Forex Islamic Accounts (Swap-Free Account Accounts or Shariah Forex accounts)
“FXORO Islamic Account" is designed for traders who cannot receive or pay swaps for religious reasons.
Forex Islamic accounts are also known as swap-free accounts as they imply no swap or rollover interest on overnight positions, which is against Islamic faith.
The trading account is compliant with Sharia law enabling traders to take advantage of FXORO's cutting edge trading technology and deep liquidity.
Traders who are entitled to benefit from an Islamic account can chose amongst the 3 types of accounts -Fix, Floating or ECN and will specify that they picked the Islamic properties.
How to Open a Forex Islamic Account
- Open a trading account with us.
- Request An Islamic Account.
- Login to the Members Area and validate your account.
- As soon as our relevant department receives your request, your trading account will receive swap-free status and you will be notified by email accordingly.
What you need to Know
- Islamic account is for USD base currency only.
- When a trade on this account has been held over the weekend (remains open after market close on Friday), a charge will be deducted from the balance of the account. The charge will be 20$ for each open lot. (reflects to all symbols). The amount will be automatically deducted every Sunday before market opening. To ensure that the fees are not excessive, clients are advised to manage open orders and to keep in mind that triple swaps are charged overnight on Thursday.
- FXORO reserves the right to revoke the swap-free status granted to any real trading account in the event of any form of abuse.
- All other trading conditions are the same as for our different account types.
- No interest/swap charges on overnight positions.
- No spread widening.
For more details on the Company’s Term and Conditions please click here.