Forex Islamic accounts are also known as swap-free accounts as they imply no swap or rollover interest on overnight positions, which is against Islamic faith. We offer our Islamic accounts to clients following the Muslim faith.
The swap-free option can be chosen as part of the trading account registration in 3 easy steps:
As soon as our Back Office receives your request form, your trading account will receive swap-free status and you will be notified by email accordingly.
Please note that XEMarkets reserves the right to revoke the swap-free status granted to any real trading account in the event of any form of abuse.
The XEMarkets forex Islamic accounts differ greatly from those generally offered by other forex brokers. The difference lies in the fact that unlike most forex companies who substitute additional fees by widening the spread on Islamic accounts, XEMarkets imposes no additional charges.
In order to abide by the religious law of Islam, traders of Islamic belief are forbidden to pay interest. However, if the interest charge is transferred to a different type of fee, it is basically still a charge that covers the interest. This is also known by the name of swap-free in disguise. XEmarkets is firmly against such practices as it opposes to fair and ethical trading conditions.