Categories

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 The information regarding to Orbex on the website 'Hercules.Finance' maybe outdated.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

Answer:

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.

All Forex Brokers

  • IFC Markets
  • FxPro
  • IronFX
  • Axiory
  • FBS
  • Land-FX
  • MyFX Markets
  • Titan FX
  • Traders Trust
  • XM
  • LMFX
  • FXDD
  • ForexClub
  • KVB Kunlun
  • Tradeview
  • EightCap
  • FXOpen
  • HotForex
  • FXGiants
  • LQDFX
  • Fortrade
  • CM Trading
  • InstaForex
  • FXPRIMUS
  • ForexMart
  • Valutrades
  • AvaTrade
  • Yadix
  • RFXT
  • easyMarkets
  • JustForex
  • Swiss Markets
  • FXTM
  • HYCM
  • FP Markets
  • SimpleFX
  • IC Markets
  • Evolve Markets
  • Tickmill
  • Markets.com
  • Z.com Trade
  • UFX
  • Anzo Capital
  • LiteForex
  • 4xCube
  • OctaFX
  • Tifia
  • XTB
  • AAAFx
  • NordFX
  • FXGlory
  • Capex
  • ClickTrades
  • TopstepFX
  • HotForex ZA (South Africa)
  • XMTrading

All Crypto-Currency Exchanges

  • CEX.IO
  • HitBTC
  • Paxful
  • BitMEX
  • C-CEX
  • Binance
  • Cryptopia
  • YObit
  • Wisebitcoin
  • Bibox
  • BKEX
  • CoinPark
  • CoinEx
  • IRONX
  • CoinField
  • bybit
  • Bitpanda

This website uses cookies

By using our site, you acknowledge that you have read and understand our Privacy Policy (Cookie Policy), and our Terms of Service.