Spotware, the developer of cTrader has announced that the company added new features to cTrader and now the ECN trading platform Shariah Compliant (Swap Free) accounts.

The functionality has been designed to meet all of the requirements of Shariah Law and the principles articulated for “Islamic finance”.

So basically, you will not get charged swaps if you have chosen to open Swap Free Account when you were going through the process of cTrader account opening.

This Islamic Swap Free account is built-in option in cTrader, so as soon as your broker(who offers cTrader) set the option available, you are able to open Swap-Free accounts through cTrader.

The Demo Islamic cTrader account is already available.

“Free of charge” depending on your broker

The swap free option is built-in, doesn’t mean that it is available for customization from your side.

All the fees for using the Islamic account will be set by your broker, just like setting a fixed daily administration fee after a predefined grace period.

Although the fees should be all disclosed to all traders, so you will not need to worry about the spread getting widen or more often slippage etc.

Enhanced Risk Management

This is a good News for brokers and also traders, that Spotware’s cServer 4.3 will enhance to enhance risk management for their No Dealing Desk solution.

The solution includes “instant margin recalculation for open positions”, “maximum exposure limit for each symbol in each group” and “the ability to determine ticket size increments”.

As cTrader trading platform is a 100% ECN(electronic communication network) trading platform, the “Risk Management” has been a problem for many brokers.

Now that cTrader supports “Trailing Stop set on trading server”, “Hedging Options”, “Islamic Swap Free Account” etc, MetaTrader may have another rival in the near future.