IC Markets
FXTM Islamic Account: Swap-Free Days, How to Turn It On and the Limits
FXTM's swap-free option is a profile setting, not a separate account. It covers a set number of days per position: 3 days on forex and metals, 7 on top indices, 1 on Bitcoin and Ethereum, and up to 7 on forex for higher Rewards tiers. Here is how it works and what it excludes.
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FXTM doesn't sell a separate Islamic account. Swap-free is a setting you switch on in your profile, and once it is on, it applies to every trading account you hold. FXTM's Help Centre describes it as useful for traders who follow Islamic finance principles or prefer interest-free trading. It is available on Rewards Plus, Rewards and Advantage, but not on the Micro account.
The key detail is that FXTM's swap-free status lasts a set number of days per position. After that, normal swaps can apply. How many days depends on the instrument and on your FXTM Rewards tier.
| Type | Profile setting, applies to all accounts |
|---|---|
| Accounts | Rewards Plus, Rewards, Advantage (not Micro) |
| FX majors, minors, metals | 3 swap-free days (7 for top tiers) |
| Top 5 indices | 7 days |
| BTC and ETH | 1 day |
| Stock CFDs | 3 days |
How to turn swap-free on
- Log in to your FXTM account.
- Go to Profile > General Settings.
- Under Trading, open Swaps.
- Choose your preferred swap setting and confirm.
Two conditions apply. You must have no open positions when you change the setting, and you can change it only once every 24 hours. If the swap-free option doesn't appear, your account isn't enabled for it by default; FXTM asks you to send a request through its Contact Us form, which it says it answers within 24 hours.
How many days are swap-free
| Instrument | Default swap-free | Higher-tier option |
|---|---|---|
| FX majors and minors | 3 days | Up to 7 days |
| Spot metals | 3 days | Up to 7 days |
| Top 5 indices (US500, US30, GER40, JAP225, NAS100) | 7 days | Unchanged at 7 |
| Bitcoin and Ethereum | 1 day | Unchanged at 1 |
| Stock CFDs | 3 days | Unchanged at 3 |
In practice, that means a forex trade on a standard swap-free setting can be held for three nights without swaps. Hold it longer and swap charges can start. Bitcoin and Ethereum positions get only one swap-free day.
Higher-tier option for higher tiers
Clients in the top four FXTM Rewards tiers, Gold, VIP, VIP Expert and VIP Master, can use the higher-tier swap-free option. It extends forex majors, minors and spot metals to up to 7 consecutive swap-free days. You move up the tiers by trading; our FXTM bonus and rewards guide explains how Tier Points work.
What swap-free accounts can't trade
FXTM's article on the 'Trade is disabled' error says exotic currency pairs and crypto CFDs aren't available on swap-free accounts. Its swap-free table, though, lists a one-day swap-free period for Bitcoin and Ethereum. The two articles don't fully agree, so check in the platform whether a symbol is tradable before relying on it.
If you see 'Trade is disabled' on an exotic pair or crypto symbol while swap-free is on, that is likely why. Switch the setting off, with no positions open, or trade a different instrument.
How swaps work when they apply
Swaps are the overnight interest adjustment on a position, and can be a charge or a credit. FXTM applies triple swaps on forex pairs and metals on the Wednesday to Thursday rollover, on USDCAD, USDTRY and EURTRY from Thursday to Friday, and on CFDs from Friday to Monday. Swap rates are in each symbol's contract specification. Our FXTM fees guide has an example calculation.
Is FXTM a good choice for Islamic traders?
For intraday and short swing traders, yes: switching the setting on is quick, it covers all your accounts, and FXTM doesn't mention an admin fee for it. Position traders who hold forex trades for weeks will find the 3-day limit restrictive unless they reach a tier with the higher-tier swap-free option. The exclusion of exotics and, by one article, crypto also narrows what you can trade.
FX Recap doesn't give religious rulings. If you need to know whether a product or condition is Shariah-compliant, consult a qualified scholar.
Checking swaps in the platform
Every symbol's contract specification in MetaTrader shows its swap long and swap short rates. Right-click the instrument in Market Watch and choose Specification before opening a position you might hold beyond the swap-free period. FXTM's own example shows how quickly swaps add up: one lot of EURUSD with a swap rate of -1.5, held for three nights, costs $45.
The day limits are per position, so plan around them. A swing trade on gold that needs a week will fall outside the standard 3-day window; either close and reopen within the limit, accept the swap after day three, or work toward a tier with the longer option.
Two FXTM accounts sit outside the swap-free setting. Micro doesn't offer it, so swaps apply to every overnight position there. Advantage Stocks doesn't need it: it buys real shares with no leverage and charges no swaps at all, which makes it a simple option for holding US shares without overnight interest.
If you can't see the swap-free option, don't open a second profile to get it. FXTM asks clients to use the Contact Us form instead, and says the request is reviewed with a reply within 24 hours.
FXTM's swap-free option is a time limit, not a permanent exemption. Three days on forex suits day and short swing traders; anyone holding longer should check the day count in the platform before assuming no swaps will apply.
Hamza closed his open trades, switched his FXTM profile to swap-free under General Settings, and then traded EURUSD and gold on his Rewards account. He kept each position to three nights or fewer, inside the default swap-free period.
Frequently asked
Does FXTM offer an Islamic account?
FXTM offers swap-free as a profile setting rather than a separate account. Once enabled, it covers all your trading accounts except Micro.
How do I enable swap-free on FXTM?
Go to Profile > General Settings > Trading > Swaps with no open positions and choose your setting. If you don't see it, request it via the Contact Us form.
How long are FXTM trades swap-free?
By default, 3 days on forex and metals, 7 days on the top 5 indices, 1 day on Bitcoin and Ethereum, and 3 days on stock CFDs.
What is FXTM the higher-tier swap-free option?
An option for Gold, VIP, VIP Expert and VIP Master tiers that extends forex and metals to up to 7 swap-free days.
Is the FXTM Micro account swap-free?
No. Swap-free isn't available on Micro.
Can I trade crypto on an FXTM swap-free account?
FXTM's articles disagree: one says crypto CFDs and exotic pairs aren't available on swap-free accounts, another lists one swap-free day for BTC and ETH.
How often can I change my FXTM swap setting?
Once every 24 hours, and only with no open positions.
Does FXTM charge a fee for swap-free?
FXTM doesn't mention an admin or extra fee for swap-free on the pages we checked.
Does FXTM swap-free apply to all my accounts?
Yes. Once activated, FXTM says swap-free applies to all trading accounts under your profile.
Can I turn FXTM swap-free off?
Yes, at any time, provided you have no open positions and haven't changed the setting in the last 24 hours.
Is FXTM Advantage Stocks swap-free?
It charges no swaps at all, because you buy real shares with no leverage, so the swap-free setting doesn't apply.
What if FXTM's swap-free option isn't in my settings?
Your account isn't enabled for it by default. Submit a request through FXTM's Contact Us form; FXTM says it replies within 24 hours.
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