Reply To: XM – legit or scam?

Day Trading Community Scam Broker Check XM – legit or scam? Reply To: XM – legit or scam?

#179384
James Barra
Moderator
    DayTrading.com Team

    Hi Del,

    Thank you for your message.

    Whilst no broker is ever fully ‘safe’, XM did score over 4/5 for Regulation & Trust in our review. This is because it’s well-established (it launched in 2009), it has a large client base (10+ million users), and it’s regulated by several respected bodies, two of which we consider ‘green tier’ regulators (ASIC in Australia and CySEC in Cyprus). XM is also authrorized by DFSA in Dubai, FSCA in South Africa and FSC in Belize.

    Having said that, it’s important to check which XM entity you will hold your funds with when you sign up. For example, if you trade through the offshore entity (authorized by the FSC) you may not receive the same level of regulatory protections, such as limits on leverage and access to compensation in the event the broker becomes insolvent.