With FXworld24 you can open an Islamic account, which is a swap-free and specially designed to meet the needs of Muslim traders. Because, in accordance with the Sharia laws, it is prohibited to make operations, when one of the parties receives interest payments from the other.
A swap is a derivative contract through which two parties exchange financial instruments; it is paid or charged to move trader’s position overnight. Swap can be seen as a type of interest, and that makes it difficult for Muslims to trade in timeframes more than one day.
To avoid this type of payments or charges a simple solution was found: all deals are automatically closed at 22:00:00 GMT, and then they are immediately reopened at 22:00:01 GMT. An open position is moved to the next trading day, but no swap is charged.
An Islamic account is similar to a regular trading account in other aspects. It has the same options and advantages, and MetaTrader 4 terminal is available for its holders.
It is easy to open a swap-free Islamic account with FXworld24. First, you need to open a real account. After that, contact the customer service with a request to create a swap-free account. Documents that prove your religion might be required to provide.