An Islamic SWAP-free account is a trading account designed for traders who adhere to Islam. This type of account does not incur overnight fees, which aligns with Islamic law, as traders are prohibited from benefiting from or paying overnight interest. As a result, traders using Islamic SWAP-free accounts will not be charged overnight interest (SWAP fees).
- Are there any fees associated with an Islamic SWAP-free account?
While an Islamic SWAP-free account does not incur SWAP fees, certain products may still be subject to administration fees. These admin fees are charged by Ultima Markets' liquidity providers for maintaining positions in the Islamic SWAP-free account.
- When trading the four major products—Most of Forex, Gold, Oil, and Silver—using an Islamic SWAP-free account, you will not incur SWAP fees or admin fees.
The following currency pairs will also incur an admin fee: EURHUF, EURNOK, EURSGD, EURTRY, GBPSGD, SGDJPY, USDBRL, USDCLP, USDCNH, USDCOP, USDHUF, USDIDR, USDINR, USDKRW, USDMXN, USDNOK, USDPLN, USDSEK, USDSGD, USDTHB, USDTRY, USDTWD, USDZAR.
- While indices, commodities, stock and crypto CFDs do not incur overnight interest (SWAP fees), they will incur an admin fee. This admin fee is applied to cover account-related expenses.
- When are the administration fees settled?
Administration fees are all settled and triggered at 0:00 system time (Daylight Saving Time GMT+3 / Standard time GMT+2).
