Islamic (known also as swap-free) accounts – are trading accounts that don’t contradict Sharia Law. The absence of swaps is the only thing that differs such an account from a usual one. Other functions of such accounts are quite similar to the regular ones. Owners of swap-free accounts can use the “leverage” service, hedge their positions, replenish accounts, and withdraw their funds.
You may ask, with what purpose such accounts are created. The matter is that Islamic norms prohibit paying or receiving capital interest. If you keep a position open through the end of a trading day, you will pay or receive swaps (periodic interest payments). But this procedure contradicts the Sharia norms.
To delete this obstacle you should trade from a swap-free account. An Islamic deposit automatically closes all deals at 22:00:00 GMT and immediately reopen them at 22:00:01 GMT, allowing his owner to avoid paying or receiving capital interest. Thus, an open position is removed to the next 24-hour period, without paying any fees. Only fluctuations of market exchange rates can influence the results of deals made on a swap-free account.
It’s easy to open an Islamic account. You should make just a couple of steps:
- register a usual trading account by clicking on the link below;
- address our support service by sending an email to [email protected] asking to make your account swap-free.