Mark Steven S661_ Cooper

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What are swap-free Islamic accounts?

Swap-free accounts, also known as Islamic accounts, are designed for traders who follow Sharia law, which prohibits earning or paying interest. In standard forex accounts, positions held overnight may incur swap fees, which are essentially interest charges. Swap-free accounts eliminate these charges by offering alternative structures, often replacing swaps with fixed administrative fees. These accounts allow Muslim traders to participate in forex markets while remaining compliant with their beliefs. However, not all brokers offer genuine swap-free accounts, and some unregulated firms may misuse the label. Traders should verify that the broker providing Islamic accounts is regulated and transparent in its policies.