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, EURUSD, GBPAUD, GBPCAD, GBPCHF, GBPJPY, 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);
- For deals which are open more than 2 days, the company charges a fixed commission for all days during the deal was opened. Commission is fixed and determined as the value of 1 point of the deal in US dollars, multiplied by the swap points of the currency pair in the deal;
- The Company reserves the right to refuse the provision of the swap-free service any time and debit the swaps for all days during the deal was opened in case of violation of the conditions.
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.
