HomeForex Account TypesBest Swap Free Forex Brokers in 2021

Best Swap Free Forex Brokers in 2021

Below is a 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 opened for Muslims only.
Any account – can be opened for any client.
Standard account – needs further review.

1
Min. Deposit
$50
Exclusive promotion
User Score
10
Leverage
30:1
New accounts
Spreads
1
PIPs
Regulations
CySEC, FCA
Forex Pairs
No Fee
Start Trading
Pros:
Join the Social Trading revolution. Connect with other traders, discuss trading strategies, and use our patented CopyTrader
eToro is the world’s leading social trading platform, offering a wide array of tools to invest in the capital markets
Largest number of currency pairs to trade
Payment Methods
Bank Transfer, Wire Transfer
Full regulations list:
CySEC, FCA
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2
Min. Deposit
$10
Exclusive promotion
User Score
9.3
Leverage
500:1
New accounts
Spreads
0.8
PIPs
Regulations
Forex Pairs
55+
No Fee
Start Trading
Pros:
55+ currency pairs available
Trade on a trusted platform
24/7 support via live chats, email or phone call
Payment Methods
Bitcoin, Credit Card, Debit Card, Visa
Full regulations list:
LonghornFX offers high-leverage trading on a wide variety of assets. Trading with leverage carries a degree of risk which may result in losing more than your investments. Clients should practise risk management to protect themselves from losing more than they can afford when trading with leverage.
3
Min. Deposit
$200
Exclusive promotion
User Score
8.7
Leverage
500:1
New accounts
Spreads
0.5
PIPs
Regulations
FMA New Zealand, FSPR
Forex Pairs
27+
No Fee
Start Trading
Pros:
BlackBull Markets’ unique feature lies in its stated goal of delivering an “institutional” trading experience to retail clients
No-Dealing Desk Broker (NDD), with Straight Through Processing (STP) all done on a true ECN
State of the art Equinix servers, based in New York (NY4), London (LD5) and Tokyo (TY3)
Payment Methods
Bank Transfer, FasaPay, Mastercard, UnionPay, Visa, neteller, skrill
Full regulations list:
FMA New Zealand, FSPR

Benefits of Rollover/Swap-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 17:00 pm (ask your broker about the Time zone they use) when a 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 that 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.

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 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 the 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 traveller 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.

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