Swap Free is a special account, on which swaps are not credited. When a position is carried over to the next day, you pay only commission that is not bound to interest rate of the currency. Islamic account is an excellent account type for both traders working on long-term strategies and muslim traders practising Shariah law.
PER 1 LOT (USD)
|#ASX, #CAC40, #ESTX50||5.00|
|AUDNZD, AUDUSD, CHFJPY, EURGBP, EURUSD, NZDUSD, USDCAD, USDJPY||8.00|
|AUDCAD, AUDCHF, AUDJPY, CADCHF, CADJPY, EURAUD, EURCAD, EURCHF, EURJPY, EURNZD, GBPUSD, NZDCAD, NZDCHF, NZDJPY, USDCHF, BCHUSD, XAGAUD, XAGUSD, XAUAUD, XAUEUR, XRPUSD, #FTSE100, #IBEX35||10.00|
|GBPAUD, GBPCAD, GBPCHF, GBPJPY, GBPNZD, GBPSGD, #NIKKEI, #NQ100, #SP500||15.00|
|EURHKD, EURPLN, EURSEK, EURSGD, GBPHKD, GBPSEK, USDHKD, USDILS, USDPLN, USDSEK, USDSGD, #DJI30, XAUUSD||20.00|
|EURINR, EURMXN, EURZAR, GBPINR, GBPMXN, GBPZAR, USDINR, USDCNH, USDMXN, USDZAR, BTCUSD, LTCUSD, #BRENT, #WTI||50.00|
Swap-free trading account is often called Islamic or Muslim account as this account was created for traders who follow Islamic religion. According to the laws of Islam, and actually it is the Shariah law, any business operations, when one of the parties has to pay or receive a certain percentage from the other side, are prohibited. Islamic account is supposed those trades on any currency pair when transferring the position over midnight, a trader is not taken and no amount is charged despite a volume of an opened position. This account does not take into account an effect of swap and gives its owner the opportunity to hold positions opened indefinitely, without growing in a positive or negative direction of a commission for a trade transferring. In this case, the result of trading can be depended on a change in exchange rates by the given period. Due to this feature, this type of account has become popular not only in Islamic countries but also worldwide.
You do not need to do difficult and distressing activities to connect to this service. It is enough to open a new account and to choose the Swap Free option. That is all! You trade with no swaps and trade according your traditions or just habits.