What is Swap?#
Swap (overnight interest) is the interest rate differential applied when holding a position overnight. The amount charged or received depends on the interest rate difference between the traded currencies.
What is a Swap-Free (Islamic) Account?#
A swap-free account is a special account type with no overnight swap/interest charges. Designed for Muslim investors as interest (riba) is forbidden in Islamic finance.
Features of Swap-Free Account#
- No overnight interest: Positions held without swap charges
- Same spreads: Same spread rates as regular accounts
- All instruments: Applies to Forex, gold, commodities
- Activated on request: You need to request from your broker
How to Open Islamic Account at XM#
- Open a regular account (Micro, Standard or Ultra Low)
- Contact XM Live Support and request Islamic account conversion
- Usually within 24 hours your account becomes swap-free
Advantage: Converting to Islamic account at XM is free and spreads remain unchanged.
FAQ#
Can I trade all pairs with swap-free account? Yes, you can trade Forex, gold, silver and all other instruments.
Is there an extra fee for Islamic account? No, XM Islamic account requires no extra charges.