Oanda now has interest free accounts. | Forex Factory

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Oanda now has interest free accounts.

  • #1
  • First Post: Nov 1, 2009 4:51am Nov 1, 2009 4:51am
It's true.
  • #2
  • Nov 1, 2009 5:35am Nov 1, 2009 5:35am
Quoting Dopey
Oanda now has interest free accounts. It's true.
What does that mean? Please explain.
  • #3
  • Nov 1, 2009 7:43am Nov 1, 2009 7:43am
what you want to say with that?
  • #4
  • Nov 2, 2009 3:26am Nov 2, 2009 3:26am
Quoting pounce
What does that mean? Please explain.
It means they will open a swap-free account for Muslims. This means no interest is paid or collected on your positions.
  • #5
  • Nov 2, 2009 3:35am Nov 2, 2009 3:35am
Woah there. Now that's interesting news, thanks for that! (Even though I'm not muslim and won't get such an account)
  • #6
  • Nov 2, 2009 9:30am Nov 2, 2009 9:30am
I hope that MB Trading follow those big boys, I can't stop thinking about switching between these 2
  • #7
  • Nov 2, 2009 9:45am Nov 2, 2009 9:45am
How would one go about opening such an account? I don't see an announcement on their website.

Also, are there any rules attached to it? I somehow doubt they will just eat the carry if people start to use this to hedge their +ve carry trades at another broker for a free lunch.
  • #8
  • Nov 2, 2009 1:11pm Nov 2, 2009 1:11pm
Quoting shrike
How would one go about opening such an account? I don't see an announcement on their website.

Also, are there any rules attached to it? I somehow doubt they will just eat the carry if people start to use this to hedge their +ve carry trades at another broker for a free lunch.
I think it might be only through their Dubai branch. It's for Muslims because of their religious prohibition against interest. How they will go about proving you're a muslim is beyond me. It's pretty safe to say that any one in this country with an Arabic name is a muslim though, so that may be all they require.
  • #9
  • Nov 2, 2009 1:32pm Nov 2, 2009 1:32pm
I'm in touch with the Dubai branch and I'm going to find a little more about the interest free accounts..
  • #10
  • Nov 2, 2009 1:42pm Nov 2, 2009 1:42pm
Quoting Dopey
It's pretty safe to say that any one in this country with an Arabic name is a muslim though, so that may be all they require.
Hm, so would changing my name to abdul999 do the trick I wonder?
Ain't gonna give up BBQ ribs though, nope, no way.
  • #11
  • Nov 5, 2009 6:36am Nov 5, 2009 6:36am
I emailed them about it
Here is their reply:

Thank you for contacting OANDA.

It maybe a possibility in the future that we may introduce this type of account,. however at this point in time we do not offer Swap Free accounts.

Kind regards,
OANDA FXTrade Team
  • #12
  • Nov 5, 2009 6:54am Nov 5, 2009 6:54am
Quoting forexwoman
I emailed them about it
Here is their reply:

Thank you for contacting OANDA.

It maybe a possibility in the future that we may introduce this type of account,. however at this point in time we do not offer Swap Free accounts.

Kind regards,
OANDA FXTrade Team
thanks, this thread showed me how easy it is to assume things with out doing my own research, look at all the replies and not one person bother to check if oanda realy offer swap free accounts.
  • #13
  • Nov 5, 2009 7:10am Nov 5, 2009 7:10am
Quoting BiggerPips
thanks, this thread showed me how easy it is to assume things with out doing my own research, look at all the replies and not one person bother to check if oanda realy offer swap free accounts.
So what?
  • #14
  • Nov 5, 2009 7:36am Nov 5, 2009 7:36am
Quoting BiggerPips
thanks, this thread showed me how easy it is to assume things with out doing my own research, look at all the replies and not one person bother to check if oanda realy offer swap free accounts.
Well, I've been speaking with John Woods, the head of Oanda in Dubai. I called him when the Dubai office opened and asked about it. He called me the other day and told me the no-swap accounts were now available. He's trying to get my managed money business.

So, it's not an assumption, it's fact.
  • #15
  • Nov 5, 2009 8:46am Nov 5, 2009 8:46am
The only disadvantage that they dont support MT4.
  • #16
  • Nov 5, 2009 8:55am Nov 5, 2009 8:55am
Quoting kijkij
The only disadvantage that they dont support MT4.
That's one of the benefits and one of the reasons why I use them.
  • #17
  • Nov 5, 2009 10:58am Nov 5, 2009 10:58am
Quoting BiggerPips
thanks, this thread showed me how easy it is to assume things with out doing my own research, look at all the replies and not one person bother to check if oanda realy offer swap free accounts.
Congratulations! You validated your own post. You dismissed what Dopey posted based on what someone else posted after him. Without asking for, or checking with, Dopey's source.

For the record, I haven't called Oanda either, because I'm not Muslim and don't live in Dubai. But I have found Dopey's posts to be well-researched and exceptionally reliable. And I doubt that forexwoman made up her reply from thin air either. Just shows how unreliable and uninformed electronic customer service can be.
  • #18
  • Nov 5, 2009 11:22am Nov 5, 2009 11:22am
  • #19
  • Nov 5, 2009 1:27pm Nov 5, 2009 1:27pm
Quoting BiggerPips
Thanks for being a good sport.
There are lessons for us all in this short thread.
On one hand we're supposed to prove and verify everything all the time, on the other, we're speculators and have to make educated guesses every day. No wonder we're conflicted.
  • #20
  • Feb 27, 2010 12:26pm Feb 27, 2010 12:26pm
Quoting billflet
Thanks for being a good sport.
There are lessons for us all in this short thread.
On one hand we're supposed to prove and verify everything all the time, on the other, we're speculators and have to make educated guesses every day. No wonder we're conflicted.
This is the information overload we deal with on a daily basis. I think this is one of those professions that fit in the category that has the highest information inputs:
researchers
politicians
Military
trading
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