Swap-free forex accounts are designed for Islamic traders who want to participate in forex trading without violating their religious beliefs. In Islamic finance, interest or Riba is prohibited, and this includes swap fees, which are charged by forex brokers on overnight positions. Swap-free accounts, also known as Islamic accounts, remove these fees, allowing traders to hold positions for longer periods without incurring any additional charges. In this article, we will discuss the best swap-free forex accounts available in the market.
1. IC Markets
IC Markets is an Australian-based forex broker that offers swap-free accounts to its clients. The broker provides access to over 60 currency pairs, including major, minor, and exotic pairs, with spreads starting from as low as 0.0 pips. The swap-free account at IC Markets is available to all traders, regardless of their account size, and there are no additional fees or charges for this service. The broker also offers a range of trading platforms, including MetaTrader 4, MetaTrader 5, and cTrader, with fast execution speeds and low latency.
2. XM
XM is a Cyprus-based forex broker that offers swap-free accounts to its clients. The broker provides access to over 55 currency pairs, including major, minor, and exotic pairs, with spreads starting from as low as 0.0 pips. The swap-free account at XM is available to traders who follow the Islamic faith and meet certain criteria, including providing proof of their religious beliefs. The broker also offers a range of trading platforms, including MetaTrader 4 and MetaTrader 5, with fast execution speeds and low latency.
3. FXTM
FXTM is a Cyprus-based forex broker that offers swap-free accounts to its clients. The broker provides access to over 50 currency pairs, including major, minor, and exotic pairs, with spreads starting from as low as 0.1 pips. The swap-free account at FXTM is available to traders who follow the Islamic faith and meet certain criteria, including providing proof of their religious beliefs. The broker also offers a range of trading platforms, including MetaTrader 4 and MetaTrader 5, with fast execution speeds and low latency.
4. HotForex
HotForex is a Mauritius-based forex broker that offers swap-free accounts to its clients. The broker provides access to over 50 currency pairs, including major, minor, and exotic pairs, with spreads starting from as low as 0.0 pips. The swap-free account at HotForex is available to traders who follow the Islamic faith and meet certain criteria, including providing proof of their religious beliefs. The broker also offers a range of trading platforms, including MetaTrader 4 and MetaTrader 5, with fast execution speeds and low latency.
5. AvaTrade
AvaTrade is an Irish-based forex broker that offers swap-free accounts to its clients. The broker provides access to over 55 currency pairs, including major, minor, and exotic pairs, with spreads starting from as low as 0.9 pips. The swap-free account at AvaTrade is available to traders who follow the Islamic faith and meet certain criteria, including providing proof of their religious beliefs. The broker also offers a range of trading platforms, including MetaTrader 4 and MetaTrader 5, with fast execution speeds and low latency.
Conclusion
In conclusion, swap-free forex accounts are a great option for Islamic traders who want to participate in forex trading without violating their religious beliefs. The best swap-free forex accounts offer competitive spreads, fast execution speeds, and a range of trading platforms to choose from. When selecting a broker, it is important to ensure that they are regulated by a reputable financial authority and offer good customer support. With the above options, traders can rest assured that they are trading with trusted and reliable brokers.