Do you want to start forex trading but are hesitant to delve into it due to a swap? There is no need to worry as brokers offer swap-free accounts if yes.
These accounts don’t have swaps or interests, so it is safe for Muslims to go for it, and they can do trading according to the laws of the religion. So, in this article, we will mention the six best swap-free accounts. Therefore, delve into the article without any delay.
6 Best Swap-Free Brokers
It is surely difficult to find a suitable forex broker, but it becomes even more challenging when you search for a swap-free account. Here we are going to five swap-free brokers that have other impeccable features. So let’s begin with the XM broker.
XM is worth enough to be at first place in the list of our best swap-free brokers. XM has won various awards that have played a major role in enhancing its popularity.
Moreover, you will get six account options if you choose the XM. The minimum deposit of the XM ranges between $5 to $100, and it relies on the type of account you have picked. On MT4 and MT5 platforms, the pips initiate from the 0 pips.
It is also significant to mention that trading conditions, spreads, and other things for Islamic and non-Islamic accounts are the same.
AvaTrade is another amazing option that you have when it comes to opening an Islamic account. You will get four options for account opening. The minimum deposit of each of those account types is $100.
Additionally, the accounts options you have include retail, professional, standard, and spread betting accounts. But bear in mind that you should avoid going for a spread betting account as it does not comply with Islamic laws.
It is also worth mentioning that AvaTrade is a regulated broker as it has a license from the ASIC and CySEC. The spreads of AvaTrade are 0 pips, and you get access to both of the famous platforms, MT4 and MT5.
FBS is another famous name in the forex world. They give you five swap-free account types. If you are hailing from Europe, their minimum deposit is $10, but if you are a resident of any other place, it will be $1.
Bear in mind that it is quite profitable for Indonesian traders to pick this broker. The reason behind it is that they have the opportunity to deposit directly in their currency(IDR).
Another worth sharing thing about this broker is accessing the MT4 and MT5 trading platforms.
The next broker we are going to discuss is eToro. In social trading, the eToro has a great reputation. The standard account of the eToro can be shifted to the swap-free account.
eToro’s minimum deposit is $500, but if you choose the Islamic account, the minimum deposit will be USD 1,000. When it comes to spreads, they usually begin from 1 pip.
Trading conditions such as spreads, commissions, and fees for Islamic and non-Islamic accounts are the same. Another great thing about this broker is that it is quite easy to operate, so if you are going to make a start, it is worth going for it.
When it comes to an excellent swap-free trading environment, OctaFX is one of the best brokers you can go for. They won an award in 2015 in the category “best forex Islamic Account.”
OctaFX provides a total of three swap-free accounts. The account types include micro trading, ECN, and Pro accounts. All of these three account types offer swap-free accounts. So, depending upon your preference, you can pick anyone.
The OctaFX ‘s spread begins from the o pips. Furthermore, the minimum deposit of the OctaFX ranges between $100-$500. Bear in mind that variation of the minimum deposit depends upon the account type. All of these features are available for swap-free accounts as well.
Pepperstone has won an award that makes it more prestigious. The ECN Razor and standard account types of the Pepperstone both can be converted to Islamic account Pepperstone includes GBP, USD, and EUR. Furthermore, it has a license from top-notch brokers like FCA and ASIC that prove trustworthy.
Well, that’s all about the best swap-free forex brokers. All these brokers offer swap-free accounts, so firstly, research about them in-depth and then pick the one that suits you the most.
Furthermore, if you plan to step into forex trading, you must analyze the risks linked with it. Comprehending the forex tricks is crucial for elevating your possibility of becoming a successful trader.
Which is your favorite swap-free account? Share in the comments section.