Forex brokers with rollover-free (swap-free) accounts

Below is the list of Forex brokers who offer Islamic or swap-free accounts with no rollover charges.
Besides Muslim friendly Forex brokers, there are also brokers who offer interest-free accounts to all traders.

Islamic account - can be open for Muslims only.
Any account - can be open for any client.
Standard account - needs further review.

Forex broker	Swap free account	Min deposit	Max leverage	Hedging	Special conditions
ACM	Islamic account.	$2000	100:1	yes	Fixed daily service fees apply for holding trades over night.

Admiral Markets	-	$10	200:1	yes

AFB - Arab Financial Brokers	Standard accounts
Alpari UK	Any account.	$200	500:1	yes	Swap-free accounts incur commission charges. Daily overnight handling charge starting from 10 base units per night per lot depending on the currency traded.

Alpari US	Islamic standard accounts	$1000	100:1	yes
AL Trade	Islamic account.	$200	200:1	yes	There are no additional fees on swap-free accounts.

Apex FX Trading	Any account.	$500	100:1	yes	No interest or rollover will be charged to customer working order at anytime.

ATFX - AbleTrend	-	$2000	200:1	yes
ATG Marketplex	Islamic account.	$2500	100:1	yes

Ava FX	Islamic accounts.	$100	200:1	yes	Account is not charged with premiums and/or rollovers and/or interest.
AVS Carter	Any account.	$500	400:1	yes

Azurite Markets	Any account.	$1	100:1	no	There are no other commission/substitution, the client simply pays the spread. All clients can have swap free accounts, however, we do not accept clients to simply use us to benefit from arbitrage (taking a short position and leaving it whilst holding a long position elsewhere) if clients do seek to simply do this we give the client the option to either change to a swap account or close their account.

Baron Forex	Any account.	$300	200:1	yes	For this service the only requirement is that you trade a minimum of 25 standard lots (250 mini) per month (30 day period). If trading volume requirement is not met, there will be a commission of $10 dollar per standard lot daily for positions held overnight.

Broco	Islamic account.	$100	200:1	yes
BRTforex	-
CG FOREX	Any account.	$100	200:1	yes	No swaps at all.
CGTIM	Standard accounts

CMG Bank and Trust	Islamic accounts.		400:1	yes	In lieu of paying rollover interest/ cost of carry charges on positions held past 5:00 p.m. EST/EDT, Muslim clients may elect to pay or receive rollover charges in the form of a round-turn commission, assessed when the trade is opened.

CMS Forex	Any account.	$25	100:1	no	If a interest free account is requested by a non Muslim client, there will be 5% margin on the account, which means 5,000USD for a standard 100k lot and 500USD for a mini 10k lot.

Deltastock	Any account.	$100	200:1	yes	The Islamic Forex Trading Accounts are charged a service fee of: 0.10 EUR for each position of 1000 base currency units held overnight for the major currency pairs, and 0.25EUR for the rest.

Dealing24	Any account	$1000	200:1	yes
dbfx - Deutsche Bank AG	Islamic account.	$5000	100:1	yes	Commission fees equal to rollover fees on a regular account apply.

Easy-Forex	Islamic accounts.	$200	200:1	no	Offering accounts with spreads only, which adhere to the Islamic law (Sharia). The maximum duration offered for Day-Trading deals is limited (usually 1 week but it can also be shorter or longer depending on the currency pair traded).

EFX - England Foreign Exchange	Any account.	$300	400:1	yes

eToro	Standard accounts	$50	400:1	no	During week days - no commissions or swaps. Commission is charged only on trades held over a weekend.

EXNESS	Any account.	$100	200:1	yes	Swap-free accounts are commission-free.
Exto Capital	Islamic accounts.	$1000	400:1	yes

FastBrokersFX	Islamic accounts.	$500	200:1	yes	Swaps and rollover fees will be waived. All other trading conditions are the same for your account type.

FCMarket	Islamic account.	$500	500:1	yes	Zero Overnight Interest (swap free) is for Positions left opened for less then 10 days will not be charged; however from the 11th day any position left opened will be charged commission, which is calculated according to the Swap rules.

FIBO Group	Any account.	$300	200:1	yes	Positive swap will be abolished only. The negative swap will remain.

FIGfx	Any account.	$25	400:1	yes	FIGfx offers Islamic (swap free) Forex trading account to all clients no matter what their religion.

Finotec
Forex.com	Islamic account.	$250	200:1	no	Traders are charged a flat rate of $2.50 per mini lot or $25 per standard lot when a position is held open after 5:00 pm EST.

Forex Club	Any account.	$10	100:1	no	There is no SWAP, but, there is a roll over fee which is owed to keep a position opened.
Forex Place (4XP)	Islamic account	$500	300:1	yes

Forex-Metal	Any account.	$1	500:1	yes	1st type: No-swap account with gifts and donations: with very small credits (gifts) and debits (donations) which are apprx. equal to the swap amounts. No account cost. 2nd type: No-swap account without gifts and donations: no additional credits or debits, only spreads (the same spreads, no difference from the regular account). No account cost.

Forex4you	Any account.	$1	200:1	yes
ForexGen	Standard accounts

ForexYard	Islamic accounts.	$100	200:1	yes	No swap, no commission, regular spreads.
ForInvest Group	Any account.	$100	500:1	yes	No Swaps, only if requested by the client. Swap-Free accounts have commission charges up to $10.0 upon account activity.

FX\|Clearing	Any account.	$1	500:1	yes	Mini and micro-cents accounts: trade with no swaps and no commissions. For both deposit limit is $1-$5000.
FX Financial Group	Any account.	$300	200:1	yes
FX Solutions	for Saudi Arabia residents			no
FX Trading	Any account.	$500	500:1	yes	Islamic accounts have the same fee structure and facilities. They do not, however, have any interest payments due on the trader on overnight holdings.

FXcast	Islamic accounts.	$10	400:1	yes	Fixed commission of 5 USD per 1 standard lot. No overnight swap will be added.

FXCBS	Islamic account.	$1000	100:1	yes	Islamic accounts are charged a flat rate of USD 10.00 per standard lot for overnight open positions.

FXCM	Islamic accounts.	$25	400:1	no
FxCompany	Any account.	$100	500:1	yes	No additional commission charged.

FXDD	Islamic accounts			no
FXOpen	Islamic accounts

FxPro	Islamic accounts.	$500	500:1		Positions left opened for less than 10 days will not be given swap, however from the 11th day any position left open will be subject to a fee which is calculated according to swap rules.

Gallant FX	Any account.	$500	400:1	yes
GCI Financial	Islamic accounts
GFT - Global Forex Trading	Islamic accounts only			no

GIGFX	Any account.	$100	400:1	yes	Accounts are monitored for negative Rollover position abuse. Any account solely placing negative Rollover positions will have this facility terminated. Rollover free accounts do not exist for TRY pairings.

GTL Trading	Any account.	$500	400:1	yes	No interest, rollover charges and swap charges are paid or charged for any account.
GOMarkets	Standard accounts
HY Markets	Islamic accounts

ICM - iTrade Capital Markets	Any account.	$500	400:1	yes	All accounts with ICM are interest-free and Shariah compliant. There is only a roll charge on open positions of $1 per lot per day that the position is open.

IBFX - Interbank FX	Islamic accounts.	$1	400:1	yes	No-swap trades that remain open after Friday close will be debited or credited a fee based on the special rates.

IFC Markets	Islamic accounts	$1	100:1	yes	Automatic closing of positions on the Islamic (SWAP free) accounts by the trade server will be executed in 14 days from the moment of opening every position.

iFOREX	Any account.	$100	400:1	yes	No commission, no swaps. You must open/close positions at least once a month. Automatic closing of positions on the Islamic Account (swap-free) by the trade server will be executed in 30 days from the day of opening every position.

IHI - Investment House International	Any account.	$500	400:1	yes	Clients can have all interest charges or credits eliminated from their account in exchange for paying a 5$ commission per lot.

IKOFX	Islamic accounts.	$1	500:1	-	No swap or rollover interest will be charged to positions held overnight to the account.
IKON Global - Royal Division	Islamic account.	$1000	100:1	no	Available only upon request and evaluation of every client.
INFX	-
InstaForex	Any account.	$1	500:1	yes
Investment House International	Special conditions on commission

InvestTechFX	Any account.	$1000	500:1	yes	Subject to overnight fee of $10/lot.
Marketiva	-

MasterForex	Islamic account.	$1	500:1	yes	Instead of swap this account will feature a fixed small fee per standard lot, which is charged daily for positions that are held overnight.

MBCFX	Islamic accounts.	$1000	200:1	yes
MFN Group	Islamic accounts
MG Financial Group	-			no
MIG BANK	Any account.	$5000	200:1	yes	These accounts are monitored for negative Rollover position abuse. Any account solely placing negative Rollover positions will have this facility terminated.

Money Forex	Islamic accounts	$2000	200:1	yes
NTWO Capital Markets	Any account	$2000	200:1	yes
ODL Securities	Islamic account.	$500	400:1	yes
One Financial	Islamic account.	$250	200:1	yes
Prime4x	Any account.	$100	500:1	yes	All accounts are swap free.
PronetFX	Islamic account.	$1000	200:1	yes

Real Trade Group	Islamic account.	$20	500:1	yes	Fixed commission of 5 cents per 0.01 lot, $1 per 0.1 lot.

SmartTradeFX		$50	200:1	yes
Swiss International	Islamic account.	$500	200:1	yes	Islamic Trading only available to clients for religious reasons in the Middle East.

Tadawul FX	Islamic account.	$500	500:1	yes	Middle East residents only
The Traders Guide	Islamic account.	$250	200:1	no
TradersChoiceFX		$250	200:1	yes
Uni-FX	Islamic accounts	$1	500:1	yes
Windsor Brokers	-	$25	500:1	yes	You may keep your position open for up to Five days, as of the sixth day fixed charges shall apply on daily basis until the position is closed.
Vantage FX	Any account.	$100	500:1	yes	The fee is $8 per round trip on a full lot as replacement for the swap fees/credits.
X-Trade Brokers	-	$2000	100:1	yes	Commission free accounts. No swap. Widened spread on the FX market by only 1 pip. Regular spread for all other instruments. 10 USD daily charge per lot for every transaction held through the weekend.
XForex	Islamic accounts.	$100	200:1	yes

1pipfix	Any accounts.	$100	500:1	yes	Swap Free accounts subject to $10 overnight fee at 00:00 GMT time per Lot per open positions.

dbfx - Deutsche Bank AG (?)

Benefits of rollover free trading

For certain currency pairs depending on the market position taken rollover can either be negative (means you have to pay) or positive (means you get paid). With rollover/swap free Forex accounts trader don't pay anything nor they get paid for holding positions past 17:00pm (ask your broker about the Time zone they use) when rollover is calculated.

Forex currency trading Accounts that receive no rollover/no swap can be a good option for traders who employ long term trading strategies, starting from holding trades longer than a day and up to a month or so, and who don't want to pay rollover fees.

Rollover/swap free Forex accounts are perfect for carry trade and hedging strategies where traders look to profit from holding currencies which earn positive rollover (with a broker that applies rollover/swaps) and at the same time look to offset any trading risks by hedging the same currency pair with another broker which applies no rollover fees, but instead charges a small commission.

And finally, here is a method of trading currencies with rollover-free Forex brokers:
Hedging strategy with 2 brokers using rollover-free account

What is a Forex Islamic account?

Under Sharia Islamic law, making money from money, such as receiving interest, is not permitted.
Wealth should be generated only through legitimate trade and investment in assets.

Basic principles of finance in Islam state that:
- giving or receiving an interest is not allowed;
- money cannot be traded for money, instead, money can be used to buy goods or services, which then can be sold for a profit.

In order to meet needs of Muslim traders Forex brokers offer Islamic accounts with strict compliance with Shariah Law:
the interest payment on the account balance is waived. Instead traders are charged a small daily service fee for positions held overnight. Alternatively there could be special conditions on spreads, where traders pay one pip higher spread on all currency pairs.

Forex Islamic accounts offer a halal (permissible) investment opportunity that involves zero riba (interest). Forex is a spot currency market which makes it halal. Forex is no different from the traveler changing money on the spot when he enters a foreign country.

An approximate list of countries whose residents can apply for Swap-free trading accounts:

Afghanistan, Albania, Algeria,
Bahrein, Bangladesh, Brunei
Comoro Islands
Djibouti
Egypt
Indonesia, Iran, Iraq
Jordan
Kuwait
Libya
Malaysia, Maldives, Mauritania, Morocco
Niger, Nigeria
Oman
Pakistan, Palestine
Qatar
Saudi Arabia, Somalia, Sudan, Syria
Tunisia, Turkey
UAE
Western Sahara
Yemen

Acceptance rules may vary from broker to broker.

Do you know another Forex broker that has rollover(swap) free trading accounts?
Please suggest by adding a comment below.

Broker discussion area


trader January 7, 2009

Oanda is rollover free broker also


BrokerGuru January 8, 2009

Thank you! We'll review and add them.


BrokerGuru January 9, 2009

As we have learned, OANDA has introduced a new concept of rollover-free trading: OANDA calculates interest rates continuously, by the second, over the entire 24-hour day. This cancels the need for traders to close positions unnecessarily with daily interest just to avoid the interest ramifications of the end-of-day rollover swap.
Read more about the swap-free trading with OANDA.


Scott February 26, 2009

BrokerGuru, again I don't know how to thank you. When all else is failing I come back to this site and most of my questions are answered. Thank you again, sir.

Scott


Scott February 27, 2009

Hey BrokerGuru,
Can anyone not Islamic get a swap free account. The EA for me strictly requires a Swap free account. How would they know if you are Islamic or not by the way? Thank you, I am in need dire need of a swap free account. Is that an absolute rule or can other non Islamic people qualify?


BrokerGuru February 27, 2009

Hi Scott,

Thank you :)
Some brokers have strict rules about opening swap free accounts to Muslim traders only, while others offer swap-free (still known as Islamic) accounts to anyone. You just have to ask them what rules they have.

I'm working on completing this page, here is a temporary solution as to how to read the information in the table above where it says "Swap free account Special conditions":
Islamic accounts - means that brokers offer swap-free accounts to Muslims only.
Any account - means that brokers offer swap-free accounts to all traders.
Standard account - I believe it is also for every trader, but again, you'd better check it out. The page isn't finished, there could be exceptions, conditions and other rules for every individual case.
Good luck!


Scott February 27, 2009

Brokerguru,
When are the swap rates calculated? From 17:00 ET to when? When are we free from swap rates for non-islamic accounts.


BrokerGuru February 28, 2009

Swaps are normally charged at 17:00pm (time zone can be different). So if you have a position open at 17:00, it is a subject for a swap. You may not see the swaps right after 17:00, but they will appear later.
At the same time Islamic accounts are charged a commission, which substitutes swaps.
In any case you should ask your broker at what time they calculates swaps/commissions, because it may differ sometimes.

To stay completely free from swaps, you'd need to close a position before 17:00pm and re-open it after 17:00pm.
To stay completely free from commissions, you'd need to do the same: close and open. Alternatively, you'd need to find a broker with a swap-free account who instead of charging a commission, simply rises spreads a bit (to about 1-2 pips higher than for a normal account).


trader March 4, 2009

Forex-Metal broker also offers no-swap accounts. You might want to add them to your list.


BrokerGuru March 5, 2009

Thank you!
Forex-Metal has been added.


trader March 13, 2009

Deutsche Bank does not seem to be rollover-free.

http://www.dbfx.com/dbfx/pages/rollovers.jsp


BrokerGuru March 13, 2009

I'll check. Thank you.

Forex broker choice: