October 17, 2017

Question:Is Islamic Swap-Free account available? What are the fees/costs?

Orbex - What's now?

We are no longer promoting Orbex. The information regarding to Orbex on the website 'Hercules.Finance' maybe outdated. ref. Orbex


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.

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