Guide
Updated April 2026 · 8 min read
Complete guide to upi broker islamic account for Indian forex traders using UPI deposits on Exness and XM. Both Exness and XM accept UPI deposits from Indian traders with instant processing and zero fees. This guide covers everything you need to know about upi broker islamic account in 2026.
| Feature | Exness | XM |
|---|---|---|
| Min UPI Deposit | ₹840 (~$10) | ₹400 (~$5) |
| Deposit Speed | 5-12 seconds | 10-20 seconds |
| Deposit Fee | Free | Free |
| Signup Bonus | None | $30 no-deposit |
| EUR/USD Spread | 0.6 pips (Std) | 0.6 pips (Ultra Low) |
| Withdrawal Speed | 22 seconds (e-wallet) | 24 hours |
| Max Leverage | Unlimited | 1:1000 |
| Instruments | 200+ | 1,000+ |
| Regulation | FCA, CySEC | CySEC, ASIC |
| UPI Apps Supported | Google Pay, PhonePe, Paytm, BHIM | Google Pay, PhonePe, Paytm, BHIM |
The INR amount is automatically converted to USD at the interbank exchange rate with zero markup. Both brokers charge no fees for UPI deposits. You can start trading immediately after the deposit is credited.
Both Exness and XM offer Islamic accounts that comply with Shariah principles by eliminating swap/interest charges on overnight positions. Indian Muslim traders can deposit via UPI and trade on swap-free conditions.
Islamic accounts have the same spreads, leverage, and instrument access as standard accounts. The only difference is zero swap charges on overnight positions. See broker comparison.
A swap-free or Islamic account eliminates overnight swap fees (interest charges) from your trading. In conventional forex trading, holding a position overnight incurs a swap — a positive or negative interest payment based on the interest rate differential between the two currencies. For Muslim traders, paying or receiving interest (riba) is prohibited under Sharia law.
Both Exness and XM offer Islamic accounts that remove swaps entirely, making forex trading compliant with Islamic financial principles. Importantly, these accounts are available to all Indian traders — you do not need to provide religious documentation.
| Feature | Exness Islamic | XM Islamic |
|---|---|---|
| Swap charges | Zero (no overnight interest) | Zero |
| Storage fee instead? | Yes (fixed admin fee on some instruments after holding period) | No additional charges (truly swap-free) |
| Available account types | Standard, Raw Spread, Zero, Pro | Micro, Standard, Ultra Low |
| Free swap period | Varies by instrument (some have unlimited, others 7-14 days) | Varies (typically 7 days before admin fee) |
| How to activate | Automatic for eligible countries (India included) | Request via live chat or Members Area |
| UPI deposit | Yes (same as regular accounts) | Yes |
| Spreads | Same as standard accounts | Same as standard accounts |
| Leverage | Same as standard accounts | Same |
Swap fees can significantly impact swing traders and position traders who hold trades for days or weeks. Consider the impact:
| Holding Period | Swap Cost (EUR/USD Long, 0.10 lot) | Saved on Islamic Account |
|---|---|---|
| 1 night | -$0.65 | $0.65 |
| 1 week | -$5.85 (includes Wed triple swap) | $5.85 |
| 1 month | -$22.75 | $22.75 |
| 3 months | -$68.25 | $68.25 |
For a swing trader holding positions for 1-4 weeks, Islamic accounts save ₹500-2,000 per month in swap costs. This is why many non-Muslim Indian traders request Islamic accounts — the swap savings go directly to your bottom line.
XM at ₹400 (~$5) plus a $30 no-deposit bonus. Exness requires ₹840 (~$10) minimum.
Yes, both Exness (5-12 sec) and XM (10-20 sec) process UPI deposits in real time.
No, completely free. No fees from broker, bank, or UPI app. Conversion at interbank rate with zero markup.
Risk Disclaimer: Trading forex and CFDs involves significant risk. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Verify that forex trading is legal in your jurisdiction before opening an account. This article contains affiliate links.