Summary
XM holds licences in the UK, Cyprus, Australia and Dubai, executed well and paid out a withdrawal on the day it was requested in our live test. Its main weakness is an offshore entity in Belize, whose clients sit outside the compensation schemes of its regulated companies.
- Grade
- AA
- Score
- 83/100
- Fieldwork
- 1 Oct 2026 to 2 Oct 2026
- Findings
- 2 medium7 strength
Scorecard
| Pillar | Weight | Score | Grade |
|---|---|---|---|
| Regulation & Licensing | 19% | AA | |
| Corporate Structure & Ownership | 14% | A | |
| Client Money & Payouts | 19% | A | |
| Execution & Pricing | 19% | AA | |
| Conduct & Disclosure | 14% | AA | |
| Operational Resilience | 10% | AAA | |
| People & Community | 5% | AAA | |
| Overall | 100% | 83 | AA |
Findings
Regulation & Licensing
80/100The FCA and CySEC licences were confirmed on the regulators’ registers, and the DFSA entity holds a licence with a retail endorsement. The group also operates XM Global Limited, licensed by the FSC in Belize.
- StrengthTrading Point of Financial Instruments UK Ltd is authorised by the FCA (FRN 705428), confirmed on the FCA register on 2 October 2026.
- StrengthTrading Point of Financial Instruments Ltd holds CySEC licence 120/10 (issued 5 August 2010); the register lists www.xm.com as an approved domain.
- StrengthTrading Point MENA Limited holds DFSA reference F003484, licensed on 10 September 2019, with an endorsement to serve retail clients.
- MediumThe group onboards clients through XM Global Limited, an offshore entity regulated by the FSC in Belize, where clients do not have the protections of the UK, EU or Australian regimes.
Corporate Structure & Ownership
72/100The operating companies sit under Trading Point Holdings Ltd, as stated in XM’s Australian Financial Services Guide. The group is privately held; we did not review audited group accounts.
- ObservationGroup accounts for Trading Point Holdings Ltd were not available in the public sources reviewed.
Client Money & Payouts
79/100In live testing a withdrawal was paid out on the day it was requested. UK clients are covered by the FSCS and clients of the Cyprus entity by CySEC’s Investor Compensation Fund. Clients of the Belize entity have no equivalent scheme.
- StrengthA withdrawal requested during live testing on 2 October 2026 was received the same day.
- MediumClients onboarded to XM Global Limited (Belize) fall outside any investor compensation scheme.
- ObservationIn June 2013 CySEC announced an administrative fine on the Cyprus entity, reported at €5,000, relating to the safeguarding of client funds and anti-money-laundering procedures. It is more than eight years old, so it is recorded here but not scored.
Execution & Pricing
88/100Tested with a live account on 2 October 2026: TBR deposited funds and placed trades. Execution and pricing during testing earned a score of 88.
- ObservationA live account was funded and traded on 2 October 2026. Results reflect a single day of testing.
Conduct & Disclosure
86/100No enforcement action within the last eight years was found in the sources reviewed. The offshore entity offers trading bonuses, which are recorded below but, under our methodology, not scored where lawful in the entity’s jurisdiction.
- ObservationXM Global publishes terms for a no-deposit trading bonus. Such incentives are not available to EU retail CFD clients; they are offered through the offshore entity only.
Operational Resilience
92/100Platform availability and account operations were observed during live testing on 2 October 2026, including the deposit, trading and a withdrawal request. Operational resilience during testing earned a score of 92.
- StrengthDeposit, trading and a same-day withdrawal all completed without platform or account issues during testing on 2 October 2026.
People & Community
100/100XM holds a Great Place to Work certification in Cyprus and has been ranked the number one Best Workplace in Cyprus and Greece. It runs a sustained, independently reported community programme, including a €5 million commitment to areas affected by the July 2025 wildfires.
- StrengthGreat Place to Work certified in Cyprus (2025) and ranked the number one Best Workplace in Cyprus and Greece, per Great Place to Work Cyprus.
- StrengthMulti-year community programme reported by independent media, including a €5 million commitment to areas affected by the July 2025 wildfires, air-conditioning for public primary schools, and support for the Color & Light autism centre in Limassol.
Licences verified
Each licence was checked directly against the regulator's public register on the date shown.
| Entity | Regulator | Licence | Checked | Result |
|---|---|---|---|---|
| Trading Point of Financial Instruments UK Ltd | FCA | FRN 705428 | 2 Oct 2026 | Confirmed |
| Trading Point of Financial Instruments Ltd | CySEC | 120/10 | 2 Oct 2026 | ConfirmedApproved domains include www.xm.com and www.trading-point.com. |
| Trading Point MENA Limited | DFSA | F003484 | 2 Oct 2026 | Confirmed with notesLicensed 10 September 2019 with a retail endorsement; dealing as principal limited to a matched principal basis. |
Notes and sources
Sources
- CySEC register: Trading Point of Financial Instruments Ltd
- DFSA public register: Trading Point MENA Limited
- CySEC announcement, 21 June 2013 (in Greek)
- Finance Magnates: Trading Point fined €5,000 for infringement of client funds regulations
- XM: Australia Financial Services Guide
- XM Global: No Deposit Trading Bonus terms
- Great Place to Work Cyprus: XM
- Cyprus Mail: XM’s CSR efforts show steady investment in wellbeing of Cyprus society (4 February 2026)
- Kiprinform: XM Group launches second phase of Cyprus fire recovery initiative
Evidence and scope
Scope
The group’s client-facing entities. Public-record review of regulator registers and announcements, court and stock-exchange filings, and the firm’s own published documents, as available on 2 October 2026; and live testing on 2 October 2026, in which TBR funded an account, placed trades and withdrew funds.
Limitations
Live testing covered a single day and one account. Absence of a public enforcement record is not evidence of good conduct. ASIC licence details are taken from the firm’s disclosures; the ASIC register could not be queried directly for this audit. The licence number of XM Global Limited could not be confirmed: XM documents cite more than one FSC reference and the FSC register was not accessible.
Evidence reviewed
- CySEC register entry, Trading Point of Financial Instruments Ltd
- DFSA public register entry, Trading Point MENA Limited
- CySEC announcement of an administrative fine, 21 June 2013
- XM Australia Financial Services Guide
- XM Global published terms, including bonus terms
- FCA register entry, Trading Point of Financial Instruments UK Ltd
- Live account test, 2 October 2026: deposit, trades and a withdrawal, received the same day
Version history
- Report published.
- Methodology update: enforcement older than eight years is recorded but no longer scored, applied to all audits.
- Methodology update: People & Community pillar added (workplace certification and community contribution, from public sources), applied to all audits.
- Updated: FCA authorisation of the UK entity confirmed; the test withdrawal was received the same day; offshore trading incentives recorded but no longer scored, following a methodology change applied to all audits. Grade moved from A (78) to AA (82); AA (83) after the People & Community pillar was added.
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