XM does not provide services to residents of the United States of America.
About Forex Islamic Accounts
Forex Islamic accounts are also known as swap-free accounts as they imply no swap or rollover interest on overnight positions, which is against Islamic faith. We offer our Islamic accounts to clients following the Muslim faith.
How to Open a Forex Islamic Account
The swap-free option can be chosen as part of the trading account registration in 3 easy steps:
Open a trading account with us
Login to the Members Area and verify your account
Request An Islamic Account
As soon as our relevant department receives your request, your trading account will receive swap-free status and you will be notified by email accordingly. Please note that XM reserves the right to revoke the swap-free status granted to any real trading account in the event of any form of abuse.
Account Features at a Glance
- No interest/swap charges on overnight positions
- No spread widening
- Positions can be held with no time limit
- Leverage up to 1000:1
- 100% real-time market execution
- Same trading conditions as for our trading account types
- Free and instant access to all trading platforms
- 24/5 dedicated support from your Client Account Manager
Benefits
The XM forex Islamic accounts differ greatly from those generally offered by other forex brokers. The difference lies in the fact that unlike most forex companies who substitute additional fees by widening the spread on Islamic accounts, XM imposes no additional charges.
In order to abide by the religious law of Islam, traders of Islamic faith are forbidden to pay interest. However, if the interest charge is transferred to a different type of fee, it is basically still a charge that covers the interest. This is also known by the name of swap-free in disguise. XM is firmly against such practices as it opposes fair and ethical trading conditions.
