Islamic account

[tomsmart]

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?

 

[Nezami]

Yes some broker has not Islamic account that’s why we the traders who are particularly Muslims have to choose the broker which always ensures Islamic account without any kinds of restrictions.

 

[Faal]

You mean swap free trading account! Yes, I am also interested on swap free trading account! The main advantage of swap free trading account is, trading discipline! On the other hand, the calculation of swap is too much complicated, even I got negative swap in my TP trades, very irritating experience!

 

[Svetlana Loboda]

I also like to use swap free account; because I don’t understand the real calculation of swap.

 

[sininfinity]

I also like to use swap free account; because I don’t understand the real calculation of swap.

There are various formulas which is used for swap calculation. You can find overnight swap of currencies on individual broker website. Don't need to do it manually.

 

[Lee Mark]

There are various formulas which is used for swap calculation. You can find overnight swap of currencies on individual broker website. Don't need to do it manually.

I don’t think, it’s hard to calculate but the problem is the benefit; I think trader rarely benefited by the swap.

 

[sininfinity]

I don’t think, it’s hard to calculate but the problem is the benefit; I think trader rarely benefited by the swap.

Yeah liquidity providers does not offer positive swaps in most pairs. And those that have positive swaps has huge spread so may take a long time just to cover the spread and after that have be right side of the trend.

 

[anna.serea]

You can ask with other brokers about his religion. and about his personality.

 

[Svetlana Loboda]

You can ask with other brokers about his religion. and about his personality.

As I know it’s known as swap free trading account; why you guys are establishing religion based discrimination?

 

[Tom Latham]

As I know it’s known as swap free trading account; why you guys are establishing religion based discrimination?

I see; few brokers using Islamic account as well. It’s not a problem; besides I think it’s open to all.

 

[john.brave]

how to find out whether brokers are in line with Islamic sharia?

 

[Tom Latham]

how to find out whether brokers are in line with Islamic sharia?

Mate; try to sap-free account; it’s enough! Even, this language is more popular.

 

[Pagaro]

Muslims are present in huge numbers in the whole world and some brokers have attracted them by offering swap-free account. A swap-free account is legal in Islam according to the Islamic scholars and economists. So, you need to look for these brokers while searching online for them.

 

[Tom Latham]

An Islamic account was designed for Muslims who believe that taking interest on money is wrong. So brokers decided to offer an account where they will not be charged or paid interest for their trades when left overnight. Many brokers offer this kind of account.

But I think, the terminology of swap free account is much popular than the Islamic account.

 

[Lee Mark]

Yes it is. But it is better to tag it Islamic account since it appeal more to the Muslims. If I was a broker, I would write that way.

By the way; I see there have so many traders who belong with others religion but till now seeking for swap-free trading account!

 

[Gito Dinev]

Islamic account, to put it as plainly as possible, is one of the main account types that allows Muslim traders to do overnight trading without interest rate commissions.

 

[Mark Dahl]

Just like Islamic banking, it is a turn of the interest rate of overnight open positions or over weekend positions. The only difference is they charge a fee instead of a %, which is pretty much almost the same amount.

 

[Eduardo Lucchese]

Proper mindset of trading is needed, otherwise traders will have to suffer losses. Risk management strategy should be followed.

 

[Oscar Shumack]

Global economy analysis is needed to catch the direction of Forex market. It will save you from recurring losses.

 

[Alexander Hudson]

Market’s direction should be guessed to trade in the right trading range.