A swap-free account, also known as an Islamic account, is a type of trading account that is compliant with Islamic Shariah law. In Islamic finance, earning or paying interest (known as Riba) is prohibited. Therefore, a swap-free account is designed to cater to traders who follow the principles of Islamic finance.
In forex trading, swaps are interest payments or credits that are applied to positions held overnight. These swaps are typically charged or earned based on the difference in interest rates between the two currencies being traded. However, since earning or paying interest is not allowed in Islamic finance, swap-free accounts are created to eliminate these interest charges.
Instead of swaps, swap-free accounts may have other fees or commissions applied to positions held overnight. These fees are usually fixed and do not change based on market conditions or interest rate differentials.
It’s important to note that not all brokers offer swap-free accounts, and those that do may have specific requirements or conditions for eligibility. Traders interested in opening a swap-free account should consult with their broker to understand the terms and conditions associated with such accounts.
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