Swap-free or Islamic Accounts

The swap-free accounts, also known as the Islamic accounts, were initially intended for the traders following the Islamic religion. According to the religion's principles, any business transactions where one of the parties should pay or get an interest from the other one are prohibited. 

Now, let us clarify what is a swap. It is a payment that brokers charge for rollovers, i.e. for holding their positions open overnight. Swaps can be either positive, when traders receive additional commissions for their trades opened for over one day, or negative in which case the payment for rollover is deducted from a trading account. 

The Islamic accounts allow investors to work with any trading instruments, and regardless of the trade volume, no fees are charged or added for holding the position overnight. The accounts without swaps give their owners an opportunity to keep their positions open for as long as they wish without paying any charges for rollovers. Thanks to that, this type of account became popular not only in Islamic countries but also in other countries all over the world. 

By the way, the swap-free option is available for free on any account type with InstaForex.