XM Global in Turkey: SPK Access Ban and Unauthorised Leverage

XM (XM Global) is a forex and CFD company based abroad. It has no SPK authorisation in Türkiye, and its websites have been blocked by SPK decision since 2022. Even so, the company keeps reaching Turkish investors: a Turkish YouTube channel, content creators who hand out partner codes, Telegram groups and promises of 1000:1 leverage and a deposit bonus are its tools.

🚫 SPK Access Bans

The Turkish-language site, which can be opened from abroad, carries a call reading "Hoş Geldin Bonusunu Al" (Get the Welcome Bonus). The countries where the site says it does not operate include the USA, Canada, Israel and Iran; Türkiye is not on this list. XM does not appear in SPK's list of authorised brokerage firms.

📢 How Does It Gather Investors Despite the Ban?

⚖️ 1000:1 Leverage and the Bonus Trap

In 2017 SPK lowered the maximum leverage at authorised institutions in Türkiye to 10:1 and introduced a collateral requirement of at least 50,000 TL to start trading. In the promotions, by contrast, 1000:1 leverage, a 30-dollar welcome bonus and "a bonus equal to what you deposit" offers are put forward. At 1000:1 leverage even a one-in-a-thousand price move against the position can wipe out the whole collateral. Bonuses, in turn, are mostly tied to a trading-volume condition for withdrawal: withdrawals locked by bonus and promotion conditionsTR.

🪞 Clone Sites Using the XM Name

XM's recognition in Türkiye brings with it schemes that imitate its name. XMMARKET (XM Trade Market, xmtrmarkets.net) was a site that created an "official XM" look by using the XM Global name and paying for promotions in Telegram groups; it had no connection with the real XM. Another similar example: New World XM. Telling whether a site or Telegram channel carrying the name "XM" really belongs to XM is almost impossible for a service that has been blocked.

🧭 The Legal Position

According to SPK's announcement of 23 February 2023, investors resident in Türkiye can carry out leveraged transactions only through institutions authorised by the Board. Arranging unauthorised leveraged trading carries imprisonment of 2 to 5 years and a judicial fine of 5,000 to 10,000 days under Article 109/2 of Capital Markets Law No. 6362. According to the same announcement, a criminal complaint is also filed against those who promote and advertise these activities and those who let their bank account or phone line be used for this purpose. In addition, with the regulation change that came into force on 1 August 2026 by the Ministry of Trade, it became mandatory to state clearly in social media promotions that the content is an advertisement.

The result for the investor: SPK's authority and supervision mechanisms do not come into play, and in a dispute foreign arbitration and courts come into question (disputes with foreign brokers). The steps of the process are covered in: what forex victims can do and methods of refund. For detailed information and legal support, you can contact Savun Law & Consultancy.

❓ Frequently Asked Questions