They are same
but... the Islamic acc does not give/get that interest to/from the trader when the Forex day starts/ends
In addition to Mohammed reply above, usually Islamic/Swap-Free accounts have wider spreads, and in some cases slower execution.
Also when trades stay open for a certain period (broker dependent), the broker adds what they call administration fees.
Workaround, necessary for Islamic traders using swap accounts for religion reasons (Reba):
Close open trades 30 Minutes before day close, and re-open 30 Minutes after days open.
This can also save you from high spread time on daily close/open, if your using tight stops.
ECN is not what tomsmart2001 asking about
ECN can be Islamic account only if the broker supports the Swap-Free accounts
Thanks for your try
I believe that you are right
I wonder of such question!
Islamic account has no swap
it is 0
"Swap" rates are based on the differences in the prime bank interest rates, plus some padding for the broker. If you open and hold both buy and sell trades simultaneously, you're handing money to the broker every day in the form of swap spread. Years ago you could make money by holding for swap. These days your swap rates are generally pretty bad. Right click "Market Watch", Symbols, pick a symbol, Properties. "Swap Long" and "Swap Short" are the fields you're looking for. FXDD has AUDUSD swap long 0, swap short -5.587245 with triple swap Wed. AUDJPY is the currency that the big banks tend to use for earning interest on swap, FXDD offers 2.23 long and -7.71 short. NZDJPY has better rates, but isn't traded as much.