XM is offering a distinct account with extra features to clients who adhere to the Muslim faith. Once a so-called “Swap-free” or “Islamic Account” is applied for, strict procedures ensure the account trades fairly and abides by the restriction of dealing with interest. This means there is no swap or rollover interest on overnight positions held by these accounts, thereby allowing the client to trade interest-free.
Opening an account is simple!
Opting in for an Islamic account is very simple and can be completed in just a few steps. You start off by opening a normal trading account with XM.com. Then, after validation, you should navigate to the Member’s Area and confirm your account. Finally, you put in a request for an Islamic account and once the corresponding department processes the request, you will be notified via an email and your account will have swap-free status.
Additionally, you might have to verify that you need such an account and require a swap-free account due to your religious belief. Once the confirmation email has been sent, all real trading accounts associated with you are converted to swap-free accounts. Moreover, in the case of any misconduct from the account, XM will remove the swap-free status of that particular account.
Some key aspects associated with the account
A swap-free account comes with some particular features in addition to the usual features associated with normal trading accounts. These include, but are not limited to:
- There are no interest or swap charges applicable to your overnight positions if you choose to hold on to them.
- No spread widening. Using an Islamic account will not force you to use wider spreads when trading.
- No up-front commissions and no additional payments.
- You can hold positions without worrying about time limits and interests.
- No hidden costs preventing foul play wherein some trades are disguised as interest-free but incur additional fees on the client.
- You get the same 888:1 leverage as our normal accounts, as well as free access to all trading platforms and a completely dedicated customer support.
- Real-time, instant market execution.
The swap-free Islamic accounts in XM have some key differences from other Forex brokers. Most other Forex companies incur extra fees by widening the spread on Islamic accounts, however, XM does not. Moreover, XM ensures a religiously sound trading platform, where, unlike other Forex traders, XM does not mask possible interest charges as additional fees. This keeps the trade ethical and preserves the integrity of both the trader and XM.
To sum up
XM is offering a platform for clients following the Muslim faith an option to sign up for Islamic accounts that allow Forex trading within their religious beliefs. Moreover, the clients are promised ethical integrity by XM by ensuring no spread widening, no extra commissions and finally, no hidden fees. Thereby allowing a fully Shariah-compliant swap-free trading account to those who deem it necessary without compromising on the many other features offered by XM to their normal trading accounts.
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