Difference between swap account and Islamic swap-free account

Although the name of the account is being associated with religion, the “Islamic account” is far from religion.

This type of account is for people whose religion is Muslim, or it is better to say that Islamic law prohibits cooperation with swap accounts.

Swap transactions are some form of commission that charges fees for transferring open positions at night.

Trade to earn Swap Points (Interest Rate) on HotForex STP broker

What is a swap point?

Swap transactions are a form of commission that charges fees for transferring open positions at night.

Each intraday order in the currency market is included in the spot category of the transaction.

According to this, the full delivery was realized on the next day.

However, there are also many traders who use this opportunity in the foreign exchange market and do not close their positions at the end of the day.

Some people want to make more profits on the new trading day, others leave unprofitable trading and hope that by the next day the market will start to move in the opposite direction, which will benefit them, and therefore, the loss will be Change to profit.

In both cases, positions opened during the day will be transferred to the next day.

Such transactions are closed at the end of the day and automatically opened at the beginning of the next day. This is a swap operation.

The broker manages the commission based on the current value of the “currency pair” exchange rate.

Under different circumstances, the value can be positive or negative.

The positive sum is credited to the trader’s account, and the negative-sum is deducted.

This sum is the swap transaction. This is very common in currency market foreign exchange.

Therefore, in order to protect their clients, some brokers recommend that they use an Islamic account, which is a free swap transaction.

When trading on this type of account, no swap transaction amount is credited or deducted from the account.

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How to open an Islamic account HF Markets (HotForex)?

In order to open this type of account, you should learn the rules and terms.

This moment is considered very important because it is these rules that define your future transactions.

Then, the trader should provide documents and factual evidence that he really preached the religion.

Swap trading free accounts provide traders with the opportunity to always escape control of the currency discount rate, and it makes trading easier.

In order to move your Standard Cent, Standard, Pro or Raw Spread account to the swap-free account group, you need to request support and get qualified help.

If you meet all the requirements, your account will be moved to swap Trading free account group.

Swap trading free accounts provide traders with the opportunity to always escape control of the currency discount rate, and it makes trading easier.

In addition, when calculating trading results, it helps to take into account commissions for transferring positions in advance.

When the swap-free accounts conditions of households transaction under, HF Markets (HotForex) customers will not receive any financial loss and, at the same time, open orders are moved to the next day.

For long-term holding of open positions, as a swap transaction, traders should not worry about the deduction of commission (payment for position transfer).

With HotForex (HF Markets), there are some restrictions on the opening of Islamic accounts.

Only traders who live in this country and whose main religion is Islam have the opportunity to transfer their accounts to the Islamic account group.

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