Free swap account Also known as an Islamic or Sharia account, this type of account specifically relieves the trader of the rollover fee that is usually charged on the trading position of the stay. Many brokers have provided this feature, especially those expanding into predominantly Muslim countries such as Indonesia.
However, the conditions of a swap free account in each broker may differ. Some open a swap free account for Muslim traders only, others allow traders to enjoy swap free profits. In addition, some swap free brokers restrict services on certain accounts, and some others set up other commissions to replace swaps.
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InstaForex addition, FBS is a swap free broker that does not provide a special trading account for free rollover service. Swap free feature can be activated in Personal Area without any requirement. However, it should be noted that the swap-free status cannot be disabled again.
Unfortunately, FBS brokers still exclude ECN account types in the list of trading accounts that are compatible with swap free services. Just for information, ECN FBS account is relatively new when compared with other types of accounts that have long offered in the broker.
is one of the swap free brokers that replace rollover fees with commissions. The policy in force since February 2015 states that Micro, STP, and ECN accounts with swap free status will be charged a replacement commission for the overnight stays.
Not only the commission charged, but FXOpen free swap account is also reserved exclusively for Muslim traders only.
Submission of swap free on XM brokers can be done in all account types, but there are further verification requirements that traders need to fulfill.XM selects the trader who submits the swap free facility because this broker provides the feature with the concept of Sharia account so that only Muslim traders which are considered eligible for free swap service.
Although the submission process has a special standard and takes time, XM does not charge the swap free account with additional conditions.
There is no widening of spreads or hidden commissions as is commonly offered by other brokers. XM brokers also do not impose a maximum time limit to hold positions in the swap free account.
is a free swap broker who is committed to providing easy free trading swap without conditions. First of all, the swap free status applies automatically, so traders do not have to submit a request or complete any verification process.
Second, the swap free feature is embedded in all account types, be it Micro, Standard, or Premium accounts. For information, the broker who also provides ease of deposit and withdrawal at a fixed exchange rate is not only uniform swap free conditions, but also brings freedom of trading with various strategies in all types of accounts.
The concept of swap free account in JustForex is not much different from XM broker. Provided exclusively as an Islamic account, JustForex only allows free swap ability for Muslim traders. So to enable swap-free features in trading accounts, traders must complete the data verification requirements first.
JustForex does not forget to emphasize if the swap fee abolished in the Islamic account will not be replaced by any commissions. Thus, traders who have passed the verification and enable swap free feature can feel the optimal ease in this broker.
7. IC Markets
This Australian forex broker provides swap free for Standard and TrueECN accounts. IC Markets states that the feature is 100% Sharia-based, so no interest or any commission is applied to the trader swap free account owner.
However, not all traders can apply swap free activation. In this case, IC Markets has the same policies as XM and JustForex brokers, where swap free is only for Muslim traders. To start the swap free submission process, the trader only needs to send a request email to IC Markets after opening a trading account.
In broker Exness, swap free activation is given automatically to traders from Muslim countries. The Exness system can scan the information from the code provided by the trader when filling out the registration form, as well as proof of identity when the trader verifies the account.
Unfortunately, Exness has the same limitations as an FBS broker. The swap free facility in this broker is not yet available for traders in ECN accounts. Thus, traders who are interested in registering a swap free account in Exness are advised to choose another type of account, such as Cent, Mini, or Classic.
Another example of a swap free broker that presents a unique provision is FXTM. Although it can be activated in almost all types of accounts, swap free feature on this broker cannot be used for trading with exotic pair.
Regardless of the limitations, FXTM traders who are interested in enjoying the convenience of swap free can still choose the ideal type of account freely. Of the 7 kinds of trading accounts provided, there is only 1 account that is not compatible with swap free, ie ECN MT5. The activation process of swap-free services at FXTM brokers itself is not much different from the majority of previous brokers, ie via request via email.
Alpari provides swap free on Muslim traders who open standard.mt4, ecn.mt4 and nano.mt4 accounts. Swap-free support is not available for PAMM accounts, so the choice of Alpari traders who want to enjoy the convenience of swap free can be said to be quite limited.
Launched since 2010, Alpari’s free-swap service does not completely eliminate the commission’s stay position. According to the information contained on the official website, trader swap free account owners remain burdened commissions, but the amount is fixed and not determined by bank interest rate, but the type of pair and the lot number trading. The minimum amount of replacement swap commission in Alpari is $ 3 per 1 lot.
That’s 10 forex broker swap free account providers, hopefully, this article useful for us all.