Muslim traders can activate the SWAP-free option to adhere to Islamic finance principles. In this guide, we will describe how you can check if your account is in SWAP-free mode and how to enable it from the MyFXTM Dashboard.
How to check if SWAP-free mode is enabled?
To check your swap-free status:
- Log in to your MyFXTM Dashboard
- Navigate to the "My accounts - Accounts overview" menu from the left-hand side.
- Check the in the "SWAP free column". If you see a green check - this means your account is in a SWAP-free mode and you will not be charged for keeping the position overnight*.
How to enable the SWAP-Free on my trading account?
- Log in to your MyFXTM Dashboard
- Navigate to the "My accounts - Accounts overview" menu from the left-hand side.
- Click on the orange arrow next to "Deposit" and click "Enable SWAP Free"
- In the Pop-up window click "Ok".
Swap Free and Swap Free fee
A Swap free fee is a fee charged for keeping positions open on each instrument over a certain period. You can find Swap Free Days Allowance and Swap Free Fee for each institution on our Contract Specifications page. Click on the instrument which you are interested in to see full details.
Why is the SWAP-free option not available to me?
Muslim traders can opt for a swap-free account to adhere to Islamic principles. In conventional trading, swaps involve interest, which is prohibited in Islamic finance. A swap-free account eliminates interest-related charges, aligning with Sharia law that forbids usury. This accommodation allows Muslim traders to participate in the financial markets while adhering to their religious beliefs, promoting ethical and interest-free financial transactions. Swap-free accounts offer an inclusive option for individuals seeking to combine their faith with their trading activities.
If you are Muslim and Look to trade SWAP-free, you can submit proof of your Islamic faith by filling out the contact form.
A document that can serve as proof of Islamic faith is a certification from a recognized religious authority, such as an Islamic scholar, imam, or mosque.