Swap-Free Forex Brokers

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COMPARE SWAP-FREE (ISLAMIC) FOREX BROKERS

 

FOREX BROKER AND RATING

 

 

SWAP-FREE ACCOUNT

 

 

TRADING INFO

 

 

ASSET INDEX

 

 

FOREX BROKERS WEBSITES & REVIEWS

 

REGULATION:

ASIC (Australia)

SEGREGATED CLIENT ACCOUNTS: YES

ISLAMIC ACCOUNTS: YES

EXECUTION: ECN / STP

 

CUSTOMER SUPPORT & LANGUAGES:

24/5 (English, Arabic, Spanish, Portuguese, Chinese, and Russian)

LEVERAGE: 1:30

$100 Minimum Account Size

FUNDING METHODS:

  • Credit Cards
  • Bank Wire
  • Neteller
  • FasaPay

PLATFORMS

□ MetaTrader4

□ MetaTrader4

□ IRESS Trader

SCALPING: Yes

AUTO-TRADING: Yes

SPREADS:

EURUSD: 1.20 pip

GBPUSD: 1.60 pip

USDJPY: 1.46 pip

TRADING COMMISSIONS: No 

 

FP Markets Asset Index

  • 60+ Forex Currency Pairs
  • Srock Indices
  • Over 2,000 shares
  • Cryptocurrency pairs against USD and AUD
  • Energy assets
  • Metals
  • Agricultural Products

 

» FP Markets Website

 

» FP Markets Review

REGULATION:

FCA UK and CySEC

SEGREGATED CLIENT ACCOUNTS: YES

ISLAMIC ACCOUNTS: YES

EXECUTION: ECN / STP

 

CUSTOMER SUPPORT LANGUAGES:

24/5 (English, Arabic, Spanish, Portuguese, Chinese, Russian, and 10 more languages)

LEVERAGE: 1:30

$10 Minimum Account Size

FUNDING METHODS:

  • Credit Cards
  • Bank Wire
  • Neteller
  • Western Union
  • Yandex
  • Bitcoin
  • QIWI

 

TRADING PLATFORMS

□ MetaTrader4

□ MetaTrader5

SCALPING: Yes

AUTO-TRADING: Yes

SPREADS (*):

EURUSD: 1.8 pip

GBPUSD: 3.0 pip

USDJPY: 2.0 pip

TRADING COMMISSIONS: No

(*) There are also zero-spread account types

 

FXTM ASSET INDEX

  • 50 Forex Currency Pairs
  • 10+ Stock Indices
  • Energy Assets (Crude, Brent, Natural Gas)
  • Gold and Silver against USD and EUR
  • Gold Bullion

 

» FXTM Website

 

» FXTM Review

 

 

INFORMATION ABOUT SWAP-FREE FOREX ACCOUNTS

Here is some basic info about swap interest and swap-free accounts.

What are Rollover-Free (Swap-Free) accounts?

A Swap-Free or Forex Islamic account is an account type that does not imply swap or rollover interest on any overnight position.

Why are Swap-Free Accounts Important for Arabs?

Charging interest on overnight position is in general, against the Muslim faith. Therefore, swap-free accounts are offered by many Forex / CFD brokers.

Why Are Swap Rates implied?

The Swap interest is implied due to the difference in overnight interest rates between the two economies. Forex currencies are traded in pairs, one pair is purchased and at the same time, another pair is sold. Some Forex currencies offer high-interest rates (NZD, AUD, CAD, TRY, etc.) while other Forex currencies offer low-interest rates (EUR, JPY, USD, CHF). When you trade a pair, the difference in interest rate between the two currencies involved may be positive or negative.

(1) If the difference is positive, then a daily net swap amount is credited.

(2) If the difference is negative, then a daily swap amount is debited.

Forex brokers apply the swap interest policy in all their trading accounts on a daily basis, approximately at midnight. Time is in accordance with their time servers.

Note: The swap interest amount is tripled on Wednesdays in order to balance the weekends (Saturday and Sunday) when there is no trading. That ‘triple swap’ policy is applied by most Forex brokers but not by all.

 

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