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Direct answer: yes, XM offers a swap-free (Islamic) option — you apply after opening a normal account
XM offers a swap-free (Islamic) version of its regular trading accounts, designed for clients whose faith does not permit paying or receiving overnight interest (swap). You do not select “Islamic” during registration: you first open and verify a standard real account, then request swap-free status through the Members Area or by contacting support, and XM reviews the request individually.
Swap-free does not mean cost-free. Spreads and any applicable commissions still apply, and on some instruments XM may charge a handling or administrative fee instead of swap if positions are held for extended periods. All conditions below are as of the time of writing — verify on XM’s official site.
What the XM Islamic account actually is
A swap is the interest adjustment charged or credited when you hold a leveraged forex or CFD position past the daily rollover time (server time 00:00 on MT4/MT5). Because paying or receiving interest (riba) is prohibited under Islamic finance principles, XM replaces the swap mechanism with a swap-free arrangement on eligible accounts.
Key points about how XM structures it:
- It is not a separate account type. Micro, Standard and Ultra Low accounts can all be converted to swap-free status. Trading conditions such as spreads, lot sizes and execution stay the same as the underlying account type.
- Approval is individual. XM reviews each request, and the company reserves the right to decline a request or to revoke swap-free status if it believes the facility is being abused (for example, opening positions purely to exploit the absence of negative swaps on carry pairs).
- Instrument coverage varies. Major forex pairs are typically fully swap-free. Some exotic currency pairs and certain CFDs may be excluded, or may carry a daily administrative fee after a grace period of several days. The exact instrument list and any fees change over time — as of the time of writing, you should verify the current swap-free instrument list on XM’s official site.
XM operates through several entities within the Trading Point group. Entities regulated by CySEC, ASIC and the Belize FSC serve different regions, and conditions such as maximum leverage, bonus availability and swap-free terms differ depending on which entity onboards you. Always confirm which entity you are registering with and what its conditions are on XM’s official website. Note also that XM does not accept residents of certain jurisdictions, including the United States, Canada, Israel and Iran — you must check your own eligibility and local regulations before applying.
Account types you can make swap-free
The figures below are as of the time of writing — verify on XM’s official site, since minimums, spreads and leverage caps change and differ by regulatory entity.
| Feature | Micro (swap-free) | Standard (swap-free) | Ultra Low (swap-free) |
|---|---|---|---|
| Minimum deposit | $5 | $5 | $5 |
| Contract size (1 lot) | 1,000 units | 100,000 units | 100,000 units (Standard Ultra) / 1,000 units (Micro Ultra) |
| Typical EUR/USD spread from | 1.6 pips | 1.6 pips | 0.6 pips |
| Commission | None (spread only) | None (spread only) | None (spread only) |
| Maximum leverage | Up to 1:1000 (entity-dependent; far lower under CySEC/ASIC) | Up to 1:1000 (entity-dependent) | Up to 1:1000 (entity-dependent) |
| Overnight swap | None on eligible instruments | None on eligible instruments | None on eligible instruments |
Bonuses and promotions are another entity-dependent detail: some XM entities offer deposit bonuses and some (notably the CySEC and ASIC entities) do not. Swap-free accounts may also have different bonus eligibility, so read the promotion terms before assuming anything.
How to apply for the XM Islamic account, step by step
The procedure as of the time of writing — the exact menu labels can change, so verify on XM’s official site:
- Go to XM’s website and click Open an Account. Complete the registration form, choosing your platform (MT4 or MT5) and account type (Micro, Standard or Ultra Low). Do not look for an “Islamic” option here — it does not appear at registration.
- Log in to the Members Area and complete verification: click Validate Your Account (or the yellow “Account validation” banner) and upload your proof of identity and proof of residence. Swap-free status is only granted to fully verified accounts.
- Make your first deposit via Deposit in the Members Area if required — some entities process the swap-free request only on funded accounts.
- Request swap-free status. Depending on your entity, you will either see a swap-free toggle or request option under your account settings in the Members Area, or you will need to contact support: click Support → Contact Us (or use the Live Chat button) and state that you are requesting Islamic/swap-free status for your account number, with a brief note that it is for religious reasons.
- Wait for confirmation. XM typically reviews requests within one to a few business days and confirms by email. Do not hold positions over rollover until you have written confirmation, otherwise normal swaps will apply.
- After approval, check your MT4/MT5 platform: right-click a symbol in Market Watch, choose Specification, and confirm the swap values show as not applicable or zero for your account.
Check the current conditions on XM’s official website (ad)
Limitations, fees and risks
An honest look at where the swap-free account is weaker than it sounds:
- Administrative fees can replace swaps. On certain exotic pairs and CFDs, XM may charge a fixed daily handling fee once a position has been open beyond a grace period (often a set number of days). Over a long hold, this fee can be comparable to — or occasionally larger than — the swap it replaces. The fee schedule is published per instrument and changes; as of the time of writing you must verify it on XM’s official site.
- You lose positive swaps too. On a normal account, some positions earn swap rather than pay it. A swap-free account removes both sides, so strategies that relied on earning rollover no longer work — and attempting to exploit this asymmetry is exactly the behaviour that can get swap-free status revoked.
- Approval is discretionary and revocable. XM can refuse a request, and it can remove swap-free status retroactively and charge back swaps if it judges the account was used abusively. If that happens, open positions may suddenly start accruing swap charges you did not plan for.
- Spreads remain your main cost. Swap-free does not narrow spreads. On Standard/Micro accounts the all-in cost is the spread (from about 1.6 pips on EUR/USD as of the time of writing — verify on XM’s official site), which is wider than the Ultra Low account’s raw pricing.
- Leverage amplifies losses. High leverage offered by the offshore entity makes it possible to lose your deposit very quickly. The absence of swaps does not reduce market risk in any way.
What if my swap-free request is still pending after 3 days?
First check the email address registered to your Members Area, including spam folders — XM usually replies there, sometimes asking for confirmation of your request. If there is no reply, open Live Chat from the Members Area, give your MT4/MT5 account number, and ask for the status of the swap-free application. Common causes of delay are incomplete verification (a missing or rejected proof-of-residence document) and requests sent from an email address different from the one on the account. Until you receive written approval, close positions before rollover or expect normal swaps to apply.
What if I was charged a fee even though my account is swap-free?
Check the charge’s label in the MT4/MT5 Account History tab. If it appears in the swap column on an instrument you believed was covered, two explanations are most common: the instrument is on the excluded list (exotics and some CFDs), or the position passed the grace period and triggered the daily administrative fee. Compare the charge against the instrument’s published swap-free conditions, then contact support via Support → Contact Us with the ticket number of the trade. If the charge was applied in error — for example, before your approval date was processed — XM support can review and adjust it; if it was a legitimate administrative fee, they will point you to the relevant schedule.
FAQ
Q. Do I need to be Muslim to get the XM Islamic account?
A. The facility is intended for clients who cannot pay or receive interest for religious reasons, and XM reviews requests individually. Some entities may ask you to confirm the religious basis of the request. Requesting it purely to avoid swap costs is likely to be treated as abuse and declined or revoked.
Q. Are spreads wider on the swap-free version?
A. XM’s stated policy is that swap-free accounts share the same spreads and conditions as the underlying account type. However, excluded instruments and administrative fees after a grace period mean the total cost of long holds can differ. Verify the current instrument list on XM’s official website before relying on it.
Q. Can I switch an existing XM account to swap-free?
A. Generally yes — you request conversion of an existing verified account rather than opening a new one, via the Members Area or support. If you prefer to keep a normal account as well, you can use Open an Additional Account in the Members Area, subject to XM’s account limits.
Q. Is the Islamic account available with bonuses?
A. It depends on the entity and the promotion. Bonuses are not offered at all by some regulated entities (for example, those under CySEC and ASIC), and where bonuses exist, swap-free accounts may have modified eligibility. Read the bonus terms in the Members Area and verify on XM’s official site.
Q. Can XM take away my swap-free status?
A. Yes. The terms allow XM to revoke swap-free status and, in abuse cases, to apply swaps retroactively. Holding positions designed only to exploit the lack of negative swap is the typical trigger. Keep your trading consistent with the purpose of the facility.
Summary
XM’s Islamic (swap-free) account removes overnight interest from eligible instruments on Micro, Standard and Ultra Low accounts, with the same spreads and minimum deposit (from $5 as of the time of writing — verify on XM’s official site). You apply after registering and verifying a normal account, via the Members Area or support, and approval is individual and revocable. The main things to watch are excluded instruments, administrative fees on long holds, and the fact that conditions, leverage and bonus eligibility differ by XM entity. This page is information only, not investment advice — confirm every figure and your own eligibility (XM does not serve all jurisdictions) directly with XM before opening an account.
Check the current conditions on XM’s official website (ad)
Risk warning: CFDs and forex are leveraged products; losses can exceed your deposits and a high percentage of retail investor accounts lose money. Only trade with money you can afford to lose.