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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:
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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
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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:
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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 |
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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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