Are you a trader of Muslim faith? Consider opening an Islamic Swap-Free Forex Account, which allows you to trade without interest fees on various financial instruments. These accounts are designed to ensure Islamic traders do not pay or earn swaps or interest on CFDs, including currency pairs, indices, commodities, shares, ETFs, and bonds.
Swap-free accounts, also known as Islamic accounts, generate revenue solely through foreign exchange transactions while adhering to Sharia Law's restrictions on interest and gambling. With a swap-free account, you can enjoy the following features:
No interest/swap adjustments on overnight positions.
No spread widening or specific up-front commissions.
Option to open an MT4 account as an Islamic Account.
Same trading conditions as standard trading accounts.
Availability for both Retail and Professional Clients.
No restrictions on trading styles, strategies, or use of Expert Advisors.
Islamic Swap-Free Account Forex Accounts do not incur swaps or interest charges on most CFDs, except for exotic currency pairs where a small financing charge may apply overnight.
These accounts are exclusively designed for Forex and CFD traders who cannot participate in swaps due to their religious beliefs. If you are interested in trading the markets but have concerns about interest fees, let's explore three options:
Vantage Swap-Free Accounts eliminate swaps and interest charges on overnight positions. Instead, an administration fee is charged on positions, which is deducted from the account balance. To open a Vantage Swap-Free account, Muslim clients need to complete a simple online application form and provide the requested ID documents. Depositing funds into the account is easy through the secure Client Portal, where you can choose your preferred deposit method.
At Vantage, client funds are segregated and ring-fenced in separate accounts that never mingle with conventional funds. All client funds are held in a segregated account with Australia's AA rated National Australian Bank (NAB). Clients can withdraw their funds at any time by accessing the Client Portal and submitting a withdrawal request. Withdrawals are processed once a day, and any request received after the cut-off time is processed the following business day.
For Vantage Swap-Free accounts, Muslim clients are charged standard STP spreads and a daily administration fee.
FP Markets offers swap-free Islamic accounts on both the Raw and Standard account types on the MT4 and MT5 trading platforms. Islamic clients can trade all the instruments available on these platforms. Products on Islamic Accounts are exempt from the admin fee for the first ten nights of trading, after which the fee becomes applicable if positions are held longer.
Islamic trading accounts, also known as 'no swap accounts,' enable Muslims to engage in online forex trading in compliance with Sharia law. With 25% of the world's population practicing the Islamic faith, Islamic forex trading has gained popularity globally.
FP Markets is a well-established Australian broker with a history dating back to 2005. Regulated by ASIC and CySEC, it offers a range of tailored options to suit various trading needs. Traders can choose from platform-linked account types with competitive trading conditions, including tight spreads and low commissions. Trading is facilitated on the industry-leading MetaTrader suite and the advanced Iress trader platform. The broker provides multilingual customer support, a safe and secure trading environment with segregated client accounts, and participation in a client compensation scheme.
At BlackBull Markets, paying or receiving interest is prohibited in Islam. Therefore, they offer swap-free accounts that fully comply with Sharia Law. Islamic (swap-free) accounts are available as variants of their Standard, Prime, and Institutional Accounts, retaining all the features of the regular account types. These accounts offer 1:500 leverage, micro lots, access to all tradeable instruments, and the ability to start trading in less than 5 minutes. Trade over 26,000 assets with no minimum deposit.
Open an account today with any of these brokers and receive daily signals via email, WhatsApp, Twitter, or Telegram to enhance your trading experience.
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