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A swap-free Broker Needed

wamiikechukwu (Wamski)
Oct 04 2017 at 07:21
posts 31
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


Tomorrow is far away but yesterday is so close.
Tiffany (TiffanyK)
Oct 05 2017 at 14:29
posts 427
I have seen only Swap-free accounts for muslims - Islamic Forex accounts ... are you sure that swap-free account for non muslims exist at all?

Accept the loss as experience
wamiikechukwu (Wamski)
Oct 06 2017 at 09:46
posts 31
Thanks for your response but i just found one.😉

Tomorrow is far away but yesterday is so close.
Baldo (BaldoN)
Oct 11 2017 at 15:03
posts 522
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 :)

Ozzie Matt (aeronthomas)
Oct 12 2017 at 01:08
posts 1557
Wamski posted:
Thanks for your response but i just found one.😉
which one? please PM me:)

Tiffany (TiffanyK)
Oct 12 2017 at 06:26
posts 427
Wamski posted:
Thanks for your response but i just found one.😉


Alright. So now I know those type of accounts exist. Thank you 😀

Accept the loss as experience
wamiikechukwu (Wamski)
Oct 13 2017 at 09:00
posts 31
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.
AniLorak
Oct 13 2017 at 09:30
posts 920
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!

mlawson71
Oct 13 2017 at 14:01
posts 1487
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.


Mario (SwingFish)
Oct 14 2017 at 02:44
posts 32
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
mlawson71
Oct 15 2017 at 12:38
posts 1487
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.

wamiikechukwu (Wamski)
Oct 15 2017 at 13:44
posts 31
thanks guys for all your answers i love you all

Tomorrow is far away but yesterday is so close.
mlawson71
Oct 16 2017 at 13:42
posts 1487
You're welcome. I hope you'll be able to find a most practical solution to your problem.

Baldo (BaldoN)
Oct 17 2017 at 13:21
posts 522
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.

wamiikechukwu (Wamski)
Oct 20 2017 at 09:06
posts 31
Baldo thanks, i believe my broker is a Market Marker

Tomorrow is far away but yesterday is so close.
AmDiab
Oct 22 2017 at 14:23
posts 718
There have so many swap-free brokers! BY the way, don’t invest your money here without knowing brokers regulation status! Regulation is much important than any service.

Baldo (BaldoN)
Oct 24 2017 at 14:28
posts 522
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 :)

kaneutaka
Mar 15 2019 at 08:09
posts 7
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.

Adribaasmet
Mar 21 2019 at 07:07
posts 994
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?

kaneutaka
Apr 05 2019 at 06:07
posts 7
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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