Overview: FXTM Islamic account
FXTM, established in 2011, offers automatic swap-free status for clients from eligible countries, similar to Exness. Both Standard and ECN accounts can operate in Islamic mode.
Pros & cons
Pros
- ECN Islamic with low commissions
- $10 minimum deposit
- Automatic swap-free
- Cent account available
Cons
- Possible spread mark-up
- Weaker regulation
- MT4/MT5 only
- Time limits may apply
Swap-free structure
FXTM automatically applies swap-free status based on the client country. ECN Islamic accounts retain low commissions. However, some reports suggest a spread mark-up may apply to Islamic accounts versus standard accounts on the same instruments.
| Swap-free model | Swap-free by country auto-detection |
| Availability | Automatic for eligible countries |
| Time limit | Variable |
| Admin fee | Possible spread mark-up on Islamic accounts |
| Islamic account types | Standard Islamic, ECN Islamic |
Hidden fee analysis
The potential spread mark-up on Islamic accounts is the primary concern. If the spread on an Islamic account is measurably wider than on a standard account for the same instrument, this differential could function as a disguised interest charge. We could not conclusively verify the extent of this mark-up across all instruments.
Regulation & safety
FSC C113012295 (Mauritius), FSCA 46614 (South Africa), CMA Kenya. These are weaker regulators compared to FCA/ASIC.
| Regulators | FSC, FSCA, CMA |
| Licences | FSC C113012295, FSCA 46614 |
| Min deposit | $10 |
| Max leverage | 1:2000 |
| Spreads from | 0.0 pips (ECN) |
| Platforms | MT4, MT5 |
Platforms
FXTM supports: MT4, MT5.