Swap also known as rollover interest, or overnight interest is interest that a trader either receives or pays for positions that are held overnight, and are based on the interest differential between the currencies that their position involves.
Swap-free accounts are intended mainly for Islamic traders who wish to comply with Sharia law, which prohibits any type of interest payments. These accounts can also be useful to non-Islamic traders who simply wish to do away with the uncertainty in overnight interest, who plan on taking a longer term negative swap position, or other reasons. Some brokers who offer these types of accounts charge certain fees instead of actual interest, so that traders wouldn't abuse the privilege.
On the other hand, some brokers do not charge any extra fees but most do monitor such accounts for abuse. Listed below are some brokers that offer such swap-free, Islamic forex accounts. Each listing also describes any such extra fees that the broker may charge, so please read through the reviews in detail before opening a real account. There are numerous reports on the internet about Alpari spontaneously returning customers' money on orders that didn't get filled properly as a result of some error on Alpari's part.
This is almost unheard of in the retail forex world, as most traders have to fight tooth-and-nail with their brokers for every pip. If this is the sort of service you value, and you should, then look no further than Alpari.
New Zealand Guaranteed stop losses: Trade can be held for unlimited time period. UFX Bank provides a decent level of service to their customers, from the customer support, to trading support and easy access to the dealing desk. Withdrawal of funds appears to be a bit disorganized but it does get done eventually, whether you are withdrawing profits or not. UFX Bank's trading conditions are such that the benefits of a UFX account are most pronounced for well capitalized traders, which makes it more worthwhile for larger investors than for small traders.
This is a known predatory practice. Israel Guaranteed stop losses: Yes, all stop-loss and take-profit orders are guaranteed by UFX Bank against slippage. EXNESS is a fairly new entrant into the forex arena, and it offers some very interesting trading conditions. Though there is no actual relationship between the two as far as we are aware , EXNESS and Alpari which is also of Russian origin, thrive in a jurisdiction where the rule of law is not always respected.
No doubt EXNESS management, much like Alpari, is aware of this and therefore goes well above the call of duty to ensure that clients are treated fairly.
Petersburg, Russia Guaranteed stop losses: No, all orders are executed at best available price Swap-free accounts: Trading Point Forex is a relatively new MT4 forex broker that is becoming well established as a result of the solid trading conditions and support services on offer, as well as being regulated by some of the world's most stringent regulatory agencies such as the FSA. Trading Point also ensures client funds safety, by keeping it segregated from company operating capital.
Limassol, Cyprus Guaranteed stop losses: No, all orders are executed at best available price. All orders routed through dealing desk. The number of tradable instruments is not staggering, since the spot forex pairs are limited to 19 pairs, with nothing exotic on offer. These are the most liquid pairs and are the staples of most professional traders, since the low liquidity, high spreads and less reliable research make exotics all but untradable for many traders.
Yes, all stop and limit orders are guaranteed against slippage. The main advantage eToro has over other trading platforms is that it is very easy to use. It may not have all the functionality of some professional platforms, such as conditional order types, automated trading etc.
It should also be noted that eToro is a swap-free broker. Cyprus Guaranteed stop losses: Marketiva is a good, easy to use forex trading platform for smaller account holders. Its main focus is on newer traders, who have somewhat different needs from experienced traders. It is also an excellent choice for Islamic traders because Marketiva is a "swap-free" forex broker. British Virgin Islands Guaranteed stop losses: IBFX is widely regarded as one of the premier brokers in the retail forex market, and there is a reason for this reputation.
Guaranteed fills on stop and limit orders, combined with very low spreads, straight-through order processing no dealing desk to multiple liquidity providers, industry-standard MetaTrader 4 MT4 trading platform.
Utah, USA Guaranteed stop losses: Orders are executed at best available price. Straight-through to multiple liquidity providers. ForexGen appears to be either an outright scam, or a very very badly run business, with scam being the much more likely scenario.
The original deposit was returned to our traders only after a long battle, and the profits, which were significant in relation to the amount of the deposit, were never allowed to be withdrawn. ForexGen first disabled the trading accounts, and later nullified all the trades that had been made in the accounts.
In addition, this broker is not regulated, and has already been investigated by Norwegian police, so we must recommend to everyone to stay away from ForexGen. Oslo, Norway Guaranteed stop losses: No, orders are executed at best available price.
Hantec Markets offers professional traders a very solid forex trading package, along with all the advantages and disadvantages that the MT4 and Currenex platforms come with. The great thing is that you get access to a real ECN and can trade to something very similar to the interbank market although not in the interbank market itself.
London, UK Guaranteed stop losses: By far the best feature offered by AFB FX is the availability of Professional Accounts, which offer highly flexible trading conditions. The spreads, margin requirements and virtually all other parameters are negotiable on Professional Accounts, making them the preferred choice among account managers. Having said that though, most of the other accounts also offer trading conditions that are quite reasonable.
Yes, limit and stop orders are guaranteed against slippage, except under market conditions Swap-free accounts: Being based offshore can bring with it some advantages to forex traders, but at the same time can be risky due to lax or non-existant regulation standards in many offshore jurisdictions, as well as limited legal recourse in case a dispute arises. Baron Forex is no exception to this.
Belize City, Belize Guaranteed stop losses: Yes, stop loss orders are guaranteed against slippage Swap-free accounts: Yes - no extra charges if trading volume exceeds 1.
Swap-Free Forex Brokers Swap also known as rollover interest, or overnight interest is interest that a trader either receives or pays for positions that are held overnight, and are based on the interest differential between the currencies that their position involves.
It is also an excellent choice for Islamic traders because Marketiva is a "swap-free" forex broker Location: Guaranteed fills on stop and limit orders, combined with very low spreads, straight-through order processing no dealing desk to multiple liquidity providers, industry-standard MetaTrader 4 MT4 trading platform Location: Start Live Help Chat.
Oil Trading Forex Brokers. Yes - no extra charges and available to everyone, not just Islamic traders. Yes - no extra fees are incurred on Islamic style accounts. It is also an excellent choice for Islamic traders because Marketiva is a "swap-free" forex broker Location:.
Guaranteed fills on stop and limit orders, combined with very low spreads, straight-through order processing no dealing desk to multiple liquidity providers, industry-standard MetaTrader 4 MT4 trading platform Location:. Yes, limit and stop orders are guaranteed against slippage, except under market conditions.More...