Muslims and swaps | Forex Factory

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Muslims and swaps

  • #1
  • First Post: Dec 30, 2011 3:42am Dec 30, 2011 3:42am
What kind of sh*t is this? Seriously? Religion in financial sector, never heard before. Anyway, do brokers check your background? How can you prove you're muslim? I hold my positions for days and rollovers are killing me, so I want to be a muslim and not pay any interests. How should I go about telling my broker that?
  • #2
  • Dec 30, 2011 3:50am Dec 30, 2011 3:50am
Quoting govno
What kind of sh*t is this? Seriously? Religion in financial sector, never heard before. Anyway, do brokers check your background? How can you prove you're muslim? I hold my positions for days and rollovers are killing me, so I want to be a muslim and not pay any interests. How should I go about telling my broker that?
If you do not want to pay or receive interest then do not borrow or lend OR do it where no interest is involved.

There are brokers who do not charge or pay any swaps you need to find one.

Abdul Samad
  • #3
  • Dec 30, 2011 3:57am Dec 30, 2011 3:57am
That doesn't answer my question at all. I'm not looking for broker advice, I'm asking how is the process of determining your belief system done? Should I submit any papers or just classify as "muslim"?
  • #4
  • Dec 30, 2011 4:04am Dec 30, 2011 4:04am
Quoting govno
That doesn't answer my question at all. I'm not looking for broker advice, I'm asking how is the process of determining your belief system done? Should I submit any papers or just classify as "muslim"?
read the fine print , you know how they charge (cheat) them,


i have copeid from one of the brokers swap free condition .
Quote
in order to comply with Shariah Law, _________ does not charge interest on these accounts for open positions held overnight. Instead of being charged an overnight storage (swap) fee, clients with Swap-Free accounts are charged a fixed overnight handling charge. The charge ranges from 5 USD to 20 USD per lot.


in another word broker always charge swap , no fee credit.
Mohan
  • #5
  • Dec 30, 2011 4:18am Dec 30, 2011 4:18am
I didn't know that. Thanks.
  • #6
  • Edited 7:04am Dec 30, 2011 4:20am | Edited 7:04am
Quoting govno
I didn't know that. Thanks.
some scam broker offer real swap free account too, if you really want one
Mohan
  • #7
  • Dec 30, 2011 6:35am Dec 30, 2011 6:35am
Quoting govno
I didn't know that. Thanks.
No free lunches when it comes to the financial sector, you will always pay, just in different ways. Laughable concept the swap free account. You are paying interest, they just name it something else. Apparently, if you are religious, god is all powerful and all knowing. But people think they can fool him/her with loopholes. Very funny
  • #8
  • Dec 30, 2011 6:49am Dec 30, 2011 6:49am
check this out.

http://www.100forexbrokers.com/rollo...-free-accounts
  • #9
  • Last Post: Dec 30, 2011 6:58am Dec 30, 2011 6:58am
Quoting Agro
No free lunches when it comes to the financial sector, you will always pay, just in different ways. Laughable concept the swap free account. You are paying interest, they just name it something else. Apparently, if you are religious, god is all powerful and all knowing. But people think they can fool him/her with loopholes. Very funny
Well the first thing is that on a conventional account you SOMETIMES pay swap and you SOMETIMES make swap depending on which side of the trade you are, and secondly it varies according to INTEREST RATE's of different CB's.

On the other hand on a Swap account you ALWAYS have to pay the FEE whether you were short AU or long, you are gonna have to pay the FEE, which makes it very different from how the conventional swap accounts work so its not just a PLAY or TWIST OF WORDS.

and its always fixed, not based on IR's of CB's.
.
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