Are there any US brokers that have no swap accounts? | Forex Factory

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Are there any US brokers that have no swap accounts?

  • #1
  • First Post: Jun 14, 2007 6:17pm Jun 14, 2007 6:17pm
Looking for brokers that don't charge daily swap. I know there are some off shore brokers that will give you a no interesting bearing account. I am looking for one that is reliable, registered with NFA,etc. Any help would be appreciated.
  • #2
  • Sep 28, 2007 1:43pm Sep 28, 2007 1:43pm
Hi jperna. Did you find reliable forex broker which doesnīt charge daily swap ??? Thank you for the answer.
  • #3
  • Sep 28, 2007 2:01pm Sep 28, 2007 2:01pm
Be warned, the no-swap bucket shops were reportedly not paying interest credits, but were still debiting for negative interest positions. There is no free lunch, the very notion of a no swap account is a logical fallacy, as it would present an arbitrage scenario. It's the guise of shadey off-shore bucket shops hoping to lure the unsuspecting.
  • #4
  • Feb 25, 2008 4:24am Feb 25, 2008 4:24am
Jperna,

If you are thinking of the Long GBPJPY on a swap paying broker and hedge it with a SHORT GBPJPY on a swap free broker, you will be in for a surprise!

Most Swap free brokers, even if you or the broker (or both) are muslim, they will charge you a corresponding fee if you held the position long enough to suspect you are doing the hedge!

How long is Long to be suspecious?

I was charged swap fees on my 3rd day. Some brokers would penalize you after a week, some after 2 weeks..
  • #5
  • Mar 6, 2008 4:28am Mar 6, 2008 4:28am
I know some one using Crownforex.com with no swap. They are in Switzerland. He is doing a hedge making 3-4% per month. So far, no problems.
  • #6
  • Aug 11, 2008 12:33pm Aug 11, 2008 12:33pm
Quoting alllivemind
I know some one using Crownforex.com with no swap. They are in Switzerland. He is doing a hedge making 3-4% per month. So far, no problems.
Not sure, this guys have terrible service, and I feel its something fishy about them.

Donīt trade with crown find anything else with no swap.
The market can stay irrational, longer than you can stay solvent.
  • #7
  • Aug 13, 2008 10:42am Aug 13, 2008 10:42am
Quoting Trader KGB
Be warned, the no-swap bucket shops were reportedly not paying interest credits, but were still debiting for negative interest positions. There is no free lunch, the very notion of a no swap account is a logical fallacy, as it would present an arbitrage scenario. It's the guise of shadey off-shore bucket shops hoping to lure the unsuspecting.

FXsol offers it, arent they a well known broker?with a clean record?
  • #8
  • Aug 13, 2008 12:49pm Aug 13, 2008 12:49pm
Quoting BurgerKing
Jperna,

If you are thinking of the Long GBPJPY on a swap paying broker and hedge it with a SHORT GBPJPY on a swap free broker, you will be in for a surprise!

Most Swap free brokers, even if you or the broker (or both) are muslim, they will charge you a corresponding fee if you held the position long enough to suspect you are doing the hedge!

How long is Long to be suspecious?

I was charged swap fees on my 3rd day. Some brokers would penalize you after a week, some after 2 weeks..
Donīt get why muslims need a swap-free account and what about christians? LOL!!!
  • #9
  • Aug 13, 2008 1:46pm Aug 13, 2008 1:46pm
Quoting jperna
Looking for brokers that don't charge daily swap. I know there are some off shore brokers that will give you a no interesting bearing account. I am looking for one that is reliable, registered with NFA,etc. Any help would be appreciated.
Forex Club ( preferred brokers) offer no-swap accounts on their ExpressFX trading platform.
Go check them.
  • #10
  • Aug 30, 2008 4:29am Aug 30, 2008 4:29am
Quoting suspect
Donīt get why muslims need a swap-free account and what about christians? LOL!!!
Muslims keep to the shariah law which prohibits interest paid on anything.
  • #11
  • Nov 6, 2009 9:23am Nov 6, 2009 9:23am
yeah i asked IBFX and they charge fees for their no swap accounts.
But one thing for sure they are no scam
at least we know the fees.....
any other broker to suggest?
  • #12
  • Dec 18, 2009 4:48pm Dec 18, 2009 4:48pm
Hey all-- Just FYI, Interbank FX no-swap accounts will earn or pay a weekly fee based on the trades that remain open after the market closes on Friday.

Have a good weekend .

~Abigail
  • #13
  • Last Post: Dec 18, 2009 5:12pm Dec 18, 2009 5:12pm
Quoting Abigail
Hey all-- Just FYI, Interbank FX no-swap accounts will earn or pay a weekly fee based on the trades that remain open after the market closes on Friday.

Have a good weekend .

~Abigail
How is the weekly fee calculated? If it's based on the lot size, how is that any different than swap?
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