XM Broker: Restricted and Supported Countries List
XM is a forex and CFD broker founded in 2009, with over 20 million clients in 190 countries. It does not accept clients from every country, though, as regulatory requirements and business decisions limit where it can operate. In this article, we look at XM's restricted countries, often called XM's banned countries, and explain which of its entities you register with. We also mention a few alternatives for traders who cannot open an XM account.
XM decides eligibility when you register, based on where you live. You can check whether XM accepts clients from your country on its website.
75.12% of retail investor accounts lose money when trading CFDs with this provider.
XM Restricted Countries
According to XM, it does not provide its service to citizens of the United States, Canada, Israel, Iran and other sanctioned countries, and it does not direct its services to anyone in a country where local laws prohibit them. XM also does not accept clients from the UK, where visitors are directed to Trading.com, a separate company in the same group. These are examples rather than a complete list, and the list can change at any time. If XM does not serve your country, you may see the message “Unfortunately, the product or service you’re trying to access isn’t available in your country.”
A country not appearing on this list does not mean XM will accept you, or that XM is regulated in your country.
XM Supported Countries and Entities
XM operates through several regulated companies, and the one you are registered with depends on where you live. Your entity decides which regulator oversees your account, which products you can trade and what investor protection applies.
| XM entity | Regulator | Licence | Generally for clients in |
|---|---|---|---|
| Trading Point of Financial Instruments Ltd | 
| 120/10 | The European Economic Area |
| Trading Point MENA Limited | 
| F003484 | Decided by XM based on where you live |
| XM Global Limited | 
| 8557558 | Decided by XM based on where you live |
| XM International MU Limited | 
| GB23202700 | Decided by XM based on where you live |
Make sure you are onboarded with the right entity for where you live. Check which entity is named in your account documents before you deposit.
What XM Has to Offer
XM offers over 1,400 instruments, including CFDs on forex, shares, equity indices, commodities, metals, energies and cryptocurrencies. Trading is available on MetaTrader 4, MetaTrader 5 and the XM app.
The Standard account has spreads from 1.6 pips on major currency pairs with no commission. For tighter pricing, the Ultra Low account offers spreads from 0.8 pips, also without a commission. The Shares account charges a commission that depends on the share and the size of the trade.
75.12% of retail investor accounts lose money when trading CFDs with this provider.
Alternatives to XM
HFM: Alternative With a Zero Spread Account
HFM is a global forex and CFD broker with over 4 million clients. It offers CFDs on forex, energies, indices, metals, bonds, stocks, cryptocurrencies, commodities and ETFs, and supports MetaTrader 4, MetaTrader 5 and the HFM app.
The Cent and Premium accounts have spreads from 1.4 pips with no commission, and the Pro account from 0.6 pips. For raw pricing, the Zero account offers spreads from 0.0 pips with a commission of $3 per side per lot.
HFM is regulated by several authorities, including the DFSA in the UAE, the FSCA in South Africa, the CMA in Kenya and the FSA in Seychelles. It also supports copy trading and lets clients open accounts in several base currencies.
Your capital is at risk. Leveraged products may not be suitable for everyone.
Pepperstone: Alternative With cTrader and TradingView
Pepperstone is a globally regulated CFD broker with clients in over 170 countries. It offers over 1,350 CFDs across forex, indices, sector indices, equities, commodities, ETFs and cryptocurrencies. Alongside MT4 and MT5, which XM also offers, Pepperstone supports cTrader, TradingView and its own platform.
Pepperstone offers two main account types, each with a distinct fee structure. The Standard Account provides spreads starting from 1.0 pips with no commission, while the Razor Account offers raw spreads from 0.0 pips and charges a commission that varies by platform.
For MetaTrader 4 and 5 users, the commission is $3.50, €2.60, £2.25, or CHF 3.30 per side per lot, depending on the account currency. On TradingView and Pepperstone’s own platform, the commission remains $3.50 per side per lot. Traders using cTrader pay a lower rate of $3.00 per side per lot. For non USD accounts, commissions are converted at the current spot rate.
Pepperstone is licensed by several regulators, including the FCA (UK), ASIC (Australia), CySEC (Cyprus), BaFin (Germany) and the CMA (Kenya), among others.
74.1% of retail CFD accounts lose money
Exness: Alternative With Standard Spreads From 0.2 Pips
Exness is one of the largest retail forex brokers by trading volume, serving traders from over 130 countries. Founded in 2008, it is regulated by the FSCA in South Africa, the CMA in Kenya and the FSC in Mauritius, among other regulators.
Exness offers over 250 instruments, including CFDs on forex, energies, cryptocurrencies, stocks, metals and indices, and supports MetaTrader 4, MetaTrader 5 and its own Exness Terminal and mobile app.
The Standard account has spreads from 0.2 pips and the Standard Cent account from 0.3 pips, while the Pro account offers spreads from 0.1 pips. None of these three accounts charges a commission. The Raw Spread account offers spreads from 0.0 pips with a commission of up to $3.50 per side per lot, and the Zero account offers spreads from 0.0 pips on its top 30 instruments, with commissions from $0.05 per side per lot.
Your capital is at risk. Leveraged products may not be suitable for everyone.
Closing Remarks
Regulatory requirements and business decisions are the reasons XM does not accept clients from some countries. Because the list changes over time, XM's registration process is the most reliable way to check whether it accepts you, and it is worth confirming that XM is regulated in your country before you open an account.
If XM is not available to you, the alternatives above are worth comparing. Make sure the broker you choose suits your trading needs and is regulated for clients in your country.
Frequently Asked Questions
XM restricts some countries because of regulatory requirements, international sanctions and business decisions. XM is not regulated in every country, and it decides whether to accept you when you register, based on where you live.
No. XM verifies your identity and address when you open an account, so a VPN does not change where you are registered. Giving false information about where you live breaches XM's terms and can lead to your account being closed.
HFM, Pepperstone and Exness are solid alternatives with a similar offer, including forex and CFD trading on MetaTrader 4 and 5. HFM has a Zero account with spreads from 0.0 pips, Pepperstone adds cTrader and TradingView, and Exness offers Standard account spreads from 0.2 pips. Check that the broker you choose is regulated for clients in your country.
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