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Posted on May 06, 2015 at 09:14 PM
Open a Forex account entirely free of charges and interest of all forms
A swap free account is a Forex trading account that is free from interest or swap charges and features zero up-front commissions without additional charges per trade. This type of account was introduced to accomodate Muslims as swaps go against their religious beliefs.
Typically in Forex, there is an overnight or rollover interest (that is earned or paid) for holding positions overnight. This interest is referred to as "Forex Swap" But as Muslims have joined the trade, InstaForex saw it fit to offer serices that would benefit them as well.
According to Islamic religious principles, any business transaction, where one of the parties should pay or get an interest from the other one is prohibited. When it concerns finance, the Shariah law forbids all forms of interests. Muslims usually do business via risk sharing and only in legal practices.
When trading on the swap-free account (also called Islamic account or Shariah Forex account) with any currency pair, a trader does not gain or loose any amount regardless of the position volume. A swap free account gives its owners an opportunity to keep the positions opened during an indefinite long period and do not provide any negative or positive commission for the rollover. In this case the result of trading depends only on currency rate's movement for that certain period.
Thanks to its peculiarity, this type of account became popular not just in Islamic countries, but also in other countries all over the world.