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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 FSC Belize and FSC Mauritius. This structure allows it to serve clients globally while maintaining a strong regulatory base in Europe. The group offers MT4 and MT5 platforms and has a long history in the retail forex and CFD space.
Traders from Serbia are typically routed to XM's offshore entity in Belize or Mauritius because Serbia is not part of the European Economic Area. This means local clients do not fall under CySEC's strict protections. While Serbia has its own SEC, it does not regulate XM, so clients here rely on the offshore regulator's oversight, which is generally weaker.
The regulatory score remains comparatively high at 4.0/5 because XM's CySEC license is genuine and actively supervised. However, the active Belize FSC complaint (Ref A7IGOC) and a pattern of unresolved withdrawal issues drag down complaint and resolution scores. The 61% of withdrawal complaints unresolved after 30+ days further erodes trust. This split reflects a broker with solid regulatory foundations but concerning operational gaps in dispute handling.
The most significant entry in the complaint ledger is the active FSC investigation (Ref A7IGOC), which represents a formal escalation to the regulator. Account lockouts and a reported full account deletion are more severe than simple withdrawal delays because they cut off access entirely. These issues, combined with a disputed USDT deposit and execution complaints around a US NFP release, paint a picture of operational weaknesses that go beyond minor delays.
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 |
Traders in Serbia are typically assigned to XM's offshore entity regulated by the FSC Belize or FSC Mauritius. These entities offer lower oversight than CySEC, and client funds are not protected by European compensation schemes. This routing is common for non-EEA clients and means that any dispute is handled under the offshore regulator's framework, which may be less responsive.
The protection differences are stark: CySEC-regulated clients benefit from strict capital requirements, segregated funds, and investor compensation schemes. Offshore clients have fewer safeguards, and resolution of complaints can be slower and less predictable. The active Belize complaint highlights these gaps, as the FSC's investigation is ongoing without a clear timeline.
The 2FA and email lockout pattern is a major concern. Once locked out, users report no recovery path, effectively 'one strike and you're out.' This can happen due to email issues or 2FA problems, leaving traders unable to access funds. Such lockouts are more than inconveniences; they can lead to full account deletion after a dispute, as at least one case shows.
For Serbian traders, recovery options are limited. If you lose access, immediately contact XM support and document all communication. Avoid sharing sensitive details on social media, as clone entities like 'XM Saham Investment' may try to exploit the situation. Keep records of your account activity and consider escalating to the relevant regulator if unresolved.
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 Serbian traders, XM Group presents a mixed picture. The broker is not a scam and has a legitimate CySEC license, but the offshore entity serving Serbia is under the Belize FSC, which is currently investigating an active complaint (Ref A7IGOC). The pattern of account lockouts and unresolved withdrawals (61% after 30+ days) is troubling. While no outright theft is confirmed, the operational risks are elevated, and local clients lack the protections of EU-based traders.
Practical recommendations: Serbian traders should be cautious and consider brokers with stronger local or EU regulation. If using XM, start with a small deposit, enable all security features carefully, and keep detailed records. Be aware of clone scams like 'XM Saham Investment.' For disputes, escalate to the Belize FSC and seek local legal advice if needed. Given the unresolved issues, alternative brokers with better complaint resolution may be safer.