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XM Islamic Account

XM offers an Islamic account for Muslim traders. XM offers swap-free trading for Muslim traders on 4 trading accounts levels namely the Micro-, Standard-, Ultra Low-, and Shares accounts.

Updated : May 23, 2023

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005 regulations book

Islamic Account Overview

005 feature selection

What is an Islamic Account

001 cash withdrawal

How to open an AvaTrade Islamic Account

004 review

Pros and Cons

008 auction

Final Verdict

001 question


Overall Rating

Min Deposit

USD 5 / 2 075 NGN



Trading Desk

Desktop MT4 and MT5, Mobile MT4 and MT5, XM mobile app, Web platform



Total Pairs


Islamic Account


Trading Fees

No (Just spread

Account Activation Time

24 Hours

🏛️ HeadquarteredBelize
🏛️ Nigerian Based OfficeNo
👍 Accepts Nigerian Traders?Yes
📅 Year Founded2009
📱 Nigerian Office Contact NumberNone
🔎License NumberBelize – 000261/158
South Africa – 49976
Australia – 443670
Cyprus – 120/10
Dubai – F003484
⚖️ CBN RegulationNone
✴️ Regional RestrictionsThe United States, Canada, Israel, the Islamic Republic of Iran
☪️ Islamic AccountYes
📈 Demo AccountYes
📈 Retail Investor Accounts4
🚀 Offers a Nigerian Account?No
💻 Dedicated Nigerian Account Manager?No
📈 Maximum Leverage1:888
📈 Leverage Restrictions for Nigeria?No
💳 Minimum Deposit (₦)2,000 Nigerian Naira (equivalent to $5)

💳 Nigerian Naira Deposits Allowed?Yes
💰 Active Nigerian Trader Stats1.3 million
Active Nigerian-based XM customers100,000+

💰 Nigeria Daily Forex Turnover$1.25 million+
💳 Deposit and Withdrawal OptionsCredit Card
Debit Card
Bank Wire Transfer
Local Bank Transfer
💰 Segregated Accounts with ities
CFDsNigerian Banks?
💻 Trading PlatformsMetaTrader 4, MetaTrader 5

💰 Tradable AssetsForex
Stock CFDs
Equity Indices
Precious Metals
🌐 Offers USD/NGN currency pair?No
🌐 USD/NGN Average SpreadN/A
📈 Offers Nigerian Stocks and CFDsNo
👨‍💼 Languages supported on WebsiteEnglish, Malaysian, Chinese Simplified, Chinese Traditional, Russian, French, Italian, German, Polish, Spanish, Portuguese, and several others

👥 Customer Support LanguagesMultilingual
👥 Customer Service Hours24/5
👥 Nigerian-based customer support?No
💰 Bonuses and Promotions for NigeriansYes
✴️Education for Nigerian beginnersYes
📊 Proprietary trading softwareNo
💰 Most Successful Nigerian TraderUche Paragon ($20 million net worth)
✔️Is XM a safe broker for Nigerians?Yes
✔️Rating for XM Nigeria9/10
✔️Trust score for XM Nigeria84%

XM Overview 



Overall, XM is considered a low-risk broker for Nigerians, with an overall Trust Score of 90 out of 100. XM is licensed by one Tier-1 Regulator (high trust), three Tier-2 Regulators (average trust), and one Tier-3 Regulator (low trust). XM offers four retail trading accounts: a Micro Account, Standard Account, XM Ultra-Low Account, and a Shares Account. 

What exactly is an Islamic Account For Nigerian Traders?

xm islamic account



An Islamic, or swap-free, trading account is allowed by Islamic Sharia law. An Islamic Account follows the Islamic principle where interest does not apply to open positions held longer than a trading day after the trading day has concluded. 


CFD and Forex brokers who serve Middle Eastern clients off Islamic Account conversions. CFD and Forex Brokers offer this option to clients from other jurisdictions who are of the Islamic faith. 


Certain features align with the Sharia law, which prohibits the accrual of interest on funds deposited into the account. 


The other important feature of an Islamic Account is the immediate settlement of transactions. Direct payment requires the transfer of currencies from one account to the other right after the transaction has been completed and paid for in full. 


Two critical elements of Islamic law relate specifically to trading accounts. These elements are: 

  • Riba, and 
  • Gharar 


Riba is the prohibition of generating money from money, specifically referring to an interest that is not allowed according to Sharia law. This interest is unjust and exploitive gains on trade or business. 

Why is interest discouraged or prohibited by Sharia law?


Because of the restrictions and specific prohibitions placed on Muslim traders when considering the intricate details involved with trading activities, the following are significantly affected: 

  • Overnight rollovers involve the incurrence or receiving of swap points on positions open for longer after the trading day has concluded at the New York close at 5 PM EST. Subsequently, Sharia law prohibits such swap points. 
  • Margin deposits and interest – which involve interest accrual on funds deposited into the trading account- are prohibited. 
  • Loans – when followers of the Sharia law have funds transferred by a bank or other financial institution, it involves interest terms. Sharia prohibits this per the critical element, Riba.  
  • Margin trading makes the Islamic trader liable for paying interest, which amounts to Riba. This interest refers to money borrowed from the broker (Riba) to buy or sell such equities, which Sharia Law prohibits. 
  • Short sales affect shares and involve borrowing and subsequent sale of an asset, which is prohibited. 
  • Forward sales affect forward contracts. Forward sales influence the trading of futures contracts because it involves the buying and selling contracts at a future date, according to a price agreed upon on the day of entering such a contract. 

What are the steps involved in opening an XM Islamic Account?

To open an XM Islamic Account, Nigerian Muslim traders can follow these steps: 


Step 1: Click on the “start with $30 free” button to start the process of opening an account.

You can click on the green “Open a live Account Here” button located on the brokers’ webpage.

XM Account 1


Step 2: Complete personal information

Traders will need to fill in this brief application and verify their email address by clicking on the embedded link contained in the verification email sent after the form has been submitted.

XM Account 2


Step 3: “Know Your Client” process

Traders will also be subjected to a ‘Know Your Client’, or KYC, a process that involves the submission of documents to verify the trader’s identity and their residential address. Once this has been submitted, the account with go through a review process, after which it will be approved, and the trader notified of the outcome.

XM Account 4


Step 4: Log in to the account  and convert

Once this has been completed, traders can log into their member’s area and access the request to have their live trading account converted into that of an Islamic Account. Once the request has been received by the relevant department, the trading account will receive swap-free status and the trader will be notified via email.

XM - login to account

What is XM spread costs on an Islamic Account?


The spreads on XM’s Islamic Account may vary based on the trading account, financial instrument, and market conditions. Here are the approximate spreads for different account types: 

  • Micro Account: Variable spreads starting from 1 pip on EUR/USD. 
  • Standard Account: Variable spreads starting from 1 pip on EUR/USD. 
  • XM Ultra-Low Account: Variable spreads starting from 0.6 pips on EUR/USD. 
  • Share Account: Spreads determined by the underlying exchange and individual shares. 

What other features does XM Islamic Account offer Nigerian traders?

XM Review Islamic Account



XM’s Islamic Account offers various features depending on the chosen account type. Some key features include: 

  • A minimum deposit starting from $5 / 2,300 NGN. 
  • Leverage options ranging from 1:1 to 1:888 for balances between $5 and $20,000. 
  • Leverage options ranging from 1:1 to 1:200 for balances between $20,001 and $100,000. 
  • Leverage options ranging from 1:1 to a maximum of 1:100 for balances exceeding $100,001. 
  • Commission-free trading on select accounts lowers trading costs that traders can expect. 
  • Negative balance protection is applied to accounts, ensuring Nigerian traders do not lose more than their initial deposit. 
  • Access to micro and standard lot trading, offering Nigerian traders flexibility. 
  • Unlimited access to MetaTrader 4 and MetaTrader 5 platforms across various devices. 
  • Regular market updates help Nigerian traders stay abreast of what is happening. 
  • Technical and fundamental analysis tools are available from the website and can be accessed on MetaTrader 4 and 5 
  • Multilingual customer support is available 24 hours a day, 7 days a week, on live chat, telephone, email, and social media platforms. 

XM Pros and Cons

✔️ Pros❌ Cons
XM offers Islamic Accounts to Nigerian Muslim traders and does not charge an admin fee or larger spreadsInactivity fees apply to dormant accounts
XM has 24/7 customer support available across communication channels
Muslim traders can rest assured knowing that XM is multi-regulated
XM is transparent regarding its trading and non-trading fees

Overall Rating

Min Deposit

USD 5 / 2 075 NGN



Trading Desk

Desktop MT4 and MT5, Mobile MT4 and MT5, XM mobile app, Web platform



Total Pairs


Islamic Account


Trading Fees

No (Just spread) 

Account Activation Time

24 Hours

XM Final Verdict

XM aims to make a positive difference in the lives of people around the world despite their religion, culture, or their ethical background, helping them achieve their potential. XM is involved in the following initiatives:

  • Education and Skills Development by initiating projects that can help people get the education that they need. These initiatives also help individuals develop essential vocational skills.
  • Research and Development – XM contributes to research along with development and innovation initiatives that serve a greater purpose.
  • XM and its dedicated team have teamed up with local and international active human aid foundations to try and make the world a better place.


What is an XM Islamic Account? 

An XM Islamic Account is a trading account that adheres to Islamic principles by offering swap-free trading, avoiding interest (Riba), and providing a halal trading environment. 


What is the difference between an XM Islamic Account and other XM account types? 

The key difference is that an XM Islamic Account is swap-free, meaning there are no overnight interest charges or credits. In addition, it is designed to comply with Islamic finance principles, making it suitable for Muslim traders. 


Are there any additional fees or charges for XM Islamic Accounts? 

No, XM does not impose additional fees or charges specifically for Islamic Accounts. Instead, XM aims to provide commission-free trading with competitive conditions for all account types, including Islamic Accounts. 


Can I trade all available instruments with an XM Islamic Account? 

Yes, you can trade all available instruments XM offers with an Islamic Account. You will have access to a wide range of forex pairs, CFDs on stocks, indices, commodities, and more, all in compliance with Islamic finance principles. 


How can I open an XM Islamic Account? 

To open an XM Islamic Account, you must register for a live trading account with XM and then request the conversion to an Islamic Account by contacting XM’s customer support or mentioning your preference during registration. 


Is the leverage option the same for XM Islamic Accounts? 

Yes, XM Islamic Accounts offer the same leverage options as other account types. However, the leverage available depends on your jurisdiction’s account balance and regulatory requirements. 


Can non-Muslim traders open an XM Islamic Account? 

Yes, XM Islamic Accounts are available to Muslim traders and non-Muslim traders who prefer swap-free trading for various reasons. XM welcomes traders from diverse backgrounds to open an Islamic Account. 



No matter how diligently we strive to maintain accuracy, the forex market is volatile and may change anytime, even if the information supplied is correct when going live. 

10/10 - (1 vote)

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