Islamic Account

tom smart

Newbie
Oct 18, 2016
6
0
2
36
As I am an amateur Forex trader, I was searching for differences between Forex accounts in Forex brokerage. Some brokers has not Islamic account or swap free but some others has got these type of accounts. What are the benefits of a swap free account in compare with a no swap free account?
 

Hafizmd

Active Trader
Sep 22, 2016
77
5
29
43
Kuala Lumpur
Hello!
It is haram to earn money with swap for people who preach Islam. It's because carry trades when someone hasn't to do something to get that money. I'm a muslim and I trade on a swap-free account. It isn't against Sharia.
Many brokers offer such accounts nowadays.
 

jellyeb

Active Trader
Jun 10, 2015
248
11
29
Swap free accounts is not about benefits its a workaround to make trading in line with Islam which prohibits usury. But some guys use swap free accounts to use swap arbitrage strategies. PM me if you want to get more details on that.
 

Alexfx79

Active Trader
Sep 22, 2016
376
20
39
44
Berlin
Some brokers such as Exness.com or Fxdd.com has not Islamic account or swap free but some others such as Fxglory.com or Alpari.com has got these type of accounts. how they calculate swap? do you know?
I thought that exness works on the Asian market, doesn't it? It couldn't without swap free accounts. I think you have missed some details.
However, availability of these accounts is determined by the areas where a broker works.