Swap-free accounts are essential to trading in foreign exchange since they are of particular importance to Islamic financiers who do not allow any interest charges to be either given or taken. These accounts are created to permit traders to trade the financial markets without incurring the swap charges. Thus, in this article, we will consider what swap-free accounts are, for whom they are suitable, and how JustMarkets helps traders make such trades.
What Exactly is ‘Swap-Free’ Accounts?
Swap-free accounts, as their name suggests, are aimed at traders who do not want to pay interest or swap charges that are charged whenever a position is held overnight. These accounts are Shariah-compliant accounts, and in Islamic finance, charging or paying interest is strictly prohibited. In a trading account, swap fees are applied based on the interest rate difference between the currencies being traded. In contrast, swap-free accounts don’t have these fees, making them suitable for traders who cannot pay interest due to their religious beliefs. If you’re looking for a reliable broker offering swap-free accounts, JustMarket provides these options, ensuring compliance with Islamic principles.
Who Should Use Swap-Free Accounts?
Swap-free accounts are mainly used for Muslim traders since trading that involves earning some interest is not lawful according to Islamic laws. Nevertheless, these accounts also attract traders who hold their positions for the longer term because their services free them from rollover costs. Traders who don’t intend to leave their positions for a long time will benefit most from swap-free accounts if they don’t have to pay a lot of interest. It also means that they are in a better position to control their trading costs and affairs.
How JustMarkets Promotes Swap-Free Trading
JustMarkets provides swap-free accounts for Islamic and other traders who do not want to receive interest in their positions during the night. These accounts are offered for all types of trading accounts, providing both choices in trading terms while still not straining the quality of trading. JustMarkets introduced such privileges for the standard account: MetaTrader platforms, low spreads, and the free choice of leverage.
The process of opening a swap-free account at JustMarkets is just as easy. Clients can either apply for a new swap-free Islamic account when registering or they can convert their current account into a swap-free one by contacting the support service. Activation of the account means that it introduces no swap fees, allowing traders to focus on their strategies without interest-based charges. Additionally, any changes to swap-free trading that JustMarkets might offer are stated transparently, keeping clients informed about everything.
Conclusion
No swap accounts are critical because they are used to satisfy the needs of those trading using Islamic accounts or who do not wish to be charged interest to hold their positions through the night for long-term trading strategies. The swap-free trading from JustMarkets is a versatile approach with no hidden fees: traders can achieve the highest level of trading without swaps. JustMarkets provides traders with the necessary assistance and ample materials for everyone to select the most suitable account.