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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 global forex and CFD broker. Its main regulated entity operates under CySEC in Cyprus, a top-tier authority. For certain regions, it also uses offshore entities regulated by the FSC in Belize and the FSC in Mauritius. It offers trading on MT4 and MT5 platforms, serving a large international client base.
Tunisian traders are typically routed to XM's offshore entity because the local regulator, the CMF, does not license retail forex brokers. With no domestic framework, Tunisian clients fall outside CySEC's European protections. This offshore routing is common for North African traders but means disputes are handled under weaker jurisdictions, such as Belize, where the current complaint is active.
The regulatory score remains comparatively high at 4.0/5 because XM's CySEC license is genuine and actively supervised. However, the overall risk score is dragged down by the active Belize FSC complaint (Ref A7IGOC), which signals an unresolved fund dispute. Complaint volume and severity sit at 1.3/5, and resolution reliability is just 2.0/5, reflecting that 61% of withdrawal complaints remain unresolved after 30 days. The high regulatory standing is therefore offset by poor complaint handling.
The most significant entry in the ledger is the active regulatory escalation — the Belize FSC complaint (Ref A7IGOC) — because it shows a dispute that could not be resolved internally. Account lockouts and a reported account deletion are more severe than simple withdrawal delays, as they cut off access entirely. The uncredited USDT deposit and NFP execution dispute add to the pattern of operational issues, though none of these individually confirm 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 |
Tunisian traders are most likely assigned to XM's offshore entity under the FSC Belize, given that Tunisia's CMF does not regulate retail forex. This entity is separate from the CySEC-regulated European arm. As a result, Tunisian clients are not covered by CySEC's stricter rules, including negative balance protection or compensation schemes, and any disputes fall under Belizean jurisdiction.
The protection differences are material. CySEC-regulated clients benefit from segregated funds, ombudsman schemes, and tighter oversight. Offshore clients under Belize have fewer safeguards, and the active FSC complaint suggests that even regulatory escalation may not guarantee a swift resolution. Tunisian traders should understand this gap before depositing funds.
The documented pattern shows account lockouts after 2FA or email issues, with users reporting no recovery path — described as 'one strike and you're out.' At least one case involved a full account deletion after a dispute. For Tunisian traders, who often rely on email and mobile authentication, such lockouts can be especially disruptive, leaving them unable to access funds or close positions.
Traders should keep independent records of account activity, including screenshots and email confirmations. If locked out, immediately contact XM support through multiple channels and, if unresolved, escalate to the relevant regulator (Belize FSC for offshore accounts). Avoid sharing 2FA codes and be wary of recovery offers, as clone scams like 'XM Saham Investment' may target locked-out users.
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 Tunisian traders, XM Group presents a mixed picture. It is not a scam — CySEC regulation and a clean track record per BrokerChooser support that. But the active Belize FSC complaint, 61% unresolved withdrawal complaints after 30 days, and severe account-lockout pattern are red flags. With no CMF oversight, Tunisian clients are routed offshore with weaker protections. The risk score of 1.8/5 reflects these unresolved issues, making caution advisable.
Tunisian traders should verify which entity their account falls under, prefer CySEC-regulated onboarding if possible, and start with small deposits. Keep detailed records and test withdrawals early. Be aware that recovery options are limited under Belize jurisdiction. Monitor the active FSC complaint for updates, and treat any social media 'XM' offers — especially from 'XM Saham Investment' — as potential clones.