The Philippines’ securities regulator recently issued a warning
against XM, the online trading platform for forex and crypto CFDs, for offering unauthorized securities in the country. According to an advisory dated April 4, the
Philippines’ Securities and Exchange Commission (SEC) mentioned that XM is
“not authorized to sell or offer securities to the public in the Philippines.”
According to the regulator, XM has more than 1,000
trading instruments, 24/7 trading of crypto CFDs, leverage
Leverage
In financial trading, leverage is a loan supplied by a broker, which facilitates a trader in being able to control a relatively large amount of money with a significantly lesser initial investment. Leverage therefore allows traders to make a much greater return on investment compared to trading without any leverage. Traders seek to make a profit from movements in financial markets, such as stocks and currencies.Trading without any leverage would greatly diminish the potential rewards, so traders
In financial trading, leverage is a loan supplied by a broker, which facilitates a trader in being able to control a relatively large amount of money with a significantly lesser initial investment. Leverage therefore allows traders to make a much greater return on investment compared to trading without any leverage. Traders seek to make a profit from movements in financial markets, such as stocks and currencies.Trading without any leverage would greatly diminish the potential rewards, so traders
Read this Term of up to 1000:1, and
bonuses of up to $10,500 US dollars. An investigation by the SEC revealed that XM
has been running promotional campaigns on various social media platforms to
lure investors, including Filipinos, into trading activities on its platform.
Source: SEC Philippines
“Based on the commission’s database, the operator of the
platform XM is not registered as a
corporation in the Philippines and
operates without the
necessary license and/or authority to sell
or offer any
form of securities
as defined under
section 3.1 of
the securities regulation code (SRC),
to engage in the business of buying or selling securities, or as a broker, or
dealer,” the SEC wrote. Finance Magnates contacted XM for comments and will update this article once we receive their feedback.
According to the Philippines’ regulations, securities
being offered to the public must be registered with the SEC, issued by a
registered corporation or licensed dealer, and the issuer must possess a
secondary license to sell or offer securities. In light of these findings, the SEC has warned
individuals acting as salesmen, brokers, dealers, promoters, or recruiters for
XM within the Philippines of criminal liability.
Philippines SEC Warns XM’s Promoters
“Those who act as salesmen, brokers, dealers
or agents, representatives, promoters, recruiters, influencers, endorsers,
and enablers of the
XM platform in selling or convincing people to invest in this platform within the Philippines even through online
means may be held criminally liable under Section 28 of the
SRC and be penalized with a maximum fine of five million pesos
(P 5,000,000.00) or imprisonment
of 21 years or both,” the regulator mentioned.
Similarly, the SEC recently issued a warning against eToro, the global investment platform. The regulator cautioned of consequences for eToro’s promoters operating in the country. Despite the trading platform
Trading Platform
In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real
In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real
Read this Term’s global presence, the Filipino authorities emphasized its lack of authorization within their jurisdiction, issuing a regulatory advisory note against the platform on March 14.
The Philippines’ securities regulator recently issued a warning
against XM, the online trading platform for forex and crypto CFDs, for offering unauthorized securities in the country. According to an advisory dated April 4, the
Philippines’ Securities and Exchange Commission (SEC) mentioned that XM is
“not authorized to sell or offer securities to the public in the Philippines.”
According to the regulator, XM has more than 1,000
trading instruments, 24/7 trading of crypto CFDs, leverage
Leverage
In financial trading, leverage is a loan supplied by a broker, which facilitates a trader in being able to control a relatively large amount of money with a significantly lesser initial investment. Leverage therefore allows traders to make a much greater return on investment compared to trading without any leverage. Traders seek to make a profit from movements in financial markets, such as stocks and currencies.Trading without any leverage would greatly diminish the potential rewards, so traders
In financial trading, leverage is a loan supplied by a broker, which facilitates a trader in being able to control a relatively large amount of money with a significantly lesser initial investment. Leverage therefore allows traders to make a much greater return on investment compared to trading without any leverage. Traders seek to make a profit from movements in financial markets, such as stocks and currencies.Trading without any leverage would greatly diminish the potential rewards, so traders
Read this Term of up to 1000:1, and
bonuses of up to $10,500 US dollars. An investigation by the SEC revealed that XM
has been running promotional campaigns on various social media platforms to
lure investors, including Filipinos, into trading activities on its platform.
Source: SEC Philippines
“Based on the commission’s database, the operator of the
platform XM is not registered as a
corporation in the Philippines and
operates without the
necessary license and/or authority to sell
or offer any
form of securities
as defined under
section 3.1 of
the securities regulation code (SRC),
to engage in the business of buying or selling securities, or as a broker, or
dealer,” the SEC wrote. Finance Magnates contacted XM for comments and will update this article once we receive their feedback.
According to the Philippines’ regulations, securities
being offered to the public must be registered with the SEC, issued by a
registered corporation or licensed dealer, and the issuer must possess a
secondary license to sell or offer securities. In light of these findings, the SEC has warned
individuals acting as salesmen, brokers, dealers, promoters, or recruiters for
XM within the Philippines of criminal liability.
Philippines SEC Warns XM’s Promoters
“Those who act as salesmen, brokers, dealers
or agents, representatives, promoters, recruiters, influencers, endorsers,
and enablers of the
XM platform in selling or convincing people to invest in this platform within the Philippines even through online
means may be held criminally liable under Section 28 of the
SRC and be penalized with a maximum fine of five million pesos
(P 5,000,000.00) or imprisonment
of 21 years or both,” the regulator mentioned.
Similarly, the SEC recently issued a warning against eToro, the global investment platform. The regulator cautioned of consequences for eToro’s promoters operating in the country. Despite the trading platform
Trading Platform
In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real
In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real
Read this Term’s global presence, the Filipino authorities emphasized its lack of authorization within their jurisdiction, issuing a regulatory advisory note against the platform on March 14.