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A swap-free Broker Needed
Oct 04, 2017 at 07:21
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19 Replies
Oct 04, 2017 at 07:21
i was wondering if any one can recommend a swap free brokers for a non muslims.....if sending a link will violate fxbook rules then you can send it as a private message (am sure thats not against any rule)
my present broker is milking me dry with there swap (crying) since am a swing trader, please i will really appreciate your effort thanks
my present broker is milking me dry with there swap (crying) since am a swing trader, please i will really appreciate your effort thanks
Tomorrow is far away but yesterday is so close.
Membro Desde Dec 04, 2010
1447 posts
Oct 12, 2017 at 01:08
Wamski posted:which one? please PM me:)
Thanks for your response but i just found one.😉
Oct 13, 2017 at 09:00
BaldoN posted:
Just have in mind, that the brokers will force you to close all positions once you hold the positions for more then few days and especially in pairs having high swap income :)
i contacted my broker and they gave me the assurance that they do not do stuffs like that.
Tomorrow is far away but yesterday is so close.
Membro Desde Dec 11, 2015
1462 posts
Oct 13, 2017 at 14:01
(editado Oct 13, 2017 at 14:04)
Like Tiffany, as far as I know, if you want to have a swap-free account you’d need an Islamic account.
That said, keep in mind that although you don’t pay for a swap with Islamic accounts brokers have other ways for making money off them. While no interest is paid on overnight positions traders are usually bound with additional account fees.
That said, keep in mind that although you don’t pay for a swap with Islamic accounts brokers have other ways for making money off them. While no interest is paid on overnight positions traders are usually bound with additional account fees.
Oct 14, 2017 at 02:44
Wamski posted:
i was wondering if any one can recommend a swap free brokers for a non muslims.....if sending a link will violate fxbook rules then you can send it as a private message (am sure thats not against any rule)
that is like asking "which bank does not charge interest" ;)
even the "swap free" accounts offered to muslims are not swap-free .. they just build the cost of swap into your spreads, commissions or get it in some other ways.
just pick a broker that is reasonable on swap charges.
Professional Canned-Tuna Eater
Membro Desde Dec 11, 2015
1462 posts
Oct 15, 2017 at 12:38
I agree. There are a lot of brokers out there to choose from. Just make sure the broker is licensed, regulated and has a good reputation first.
Membro Desde Dec 11, 2015
1462 posts
Oct 16, 2017 at 13:42
You're welcome. I hope you'll be able to find a most practical solution to your problem.
Oct 17, 2017 at 13:21
AniLorak posted:BaldoN posted:
Just have in mind, that the brokers will force you to close all positions once you hold the positions for more then few days and especially in pairs having high swap income :)
Maybe, market maker brokers do so!
Exactly market makers broker will Not force traders to close :).
The reason is simple: they do not transmit the trades to the banks or LPs and they do not have overnight charges to pay to another party and just will wait traders to loose even to hold positions for few months :).
STP brokers with earning just from commissions will not be able to cover such additional charges based on swaps /rolled positions and will not allows clients with swap-free accounts to hold long term positions - because they will loose massively.
Oct 24, 2017 at 14:28
Wamski posted:
Baldo thanks, i believe my broker is a Market Marker
Basically long term traders could make money with market makers.
It is up to the trading style. When dealing desk in mm broker identify profitable traders, they investigate their trading style and set them in group for coverage to another broker. Market makers still earns from long term trades on entry and exit (small portions profits comes from better trading conditions then end clients have, because usually there is a markup on spread which end client sees). If brokers identifies such traders, they could keep them for marketing purposes (basically they are not losing from their trades, but not makes any big money and if necessary, they are using similar clients as a kind of proof when comes to the question - is that broker STP or not :).
On another hand, arbitrage trades, or latency arbitrage or quick scalps cannot be covered at all (toxic flow) and the broker simply shut down accounts, which sends such kind of trades :)
Nevertheless, always is better to trade with broker that does not have conflict of interest with the trader :)
Mar 15, 2019 at 08:09
Swap-free account is one of the most complex issues.
Because almost all brokers offer this account type only for Muslim clients. They want you to document that you're a Muslim. As far as I know, FXTM is the only broker without the requirement of being Muslim for swap-free account: https://www.forexbrokerslab.com/swap-free-islamic-forex-accounts/
Therefore, for those who want to use this account type for the swap-free advantage, unfortunately they cannot use it. Also, some FX pairs are not available for this account type. For example; The USDTRY pair is not available in many swap-free account types. Because when you open a sell position for USDTRY, you earn a good amount of TRY swaps. You can also make a hedge by opening a buy position in the broker offering swap-free accounts. So you can make money without taking any risks.
Because almost all brokers offer this account type only for Muslim clients. They want you to document that you're a Muslim. As far as I know, FXTM is the only broker without the requirement of being Muslim for swap-free account: https://www.forexbrokerslab.com/swap-free-islamic-forex-accounts/
Therefore, for those who want to use this account type for the swap-free advantage, unfortunately they cannot use it. Also, some FX pairs are not available for this account type. For example; The USDTRY pair is not available in many swap-free account types. Because when you open a sell position for USDTRY, you earn a good amount of TRY swaps. You can also make a hedge by opening a buy position in the broker offering swap-free accounts. So you can make money without taking any risks.
Membro Desde Aug 27, 2017
875 posts
Mar 21, 2019 at 07:07
kaneutaka posted:
Swap-free account is one of the most complex issues.
Because almost all brokers offer this account type only for Muslim clients. They want you to document that you're a Muslim. As far as I know, FXTM is the only broker without the requirement of being Muslim for swap-free account: https://www.forexbrokerslab.com/swap-free-islamic-forex-accounts/
Therefore, for those who want to use this account type for the swap-free advantage, unfortunately they cannot use it. Also, some FX pairs are not available for this account type. For example; The USDTRY pair is not available in many swap-free account types. Because when you open a sell position for USDTRY, you earn a good amount of TRY swaps. You can also make a hedge by opening a buy position in the broker offering swap-free accounts. So you can make money without taking any risks.
Really? But as I know; swap-free account is open to all. On which broker you are talking about?
keeping patience.......
Apr 05, 2019 at 06:07
Adribaasmet posted:kaneutaka posted:
Swap-free account is one of the most complex issues.
Because almost all brokers offer this account type only for Muslim clients. They want you to document that you're a Muslim. As far as I know, FXTM is the only broker without the requirement of being Muslim for swap-free account: https://www.forexbrokerslab.com/swap-free-islamic-forex-accounts/
Therefore, for those who want to use this account type for the swap-free advantage, unfortunately they cannot use it. Also, some FX pairs are not available for this account type. For example; The USDTRY pair is not available in many swap-free account types. Because when you open a sell position for USDTRY, you earn a good amount of TRY swaps. You can also make a hedge by opening a buy position in the broker offering swap-free accounts. So you can make money without taking any risks.
Really? But as I know; swap-free account is open to all. On which broker you are talking about?
This is not valid to every broker. I know that many brokers have a validation requirement for a swap-free account. You can find more detailed information about this in the link I added to the previous comment.
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