Clients following the Muslim faith can open a forex & CFD trading account without any rollover interests on overnight positions (=swap interests). The reason for the Islamic Account is to avoid the need for paying and receiving interest which is prohibited in Islam.
How to open a Swap Free Islamic Account?
– Complete the full registration process (and send us your supporting ID documents).
– Send an email to email@example.com with a request for Swap Free Islamic Account.
Spreads on Swap Free Groups:
- * USD/TRY 12 pips during the day and 20 at night
- * EUR/TRY 17 pips during the day and 30 at night
- * GBP/TRY 29 pips during the day and 54 at night
- * GAUTRY 100 points markup (Effecting also the USDRUB)
* These 4 pips markups are also affecting the following symbols: AUDNZD, EURDKK, EURNZD, GBPAUD, GBPCAD, GBPNZD, USDDKK, EURNOK, EURHUF, EURILS, EURPLN, EURSEK, EURZAR, GBPSGD, USDCNH, USDHUF, USDILS, USDMXN, USDNOK, USDPKN, USDSEK, USDZAR)
- ** If there is a system abuse – Fortrade can cancel the Islamic account and close any open trades at its discretion.
- *** Standard lot = 100,000 units of base currency when trading FX pairs; 1,000 when trading GAUTRY, and 100 when trading GOLDTRY.
- **** As of 13.12.2018, Fortrade charges commissions for all stocks (US+OTHER STOCKS).
- ***** The charge is made every Thursday for swap-free clients only.
- ****** All open positions held at the time 00.00 GMT on Thursday morning will have a commission taken pro rata for every lot:
- GAUTRY – 1540 points (only long positions)
- GOLDTRY – 3180 points (only long positions)
- TRYBASK – 400 pips (only long positions)
- USDRUB – 1100 pips (only long positions)
- USDTRY – 340 pips (only long positions)
- EURTRY – 450 pips (only long positions)
- GBPTRY– 520 pips (only long positions)
- ZAR pairs – 120 pips (only long positions)
- HUF pairs – 30 pips (only long positions)
- MXN pairs – 90 pips (only long positions)
- AUD pairs – 8 pips
- 9% annual for long positions
- 8% annual for short positions
Please contact us if you need any further information on the markup charges and how they apply to the Swap Free Islamic Account.