Islamic (Swap-Free) Accounts

An Islamic account is a MetaTrader 5 trading account with no swap: no overnight interest is charged or paid on any position, on any instrument. It exists for traders whose faith requires them to follow Sharia law, and it’s granted on that basis, one request at a time.

It isn’t a cheaper way to trade. The cost that a swap would have carried shows up elsewhere, mainly in wider spreads.

What’s different about it

	Islamic account
Platform	MetaTrader 5
Account currency	USDT
Symbol names	End in `#`
Minimum deposit	$10 equivalent
Swap	None, charged or paid
Spreads	Wider than on a Standard account
FX, commodities and index CFDs	No separate commission; the cost is in the spread
Crypto CFDs	0.15% commission per side
Share CFDs	0.3% (US), 0.45% (EU and Asia)
Expert Advisors	Allowed

XBTFX can update the spreads and fees on Islamic accounts, and publishes them on the Islamic Account page.

Holding positions for a long time

There’s no swap, but a position held open for more than 15 days may be charged a storage fee equal to the swap it would otherwise have paid.

Long-term carry trades aren’t allowed on these accounts, and neither is any strategy built to avoid swaps or to profit from not paying them.

How to request one

Register and complete identity verification. See Verification.
Open a MetaTrader 5 trading account if you don’t already have one.
Ask for Islamic terms on that account through the chat widget.
Confirm the declaration that you’re required to follow Sharia law.

Each request is reviewed individually, and XBTFX can decline one.

If the terms are removed

XBTFX can take Islamic terms off an account, or convert it to a regular account, at any time and without giving a reason.

Swaps you’d have been paid while an account was swap-free can’t be claimed back later.

Where an account is misused, for example through carry trades, cash-back arbitrage, fraud or manipulation, XBTFX can:

remove swap-free terms from all of the client’s live accounts
recover the swaps, interest and costs for the time the accounts were swap-free
end the client agreement
cancel the trades on those accounts, including their profits or losses

The full conditions are in the Islamic Accounts Terms.

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