Islamic Accounts
Swap-free service is particularly designed for uae trading and traders, the religious beliefs of whom do not allow the usage of the interest rates of world currencies in their trading.
Accounts with swap-free service are also called «Islamic account», the main peculiarity of which is the absence of accrual and write-off of swaps, calculated based on credit rates of national central banks.
Swap-free terms and conditions:
- Swap-free is available only for the following account types: Classic+, DirectFX, xPRIME;
It is not available for PAMM accounts. - Swap-free is available only for Muslim clients from the limited list of countries, where Islam is the state and/or the predominant religion;
- Swap-free is valid for a limited list of trading instruments: AUDCAD, AUDCHF, AUDJPY, AUDNZD, AUDUSD, CADCHF, CADJPY, CHFJPY, EURAUD, EURCAD, EURCHF, EURGBP, EURJPY, EURNZD, EURUSD, GBPAUD, GBPCAD, GBPCHF, GBPJPY, GBPNZD, GBPUSD, NZDCAD, NZDCHF, NZDJPY, NZDUSD, USDCAD, USDCHF, USDJPY, USDSGD, XAUUSD (Gold), XAGUSD (Silver). For all the other instruments swaps are calculated and accrued in the standard mode;
- It is strictly prohibited to use any trading strategies aimed (directly or indirectly) at making a profit from the difference in interest rates (carry trade);
- The swap-free option will be disabled if the client’s trading history contains positions that have been held open for more than 7 days;
- By activating the swap-free option, the Client agrees that the company has the right to disable it at any time without explanation and charge the full swap cost for any position on the account.
How to "Enable Swap-Free" in the account:
- First, login to your Personal Area;
- From the “My Accounts” tab, click on the “My Trading Accounts” sub-menu;
- In this section, the list of your trading accounts is displayed. Please find the account for which you want to activate the Swap-Free service and click on the setting sign on the left side;
- In the opened window, select "Enable Swap-Free" option. With this action, Swap-Free service will be activated in your trading account.
