Is XM Legal In India?
XM is not authorised by the Securities and Exchange Board of India (SEBI) or the Reserve Bank of India (RBI) to offer trading in forex or CFDs. However, XM does accept Indian residents – we checked by opening an account from Mumbai. Whilst we see this a lot – global brokers accepting Indian residents that aren’t licensed in India – prospective users should know the risks.
Written ByJames Barra
James is an experienced broker analyst with a background in financial services. He has spent 2,500+ hours testing brokers, used 35+ different platforms and apps, audited 120+ broker T&Cs, and verified 300+ regulatory licenses. James has also been on US and UK TV, and been a guest on finance podcasts, discussing reports conducted by BrokerListings.com and sharing his expertise.
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Fact Checked ByTobias Robinson
Tobias is committed to helping traders find the right brokerage for their needs. He has tested 200+ brokers, spent 2,600+ hours using different platforms, and placed 2,100+ trades.
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Edited ByWilliam Berg
William Berg combines his expertise in law and finance to analyze trading brokers. He has checked 3,250+ regulatory licenses, investigated 2,365+ broker clones and trading scams, and placed 3,500+ trades.
William Berg Profile PageAugust 21, 2026
If you’re looking for a forex and CFD broker regulated in India, our top-rated provider is Interactive Brokers.
Is XM Licensed In India?
No, XM does not hold a license with the SEBI or RBI, the entities that permit brokers to offer forex or exchange-traded derivatives to Indian residents. We confirmed this by searching for ‘XM’, ‘Trading Point’ and ‘TPXMGLOBAL’ (all entities that the XM broker operates through) on SEBI’s database of Recognized Intermediaries, where the results were either “no record(s) available” or similarly spelt entities that are not XM.
XM does, however, feature on RBI’s November 2025 Alert List of firms that are not authorised, alongside 94 other entities, including many international brokers. As you can see below, XM (https://www.xm.com) is in row (serial number) 33.
RBI Alert List
Prospective retail clients residing in India must understand that online forex trading is tightly controlled. Under the 1999 Foreign Exchange Management Act (FEMA), residents should only trade currency pairs that contain the Indian rupee, such as USD/INR, EUR/INR, and GBP/INR, and select cross-currency derivatives, but only via SEBI-registered brokerages or recognized intermediaries such as the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) – India’s chief stock exchanges.
Trading forex pairs like EUR/USD and EUR/GBP through an overseas broker is not permitted under these rules. And while many overseas brokers still accept Indian residents, as evidenced by the 90+ names on the RBI Alert List, there are practical implications.
Firstly, you may find Indian banks challenge or block transfers you make through e.g. UPI, to an international broker. Also, if the broker behaves badly and refuses to pay out withdrawals (complaints of this at XM are uncommon but it could happen), don’t expect the SEBI and RBI to help with the dispute. Finally, and most importantly, sending money to an overseas CFD trading account and dealing in non-INR pairs can contradict India’s rules on foreign exchange, which could lead to enforcement being taken against you, though this is rare,
Can I Use XM In India?
Yes, Indian residents can still use XM. We confirmed this by registering for an account from a Mumbai IP address. As you can see below, we selected ‘India’ in the ‘Country of Residence’. We were sent an email to verify our email address, and then we could set up an account.
Account registration
Indian residents may prefer to switch the XM website and account registration to a local language. As you can see below, this can be done by pressing the flag button in the top right and then selecting Hindi (हिंदी).
Website language change
Why Is XM On RBI’s Alert List?
XM is on the RBI Alert List not because it’s a scam broker or fake trading platform. It’s on the list because it’s not “authorised to deal in forex under the Foreign Exchange Management Act, 1999 (FEMA) nor authorised to operate electronic trading platform (ETP) for forex transactions under the Master Direction – Reserve Bank of India (Electronic Trading Platforms) Directions, 2025 dated June 16, 2025.”
XM is not alone or especially unusual in this regard. There are over 90 other entities named, including many other large, otherwise well-regarded forex and CFD brokers, including IG and Exness.
The important point for Indian residents is to understand that XM’s other licenses, such as CySEC in Cyprus, DFSA in Dubai, FSCA in South Africa, CMA in Kenya, FSC in Belize, FSC in Mauritius, and FSA in Seychelles, do not replace RBI and SEBI authorisation.
Indian-Compliant Alternative Brokers
Although we believe XM is trustworthy for traders in most countries, with over 15 years in the industry and millions of clients, some of whom reside in India, local traders seeking a compliant broker should consider a provider registered with the SEBI.
Our top choice is Interactive Brokers (IBKR), which operates in India through Interactive Brokers (India) Pvt. Ltd. Interactive Brokers does not offer spot forex trading or CFDs to Indian residents. Instead, they offer trading on exchange-traded currency futures and options on local Indian exchanges. They also offer an INR-based trading account so Indian residents can deposit, trade, and withdraw in the local currency.