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XM Islamic Account checklist

An Islamic account, often called a swap-free account, is designed for traders who cannot pay or receive overnight interest for religious reasons. Brokers structure these accounts in different ways, and the details change over time. This page does not confirm what XM currently offers. Instead, it gives you a checklist of the questions to answer using XM's own account documentation before you open or convert an account.

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Confirm availability and eligibility first

Swap-free accounts are not always available to every client. Some brokers restrict them by country of residence, by the regulated entity you sign up under, or by account type. Before assuming an Islamic account exists at XM, or that you qualify for one, check the account pages and terms published by the specific XM entity that would hold your account. If the documents are unclear, ask support in writing and keep the reply.

Check whether a swap-free option is listed for your country and the entity serving your region.
Confirm which account types can be opened as, or converted to, swap-free.
Ask whether approval is automatic or requires a request and review.
Save written answers from support so you have a record of what was stated.

Understand how holding costs are replaced

Removing swap charges does not always remove holding costs. Many brokers replace overnight interest with administration fees, wider spreads, or fees that begin after a set number of days a position stays open. These structures vary by instrument and can change. Read the swap-free terms line by line and work out what a multi-day position would actually cost on the instruments you trade.

Look for administration or handling fees that apply after a grace period.
Check whether spreads or other charges differ from standard accounts.
Confirm which instruments are eligible, since some may be excluded from swap-free treatment.
Ask whether the broker can revoke swap-free status and under what conditions.

Verify with documents, then compare

Marketing pages summarise; legal documents govern. The client agreement, account terms, and any swap-free policy document are where the binding conditions live. Once you have confirmed the current terms with XM directly, put them alongside other brokers you are considering. Our full XM review at /reviews/xm covers the broader picture, and the broker comparison tool at /tools/compare-brokers?brokers=xm lets you line XM up against other reviewed brokers. The reviews hub at /reviews lists our other research pages.

Read the client agreement and any dedicated swap-free terms, not just the marketing page.
Note the date you verified the terms, since fee structures change.
Compare the confirmed terms with other brokers before deciding.

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FAQ

Does XM offer an Islamic account?

We do not state feature availability here. Whether a swap-free account is offered, and to whom, depends on XM's current terms and the entity serving your region. Confirm directly on XM's account pages and in its legal documents before opening an account.

Are swap-free accounts free of all overnight costs?

Not necessarily. Many brokers replace swap charges with administration fees, adjusted spreads, or fees that start after a set holding period. You need to read the specific swap-free terms to understand the real cost of holding positions.

Can a broker remove swap-free status from my account?

Some brokers reserve the right to revoke swap-free status, for example if they judge the account is being used mainly to avoid swap charges. Check the client agreement for any such clause and ask support to confirm the current policy in writing.