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SWAP free, rollover free Broker?

  • #1
  • First Post: May 22, 2016 9:50am May 22, 2016 9:50am
Can someone recommend from experience an HONEST, RELIABLE SWAP free, rollover free Broker?
  • #2
  • May 22, 2016 12:26pm May 22, 2016 12:26pm
Instaforex offers swap free accounts to any customer, but the more I do research on them, the more red flags keep on coming up....so pass on that one.

OctaFx does have a cTrader swap-free account (with weekend charges):

http://www.octafx.com/weekly-rollover/

Anybody have any thoughts on this broker?
  • #3
  • May 29, 2016 11:16pm May 29, 2016 11:16pm
@meyoik Hmm.. never tried it, deposit small and let the community know about your experience.
militarymonk
  • #4
  • Jun 1, 2016 3:10am Jun 1, 2016 3:10am
Quoting meyoik
Can someone recommend from experience an HONEST, RELIABLE SWAP free, rollover free Broker?
Be careful about swap free brokers cause they might have other hidden fees or payments. Just some food for thought.
  • #5
  • Jun 1, 2016 5:29pm Jun 1, 2016 5:29pm
Quoting meyoik
Can someone recommend from experience an HONEST, RELIABLE SWAP free, rollover free Broker?
Hotforex offers swap free account (but its for Muslims, so doesn't fit all). What do you mean under "rollover free"?
  • #6
  • Jun 2, 2016 5:47am Jun 2, 2016 5:47am
Quoting leebsurag
{quote} Hotforex offers swap free account (but its for Muslims, so doesn't fit all).
I think these are just two names of the same idea. I don't think they check whether you are a Muslim or not if you want a swap free acoount.
  • #7
  • Jun 4, 2016 4:55am Jun 4, 2016 4:55am
Quoting Johannas
{quote} Be careful about swap free brokers cause they might have other hidden fees or payments. Just some food for thought.
Indeed, that is what I am seeing more and more...if the sites are not full of red flags, they are VERY unclear about the rest of their commission model....or they can just nail you on the spread, requotes...

Quoting militarymonk
@meyoik Hmm.. never tried it, deposit small and let the community know about your experience.
Still searching, but will do when I find something
  • #8
  • Jun 6, 2016 6:33pm Jun 6, 2016 6:33pm
Quoting Johannas
{quote} I think these are just two names of the same idea. I don't think they check whether you are a Muslim or not if you want a swap free acoount.
As far as I know you need to upload some document from Mosque which confirms your faith. Regarding fees when I read HF T&S there was a small weekly fee, worth to see for traders which carry positions overnight.
Anyway I stick intraday so can't speak about pros and cons...make your own due diligence..
  • #9
  • Jun 7, 2016 8:25am Jun 7, 2016 8:25am
Quoting leebsurag
{quote} As far as I know you need to upload some document from Mosque which confirms your faith. Regarding fees when I read HF T&S there was a small weekly fee, worth to see for traders which carry positions overnight. Anyway I stick intraday so can't speak about pros and cons...make your own due diligence..
Really? Thank you for clarifying it to me, I wasn't sure about it. Well, it sounds complicated now...
  • #10
  • Jun 10, 2016 1:27pm Jun 10, 2016 1:27pm
Quoting meyoik
Instaforex offers swap free accounts to any customer, but the more I do research on them, the more red flags keep on coming up....so pass on that one. OctaFx does have a cTrader swap-free account (with weekend charges): http://www.octafx.com/weekly-rollover/ Anybody have any thoughts on this broker?
I am already using this; I think it’s pretty fear deal by OctaFX, at least for me. I wasn’t required to give extra verification proof for operating this type of account since it’s basically to do with opening account where we can simply tick on swap free or other way. I hate brokers asking us to proof these things; it just makes things unnecessary stretch. Instaforex have similar service with allowing one to select right at opening, but their support is amongst the worst.
  • #11
  • Jun 11, 2016 4:40am Jun 11, 2016 4:40am
Quoting Fedricks
{quote} I am already using this; I think its pretty fear deal by OctaFX, at least for me. I wasnt required to give extra verification proof for operating this type of account since its basically to do with opening account where we can simply tick on swap free or other way. I hate brokers asking us to proof these things; it just makes things unnecessary stretch. Instaforex have similar service with allowing one to select right at opening, but their support is amongst the worst.
Hi Fedricks, I have spoken with quite a few people that ended up getting a swap free account, and their complaint is that they get higher spreads, more requotes, or some other scheme to compensate for the fact they "forgive" you swap costs.

Have you experienced something like this?
  • #12
  • Jun 11, 2016 6:56am Jun 11, 2016 6:56am
Quoting meyoik
{quote} Hi Fedricks, I have spoken with quite a few people that ended up getting a swap free account, and their complaint is that they get higher spreads, more requotes, or some other scheme to compensate for the fact they "forgive" you swap costs. Have you experienced something like this?
Honestly, I haven’t heard of anything like that and also never experienced it. I mean we’re talking about swap free as an option; it’s not like having separate account, at least that’s what with OctaFX. So, the best way to avoid such stuff which you mention is to locate broker that got similar account for swap/swap free since then there won’t be any higher cost as far spread goes but if you got with broker that have separate swap free account then what you said might be true.
  • #13
  • Jun 11, 2016 7:50am Jun 11, 2016 7:50am
Quoting Fedricks
{quote} Honestly, I havent heard of anything like that and also never experienced it. I mean were talking about swap free as an option; its not like having separate account, at least thats what with OctaFX. So, the best way to avoid such stuff which you mention is to locate broker that got similar account for swap/swap free since then there wont be any higher cost as far spread goes but if you got with broker that have separate swap free account then what you said might be true.
OK, who do you have this account with, OctaFX regulated by CySEC, or OctaFX regulated by the FCA?
  • #14
  • Jun 15, 2016 6:56am Jun 15, 2016 6:56am
Quoting meyoik
{quote} OK, who do you have this account with, OctaFX regulated by CySEC, or OctaFX regulated by the FCA?
CySEC or FCA? i don't think that's here, at least not i know about it., but anyway i am sorry, I am unable to understand what you meant there, I don’t think Octafx is regulated by any of those you mention, it will be better if you simply check through their web site, but if anything else you wanted to ask then you can please ask in bit detail as I wasn’t able to get it where you were looking for as you might have got it wrong about regulation.
  • #15
  • Jun 17, 2016 3:13am Jun 17, 2016 3:13am
Quoting meyoik
Can someone recommend from experience an HONEST, RELIABLE SWAP free, rollover free Broker?
Are you from Muslim countries? Some brokers are providing islamic account and it's free swap (rollover fee). If you're not, I think it's impossible to have freeswap, or some broker can give you a short swap-free period.
  • #16
  • Last Post: Jun 19, 2016 7:33pm Jun 19, 2016 7:33pm
Quoting hoangforex
{quote} Are you from Muslim countries? Some brokers are providing islamic account and it's free swap (rollover fee). If you're not, I think it's impossible to have freeswap, or some broker can give you a short swap-free period.
Where you heard from mate, I am working with OctaFX and I too use swap free account, but apart from this I can name many brokers that allows us to operate with swap free account like Ifx, FreshForex and many like those, so I found it surprising you call it impossible, I believe now days broker are not really forcing anyone to operate swap account unless they wish like it which for me is really good, but again I never mean this for all brokers, but I meant by many.
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