The Swap-free trading account services are intended for traders who use trading systems that do not take into account the impact of swaps or those clients who cannot use swaps owing to their religious beliefs. This determines the secondary name of this type of accounts: “forex Islamic accounts.” In transition to the swap-free system, all the remaining trading terms and conditions of accounts remain intact.
When performing deals using the Swap-free trading account for any currency pair, in transiting the position over midnight the trader does not gain or lose any amount, regardless of the position volume. Even holding on the deal for a long time, the trader can be sure that only the conduct of the exchange rate for the set time interval will affect the result of the deal.
The Islamic forex accounts offered by Trading Point are not the same as the Islamic accounts generally offered by other ‘forex’ companies. They differ based on the fact that Trading Point offers Swap-free trading accounts with no other additional charges, whereas most other companies substitute this fee by widening the spread on Islamic accounts. In order to abide by Islamic religious beliefs, one must not pay interest but if that interest charge is transferred to a different type of fee, it is basically still a charge to cover the interest. This is also referred to as a Swap-fee in disguise. Trading Point does revert to such practices, again demonstrating that Trading Point offers fair and ethical trading conditions.
Trading Point Swap Free / Forex Islamic Account Characteristics
- No interest/swap charges on overnight positions
- No up-front commissions
- No time constraints.
- No spread widening
How to Open a Swap Free / Forex Islamic Account
The Swap-free option can be chosen as part of the trading account registration in three simple steps: Customers that wish to open a Swap-free Islamic Account (1) will have to open a real live money trading account with Trading Point, (2) fill out the request for a swap free account and accept the “Swap-Free Trading Account Use Agreement” set forth therein, and (3) thereafter, return the duly signed and executed request for a Swap-free trading account to us by e-mail (in scanned form) or by fax.
1. To open a real live money trading account, click on the link: Open a real account with Trading Point
2. To download and fill out the request for a Swap-free trading account and accept the “Swap-Free Trading Account Use Agreement” set forth therein, click on the link:Download it
3. Return the duly signed and executed request for a Swap-free trading account and “Swap-Free Trading Account Use Agreement”, either by e-mail (in scanned form) (click here: firstname.lastname@example.org), or by fax to +357 25 820 344.
Once the signed form is received by our accounts department, your live ‘forex’ trading account will be registered under the Islamic accounts guidelines and the trading policy of your account will be converted to swap-free status.
Additionally ‘forex’ Islamic account holders will be accommodated by a forex account manager and will be entitled to 24 hour support; please note that if you are a beginner trader you can still download the Metatrader terminal and experience and learn trading with a forex demo account with no obligations and no questions asked.
If you have any questions regarding ‘forex’ Islamic accounts options please feel free to contact Trading Point’s customer support to clarify any questions or queries you may have.