Islamic forex trading accounts permit clients of Islamic religion to trade on interest free accounts (SWAP free or Roll Over fee) with no extra charge or penalty for the ability to trade in accordance with Islamic religious principles. Clients can open and close positions at any time within the Yadix Metatrader 4 platform without being limited to holding them for a defined period.
The Swap-free trading account services are intended for traders who use trading systems that do not take into account the impact of swaps or those clients who cannot use swaps owing to their religious beliefs. This determines the secondary name of this type of accounts: “forex Islamic accounts.” In transition to the swap-free system, all the remaining trading terms and conditions of accounts remain intact.
When trading using the swap free account, any currency pair can be kept open over-night and the swap free account ensures that the client is not charged any swap (interest) on the position. The positions profit or lose will be determined by the exchange rate of
the currency pairs being traded only, regardless of the position volume or time periods.
With Islamic forex trading accounts, no roll-over interest will be charged or incurred to positions held overnight, as in compliance with the Islamic Shariah Law.
Please note: swap charges will be reviewed each Friday, and if deemed excessive, a storage fee (based on professional swap rates) will be deducted from the swap-free account. To ensure that the fees are not excessive, clients are advised to manage open orders and to keep in mind that triple swaps are charged overnight on Wednesdays.
It is important to recognise that clients may not possess both accounts (Islamic and regular) at the same time. At Yadix we offer our clients the opportunity to open an Islamic account without any restrictions on USD as a base currency or leverage offered.
Yadix Swap Free / Forex Islamic Account Characteristics
- No interest/swap charges on overnight positions No up-front commissions No spread widening