Forex Islamic Accounts (Swap-Free Accounts or Shariah Forex accounts) “ AlgoSystem Islamic Account” is designed for traders who cannot receive or pay swaps for religious reasons.
Forex Islamic accounts are also known as swap-free accounts as they imply no swap or rollover interest on overnight positions, which is against Islamic faith.
The trading account is compliant with Sharia law enabling traders to take advantage of AlgoSystem’ cutting edge trading technology and deep liquidity.
Traders who are entitled to benefit from an Islamic account can chose amongst the 3 types of accounts – Fix, Floating or ECN and will specify that they picked the Islamic properties.
How to Open a Forex Islamic Account:
- Open a trading account with us.
- Request an Islamic Account.
- Login to the Members Area and validate your account.
- As soon as our relevant department receives your request, your trading account will receive swap-free status and you will be notified by email accordingly.
What you need to know
- Islamic account is for USD base currency only.
- When you change your account type to Swap-Free, the Admin Charges depends only on the instrument and the number of open lots.
- No interest/swap charges on overnight positions.
- No spread widening.
- When you change your account type to Swap-Free, you are not charged swaps; however, you pay a fixed overnight Admin Charges for open positions.
- AlgoSystem reserves the right to revoke the swap-free status granted to any real trading account at any time without giving any reasons and/or advance notice. In case the service is disabled by the Company, you will be charged swaps according to the conditions, specified on its official website.