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  • Shariah Complaint Accounts in XM

    Shariah Complaint Accounts in XM

    • Posted: May 09, 2018
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    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.

     

     

    XM promises

     

    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.

     

    For more info, please visit: XM broker review

     

     

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  • XMPs And How To Use Them?

    XMPs And How To Use Them?

    • Posted: Apr 16, 2018
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    XM points or XMPs are one of the distinctive features of XM. They feature these points to promote their platform by offering bonus points and rewards to the traders. That’s why many trades love this platform.

     

    But if you are new at the platform, the XMPs can be confusing. That’s why today we are explaining everything about XMPs and how to use them.

     

    What is XMPs?

     

    XMPs are the bonus points given by XM to the traders through their loyalty program.

     

    How to earn them?

     

    Earning the XMP is easy. You get XMPS for every round trade that lasts minimum 10 minutes. And based on the XM points, traders are divided into four loyalty levels.

    The basic level is XM Executive ( 10 XMP/ lot )

    After your first 30 business day, you get the XM Gold status. ( 13 XMP/ lot )

    After 60 business days, you will earn XM Diamond status. ( 16 XMP/ lot)

    And once you cross total 100 business days at XM, You get their highest status, which is XM elite. ( 20 XMP/ lot )

     

    What to do with the XM points?

     

    You can use the XMPs as contest credits. But if you want to redeem the XM points in USD, you can do so. There is no restriction on how many times you do that or how much do you withdraw.

     

    The XM points balance can be monitored at any time. You’ll get the updates in real time. If you want to see your balance, you just need to go to their member’s area. There you will see the XMP balance and the options to redeem them.

     

    You can also view the XMP points to their equivalent USD in the Member’s Area.

     

    XM shows it by dividing total XM points by 3. So, the formula is :

     

    Bonus balance = (XM points or XMPs) / 3

     

    For example, if you have 900 XM points, the bonus balance will show 900 / 3 = 300 USD.

     

    But if you want to use them as contest credits, you’ll need to divide the XMPs by 2.

     

    Contest credit = (XM points or XMPs) / 2

     

    For example, if you have 800 XM points, the contest credit will show: 800 / 2 = 400.

     

    Redeeming XMPS/ XM points

     

    XM didn’t leave any stone unturned to make sure their clients are comfortable with their process and platforms. To simplify things, XM enables the traders to withdraw as much as XM points needed.

     

    For example, if you have 1200 XMPs but you don’t want to redeem the entire amount, XM will allow a fraction of that to be processed at any time. Say you are willing to redeem 900 XM points. So, you will be rewarded with 900 / 3 = 100 USD and your remaining balance will show as 300 XMP or 300 / 3 = 100 USD in the account. And the best part is, you can do it anytime you want.

     

    So, it’s up to you, if you want to use the XMPs as contest credit or as Bonus.

     

     

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