Orbex Forex Broker offers Islamic (swap-free) accounts to comply with Islamic Shariah law; this is also an advantage for all traders who hold their positions for multiple days without being aware of swaps or overnight fees; thus, a trading account would not pay, or be paid for holding a position for more than one business day.
Any client who misuses this advantage by holding his floating positions for a long time period, taking advantage of the swap-free facility and gaining profits from swaps must close the floating positions immediately, bearing in mind that these fees are handled by ORBEX and not paid by clients.
Furthermore, hedging a currency pair by its corresponding Future CFD and/or hedging positions on a swap based account against positions on a swap free account is forbidden, because these also represent attempts to take advantage of the swap free facility and gain profits from swaps; one direction of this kind of hedge must be closed immediately.
Moreover, certain instruments will be charged Storage Fees on daily basis as explained below:
|Instrument||Storage fees per lot||Charged on|
|AUDUSD||15 USD or Equivalent||After Day 9|
|NZDUSD||15 USD or Equivalent||After Day 9|
|USDTRY||45 USD or Equivalent||From Day 1|
|EURTRY||45 USD or Equivalent||From Day 1|
|USDDKK||10 USD or Equivalent||From Day 1|
|USDNOK||10 USD or Equivalent||From Day 1|
|USDSEK||10 USD or Equivalent||From Day 1|
|USDZAR||25 USD or Equivalent||From Day 1|
|USDMXN||25 USD or Equivalent||From Day 1|
|USDCNY||10 USD or Equivalent||From Day 1|
If the client fails to take action to avoid such practices, Orbex will unfortunately be required to close or take any necessary action on these accounts without prior written notice.