TNFX vs XM: what each one is actually for
XM's site served us its Cyprus entity, and that is the honest place to start: Trading Point of Financial Instruments Ltd, licensed by the Cyprus Securities and Exchange Commission under number 120/10, passported across the EEA, showing up to 30:1 leverage and a $5 minimum deposit. TNFX Ltd holds one licence, SD133 from the Financial Services Authority of Seychelles, and no tier-one authorisation at all. Those two sentences decide most of this page.
Both platforms
Live chart, on the phone you already have
FSA-licensed broker · Licence SD133
The licence, plainly
TNFX Ltd holds a single financial licence: SD133, Securities Dealer, from the Financial Services Authority of Seychelles. We are not licensed by the FCA, ASIC or CySEC, and we hold no authorisation in Iraq, Nigeria, Kenya, South Africa or the Gulf. You would be trading with an offshore broker, without the local supervision or the local recourse a tier-one firm carries.
XM's regulation page, read on 3 October 2026, states that Trading Point of Financial Instruments Ltd is licensed by CySEC under licence number 120/10, with outward passporting registrations listed for BaFin, CNMV, MNB, CONSOB, ACPR, FIN-FSA, KNF, AFM and FI. The same page cites membership of the Investor Compensation Fund and segregation of client money. We are not a member of any investor compensation scheme and we are not going to imply that we are.
One more thing their site states, and it is to their credit that it has to: 75.12% of retail investor accounts lose money trading CFDs with that provider. That is a disclosure their rulebook forces them to publish on every page. Ours does not require an equivalent figure from us and we do not publish one - which is worth noticing about offshore brokers generally, including this one.
Side by side, with the entity named on every figure
Every XM figure below comes from the version of their site served to this connection on 3 October 2026, which was the Cyprus entity's. XM's group is larger than one company, so before you fund anything read the footer of the page you are signing up from and check which entity it names. A leverage number without an entity attached is not information.
| TNFX Ltd | Trading Point of Financial Instruments Ltd | |
|---|---|---|
| Regulator | FSA Seychelles, SD133 | CySEC, 120/10 |
| Tier-one licence | None | Yes, CySEC, passported in the EEA |
| Maximum leverage | Ladder to 1:3000 on Turbo under $1,000 equity | Up to 30:1, dependent on instrument - Cyprus entity; the cap differs on the entity you register under, so check the footer on the page you sign up from |
| Minimum deposit | $100 first deposit on Standard; rails from $5 | $5 on the Ultra Low and Zero accounts |
| Swap-free | On request, any of five account types | Islamic option as standard on all accounts |
| Instruments | 1,000+ | Over 1,400 assets |
| Iraqi local funding | ZainCash, Qi Card, local bank transfer | Not stated on the pages we read - ask XM |
Where XM is the better answer, including one place it beats us outright
If you want a CySEC-supervised account with an investor compensation scheme behind it, take it. That is a genuine protection and we cannot match it with a Seychelles licence.
And on swap-free, their design is simply simpler than ours. Their account page states that all accounts carry negative balance protection, hedging and an Islamic option as standard. Ours has to be requested per account. If you never want to think about it again, that is a point to them, and pretending otherwise would make the rest of this page worth less.
Their minimum deposit of $5 on the Ultra Low and Zero accounts is also lower than our $100 minimum first deposit on a Standard account, even though our lowest funding rail starts at $5.
Where we are the better answer
Funding, if you are in Iraq. We run ZainCash, Qi Card and local bank transfer, plus an Ovadot wallet from $5, card from $10, USDT from $10, Payeer from $10, Ptop from $10 and an international wire from $100. Six deposit methods and the local rails on top. Withdrawals go only to a method in your own name, never to a third party - an anti-money-laundering requirement, so choose the route you want to be paid back through.
Leverage, if you need it and accept what it costs. The CySEC page we read shows up to 30:1. Our Turbo ladder starts at 1:3000 while equity is under $1,000. That is a hundredfold difference in both directions: it is also how an account is wiped out in a single move, and we would rather write that down than sell around it.
Support in Arabic, Kurdish and English, a UTC+3 platform clock that matches Iraqi time year round, and MetaTrader 4 and MetaTrader 5 on London servers at Equinix LD4. Orders are passed through to liquidity providers.
A tier-one licence and a 1:3000 ladder are not two grades of the same thing. They are two different products, and the rules that give you one are the rules that forbid the other.
The ladder in full, because the headline number misleads
On the Turbo account leverage is derived from your equity and steps down as the account grows. 1:3000 is the top of that scale, not a flat cap, and it applies only below $1,000 of equity.
- Equity $10 to $999: 1:3000 on forex, 1:1000 on gold.
- Equity $1,000 to $2,999: 1:2000 on forex, 1:500 on gold.
- Equity $3,000 to $4,999: 1:1000 on forex, 1:500 on gold.
- Equity $5,000 to $49,999: 1:500 on forex, 1:300 on gold.
- Equity $50,000 to $99,999: 1:300 on forex, 1:200 on gold.
- Equity $100,000 and above: 1:100 on forex, 1:100 on gold.
How swap-free works here
Swap-free at TNFX is granted on request, per individual account, by moving that account into a swap-free group. It is not a property of an account tier and it is not switched on by default. It is available on any of the five client account types, and on an account that has it no overnight financing is charged and none is earned. No time-based administration fee replaces the swap. The useful thing to do is confirm it is live on your account number before you hold a position over the daily close.
The five client account types are Standard ($100 minimum first deposit, up to 1:500), Cent ($100, micro lots, up to 1:500), Turbo ($100, the ladder above), Zero ($500, raw spreads plus a per-lot commission, up to 1:500) and VIP ($100,000, up to 1:100). There is no Fix, Pro or ECN account; ECN is a legacy platform group rather than a product, and accounts sitting in it cannot be made swap-free.
Common questions
Is XM regulated and TNFX not?
Both are licensed; the licences are not equivalent. XM's regulation page names Trading Point of Financial Instruments Ltd under CySEC licence 120/10, with EEA passporting and Investor Compensation Fund membership. TNFX Ltd holds Securities Dealer licence SD133 from the Financial Services Authority of Seychelles and no tier-one authorisation. If supervision is your first test, XM wins it.
What is XM's maximum leverage?
The site served to us on 3 October 2026 stated up to 30:1, dependent on instrument, on the pages of the CySEC-regulated entity. XM's group is not one company, so the cap on the entity that would hold your account may differ. Check the footer of the page you register on - that footer names the entity, and the entity sets the cap.
What is XM's minimum deposit?
Their account types page showed $5 on both the Ultra Low and the Zero account on 3 October 2026. Ours is a $100 minimum first deposit on a Standard account, although the funding rails themselves start at $5 through the Ovadot wallet and $10 by card or USDT.
Does XM offer an Islamic account?
Yes. Their account types page states that all accounts offer negative balance protection, hedging and an Islamic option as standard. Ours is granted on request, per account, on any of the five types. Theirs is the simpler arrangement and we will not pretend it is not.
Can I fund an XM account with ZainCash or Qi Card?
Not something we found stated on the pages we read, so we are not going to claim it either way - check it with them. We do run ZainCash, Qi Card and local bank transfer, and withdrawals are paid only to a method in your own name.
Is 1:3000 leverage a good idea?
For most people, no. At 1:3000 a move of a third of a percent against a fully used account is the whole account. It exists because the Seychelles rulebook permits it and some traders want it on a small balance, and it steps down automatically as the balance grows. If you are new, the 1:500 on a Standard account is already more than enough rope.
Which should a beginner in Iraq choose?
If you can fund an account easily and want supervision, choose the regulated firm - that is the honest answer and it is not XM-specific. If your money only moves through ZainCash or a Qi Card, or you want support in Kurdish, that decides it the other way. Try our free demo before either.