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Broker commissions/premiums

  • #1
  • First Post: Jan 9, 2014 3:34am Jan 9, 2014 3:34am
Hello!

Are there any online brokers which does not request to pay a premium, for instance, for holding a position open
for more than 24 hours?

Thanks!
  • #2
  • Jan 14, 2014 10:47pm Jan 14, 2014 10:47pm
Any market maker that offers a swap free option/ account
  • #3
  • Jan 15, 2014 1:44am Jan 15, 2014 1:44am
Hotforex offers free-swap account but you must be a Muslim (Islamic account).
  • #4
  • Jan 15, 2014 4:31am Jan 15, 2014 4:31am
http://www.100forexbrokers.com/rollo...-free-accounts
  • #5
  • Jan 15, 2014 11:09am Jan 15, 2014 11:09am
Swap free accounts are for Muslims only. (Wonder how they prove their religion.)

But swap can be a good thing too if you are on the getting payed side of the swap.
  • #6
  • Jan 16, 2014 2:48am Jan 16, 2014 2:48am
When I first tried to find a swap-free account as topic owner. I thought Islamic account is just a normal account that everyone can open, but after contacting the support. They say I have to prove I am a Muslim, from a Islamic country (as India). I think you have to send the broker your ID card Is there any Indian trader here, explain it.

I think swap fee is not a problem if your trades win.
  • #7
  • Jan 16, 2014 7:34am Jan 16, 2014 7:34am
Not to be pedantic but India is not a muslim country, you may want to try something from Middle east, like Iran or Syria
  • #8
  • Jan 16, 2014 7:58am Jan 16, 2014 7:58am
An ID stating that your religion is Islam is a type of proof. Yes, India is not a Muslim country. Still, it has a huge Muslim population.
  • #9
  • Jan 17, 2014 1:25am Jan 17, 2014 1:25am
I always think India is a Muslim country, thanks for information. Actually the broker only need me to prove I am a Muslim.
  • #10
  • Jan 17, 2014 12:25pm Jan 17, 2014 12:25pm
Quoting undergroundz
I always think India is a Muslim country, thanks for information. Actually the broker only need me to prove I am a Muslim.
No prbs, yeah they do have a huge muslim population but the majority belong to other faiths..which kind of makes it an interesting country but that's for another thread. On swap accounts, do the brokers require specific identity docs to verify that you are a muslim? Just curious..
  • #11
  • Apr 14, 2014 2:53am Apr 14, 2014 2:53am
Quoting rPIP
Swap free accounts are for Muslims only. (Wonder how they prove their religion.) But swap can be a good thing too if you are on the getting payed side of the swap.
REALLY???!!! All you have to do is become a Muslim and you get to have swap-free accounts? Wow!!! Does it matter that I am from a non-Muslim country? I promise I will become a Muslim. This will REALLY help with my trading. You have no idea how many times I had to close the trade because I didn't want to pay swaps.

How do you initiate into the Islam faith?
Make your losses in demo. Earn your profits live.
  • #12
  • Apr 15, 2014 3:44am Apr 15, 2014 3:44am
Quoting rPIP
Swap free accounts are for Muslims only. (Wonder how they prove their religion.) But swap can be a good thing too if you are on the getting payed side of the swap.
I think your ID would show you are a Muslim. I also see some trader take advantage on swap to earn money.
  • #13
  • May 8, 2014 11:57am May 8, 2014 11:57am
[quote]
Quoting Forexia
{quote} REALLY???!!! All you have to do is become a Muslim and you get to have swap-free accounts? Wow!!! Does it matter that I am from a non-Muslim country? I promise I will become a Muslim. This will REALLY help with my trading. You have no idea how many times I had to close the trade because I didn't want to pay swaps. How do you initiate into the Islam faith?[/quotecte]
Well, I don't know if there is an Islamic certificate or something to identify if a user is a muslim. Their religion has a law against interest, although they might have found workarounds. (I am not sure about this anyway.) And don't think not paying swap will help your trading as you are also paid swap by the broker. And how does one become a Muslim? - try getting circumcised (no offense intended, just kidding)

Quoting undergroundz
{quote} I think your ID would show you are a Muslim. I also see some trader take advantage on swap to earn money.
Where I live we don't mention religion in our IDs. But definetly a Muslim may have some Arabic name.
  • #14
  • May 8, 2014 5:14pm May 8, 2014 5:14pm
[quote=rPIP;7457486]
Quote
{quote} Well, I don't know if there is an Islamic certificate or something to identify if a user is a muslim. Their religion has a law against interest, although they might have found workarounds. (I am not sure about this anyway.) And don't think not paying swap will help your trading as you are also paid swap by the broker. And how does one become a Muslim? - try getting circumcised (no offense intended, just kidding) {quote} Where I live we don't mention religion in our IDs. But definetly a Muslim may have some Arabic name.


There is nothing free in this world a swap free account will have a hidden cost somewhere .
  • #15
  • May 8, 2014 6:08pm May 8, 2014 6:08pm
Do you mean swap? Many brokers now provide swap free when opening account

Quoting captialfm
Hello! Are there any online brokers which does not request to pay a premium, for instance, for holding a position open for more than 24 hours? Thanks!
  • #16
  • May 9, 2014 12:15pm May 9, 2014 12:15pm
Some brokers ask for more commission for swap-free accounts.
  • #17
  • May 9, 2014 12:57pm May 9, 2014 12:57pm
[quote=rPIP;7457486]
Quote
{quote} Well, I don't know if there is an Islamic certificate or something to identify if a user is a muslim. Their religion has a law against interest, although they might have found workarounds. (I am not sure about this anyway.) And don't think not paying swap will help your trading as you are also paid swap by the broker. And how does one become a Muslim? - try getting circumcised (no offense intended, just kidding) {quote} Where I live we don't mention religion in our IDs. But definetly a Muslim may have some Arabic name.

That's not true. Islam is a very prolific religion with members all over the world right now even including blond-hair, blue-eyed "westerners" and their name could very well be "John Smith". China is another example, there are lots of Muslims living in China and their name is very much Chinese. I don't want to start a debate but Muslim is a cool religion; it's some practitioners of it that are not cool.

Nevertheless, saving on swaps should still help with trading considering you can earn swaps on TWO currencies, AUD and NZD.
Make your losses in demo. Earn your profits live.
  • #18
  • May 9, 2014 1:00pm May 9, 2014 1:00pm
Quoting kaas
Some brokers ask for more commission for swap-free accounts.
Make sense. Nowadays with the market flat like this and everybody holding positions, swaps is what all brokers live on. Even if they charge higher commission for swap-free accounts, if the traders don't trade, the brokerage will still die.
Make your losses in demo. Earn your profits live.
  • #19
  • Jun 24, 2014 3:49pm Jun 24, 2014 3:49pm
Quoting Forexia
{quote} REALLY???!!! All you have to do is become a Muslim and you get to have swap-free accounts? Wow!!! Does it matter that I am from a non-Muslim country? I promise I will become a Muslim. This will REALLY help with my trading. You have no idea how many times I had to close the trade because I didn't want to pay swaps. How do you initiate into the Islam faith?
Did you ever find a SWAP free account? Looking to open one.
Faith ends where worry begins, and worry ends where faith begins.
  • #20
  • Last Post: Jul 1, 2014 12:30am Jul 1, 2014 12:30am
Quoting forexvegan
{quote} Did you ever find a SWAP free account? Looking to open one.
There are swap-free accounts offered by many brokers. The key is you have to be Muslim to be able to open them. And I am not Muslim, that's the problem. So for me, I have to find out how to become Muslim first.
Make your losses in demo. Earn your profits live.
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