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Forex Islamic Accounts with XM.COM

Forex Islamic accounts or swap-free accounts imply that no swap or rollover interest on overnight positions, since it is against Islamic faith. XM.COM offers this type of accounts to traders following the Muslim faith.

The three easy steps are required

  • Open a trading account with XM.COM,
  • Fill out the Request for Islamic (Swap-free) Trading Account form,
  • Return the scanned version of the duly signed and executed request by email

However, XEmarkets reserves the right to revoke the swap-free account in case of an abuse.The Islamic accounts are characterized by

  • No interest/swap charges overnight
  • No spread widening
  • No up-front commissions
  • No time limit for holding the positions
  • No re-quotes
  • 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

Finally, forex traders of Islamic belief are forbidden to pay interest. However, if the interest is converted to a different type of fee such as the increased spread, it still might be considered to be the interest (the swap-free account in disguise). Therefore, unlike many forex firms who replace the extra fees by widening the spread, XM.COM imposes no additional charges.

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