Overview: XM Group Islamic account
XM Group, founded in 2009, offers Islamic account conversions on Standard and Ultra Low accounts with a $5 minimum deposit -- the lowest barrier to entry in our dataset.
Pros & cons
Pros
- $5 minimum deposit
- Ultra Low at 0.6 pips
- Strong regulation
- No stated admin fee
Cons
- Storage fees referenced in terms
- MT4/MT5 only
- Time limit unclear
- No raw Islamic
Swap-free structure
XM removes swap charges on Islamic accounts. The terms reference potential "storage fees" but do not specify when or how these apply. The time limit on swap-free status is not explicitly guaranteed as unlimited.
| Swap-free model | Swap-free Islamic account (on request) |
| Availability | On request |
| Time limit | Variable |
| Admin fee | None stated but terms reference storage fees |
| Islamic account types | Standard Islamic, Ultra Low Islamic |
Hidden fee analysis
The lack of transparency around storage fees is the main concern. While no fees were charged during our short-term testing, the terms reserve the right to apply them. This ambiguity means we cannot classify XM as fully compliant without caveats.
Regulation & safety
ASIC 443670 (Australia), CySEC 120/10 (EU). Strong regulatory coverage but no FCA entity.
| Regulators | ASIC, CySEC, DFSA |
| Licences | ASIC 443670, CySEC 120/10 |
| Min deposit | $5 |
| Max leverage | 1:1000 |
| Spreads from | 0.6 pips (Ultra Low) |
| Platforms | MT4, MT5 |
Platforms
XM Group supports: MT4, MT5.
Compliance verdict
XM is the most accessible swap-free option with a $5 minimum. Acceptable for casual or beginner Muslim traders, but the ambiguous storage fee terms prevent a higher compliance rating.
XM Group Islamic account FAQs
Does XM charge storage fees on Islamic accounts?
The terms reference potential storage fees but these are not detailed. Contact XM support for clarity before holding positions long-term.