XM’s Cyprus Entity Acts as a Market Maker

Conclusion: XM's Cyprus FAQ says Trading Point of Financial Instruments Ltd acts as a market maker. The hook is clarity: market-maker execution is a business model, not by itself evidence of good or bad fills.

The same FAQ cites CySEC licence 120/10. A rigorous review should test execution data and conflict controls instead of relying on labels such as ECN or STP.

Questions for any execution model

A fair test

Export fill records across normal and volatile periods, compare requested versus executed price, and include positive as well as negative slippage. A small anecdotal sample cannot prove the model's quality.

YouTube cross-check

The 2026 XM review includes a trading-experience section. Treat its tests as one sample, not a universal result.

Sources

• XM FAQ: licence and market-maker model
• XM Global regulation disclosure

Entity and model checked September 3, 2026.