Forex Islamic accounts or swap-free accounts imply that no swap or rollover interest on overnight positions, since it is against Islamic faith. XEMarkets offers this type of accounts to traders following the Muslim faith.
The three easy steps are required
However, XEmarkets reserves the right to revoke the swap-free account in case of an abuse.
The Islamic accounts are characterized by
Finally, forex traders of Islamic belief are forbidden to pay interest. However, if the interest is converted to a different type of fee such as the increased spread, it still might be considered to be the interest (the swap-free account in disguise). Therefore, unlike many forex firms who replace the extra fees by widening the spread, XEMarkets imposes no additional charges.
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