25.08.2026 15:01
Foreign forex companies without operating licenses from the Capital Markets Board of Turkey (CMB) continue to reach investors in Turkey through Turkish-language customer support, attractive bonus campaigns, and financial content creators on social media. The XM brand, operating under the Trading Point Group umbrella, stands out as one of the notable examples of this method.
In Turkey, offering brokerage services in forex and other leveraged transactions requires authorization by the CMB (Capital Markets Board of Turkey) under the Capital Markets Law No. 6362. Despite this, some foreign-based platforms, including XM, continue their operations targeting Turkish investors without holding such authorization in Turkey.
Moreover, these activities are not limited to merely translating their websites into Turkish. Platforms can reach a much wider user base through collaborations with social media accounts that share market commentary, technical analysis, or trading signals.
UNAUTHORIZED CAPITAL MARKETS ACTIVITY CONSTITUTES A CRIME
According to the CMB's official statements, conducting capital markets activities without permission from the Board constitutes a crime under Article 109 of Law No. 6362. This act can result in imprisonment from two to five years and judicial fines ranging from five thousand to ten thousand days. If unauthorized capital markets activities are detected, the CMB can file criminal complaints with public prosecutors' offices and initiate procedures to block access to relevant websites. In previous years, the Board has also taken steps to obtain access blockage decisions for numerous unauthorized forex websites.
XM, XM Global, Trading Point, or any known legal extension of these brands in Turkey are not listed in the official institution list published by the CMB under "Agency Operating Permits." Therefore, forex services offered to investors in Turkey under the XM brand are not within the scope of an activity authorized or supervised by the CMB.
THE BASIS FOR THE SERVICE TARGETING TURKEY IS A BELIZE LICENSE
According to the information available at the examined website xmtrglobal.com, the service provider, XM Global Limited, relies on license number 8557558 issued by the Belize Financial Services Commission (FSC). The website prepared for Turkey contains no information regarding any operating license granted by the CMB. The XM brand has separate entities subject to oversight by regulatory bodies such as CySEC, ASIC, and DFSA in various countries. However, the license in Belize is shown as the regulatory basis for the service offered to users in Turkey via xmtrglobal.com.
Within the scope of the research, in addition to different Turkish domain names operating for Turkey under the same brand name, such as xmtrade-turkey.com, turkey-xm.com, and xmturkey-tr.com, a Facebook page operating under the name "XM Forex Türkiye" was also identified. This structure indicates that the brand pursues a specific marketing strategy for users in Turkey. User complaints published on various law firms' and financial platforms' websites about XM highlight similar themes. These primarily include delays in reflecting deposits to accounts, suspension of withdrawal requests for various reasons, blockage of accounts, and problems accessing customer services.
In a case reported by the financial regulation tracking platform WikiFX, a user who stated that they had increased their $100 investment to $140 claimed that their account balance was zeroed after requesting a withdrawal. It is reported that the platform explained the situation by claiming that multiple accounts were opened from the same IP address.
PROMOTION NETWORK MOVES TO SOCIAL MEDIA AND TELEGRAM
The examined Telegram channels also reveal the methods used by unauthorized forex platforms to reach users in Turkey. In a post placed among cryptocurrency and market news in the "Kripto Levent | Haber" channel with 9,590 subscribers, a special link directing users to the platform under the title "Huge Bonus Opportunities from XM" and the information "Partner Code: LEVENT" were shared. The content offers incentives such as a $100 welcome bonus, an additional 20% bonus on investments, and a trading bonus of up to $5,000.
In the "ÇAKIR ÖSİLATÖR" channel with 2,861 subscribers, immediately following a "SHORT" signal in technical analysis format, a post directing users to XM Global appears. The channel owner states that they conduct forex transactions through XM and use cryptocurrency because it is faster for deposits and withdrawals. In the same post, users are directed to the platform with a personalized affiliate link, "Partner Code: 3RT2D," and a 100% bonus offer.
In both examples, the shared links are affiliate links containing personalized referral codes. In this system, content creators can benefit from various commission or revenue models in return for directing their followers to the platform.
Another notable point is that these promotions are presented intertwined with market news, technical analysis, or investment content, rather than in a direct advertising format. In the examined posts, there is no clear statement indicating that the content falls under advertising or sponsorship.
This situation also raises questions regarding the Ministry of Trade's transparency rules concerning commercial communication and advertisements carried out by social media influencers. The CMB has also previously published statements warning investors against accounts that share investment advice and content directing towards capital market instruments on social media.
THE XM EXAMPLE POINTS TO A BROADER PROBLEM
XM's activities in Turkey are not an isolated example. The CMB has previously taken steps to block access to many unauthorized forex websites. On various law firms' and consumer complaint platforms, similar complaints about different brands, such as the inability to withdraw funds, blocked accounts, and aggressive bonus campaigns, are recurring.
Financial content growing on social media, especially on Telegram, constitutes another dimension of the issue. In Turkey, investigations and legal proceedings have previously been conducted against some investment groups operating on Telegram on allegations of market manipulation.
The emerging picture shows that unlicensed foreign forex platforms can now reach the Turkish market not only through Turkish-language websites but also through affiliate systems, social media accounts, financial content creators, and Telegram channels. Therefore, it is important for investors to check not only whether the platforms they consider trading on hold a license abroad, but also whether they are authorized by the CMB in Turkey.