Brokers with swap-free accounts | Forex Factory

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Brokers with swap-free accounts

  • #1
  • First Post: Apr 6, 2012 3:07am Apr 6, 2012 3:07am
Hello, traders!
Anyone know brokers with swap-free account? Did use them? What are the best?
  • #2
  • Apr 6, 2012 3:35am Apr 6, 2012 3:35am
Please, help me. I need this information for my friend. He can't trade with swaps because of his religious believes. And I want to know brokers who have good reputation and have swap-free accounts.
  • #3
  • Apr 6, 2012 4:49am Apr 6, 2012 4:49am
Quoting PeterParker
Hello, traders!
Anyone know brokers with swap-free account? Did use them? What are the best?
Take a look at Tadawul FX, they offer swap free accounts
  • #4
  • Edited 6:04am Apr 6, 2012 5:07am | Edited 6:04am
Oh, thanks for your advise. The matter is that Tadawul minimum deposit is 500$. And my friend wants to try depositing less money, starting from 10$ even. And they have spreads from 1pip. My friend needs smth starting from 0,1 pip. Maybe, somebody knows other brokers?
  • #5
  • Apr 6, 2012 4:01pm Apr 6, 2012 4:01pm
Well if you/he is going to start with $10, you/he might as well just paper trade. There is no need to pay any evil interest when paper-trading.

Btw, you should be aware that those that offer so called "swap-free" accounts charge an extra fee for it. So there is no difference. In fact sometimes you end up paying more. (just in case you are considering faking your religion just to get such an account. It's okay I'm sure we all thought about that at one point, lol)

This raises the question as to why would someone be okay with paying a fee for being muslim, but not be okay with paying the regular fee just because it's called "interest". Just saying.
  • #6
  • Apr 7, 2012 8:02am Apr 7, 2012 8:02am
Quoting Marv
This raises the question as to why would someone be okay with paying a fee for being muslim, but not be okay with paying the regular fee just because it's called "interest". Just saying.
I can agree with you:-) But is it really so that those brokers who have swap-free accounts have always other commissions? It's very unfair to traders. I'm not a muslim, but I'm also interested in swap-free accounts because I have no luck with swaps))) Many brokers ask your IDs and check if you're a muslim. I want to find a broker that doesn't require any documents for oppening a swap-free account
  • #7
  • Apr 7, 2012 12:16pm Apr 7, 2012 12:16pm
Quoting PeterParker
But is it really so that those brokers who have swap-free accounts have always other commissions?
To my knowledge yes. But I didn't bother look for that long especially since I became more of a scalper/daytrader. Maybe others know better.
  • #8
  • Apr 7, 2012 1:01pm Apr 7, 2012 1:01pm
Quoting Marv
Well if you/he is going to start with $10, you/he might as well just paper trade. There is no need to pay any evil interest when paper-trading.

Btw, you should be aware that those that offer so called "swap-free" accounts charge an extra fee for it. So there is no difference. In fact sometimes you end up paying more. (just in case you are considering faking your religion just to get such an account. It's okay I'm sure we all thought about that at one point, lol)

This raises the question as to why would someone be okay with paying a fee for being...
Exactly!

Most brokers that do offer swap free accounts will either raise the spreads (Alpari, FXCM) on these accounts or require an additional commission (forex.com) which still is like paying for interest incurred on your overnight positions, the only draw down being, like Marv said, that you actually end up paying more.

Your best bet for true Islamic trading is to get your hands on a broker that doesn't alter the conditions for the special swap free accounts in any way except by maybe keeping a limit of "X" number of days you can hold a trade before it starts to get charged with swap or an additional commission for everyday that it stays in the market beyond the X number of days. IronFX, I know, has a limit of 10 days after which your trade if still in the market will incur an extra commission every day (which is still a problem if you are long term trader and like holding trades beyond 10 days quite frequently).

You may also want to try FXDD, FXOPEN, and OANDA. These are three "in the news" brokers that I know of as ones that offer swap free accounts and who don't alter their trading conditions for Muslim clients.

hope this helps.

g.
I believe . . .
  • #9
  • Edited Apr 10, 2012 1:42am Apr 9, 2012 3:15am | Edited Apr 10, 2012 1:42am
Thanks for your answers and recommendations. I appreciate it very much. I've been thinking about those brokers which you gave me. But also I've been searching in internet information about swap-free accounts and comissions on them. It's quite interesting that AccentForex, which is comparatively a young broker,that offers swap-free accounts withougt anu comissions and allows a min. deposit starting from 10$. Anybody worked with Accentforex?
  • #10
  • Apr 10, 2012 3:50am Apr 10, 2012 3:50am
Quoting PeterParker
Thanks for your answers and recommendations. I appreciate it very much. I've been thinking about those brokers which you gave me. But also I've been searching in internet information about swap-free accounts and comissions on them. It's quite interesting that AccentForex, which is comparatively a young broker,that offers swap-free accounts withougt anu comissions and allows a min. deposit starting from 10$. Anybody worked with Accentforex?


Hi PeterParker,

Tadawul FX offers Islamic Trading Accounts that are swap free (no Riba) and that don’t have any extra fees or commission. Our Islamic Accounts also don’t have any spread widening, which is often the case with other brokers as a means to ‘compensate’ for not charging any interest or fees.

Just to update you, Tadawul FX was founded in 2006 and was one of the first forex brokers to offer true Islamic accounts, and until this day our Islamic Accounts have some of the best conditions in the industry (if not the best J). Tadawul FX has actually received 3 awards last year for the conditions offered with these accounts.

If you would like any further info, feel free to contact our Support Team and they will be very glad to answer all your questions.

Best regards,
  • #11
  • Apr 10, 2012 4:09am Apr 10, 2012 4:09am
Quoting TDFX
Hi PeterParker,

Tadawul FX offers Islamic Trading Accounts that are swap free (no Riba) and that don’t have any extra fees or commission. Our Islamic Accounts also don’t have any spread widening, which is often the case with other brokers as a means to ‘compensate’ for not charging any interest or fees.

Just to update you, Tadawul FX was founded in 2006 and was one of the first forex brokers to offer true Islamic accounts, and until this day our Islamic Accounts have some of the best conditions in the industry (if not the best [font=Verdana]J)....

So, as far as I understand Tadawul is not an STP broker? If it is STP broker how can you explain that fact that spreads are not widen while at Interbank forex market they are dynamic?
  • #12
  • Apr 10, 2012 7:29am Apr 10, 2012 7:29am
Quoting PeterParker
So, as far as I understand Tadawul is not an STP broker? If it is STP broker how can you explain that fact that spreads are not widen while at Interbank forex market they are dynamic?

Hi PeterParker,

Please note that an STP broker can choose to offer variable or fixed spreads, depending on the policies the particular company decides to adapt. In our case, Tadawul FX adapted the “fixed spread policy.”

In a nutshell, being an STP broker simply means that the company routes clients’ orders to the various liquidity providers the company works with, and makes money on the spread mark up. As a result, generally speaking STP brokers are interested in having their clients make money while trading because if a client makes profit, this usually means he is happy trading and will therefore trade longer. The more volume the client generates, the better it is for the company (not to mention the client J).

Regards,
  • #13
  • Apr 12, 2012 1:40am Apr 12, 2012 1:40am
Quoting TDFX
Hi PeterParker,

Please note that an STP broker can choose to offer variable or fixed spreads, depending on the policies the particular company decides to adapt. In our case, Tadawul FX adapted the “fixed spread policy.”

[color=black][font=Verdana]In a nutshell, being an STP broker simply means that the company routes clients’ orders to the various liquidity providers the company works with, and makes money on the spread mark up. As a result, generally speaking...
I understand the matter. But before that You've told me that You don't widen spread. If we consider that spread on Interbank market is dynamic hence we come to conclusion that You've widen it to maximum. This means that even here You're are trying to cheat me. STP broker earns on comissions but not on spread's widening.
  • #14
  • Apr 12, 2012 3:45am Apr 12, 2012 3:45am
Quoting PeterParker
I understand the matter. But before that You've told me that You don't widen spread. If we consider that spread on Interbank market is dynamic hence we come to conclusion that You've widen it to maximum. This means that even here You're are trying to cheat me. STP broker earns on comissions but not on spread's widening.
Hi PeterParker,

Please note that Tadawul FX, as do most Forex brokers, works with multiple liquidity providers, and this is the very reason why Tadawul FX is able to offer not only fixed spreads, but also competitive spreads. If one liquidity provider we work with widened its spreads, we go with another provider whose spreads are lower, therefore offering our traders fixed and competitive spreads at all times. It’s really just a matter of going with the most competitive provider at any given moment.

Whether you choose to work with an STP that offers fixed or variable spreads, is entirely your choice. Some people prefer fixed spreads, others floating. Whats more important is the overall trading experience you have with the broker, the trading conditions the broker offers and the support you receive whenever you have any questions or problems. I would personally recommend that when looking for a new company to trade with, besides checking if the broker is STP with floating/fixed spreads, you also should consider the reputation it has by reviewing different forums, check the spreads offered, test the execution, speak with Customer Support to see if they are helpful, professional and responsive and check if the broker is regulated and offers protection of clients’ funds. Also its important to see how long the broker has been around, so to ensure that the company has some history and will not close down as fast as it opened.

Regards,
  • #15
  • Apr 12, 2012 4:47am Apr 12, 2012 4:47am
Quoting TDFX
Hi PeterParker,

[size=3][font=Calibri]Please note that Tadawul FX, as do most Forex brokers, works with multiple liquidity providers, and this is the very reason why Tadawul FX is able to offer not only fixed spreads, but also competitive spreads. If one liquidity provider we work with widened its spreads, we go with another provider whose spreads are lower, therefore offering our traders fixed and competitive spreads at all times. It’s really just a matter...
To summarize: TadawalFX is not STP and is a market maker. You can do it in fewer words.

Also You can't place stop or limit to the pip within Tadawal FX as you have minimal required distance. Brokers do that to protect their a$$es as they don't stream 100% of the orders to the market ( not STP! ) and as their spread is not the REAL tradable spread.

13
Brokers are angels
  • #16
  • Apr 12, 2012 4:48am Apr 12, 2012 4:48am
Quoting TDFX
Hi PeterParker,

[size=3][font=Calibri]Please note that Tadawul FX, as do most Forex brokers, works with multiple liquidity providers, and this is the very reason why Tadawul FX is able to offer not only fixed spreads, but also competitive spreads. If one liquidity provider we work with widened its spreads, we go with another provider whose spreads are lower, therefore offering our traders fixed and competitive spreads at all times. It’s really just a matter of going with the most competitive provider...
Currency pairs EUR/USD on Interbank market has spread from 0.1 to endlessness. You make fixed spread 1 or 2 pips. During news on Interbank market spread rises up to 20 pips. In what way are you going to execute orders? Are you going to work at a loss???And for how long?Or are you working against your clients?And could you be so kind to comment on rewiews about tadawul on Earnforex.
Regards
  • #17
  • Apr 12, 2012 5:11am Apr 12, 2012 5:11am
swap or roll has it's benefits especially if you are a position trader.

Why would you want an account with NO SWAP?

Furthermore if you are a day trader and don't hold past the end of whatever your GMT day end is than you are not "rolling over" your trades anyway and the point then becomes moot.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #18
  • Apr 12, 2012 8:11am Apr 12, 2012 8:11am
Quoting PeterParker
Currency pairs EUR/USD on Interbank market has spread from 0.1 to endlessness. You make fixed spread 1 or 2 pips. During news on Interbank market spread rises up to 20 pips. In what way are you going to execute orders? Are you going to work at a loss???And for how long?Or are you working against your clients?And could you be so kind to comment on rewiews about tadawul on Earnforex.
Regards
Hi again Peter,

In times of high volatility, unfortunately no bank or broker can guarantee a price. If they can, then I would be really weary because the company is not operating in the real market and offering real trading conditions. A such, if the rate is not available in the market, then Tadawul FX can not offer a rate that does not exist. Instead you will get the next best available rate. Generally speaking, with any broker (whether the broker offers fixed spreads or variable spreads) if you are trying to close/open an order in a turbulent market, you will either get a requote or slippage, depending on the broker’s policy, because executing trades at non exist prices is not possible (unless the broker is working in a ‘virtual’ market which should be a major concern).

Regarding earnforex, there is a combination of positivea nd negative reviews there as is the case with all other brokers on the forum as well. Each negative post was investigate by our team, and I can confirm that most of the ‘negative’ posts were either written by individuals whose identity or case we cannot confirm (which makes me think its our competitors) or were thoroughly investigated, by contacting the client to clarify and resolve all issues. Client feedback is very important to us, so we always try to give our clients the best support possible and make sure all issues are resolved in an factual, fair and professional manner with evidence presented whereever possible.

Thanks,
  • #19
  • Apr 13, 2012 2:16am Apr 13, 2012 2:16am
Quoting TDFX
Hi again Peter,

[size=3][font=Calibri]In times of high volatility, unfortunately no bank or broker can guarantee a price. If they can, then I would be really weary because the company is not operating in the real market and offering real trading conditions. A such, if the rate is not available in the market, then Tadawul FX can not offer a rate that does not exist. Instead you will get the next best available rate. Generally speaking, with any broker (whether the broker...
So you admit here the fixed spread is a lie as the price show is not a tradeable price! WHILE it's higher than usual interbank spread while there is no news lol. So you offer higher spread for no better execution. In other words you get more commission for No return for customers. Ah also we agree you have REQUOTES & virtual dealer in house

13
Brokers are angels
  • #20
  • Apr 13, 2012 3:16am Apr 13, 2012 3:16am
Quoting TDFX

[size=3][font=Calibri]In times of high volatility, unfortunately no bank or broker can guarantee a price. If they can, then I would be really weary because the company is not operating in the real market and offering real trading conditions. A such, if the rate is not available in the market, then Tadawul FX can not offer a rate that does not exist. Instead you will get the next best available rate. Generally speaking, with any broker (whether the broker offers fixed spreads or variable spreads) if you are...
The reall STP broker could not have requotes, NEVER. If you have foxed spread and requotes it means only that you're a common market maker that works agins traders and earns on traders loses.
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