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About Forex Islamic Accounts Ping for Money <-- click="" font="" here="">
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,
- Fill out the Request for Islamic (Swap-free) Trading Account form,
- Return the scanned version and executed request to us by email to backoffice@xm.com or fax to +357 25 820 344.
As soon as our Back Office receives your request form, 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
- No up-front commissions
- Positions can be held with no time limit
- No re-quotes, no hidden costs
- Leverage up to 888:1
- 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 belief 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 to fair and ethical trading conditions.
Risk Warning: Forex, Commodities, Options and CFDs (OTC Trading) are leveraged products that carry a substantial risk of loss up to your invested capital and may not be suitable for everyone. Please ensure that you fully understand the risks involved and do not invest money you cannot afford to lose. Please refer to our fullRisk Disclosure.
