I've been trading exclusively with IC Markets and never bothered to check this out. I'm simply thinking that there could not possibly a big different in these 2 types of accounts or there would be a tsunami of traders who would favor the better type over the other and we'd all have heard about it by now
IC Markets only charge an overnight fee on exotic pairs, which they list on their website. They do not charge a fee, admin charge, etc, on any major or minor forex pairs or indices trading. This is a huge advantage if you wanted to say, go long EURUSD or hold an extended position on one of the indices pair like the US500.
Unfortunately, I tried opening an islamic account with them and they wanted a letter from my local mosque stating I am Muslim. I fired back a tersely worded email saying surely this falls under discrimination laws in Australia (imagine they offered a product exclusive to Christians?) but they just ignored me.
Too bad, they lost me as a customer and I withdrew all my money from them and went to Pepperstone who let you have a swap-free account, no questions asked. Only downside is they do charge an admin charge if you hold a position open past 10 consecutive days, and that admin charge is generally the equivalent in swaps to holding that position open for 10 days, so you want to make sure that position is closed before 10 days!
Surely there must be a way to compel IC Markets to offer swap-free accounts to everyone, legally speaking. Anti-discrimination laws in Australia are pretty strong generally, but only if its a minority that is disadvantaged.
In Muslim countries they right in the passport, but other than that you need to bring official letter from Islamic agency or what ever it called in your country.
{quote} In Muslim countries they right in the passport, but other than that you need to bring official letter from Islamic agency or what ever it called in your country.
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Thanks for the reply, that's really interesting, I had no idea there was a way to prove it.
IC Markets only charge an overnight fee on exotic pairs, which they list on their website. They do not charge a fee, admin charge, etc, on any major or minor forex pairs or indices trading. This is a huge advantage if you wanted to say, go long EURUSD or hold an extended position on one of the indices pair like the US500.
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Yes, swap rates are skewed against traders, so unless your strategy has a bias towards the direction of positive carry, a swap free account is likely advantageous .
Account for swap rates in your backtests. I trade a system that has an average trade duration of just 1.8 days, and the net swap is already shaving 2% off my CAGR.
I have a swap free acc with ICM, and they still charge me for "holding Fee", that is what written in my MT4..but its smaller compare with normal acc which the swap eating my profit, as a swing trader this is mean a lot for me..
Is anyone holding short positions on USD/JPY? If it is no swap charged, it could be a great idea building up shorts on USD/JPY. It will coming down someday. hahaha
I have a swap free acc with ICM, and they still charge me for "holding Fee", that is what written in my MT4..but its smaller compare with normal acc which the swap eating my profit, as a swing trader this is mean a lot for me..
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thats weird im using mt5 icmarkets just per january my account got charged with holding fee, and now im looking for other broker which offer swap free and no holding fees
