Question: I get charged fees on Islamic Swap-Free account of cTrader. Why is that?
Some online brokers charge the users of “Islamic Swap-Free” accounts.
It is normally called as “Administrative Fees” and the fee amount, frequency and other conditions are different by each broker.
The fee exists because online brokers will need to cover “Swap Charge/Credit” for users of Islamic Swap-Free accounts, and the amount of fee often accumulates to larger amount.
Although the fee charged instead of swaps, cTrader’s Swap-Free account type meet all the requirements of Shariah law and the principles articulated for “Islamic finance”