Swap Free Accounts or Islamic Accounts
by Peng D. ManagerSwap Free Accounts or Islamic Accounts
Despite the fact that the name of the account is associating with the religion, the phrase “Islamic account” is quite far from the religion. This type of accounts is provided for the Muslims, whose religion, or better to say the law of the Sharia, forbids to work with the accounts, which Swap.
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Swap – it’s some kind of the commission, which is charged for the
transfer of the opened positions over the night. All the matter is that
every intra-day order on the currency market is included to the Spot
category of deals. According to it, the full amount delivery is
fulfilled on the next day. However, there are a lot of traders, who use
this opportunity on Forex and don’t close their positions in the end of
the day. Some want to get more profit in the new trading day, others
leave the unprofitable trades and hope, that by the next day market will
begin to move in the opposite direction, which is good for them and as a
result, the losses will change to the profit. In both cases, the
position, which is opened during the day, will be transferred to the
next day. Such trades are closed in the end of the day and opened in the
beginning of the next day automatically. This is the Swap operation.
The broker carries out a charge of the commission according to the
current value of the currency pairs’ rates. In the different cases, this
value can be positive, as well as negative. The positive sum is
credited on the trader’s account, negative is debited. This sum is the
Swap. It’s usual for the currency market Forex. So, some brokers, in
order to protect their clients, propose them Islamic accounts, which are
Swap free. While trading on such accounts, there will be no Swap sum
credited or debited from the account.
To open such account you should learn rules and terms. This moment is
considered to be very important, because exactly these rules define your
future trading. Next, trader should provide the documents and the
evidence of fact, that he really preaches this religion.
To move your Classic or NDD account into the group of the swap free
accounts, you need to make a request to the support and to get qualified
help and your accounts will be moved to the swap free group in case you
meet all the requirements.
Swap free accounts give the opportunity to the trader to escape the
necessity of controlling the size of the currency discount rate all the
time and it makes the trading more simple. Also it helps to take into
consideration the commission for the transferring the position in
advance while calculation of the planned trading results.
While trading under the conditions of swap free account, clients of the
JustForex don’t lose and don’t receive any funds while the open order is
moved to the next day. Holding the opened position for the long period
of time, trader should not worry about the deduction of such commission
as swap (payment for the transferring of the position).
There are some restrictions on the opening of the Islamic accounts in
our company. Only traders, who live in the country, where the main
religion is the Islam, can get the opportunity to transfer the account
into the Islamic accounts group.
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Created on Dec 31st 1969 18:00. Viewed 0 times.