As a Forex trader, there are hundreds of Forex brokers that you can potentially use to facilitate your trading. However, a majority of brokers charge interest on overnight trades. If for religious reasons, you are looking for a SWAP FREE Islamic account that does not charge or pay interest, then there are a handful of brokers that offer this service.
What is a SWAP FREE Islamic Forex broker’s account?
In the currency markets, any trades left open after 5pm New York time are automatically rolled over to the next day. In a normal trading account interest is charged for the rollover. This is known as the forex swap. To avoid the interest charges, you should only trade intraday and close all your positions by 5pm. However, this may not always be possible, hence the need for a swap free Islamic broker’s account.
There is no Riba or interest applied to any trades offered in an Islamic swap free account throughout the duration of the contracts. A swap free account will therefore allow you to trade without the involvement of interest whatsoever.
IC Market’s SWAP FREE Islamic Forex broker’s account
IC Markets is a regulated broker that offers a SWAP FREE Islamic broker’s account. It’s fairly straightforward to open one and the back office of the IC Markets account is easy to navigate. IC Markets offers several payment options and they also allow you to withdraw your profits as often as you like.
It’s a great SWAP FREE offering and I thoroughly recommend you try it out. Here’s how to open a Live Swap Free Islamic broker’s account with IC Markets. Please click this link to access IC Markets and follow the instruction in the video and let me have any feedback.
Register with IC Markets Islamic Forex Broker’s account
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