Forex brokers with rollover-free (swap-free) accounts | No swap Forex brokersBelow is the list of Forex brokers who offer Islamic or swap-free accounts with no rollover charges.
|
| Swap free |
|||||
|---|---|---|---|---|---|
| 1lotstp | Any accounts. | $100 | 400:1 | yes | No commission |
| 1pipfix | Any accounts. | $100 | 200:1 | yes | Swap Free accounts subject to $10 overnight fee at 00:00 GMT time per Lot per open positions. |
| 4runnerforex | Standard accounts. | $100 | 300:1 | yes | No commission |
| 4XDG | All accounts. | $50 | 200:1 | yes | No special conditions |
| 4XP | Islamic account | $100 | 300:1 (500:1) |
yes | 4XP offers Islamic accounts where rollovers are not carried-out. These accounts are constantly monitored to avoid abuse. |
| AAAFx | Islamic account. | $300 | 200:1 | yes | No fees are changed in order to replace swap fees. |
| Abshire-Smith | Islamic account. | $500 | 200:1 | yes | Scalpers are monitores so they don't abuse of the interest free |
| AccentForex | Islamic account. | $10 | 500:1 | yes | Every working day at midnight swap will not removed or charged. |
| Access to Forex | Islamic account. | $100 | 400:1 | yes | Customer may not keep transactions in such account open for more than 5 days and may not otherwise abuse such benefit. |
| ACM | Islamic account. | $2000 | 100:1 | yes | Fixed daily service fees apply for holding trades over night. |
| ACM Gold | Islamic account. | $250 | 500:1 | yes | Islamic clients only. |
| ActivTrades | Islamic accounts. | $250 | 400:1 | yes | No interest on contracts lasting longer than 24 hours - zero rollover interest consistently. No additional rollover commissions. |
| Admiral Markets | Islamic accounts. | $10 | 500:1 | yes | No special conditions. |
| AFB FX | Any account. | $100 | 500:1 | yes | No special conditions. |
| AFB - Arab Financial Brokers | Islamic accounts. | $50 | 1000:1 | yes | No fees will be charged on your account. |
| AGEA | Islamic accounts. | $1 | 100:1 | yes | Zero-Interest policy on all open positions, meaning that there is no overnight interest charged or paid on open positions while trading on the default trading platform. |
| AGM Forex | Islamic account. | $100 | 500:1 | yes | All accounts are swap-free for everybody without any additional charges. |
| 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 accounts. | $500 | 50:1 | no | Swap-free accounts incur commission charges. Daily overnight handling charge starting from 10 base units per night per lot depending on the currency traded. |
| AL Trade | Islamic account. | $200 | 200:1 | yes | There are no additional fees on swap-free accounts. |
| Alpha Trading CM | Standard account. | $1000 | 400:1 | yes | |
| AmigaFX | Any account. | $50 | 400:1 | yes | No roll over fees |
| Andromex | Any account. | $5 | 1000:1 | yes | |
| Apex FX Trading | Any account. | $500 | 100:1 | yes | No interest or rollover will be charged to customer working order at anytime. |
| Araxo4x | Standard account. | $100 | 400:1 | yes | No special conditions |
| ATG Marketplex | Islamic account. | $25000 | 50:1 | yes (non-US accounts) | No special conditions |
| Ava FX | Islamic accounts. | $100 | 200:1 | yes | Account is not charged with premiums and/or rollovers and/or interest. |
| Axiory | Islamic account. | $1000 | 300:1 | yes | Zero rollover interest, Zero interest, no commission on settlement for more than 24 hours, No additional fees or commissions charged at all. |
| BelforFx | Islamic account. | $100 | 400:1 | yes | No special conditions. |
| Citypoint Trading | Any account. | $1 | 300:1 | 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. |
| Blackwell Global | Islamic account. | $2000 | 200:1 | yes | Islamic accounts are subject to holding fees. |
| BMFN Arab | Islamic account. | $200 | 200:1 | yes | Islamic clients only and with BMFN Arab. |
| BNFX | Islamic account. | $1000 | 100:1 | yes | Islamic countries residents and clients have preference in approval, .50 USD per .1 lot is charged. Monitor to avoid arbitrage profit. |
| Boston Prime | Islamic account. | $50000 | 200:1 | yes | |
| CFH Markets | Any account. | $50,000 | 100:1 | yes | Swap free accounts on request |
| City Credit Capital UK (CCC) | Standard accounts. | $2000 | 100:1 | yes | Accounts are monitored to avoid abuse. |
| CMS Forex | Any account. | $500 | 200:1 | 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 | No special conditions. |
| Divisa Capital | Standard accounts. | $2500 | 100:1 | yes | |
| Easy-Forex | Islamic accounts. | $25 | 200:1 (non-US), 50:1 (US) | yes (non-US accounts) | 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). |
| eToro | Standard accounts | $50 | 400:1 (non-US), 50:1 (US) | no | During week days - no commissions or swaps. Commission is charged only on trades held over a weekend. |
| EXNESS | Any account. | $100 | 2000:1 | yes | Swap-free accounts are commission-free. |
| Exto Capital | Islamic accounts. | $500 | 400:1 | yes | Monitoring of scalpers and higher commissions for some trading styles. |
| FastBrokers | Islamic accounts. | $2500 | 200:1 | yes (non-US accounts) | Swaps and rollover fees will be waived. All other trading conditions are the same for your account type. |
| FBS | Any account. | $5 | 500:1 | yes | No additional charges. |
| 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. |
| FIBO Group Holdings | Any account. | $300 | 200:1 | yes | No special conditions. |
| FinFX | Any account. | $100 | 200:1 | yes | On request for Micro account |
| Forex.com | Islamic account. | $500 | 50:1 | 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. | $200 | 50:1 | no | There is no SWAP, but, there is a roll over fee which is owed to keep a position opened. |
| Forex Control | Islamic account. | $500 | 500:1 | yes | Clients can open and close positions at any time within the forexcontrol Metatrader 4 system without being constrained to holding them for a defined period. |
| 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 | No special conditions. |
| ForexTrading | Standard account. | $1 | 500:1 | yes | No special conditions. |
| ForexYard | Islamic accounts. | $100 | 200:1 | yes | No swap, no commission, regular spreads. |
| Fortress Capital | Standard account. | $100 | 50:1 | no | No special conditions |
| Fortune4x | Any account. | $100 | 1000:1 | yes | No special conditions |
| FW Markets | Standard account. | $100 | 400:1 | yes | |
| FX Online Trading | Islamic account. | $200 | 500:1 | yes | |
| FXCENTRAL | Islamic accounts | $500 | 100:1 | yes | No special conditions. |
| FX Services | Standard account. | $2000 | 400:1 | yes | |
| FX Systems | Standard accounts. | $25,000 | 100:1 | yes | No commission. |
| FXcast | Islamic accounts. | $10 | 500:1 | yes | Fixed commission of 5 USD per 1 standard lot. No overnight swap will be added. |
| FXCBS | Islamic account. | $500 | 100:1 | yes | Islamic accounts are charged a flat rate of USD 10.00 per standard lot for overnight open positions. |
| FXCM | Islamic accounts. | $2000 | 50:1 | no | Micro accounts of $25 don't have the swap-free feature, only standard from $2000 do. |
| FXCM UK | Islamic accounts. | $2000 | 200:1 | yes | Micro accounts of $25 don't have the swap-free feature, only standard from $2000 do. Standard account that converted to Islamic account, will have 0.5 pips added to the spread. |
| FXDD | Islamic accounts. | $250 | 200:1 (non-US), 50:1 (US) | no, FXDD Malta - yes | Islamic clients only and trading activities are monitored |
| FXDealer | Any account. | $250 | 400:1 | yes | Accounts opened on request. |
| Forex Global Market (FXGM) | Any account. | $200 | 50:1 | yes | FXGM will not apply swaps or rollover charges to such accounts in compliance of the Islamic Shariah Law. Traders can hold the positions for unlimited time. |
| FxNet | Islamic accounts. | $5 | 500:1 | yes | No special conditions. |
| FXOpen | Islamic accounts. | $1 | 400:1 | yes | No special conditions. |
| FXFlat | Standard accounts | $2000 | 400:1 | yes | No special conditions. |
| FXOptimax | Islamic accounts. | $10 | 400:1 | yes | Swap-free islamic account are provided upon request. |
| FXPRIMUS | Islamic accounts. | $100 | 500:1 | yes | Customer may not keep transactions in such account open for more than 5 days and may not otherwise abuse such benefit. |
| FxPro | Islamic accounts. | $500 | 500:1 | yes | Instead of being charged an overnight (swap) fee, there will be a commission of USD 15 (fifteen) charged per lot traded as a handling fee; this commission is charged from the 2nd (second) day of a position remaining open. |
| FXTG (ForexTG) | Islamic accounts. | $1000 | 300:1 | yes | Continuous monitoring of accounts to avoid abuse. |
| FXVV | Any account. | $10 | 2000:1 | yes | No special conditions. |
| GAINSY | Islamic account. | $10 | 500:1 | yes | Swaps don't apply, no additional commissions are charged. |
| Gallant Capital Markets (GCMFX) | Any account. | $250 | 400:1 | yes | No special conditions. |
| GCIDealer | Any account. | $500 | 400:1 | yes | Traders can manage their accounts without pay or receive swap or daily interest on position held overnight. |
| GDMFX | Islamic account. | $100 | 500:1 | yes | |
| Gedamo Investments | Any account | $500 | 400:1 | yes | No interest will be charged or incurred on positions held overnight. |
| Grand Capital | Islamic account. | $500 | 500:1 | yes | Islamic Accounts are swap-free accounts, without commission for rollover. |
| GreenFX traders | Any account. | $500 | 400:1 | yes | |
| GTL Forex | Any account. | $500 | 400:1 | yes | No interest, rollover charges and swap charges are paid or charged for any account. |
| GO Markets | Standard accounts | $500 | 500:1 | yes | No special conditions. |
| Hantec Markets | Islamic accounts. | $1000 | 200:1 | yes | Clients can hold their positions for an undetermined period of time without incurring any interest or additional fees. |
| HotForex | Islamic account. | $150 | 400:1 | yes | The Micro Account is available as Swap Free for clients following the Muslim Faith. Flexible bonus. |
| HY Markets | Islamic accounts. | $50 | 300:1 | yes | Any open position in certain products will not be subject to overnight fees for the first 14 days after the position is placed in the market. If the position remains open after 14 days, normal overnight fees will start applying to that open position. |
| Iceberg Brokers | Any account. | €500 | 200:1 | yes | No special conditions. |
| IC Markets | Any account. | $1000 | 400:1 | yes | Spreads are slightly wider. |
| 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. |
| ICM Capital | Any account. | $1 | 400:1 | yes | No special conditions. |
| IBFX | Islamic accounts. | $1 | 400:1 (non-US), 50:1 (US) | no | 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 | 400:1 | 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 | No swap or rollover interest will be charged to positions held overnight to the account. |
| IKON GM | Islamic account. | $1000 | 50:1 | no | Available only upon request and evaluation of every client. |
| IKON Markets | Standard account. | $100 | 500:1 | yes | |
| InstaForex | Any account. | $1 | 1000:1 | yes | Unlimited time to carry the positions. |
| Investorseurope | Islamic account. | $250 | 400:1 | yes | No special conditions. |
| InvestTechFX | Any account. | $1000 | 500:1 | yes | Subject to overnight fee of $10/lot. |
| IronFX | Islamic account. | $500 | 500:1 | yes | As long as you meet the Company’s criteria (e.g. client of a Muslim faith), you may be eligible for a swap free account. Any position 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 as they appear on the Company’s Contract Specifications. |
| JFX | Islamic accounts. | $100 | 500:1 | yes | No special conditions. |
| Lider Forex | Any account. | $100 | 200:1 | yes | Micro accounts of $25 don't have the swap-free feature. |
| Liquid Markets | Islamic account. | $2000 | 500:1 | yes | Middle East residents only |
| Liquidex | Islamic accounts. | $200 | 100:1 | no | Swap-free accounts on request. |
| LiteForex | Any account. | $1 | 1000:1 | yes | Accounts opened on request. |
| Markets.com | Islamic account. | $100 | 200:1 | yes | No special conditions. |
| 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. |
| MaxProCapital (MPCL) | Islamic accounts. | $100 | 100:1 | yes | No special conditions. |
| MAYZUS | Islamic accounts. | $25 | 500:1 | yes | only available to clients of Islamic faith. |
| MBCFX | Islamic accounts. | $1000 | 200:1 | yes | Micro accounts of $25 don't have the swap-free feature. |
| MFC Investment | Islamic accounts. | $1000 | 200:1 | yes | No special conditions. |
| MFFX | Any account. | $100 | 200:1 | yes | Swaps or roll over charges will not apply to such accounts. A small fee of $5 dollar per 100,000 is charge daily for positions held overnight. Traders can hold the positions for unlimited time. |
| MFN Group | Any account. | $5000 | 400:1 | yes | No special conditions. |
| MIG BANK | Any account. | $10 000 | 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 | A small fee of $5 dollar per 100,000 is charge daily for positions held overnight. Traders can hold the positions for unlimited time. |
| N2 Capital Markets | Any account | $2000 | 200:1 | yes | No special conditions. |
| Nova Tradex | Islamic account. | $100 | 1000:1 | yes | No special conditions. |
| OctaFX | Any account. | $5 | 500:1 | yes | No commissions. Accounts opened on request. |
| One Financial Markets | Islamic account. | $250 | 200:1 | yes | No special conditions. |
| PaxForex | Islamic account. | $10 | 500:1 | yes | No special conditions. |
| Persepolis Capital Management | Islamic accounts. | $500 | 500:1 | yes | No special conditions. |
| PFG FX | Any account. | $200 | 200:1 | yes | No special conditions. |
| PipFixed | Standard account | $100 | 400:1 | yes | No commission. |
| Profiforex | Standard account | $1 | 500:1 | yes | No special conditions. |
| Real Trade Group | Islamic account. | $20 | 500:1 | yes | Fixed commission of 5 cents per 0.01 lot, $1 per 0.1 lot. |
| RFXT - Royal Forex Trading | Islamic accounts. | $500 | 400:1 | yes | Trade with no swap charges and with no other additional charges, spread or hidden fees. |
| RoboForex | Any account. | $10 | 500:1 | yes | All trading accounts opened at the RoboForex are Swap-Free accounts. |
| RobustFX | Islamic accounts. | $1000 | 500:1 | yes | No special conditions. |
| Sensus Capital Markets | Islamic accounts. | $2500 | 200:1 | yes | No special conditions. |
| Sisma Capital | Islamic account. | $100 | 100:1 | yes | |
| SkyFX | Standard accounts | $500 | 300:1 | yes | No special conditions. |
| Solidity Brokers | Standard accounts | $100 | 100:1 | yes | No special conditions. |
| SpediaFX | Any account | $750 | 100:1 | yes | No special conditions. |
| Strategem FX | Islamic accounts | $1000 | 100:1 | yes | Monitoring of accounts to avoid any abuse. |
| STRATO Markets | Standard account. | $300 | 400:1 | yes | Accounts opened on request. |
| Sunbird | Islamic account. | $100 | 100:1 | yes | Swap free accounts (Roll Over fee) with no extra charge or fee. |
| Swiss International | Islamic account. | $500 | 200:1 | yes | Islamic Trading only available to clients for religious reasons in the Middle East. |
| Synergy FX | Islamic account. | $500 | 500:1 | yes | Islamic accounts on request. |
| TFIFX | Standard account. | $50 | 500:1 | yes | No special conditions. |
| ThinkForex | Islamic account. | $250 | 400:1 | yes | Accounts opened on request. Monitoring of accounts to avoid any abuse. |
| TradeFort | Any account. | $1 | 1000:1 | yes | Pro accounts cannot be swap-free. |
| Trader's Way | Islamic account. | $1 | 1000:1 | yes | No special conditions. |
| Traders Pulse | Islamic account. | $50 | 500:1 | yes | No special conditions. |
| Traders Trust | Islamic account. | $100 | 500:1 | yes | Islamic accounts (swap free) are offered to clients of the Muslim faith. Providing a valid ID can be presented showing your faith. No overnight interested (swap) will be charged in this account. |
| TradersChoiceFX | Islamic accounts. | $250 | 50:1 | no | GAINCAPITAL: 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. FXDD: Islamic clients only and trading activities are monitored. FXCM: Micro accounts of $25 don't have the swap-free feature. |
| Tradenext | Standard accounts. | $1 | 200:1 | yes | |
| Tradeview | Standard accounts. | $100 | 400:1 | yes | |
| TradingForex.com | Islamic accounts. | $200 | 200:1 | yes | Charged from day one the amount of 5USD per lot per day for storage fees. |
| UFXMarkets | Islamic accounts | $500 | 200:1 | yes | Continuos monitoring of accounts to avoid abuse. Commodities and indices allowed. |
| Universal FX | Islamic accounts. | $2000 | 100:1 | yes | No special conditons. |
| UpFX | Any account. | $250 | 500:1 | yes | Optional, on request. |
| UPME Group | Any account. | $10 | 1000:1 | yes | - |
| VTLFOREX | Islamic accounts. | $2000 | 100:1 | yes | No commissions. |
| WFX Markets | Standard accounts. | $10 | 1000:1 | yes | No special conditions |
| Windsor Brokers | Any account. | $250 | 400:1 | yes | Available for to Mini and Standard accounts. 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. |
| Varengold Bank FX | Islamic accounts. | $1000 | 200:1 | yes | Halal accounts for clients from Islamic countries. |
| X-Trade Brokers | Islamic accounts. | $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 | Accounts opened on request and are subject to approval. |
| XEMarkets | Islamic account. | $5 | 888:1 | yes | No interest/swap, no up-front commissions, no time constraints, no spread widening. |
| XenonFx | Standard account. | $25 | 400:1 | yes | |
| YouTradeFX | Islamic accounts. | $100 | 500:1 | yes | No special conditons. |
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
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.
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.
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Do you know another Forex broker that has rollover(swap) free trading accounts?
Please suggest by adding a comment below.
trader
January 7, 2009Oanda is rollover free broker also
BrokerGuru
January 8, 2009Thank you! We'll review and add them.
BrokerGuru
January 9, 2009As 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, 2009BrokerGuru, 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, 2009Hey 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?
Scott
BrokerGuru
February 27, 2009Hi 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, 2009Brokerguru,
When are the swap rates calculated? From 17:00 ET to when? When are we free from swap rates for non-islamic accounts.
Scott
BrokerGuru
February 28, 2009Hi Scott,
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, 2009Forex-Metal broker also offers no-swap accounts. You might want to add them to your list.
BrokerGuru
March 5, 2009Thank you!
Forex-Metal has been added.
trader
March 13, 2009Deutsche Bank does not seem to be rollover-free.
http://www.dbfx.com/dbfx/pages/rollovers.jsp
BrokerGuru
March 13, 2009I'll check. Thank you.
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