{"id":800,"date":"2016-11-21T14:23:42","date_gmt":"2016-11-21T14:23:42","guid":{"rendered":"http:\/\/www.makemoneytradingreviews.com\/?page_id=800"},"modified":"2020-09-21T06:40:14","modified_gmt":"2020-09-21T06:40:14","slug":"swap-free-accounts","status":"publish","type":"page","link":"https:\/\/www.makemoneytradingreviews.com\/swap-free-accounts\/","title":{"rendered":"Forex Brokers with Swap-free Accounts"},"content":{"rendered":"
Forex trading has become very popular with traders and enthusiasts around the world. Forex is thus widespread and serves traders from different cultures and religions. However, fitting all the customers is never easy for a platform and there are many specific features brokers provide to satisfy all needs. This usually means offering great customer care with support in many different languages and available at any time of the day, with regard to cultural differences. When it comes to religious differences among traders the focal point is Muslim traders who are restricted from earning on interest.<\/p>\n
Swap-free accounts are specifically intended accounts for Muslims, who are actually not allowed to receive swaps. According to Shariah law, they are not allowed to earn interest and profit, which is obviously applied to Forex too. Also named Islamic accounts, they offer interest-free Forex trading which enables Muslim traders to actively engage without breaking any of the religious laws. The Islamic account types vary among brokers and the offers include accounts with no rollover, premiums, and\/or interest while some brokers charge special fees for trades executed on Islamic swap-free accounts. Some brokers will allow all traders to open a swap-free account if they would like to, while other companies require personal information proving your religion and the actual need for such an account.<\/p>\n
Swap actually takes place because of the exchange rate fluctuation with positions transferred overnight. Islam strongly and fundamentally denies such an approach and while there are many open discussions it\u2019s clear that this breaks the Shariah rules. Swap-free accounts, on the other hand, comply with Shariah and make it possible for Muslim traders to join. This is very handy and convenient, especially for long-term traders who employ such strategies. Swap-free trading provides an opportunity to employ a long-term trading strategy with no losses due to the positions open for multiple days. For that reason, there are many non-Muslims who will gladly use the swap-free accounts when possible even if executing those trades actually means paying one-time fees.<\/p>\n