Islamic account

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tomsmart2001
23
tomsmart2001  
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?
soubra2003
31843
soubra2003  
tomsmart2001:
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?

They are same

but... the Islamic acc does not give/get that interest to/from the trader when the Forex day starts/ends

to open an Islamic account ask your broker about the Islamic Acc (or free-swap) and show them that you are a Muslim client by the proof or something else...

 

  • The Trading Day begins and ends at 5pm New York Time.
jassem3333
37
jassem3333  
look for ECN acc
Khalil Abokwaik
13438
Khalil Abokwaik  

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.

Khalil Abokwaik
13438
Khalil Abokwaik  

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.

soubra2003
31843
soubra2003  
jassem3333:
look for ECN acc

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

Regards

soubra2003
31843
soubra2003  
Khalil Abokwaik:

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.

yes

I believe that you are right

soubra2003
31843
soubra2003  
Khalil Abokwaik:

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.

or less, few minutes before & after are also great
tomsmart2001
23
tomsmart2001  
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?
soubra2003
31843
soubra2003  
tomsmart2001:
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 wonder of such question!

Islamic account has no swap

it is 0 

Ian Smith
159
Ian Smith  
tomsmart2001:
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?

"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.

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