Can I Open an Islamic Account at XM?

To keep Muslim traditions in mind, like other brokers, XM also offers Shariah-compliant Islamic accounts in Ultra Low & Shares account types. 

For Muslim traders, I am going to open an Islamic account and explore how it works, and what makes these accounts considered Halal.

Check the Islamic Finance Foundation and AAOIFI guidelines for more information on Islamic finance principles.

Islamic Forex Account: What Is It?

For Muslim traders who want to trade in the financial markets without breaking Islamic law, there is an Islamic forex account also known as a swap-free account.

Fundamentals of Islamic Finance:

• Riba (Interest): Prohibited. Overnight swap fees are included in this.
• Gharar (Uncertainty): Excessive speculation or using ambiguous language is prohibited.
• Maysir (Gambling): Not allowed to take excessive risk without sufficient knowledge.

Swap fees, which are considered as interest in traditional forex trading, are incurred when positions are held overnight. To allow Muslim traders to follow their religious beliefs, an Islamic account eliminates these swap or rollover fees.

Regular Account vs XM Islamic Account

Here are some difference between regular account and XM islamic account:

How to Apply for XM Islamic Accounts?

Islamic (swap-free) accounts are available at XM broker. Muslim traders can apply for a swap-free account, which means no interest is charged or paid on overnight positions according to XM’s official website.

Key Details: 

• Islamic accounts can be applied upon approval and request.
• Traders need to explain the request and provide proof of faith.
• Micro, Standard, and Ultra Low accounts are eligible for the swap-free option.

Important Note: According to XM, there are no additional fees or hidden charges for Islamic accounts. But XM reserves the right to revoke the Islamic status on an individual basis if there’s extended inactivity or misuse of the swap-free feature.

How to Open an Islamic Account at XM?

Opening an Islamic account with XM is easy peasy.

Here’s how to get started:

1. Go to XM’s website to open an account. You can choose from Micro, Standard or Ultra Low account types (XM account comparison).
2. Once you’ve set up your account, send in your ID and address proof. That’s the first step to trading with a clear conscience.
3. Log in to your XM dashboard and request an Islamic account from the Members Area. Then wait for XM to process your request (XM MT4/MT5 login).
4. After that, XM might ask for a bit more documentation. This is just to make sure everything is in order.
5. Once your account is approved, you can start trading without any interest charges.

Ready to trade without breaking any rules? Sign up for an XM Islamic account now and start trading with confidence.

Features and Advantages of an XM Islamic Account

An XM Islamic account gives you:

• Trading Without Swaps: All instruments are free of swap fees and overnight interest.
• No Extra Fees: No extra fees or commissions to make up for the lack of swaps.
• Trading Platforms: Trade with industry leading platforms on desktop and mobile devices with MetaTrader 4 and MetaTrader 5.
• Full Instrument Access: Cryptocurrencies, precious metals, energy, stock indices, forex, and CFDs.
• Same Trading Conditions: All other trading conditions, spreads and leverage are the same as in the standard account.

XM is transparent and honest, and that’s why it’s one of the best Islamic forex brokers for Muslim traders in 2025.

Types of XM Accounts Available to Islamic Traders

XM has 3 types of accounts:

• Standard Account
• Ultra Low Account
• Shares Account

Micro, Standard and Ultra Low accounts are Islamic accounts eligible.

Leverage & Minimum Deposit:

• Minimum Deposit: $5 is the minimum deposit (Micro & Standard).
• Leverage: Up to 1:1000 depending on the jurisdiction and regulation

Go to XM's account comparison page to compare accounts. Fees and withdrawals from XM Islamic accounts are super transparent. Here are the details:

• Withdrawals are free on most payment methods.
• You can use Skrill, Neteller, bank wire, credit cards and more.
• Processing takes 24 hours after approval.

XM is trusted by Muslim traders because of its no hidden fees policy. You know exactly what you’re getting.

Conclusion: Should Muslim Traders Choose XM?

XM provides one of the greatest Islamic forex account choices for Muslim traders who want to avoid paying interest and adhere to Islamic law.

• Governed by a number of agencies (ASIC, CySEC, IFSC).
• Transparent trading environment
• No unstated expenses or exchanges.
• Quick support and registration.

Although not Sharia-certified by a third-party board, XM is a halal forex broker because of its swap-free feature, account types, and platform reliability.

Create an XM Islamic Forex Account right away to start trading in a secure, Sharia-compliant environment. Click here to get started.

Disclaimer: This is merely informational. To find out if forex trading is appropriate for your financial and religious objectives, please speak with an expert in Islamic finance.

Explore More XM Related Blogs

• Is XM Regulated?
• What Documents Are Required for XM Account Verification?
• Is XM a Good Choice For Beginner Investors?
• How to Log in to XM’s MT4/MT5?
• How Can I Withdraw Money from XM?
• How to Open XM Additional Account?

FAQs

Is XM a Forex Broker That Is Halal?

XM has made a big effort to provide halal trading conditions. Although XM does not have a formal Sharia board, its swap free policy is in line with the Islamic ban on riba.

How XM Steers Clear of Non-Halal Activities?

• No interest in overnight positions (Riba).
• No hidden markups.
• Support and guidance in Arabic.

Users have given the broker high marks for its ethical trading conditions and customer service in several reviews of XM Islamic accounts. Traders should consult with their own Islamic finance advisor for final approval based on their own interpretation of Sharia law.

Are there additional fees?

No, XM doesn't charge additional fees for Islamic accounts.

Does creating an Islamic account require me to be a Muslim?

Yes, XM typically reserves Islamic accounts for clients who truly require them.

Is it possible to trade any instrument using an Islamic account?

Yes, the same extensive array of markets, indices, commodities, metals, and forex will be available to you.

Is it possible for me to create multiple Islamic accounts? 

As long as each is connected to your verified profile, you are free to have as many as you like. The XM account dashboard allows you to add them.