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Swap Free Account

Discussion in 'Traders Glossary' started by Pharaoh, Aug 6, 2008.

  1. Pharaoh

    Pharaoh Colonel

    Joined:
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    Some brokers offer accounts that do not charge or pay swap interest. This type of account is often called an "Islamic Account" since the Islamic faith forbids charging or paying interest on loans.

    Some long term traders also try to get accounts like this for trades on pairs that have a high negative swap rate.

    Whether for religious reasons or for other trading reasons, be careful. Many brokers offering these kinds of accounts charge a daily "fee" that can cost more than paying swap charges.
     

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