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13 thoughts on “Fx Islamic Trading Brokers”

  1. You need to take part in a contest for one of the most useful sites online. I am going to recommend this web site!

  2. For those stating that there are other fees instead of the swap fee on islamic accounts that simply isn’t true. There are plenty of brokers that just waive the swaps fee without charging anything additional and therefore by definition this is discriminatory against non-muslims. Swaps fees can easily make certain strategies non profitable and it’s a great advantage to have the swaps fee removed. It’s effectively a dual pricing system. Try setting up a dual pricing system based on religion or even skin colour in a shop the UK and see how long that lasts.

  3. I have just chatted to IC markets and their islamic non swap account does not apply swaps to overnight positions on non-exotic currency pairs (for exotic pairs there is flat rate fee to pay. No additional charges or hidden admin fees either apparently to make up the swap. Can one of our muslim brothers/sisters who has one of these accounts confirm that there really is no hidden charges as it seems discriminatory that non-muslims have to pay extra charges.

  4. Maybe find a broker that doesn’t charge fees and spreads at all along with no-interest? there’s plenty of brokers like that.

  5. Before you cry about the huge discrimination against non-muslims, let me tell you that there is no real benefits to having a muslim account compared to a non-muslim one. The muslim accounts are swap free, yet they have high commission charges instead. So you still pay, but you just have the option of opting out from collecting profits when the swaps are positive (its mostly just a renaming of swap to commission, because of religious rules that make swap profits Haram in Islam).

  6. Of course there is a benefit. It depends on your strategy. If you have open orders for 1 month, the negative swap will eat into your profit. IC Market confirmed that the markup is the same i.e spread same for standard account for swap and swap-free account for major pairs, which means IC Market is absorbing the negative swap.

    The key point is that the trader should be given an option to use or not to use swap free account regardless of religion. It shouldn’t matter to IC Market.

  7. That’s the point exactly, you don’t get the benefit of not having swap, because instead of swap they charge you for commissions. its just a new name for swaps to make it okay with Islamic laws. so you open the position, and every night, you incur carry commissions.

    The only thing about islamic accounts is that while you are still technically paying for the swaps in form of extra commissions, you won’t benefit from positive swaps either (meaning you won’t get profits from swaps and when the swap is positive you just don’t get charged the extra commission)

  8. Not that it stops the banks in the Gulf from charging interest to all the foreigners though without paying any at all. It’s a bit annoying to say the least. I understand “It’s our country” bullshit, but they’re the same people that move to the US and Europe and demand that they get to do things the way they want because of their religion. It’s the most annoying thing about Arabs, imo. And they wonder why most of the foreigners really don’t like them.

  9. I believe there are a number of brokers, although not specifically Islamic, that offer a no-swap/no-interest account.

    A quick google search turned up Marketiva, Gain Capital, Crown Forex, FXT Swiss, Ikon GM, and a few others.

    I don’t know what the current status of those are, or whether they still offer this. But if you’re not able to find a reliable broker on here you might inquire directly of different brokers and see if you have options there.

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