Islamic (or swap-free) account – is a regular trading account with the only exception that it provides a swap-free option. This option is provided for people of religious beliefs and compliant with Sharia Law, which prohibits paying or receiving capital interest.
In a trading process in order to keep a position open through the end of a trading day, a charged interest (a swap) should be paid, which contradicts the Sharia norms. To avoid paying or receiving capital interest, and remove an open position to the nest 24-hour period, all deals close at 22:00:00 GMT and immediately reopen at 22:00:01 GMT automatically. Therefore, the transaction result can be influenced only by exchange rate fluctuations.
For holders of swap-free accounts all other functions and abilities of the deposit are totally identical, including a “leverage” service, hedging positions, replenishing accounts or withdrawing funds, etc.
To create an Islamic account click the link below and register a traditional trading deposit. Then just send a request to make your deposit swap-free by contacting our support service manager [email protected] .