Swap free broker

I'm trying to identify swap free brokers. I am not Muslim, so IBFX is out.

Have any of you done research on these? Who do you recommend? Who do you avoid? Thanks.

sorry dun get it, why isit that being a non muslim you will have to opt out of ibfx?

IBFX offers swap free accounts to muslims living in the middle east. It has to do with their religious beliefs
.

Yes, I have done extensive research on this, and I can't say I know of very many swap-free brokkers for non-muslim clients.

MIG offered this for a while, but unfortunately, I can tell you from experience, that if they find you holding swap-negative trades (like short GBP/JPY, short USD/JPY), they will revoke your privileges.

The issue is mainly cost and an understanding of why swap-free accounts exist. First of all, I am of the belief that the swap-free accounts for islamic clients were created because sharia (islamic law) prohibits practicing muslims from CHARGING interest. Translate this to forex and it means they cannot take advantage of receiving interest. The other issue, cost, has to be factored in...swap-negative positions that go into positive territory (meaning the trades themselves become profitable) pose a risk to brokers because at some point, they have to sell those positions to a higher tier. If they do sell those positions, the bank will have to charge them interest regardless of who the client is, and thus, any negative-swap position that doesn't get it's swap paid by the client needs to get paid for the broker...you can see the problem there...

Other than MIG, I know of no one else that allows this unless you decide to go through fradulent means (either by a sympathetic introducing broker, or by producing a fradulent affidavit of your religious affiliations).

cmsfx will do swap free, trick to keeping them happy is to
take other trades that you open and close regularly.

I just contacted cmsfx, and they will only do swap-free accounts for muslims only. In otherwords, they have the same religious requirements as everyone else.

Isn't offering the swap free accounts to Muslims only discriminating against non-Muslims?

Maybe the laws against discriminating on the basis of religion have no jurisdiction in these accounts?

well if u just get an account with them and start trading, then email them
and ask for swap free cause u know someone else who has one with , they'll do it, worked for me anyway.

i see that marketiva is swap free,, reability is unknown

instaforex is swap free

I know that IFC Markets provides Islamic Swap free account. Swap is not accrued, annual interest in not accrued, and open positions are automatically closed after 14 calendar days. The company also provide Stock CFDs, which are also swap-free.

I don't think there is any real value to trade on swap free accounts besides religious reasons. You can save some bucks but this defiantly will not works as a stand alone trading system.

Brokers are not stupid and once they notice that you only have carry trades in the direction of negative swap they will close your account as THEY have to pay the interest in any ways. Why would they tolerate loosing money? Overall it will save you a few bucks if you are trading normally.


How would a broker with a swap free account without any conditions survive? Everyone would arbitrage the heck out of them. Interest for free with a 1:400 Leverage? Who would say no to that...?