List of best swap-free forex brokers with Islamic accounts worldwide. Islamic forex accounts are also known as swap-free accounts because they do not include swap or rollover interest on overnight positions, which is against Islamic beliefs. Some brokers offer Islamic accounts for clients of the Muslim faith.
XM Global
XM’s Islamic Forex accounts are quite different from those generally offered by other Forex brokers. The difference is that XM does not charge any additional fees, unlike most Forex companies that replace additional fees by widening the spread on Islamic accounts.
- No interest/swap fees on overnight positions
- No spread widening
- Positions can be held without time limit
- Leverage up to 1000:1
- 100% real-time market execution
To comply with the religious law of Islam, traders of the Islamic faith are prohibited from paying interest. However, if the interest fee is converted into another type of fee, it is still essentially a fee that covers the interest. This is also known as “swap-free in disguise”. XM is strongly against such practices as they are contrary to fair and ethical trading conditions.
BDSwiss
BDSwiss offers swap-free/Islamic accounts. Please note that swap-free is only valid for 10 calendar days. Therefore For swap-free accounts where a position is held open for more than 10 calendar days, the swap amount will be credited or debited accordingly.
The Company’s Swap-Free/Islamic Account allows swap-free trading in accordance with Sharia law, meaning traders can trade on an Islamic account without being charged overnight fees. The Company’s Swap-Free/Islamic Account is only available to traders of the Muslim faith and should only be applied for for religious reasons.
BDSwiss is a leading financial institution offering Forex and CFD investment services to over one million clients worldwide. The BDSwiss brand was founded in 2012 and has since then offered award-winning terms, world-leading platforms, competitive pricing and optimal execution on more than 250 underlying CFD instruments.
GO Markets
GO Markets now offers a swap-free trading account tailored to traders who are unable to pay or receive swaps (interest).
When trading currencies, metals and CFDs, Swap Free accounts do not earn and/or pay interest on trades. A standard daily administration fee is charged for the costs associated with managing the Swap Free account. As with any other GO Markets account, you can trade over 1000 instruments including Forex, cryptocurrency, indices and commodity CFDs.
Swap-free accounts can be used on all GO Markets MetaTrader 4 platforms. As a trusted global provider, GO Markets is committed to providing high-quality infrastructure, fast execution speeds, and transparent, secure and reliable services to all traders. GO Markets offers 11 days of free trading for swap-free accounts, after which daily management fees apply.
InstaForex
InstaForex is an international brand founded in 2007. The company provides services for online Forex trading and is considered one of the world’s leading brokers. The company has the trust of more than 7,000,000 retail trade Retailers who already value reliability and focus on innovation
The swap-free service is applicable to all of the client’s trades, except:
- Those conducted with USD/HKD, EUR/RUR and USD/RUR instruments, for which swaps are regularly charged on all accounts;
- Transactions with any instruments of the following investment groups: “CFD on Stocks”, “Cryptocurrencies”, provided that the open positions are maintained with funds borrowed from the Company and not with the Client’s own funds.
- Those carried out on any instruments of the categories “Forex”, “Indices”, “Futures” and “Metals”, from the moment their duration has exceeded 7 days.
eToro Swap-free account
The eToro platform offers traders and investors access to more than 5,000 different financial financial assetsincluding stocks, cryptocurrencies, ETFs, indices, currencies and commodities, which can be invested in both with and without leverage, giving virtually everyone access to short-term, medium-term and long-term investment opportunities.
For all assets, except crypto CFDs, the seven-day grace period is determined as follows:
Any business day from Monday to Friday on which a trade remains open after 22:00 GMT will be counted as one day. However, the corresponding three-day fee for each asset (see below) will be charged as three days.
For crypto CFDs, the seven-day grace period is determined as follows:
Any calendar day that a trade remains open after 22:00 GMT (including Saturdays and Sundays) is counted as one day. There is no triple charge day for crypto CFDs.
Therefore, if you open your position on Monday, all assets will be subject to management fees starting the following Monday.