25.08.2026 15:01
Foreign forex companies without an operating license from the Capital Markets Board of Turkey (CMB) continue to reach investors in Turkey through Turkish customer service, attractive bonus campaigns, and financial content creators on social media. The XM brand, operating under the umbrella of Trading Point Group, stands out as a notable example of this method.
In Turkey, providing intermediary services in forex and other leveraged transactions requires authorization by the CMB (Capital Markets Board) 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 merely to translating their websites into Turkish. Through collaborations with social media accounts that share market commentary, technical analysis, or trading signals, these platforms can reach a much wider user base.
UNAUTHORIZED CAPITAL MARKETS ACTIVITY CONSTITUTES A CRIME
According to the CMB's official announcements, 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 and initiate procedures to block access to the relevant websites. In past years, the Board has also taken initiatives to obtain access bans for numerous unauthorized forex websites.
XM, XM Global, Trading Point, or any known legal extension of these brands in Turkey are not included in the official institution list published by the CMB under "Brokerage Firm Activity Permits." Therefore, the forex services offered to investors in Turkey under the XM brand do not fall within any activity authorized or supervised by the CMB.
THE BASIS OF THE SERVICE TOWARDS TURKEY IS A BELIZE LICENSE
According to the information on the examined website xmtrglobal, 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 about any activity permit granted by the CMB. The XM brand has separate entities regulated by authorities such as CySEC, ASIC, and DFSA in different countries. However, the license in Belize is cited 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 such as xmtrade-turkey.com, turkey-xm.com, and xmturkey-tr.com, which operate under the same brand name targeting Turkey, a Facebook page operating under the name "XM Forex Türkiye" was also identified. This structure indicates that the brand follows a special marketing strategy for users in Turkey. User complaints published on various law firms and financial platforms about XM highlight similar themes: delays in reflecting deposits to accounts, suspension of withdrawal requests on various grounds, blocking of accounts, and difficulties in accessing customer services.
In one case reported by the financial regulation tracking platform WikiFX, it is alleged that a user who stated they had increased their $100 investment to $140 had their account balance reset to zero after submitting a withdrawal request. It is reported that the platform explained the situation by claiming that multiple accounts had been 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 to the platform under the title "Great Bonus Opportunities from XM" and the information "Partner Code: LEVENT" were shared. The content offered incentives such as a $100 welcome bonus, an additional 20% bonus on investments, and trading bonuses up to $5,000.
In the "ÇAKIR ÖSİLATÖR" channel with 2,861 subscribers, a post directing to XM Global immediately follows a "SHORT" signal in technical analysis format. 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 personal affiliate link, "Partner Code: 3RT2D," and an offer of a 100% bonus.
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. The examined posts do not contain any clear statement indicating that the content is within the scope of advertising or sponsorship.
This situation also raises questions regarding the transparency rules of the Ministry of Trade concerning commercial communications and advertisements carried out by social media influencers. The CMB has also previously published statements warning investors against accounts that share investment advice and directive content regarding capital markets instruments on social media.
THE XM EXAMPLE POINTS TO A BROADER PROBLEM
XM's activities in Turkey are not an isolated example. In past years, the CMB has carried out procedures to block access to numerous unauthorized forex websites. On various law firm and consumer complaint platforms, similar complaints about different brands, such as inability to withdraw funds, blocking of accounts, and aggressive bonus campaigns, are recurring.
Financial content growing on social media and especially Telegram constitutes another dimension of the issue. In Turkey, investigation and litigation processes have been conducted against some investment groups previously 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 have a license abroad but also whether they are authorized by the CMB in Turkey.
.