Swap Fees will not be credited or debited (on selected products) on FP Markets Islamic Trading accounts for traders of Islamic faith
Also known as a swap-free accounts, Islamic accounts are ideally suited to muslim clients as they are in line with Islamic law in that they incur no swaps or interest charges on overnight positions. Instead, the account holder is charged an administration fee on positions which is deducted from the balance of the account.
Trading in Islam can be considered to be haram but it is still possible to trade if you find an Islamic Forex Account which provides swap-free trading and which has been designed for forex traders who cannot pay or receive swaps or rollover interest on overnight positions due to their religious beliefs, in line with Sharia Law.
Steps to open an Islamic Forex Account:
Open a MetaTrader 4 or MetaTrader 5 (MT4/MT5) trading account
Email the account number to [email protected] and request for it to be converted to Islamic
Wait for a confirmation from our Onboarding team
* We do not offer Swap Free accounts on IRESS platform.
* FP Markets reserves the right to request additional documentation in order to offer swap free privilege to an account. If the religion is not mentioned on your ID document, we may require a proof of faith in the form of a letter from your mosque confirming your religion.
If you want to be sure that your trading activities are halal, you can consult a religious authority that can take into account your personal situation.