Fake XM

Fake XM operates under the domain xmlimited.com and is registered in the United Kingdom since May 2022. The company's registered address is 23 Bank, Canary Wharf, London.

Despite its UK registration, Fake XM holds no regulatory licences from any financial authority. This absence of oversight is a significant red flag for traders, as it means there is no external body ensuring fair practices or client fund protection. The broker presents itself as a forex and CFD provider, but its regulatory status leaves it outside the scope of recognised financial watchdogs.

Fake XM offers three account tiers: SILVER, GOLD, and PLATINUM. Each tier requires a substantial minimum deposit, ranging from $2,000 for SILVER up to $50,000 for PLATINUM. Maximum leverage varies by account, with the PLATINUM account offering up to 1:800, while GOLD and SILVER offer 1:600 and 1:400 respectively.

These high minimum deposits and leverage levels suggest the broker targets experienced traders willing to commit significant capital. However, the lack of regulation means traders assume full counterparty risk, and there is no guarantee of fund segregation or compensation schemes.

FXCanary's assessment assigns a Scam Risk Score of 85 out of 100, categorised as 'Severe'. This score reflects the complete absence of regulatory oversight combined with high leverage offerings and high minimum deposit requirements. Traders should be aware that dealing with an unregulated broker carries inherent risks, including potential difficulties in withdrawing funds, lack of dispute resolution mechanisms, and possible outright fraud.

We strongly recommend that traders verify the regulatory status of any broker before committing funds. For Fake XM, the lack of independent reviews and limited public information further compound the risks. Caution is advised.