Updated April 2026
XM (Belize) no deposit decoded.
XM Global Ltd (Belize FSC). Lots traded to unlock; profit cap; only Belize entity issues bonus.
Headline
$30
Real EV
$12
Withdrawable
profit only
Trap score
5/10
The math
Why headline vs real EV diverge.
No-deposit bonuses are typically profit-only with a lot turnover requirement. The trader rarely meets the requirement before busting the bonus. Real expected value: 30–40% of headline at typical retail volume.
Conditions
What the fine print says.
Lots traded to unlock; profit cap; only Belize entity issues bonus
Geo restrictions
Where you can claim it.
Excluded: EU, UK, AU, US. Tier-1 regulators (FCA, ESMA, ASIC) prohibit retail bonuses, so EU/UK/AU residents are typically routed to the broker’s offshore arm — with lower regulatory protection. This bonus is issued by an offshore entity.