How to open ICMarkets' swap free Islamic account? Table of Contents
- What “swap-free” means at IC Markets
- Who can apply for the swap-free Islamic option
- What you need before you apply
- Choose your platform and pricing model (important for Forex costs)
- Step-by-step: open the swap-free Islamic account during registration
- Step one: start the Live Account application
- Step two: enter your personal details
- Step three: complete the background and trading profile section
- Step four: configure your trading account
- Step five: review and accept declarations
- Step six: upload verification documents (KYC)
- Step seven: account review and approval
- If you already opened an account without the Islamic option
- Funding your swap-free Forex account and getting ready to trade
- How overnight holding fees work on the Islamic account
- Practical setup checklist for Forex traders on swap-free status
- Compliance rules that matter for keeping swap-free status
- The basics: where deposits and withdrawals happen
- Base currencies and why they matter for Forex funding
- Fees: what IC Markets charges vs what banks and processors charge
- The “name match” rule: third-party deposits and withdrawals are not accepted
- Deposit methods at IC Markets and what “processing time” usually means
- How deposits post to your trading account
- Withdrawal rules that decide where your money can go
- Withdrawal processing times by method
- Card withdrawal limits: why “profit” often goes by bank transfer
- When a withdrawal can trigger a processing fee
- Documentation and verification that can affect withdrawals
- A clean workflow for Forex traders who want fewer payout delays
- Quick method-by-method recap for funding and cashing out
A swap-free Islamic account is designed for Forex traders who must avoid interest (riba). In a standard Forex CFD account, positions held past the daily rollover can earn or pay swap (overnight interest). On IC Markets, the Islamic (swap-free) option removes swap/interest and replaces it with a transparent holding-fee structure on positions kept open overnight.
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What “swap-free” means at IC Markets
On IC Markets, a swap-free account does not pay or earn swap/interest on trading instruments. Instead, open trades held overnight are charged a flat-rate holding fee, and the fee amount depends on the instrument (Forex pair, index, metal, energy, crypto, etc.).
Key points to understand before you start:
- No swap/interest is applied on swap-free status.
- A holding fee applies when you keep positions open overnight, charged as a flat rate per lot based on the symbol.
- Spreads and commissions stay the same as the underlying Raw Spread or Standard account you choose.
So, your main Forex trading costs on a swap-free account are:
- Spread (Standard or Raw pricing)
- Commission (Raw Spread pricing)
- Holding fee (only when you hold positions overnight on applicable instruments)
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Who can apply for the swap-free Islamic option
IC Markets provides swap-free accounts for clients who cannot earn or pay interest due to religious belief. IC Markets can require justification or proof for the need for swap-free status and can refuse a request at its discretion.
What you need before you apply
Prepare these items first so your application flows smoothly:
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Identification and address documents
You will upload:
- A valid photo ID (passport, national ID card, or driver’s license)
- Proof of residence (utility bill, bank statement, or government-issued document) dated within the allowed document age window stated by IC Markets (proof of residence must be within 180 days).
Basic profile information
You will provide:
- Personal details and contact information
- Employment and financial background details requested in the onboarding form
- Trading experience details requested in the onboarding form
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Your Forex trading setup choices
Decide in advance:
- Platform: MetaTrader 4 (MT4), MetaTrader 5 (MT5), or cTrader
- Account pricing model: Raw Spread or Standard
- Base currency (your account currency)
- Leverage level (selectable range depends on the IC Markets entity and your profile configuration)
Choose your platform and pricing model (important for Forex costs)
IC Markets’ Islamic option can be applied on Raw Spread and Standard accounts across MT4, MT5, and cTrader.
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MT4 (Forex-focused workflow)
MT4 is commonly chosen when your focus is primarily Forex trading, simple execution, and wide EA support.
MT5 (multi-asset plus modern tooling)
MT5 supports broader market coverage and expanded order and charting tools.
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cTrader (depth-of-market and advanced execution interface)
cTrader is popular for a clean trading interface, Level II pricing views, and advanced order controls.
Now pick your pricing:
Raw Spread account (spread + commission)
Raw Spread accounts are built around tight spreads with a separate commission. IC Markets states commission of $3.50 per lot per side on its Global Raw Spread account pricing pages.
This model is often preferred by active Forex traders, scalpers, and algorithmic strategies where consistent spread behavior matters.
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Standard account (spread-only pricing)
Standard accounts use an all-in spread model with no separate commission, designed for simpler cost tracking.
Swap-free status does not change your spread model. It only changes how overnight holding is charged (swap removed; holding fee applied).
Step-by-step: open the swap-free Islamic account during registration
IC Markets’ own help centre states that traders of Islamic faith can apply for Islamic accounts during the registration process.
Here is the complete sequence you follow in the Live Account application flow:
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Step one: start the Live Account application
Go to IC Markets’ Live Trading Account application page and begin a new application. The onboarding flow is structured into stages that cover personal details, background details, trading account configuration, review, and declarations.
Step two: enter your personal details
Complete your profile fields as requested (name, contact details, address, and identity-related fields required for compliance).
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Step three: complete the background and trading profile section
Answer the onboarding questions about your background and trading profile as requested in the form. This is a standard part of regulated broker onboarding and supports suitability and compliance processing.
Step four: configure your trading account
This is where you select the key Forex trading setup:
- Platform: MT4, MT5, or cTrader
- Account type: Raw Spread or Standard
- Base currency
- Leverage level
In the same configuration stage, select the Islamic / swap-free option for the account you are creating. Swap-free is an account setting applied under your live account configuration.
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Step five: review and accept declarations
Review your application summary and complete the declarations step as presented in the application.
Step six: upload verification documents (KYC)
Upload:
- Photo ID (passport, national ID, or driver’s license)
- Proof of residence (utility bill, bank statement, or government-issued document within the allowed age window)
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Step seven: account review and approval
IC Markets states that account verification can complete within minutes and can take a couple of hours in some cases. Once approved, IC Markets sends your trading account details and Secure Client Area login details by email.
If you already opened an account without the Islamic option
If you did not select the Islamic option during registration and you want your account converted to swap-free, IC Markets directs you to contact support by email for conversion details.
That means swap-free status is treated as an account-profile level setting for live accounts under the same client profile once conversion is processed.
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Funding your swap-free Forex account and getting ready to trade
Opening the account vs funding the account
IC Markets states you can open a trading account without a minimum deposit requirement (account creation and approval can proceed without depositing). IC Markets also states that a USD 200 (or equivalent) minimum deposit gives full access to markets for trading (this is presented as the minimum deposit to start trading).
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Funding methods available
IC Markets lists common funding methods such as:
- Bank/wire transfer
- PayPal
- Credit/debit card
- Skrill
- Neteller
- UnionPay
- BPAY
- FasaPay
- POLi
Funding is managed through the Secure Client Area after account approval.
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How overnight holding fees work on the Islamic account
The most important operational difference on a swap-free account is what happens at rollover.
The rule
- Swap/interest is not applied.
- Positions held overnight can be charged a flat-rate holding fee.
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What decides the fee
IC Markets publishes a symbol-based schedule of holding fees (charged per lot). The fee varies by:
- Asset class (Forex majors/minors/exotics, indices, metals, energies, crypto)
- Symbol (each instrument has its own holding fee rate)
What stays the same
Your standard trading costs remain tied to the pricing model you selected:
- Raw Spread account: tight spreads plus commission
- Standard account: spread-only pricing
So your Forex trading plan on a swap-free account should clearly separate:
- Intraday trades (no overnight holding fee if you close positions before rollover)
- Swing trades (overnight holding fees become part of the strategy cost)
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Practical setup checklist for Forex traders on swap-free status
Use this checklist after your account is approved:
In your Client Area
- Confirm your live account shows the correct platform (MT4/MT5/cTrader)
- Confirm the pricing model (Raw Spread or Standard)
- Confirm swap-free status is enabled for the account
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In your trading platform
- Log in using the credentials provided after approval
- Add your primary Forex pairs to Market Watch (EURUSD, GBPUSD, USDJPY, etc.)
- Set default trade size and risk controls (lot sizing, stop-loss rules)
For overnight trades
- Treat the holding fee as a defined operating cost of keeping positions open
- Build the holding fee into your break-even calculations for multi-day Forex positions
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Compliance rules that matter for keeping swap-free status
IC Markets’ swap-free terms describe strict controls designed to keep the Islamic account aligned with its intended purpose.
What matters in practice:
- IC Markets can require justification or proof of the need for swap-free status.
- IC Markets can revoke swap-free status and take corrective action if it believes the account is used to exploit the absence of swaps (swap arbitrage, carry-style abuse, manipulation, fraud, or similar conduct).
For normal Forex trading—day trading, swing trading, hedging based on market view, and algorithmic execution that is not built around swap exploitation—swap-free status is used as intended.
To open an IC Markets swap-free Islamic account:
- Start the Live Account application.
- Complete personal and background details.
- Configure your trading account (MT4/MT5/cTrader + Raw Spread/Standard) and select the Islamic/swap-free option during setup.
- Upload photo ID and proof of residence documents that meet IC Markets’ requirements.
- Receive approval, log in to Client Area and platform, then fund the account and begin Forex trading.
- Trade with swap removed and a holding-fee schedule applied for overnight positions.
IC Markets Deposits and Withdrawals Explained for Forex Traders
Funding and withdrawing from a Forex trading account should be predictable: you want to know what methods are available, what currency you can use, how long each step usually takes, what fees might appear, and what rules can block a payout. IC Markets keeps this side of the account fairly structured. Deposits are done through the Secure Client Area, methods vary by region, and withdrawals follow a “same source” rule that is common across regulated Forex brokers.
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The basics: where deposits and withdrawals happen
IC Markets deposits and withdrawals are managed inside the Secure Client Area. This is where you select a trading account, pick a funding method, and submit the request. IC Markets also states that deposits can be funded in real time using instant methods through the Client Area, and that in some cases a deposit may take up to an hour to land in the trading account.
Withdrawals are also submitted from inside the Secure Client Area. IC Markets explicitly requires withdrawal requests to be placed from there for faster processing.
Base currencies and why they matter for Forex funding
Before you fund a live Forex account, you choose a base currency. IC Markets lists multiple base currencies for accounts, and it also shows which currencies are accepted for each deposit method. On the IC Markets Global funding page, the base currencies shown include:
- AUD, USD, EUR, CAD, GBP, SGD, NZD, JPY, HKD, CHF
Why this matters:
- Your trading balance, margin, and PnL are tracked in your base currency.
- Depositing in a currency that doesn’t match your base currency typically triggers a conversion by the payment provider or banking network. That conversion can introduce a spread or fee that is outside the broker’s control.
- Some funding methods accept only specific currencies. For example, UnionPay is shown with RMB as the accepted currency on the funding page.
If you want cleaner bookkeeping for Forex trading costs, it helps to deposit in the same currency as your account base currency whenever possible.
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Fees: what IC Markets charges vs what banks and processors charge
IC Markets states it does not charge additional fees for deposits or withdrawals.
However, IC Markets also warns that you may still face fees from outside parties, such as:
- intermediary bank fees on international transfers
- beneficiary bank fees
- processor fees or currency conversion charges
Those costs can appear even when the broker’s side is “free,” because they come from the banking rails or the payment processor rather than the trading account itself.
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The “name match” rule: third-party deposits and withdrawals are not accepted
IC Markets does not accept third-party payments. Deposits must come from an account in your name. It also notes that payments from joint bank accounts or joint cards are acceptable if the trading account holder is one of the parties on the bank account or card.
On the withdrawal side, IC Markets repeats the same principle: withdrawals must go to a bank account or funding source in your name, with joint accounts/cards accepted when the trading account holder is one of the parties.
For Forex traders, this matters because “third-party” issues are one of the most common reasons a withdrawal is rejected or delayed. If the deposit came from a different person, or the withdrawal destination doesn’t match your verified identity, the broker can block it under AML controls.
Deposit methods at IC Markets and what “processing time” usually means
IC Markets lists a wide menu of funding options. Availability can vary by region, but the Global funding page shows these options and their approximate processing times.
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Credit and debit cards
- Processing time: Instant
Cards are one of the simplest ways to fund a Forex trading account quickly. The key practical detail is that card deposits are typically treated as “refundable” back to the same card up to the amount deposited, which later affects how withdrawals are routed (explained below).
PayPal
- Processing time: Instant
PayPal is listed as an online deposit method with instant crediting to the trading account.
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Neteller
- Processing time: Instant
Neteller is listed as instant, with accepted currencies shown on the funding page.
Skrill
- Processing time: Instant
Skrill is also listed as instant.
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UnionPay
- Processing time: Instant
UnionPay is shown with RMB as the accepted currency.
Wire transfer (bank transfer)
- Processing time: 2–5 business days
Bank transfer is slower but widely used for larger funding, corporate-style banking, and situations where cards or wallets aren’t convenient.
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BPAY
- Processing time: 12–48 hours
BPAY is shown as an AUD method and is generally tied to the Australian banking context.
POLI
- Processing time: Instant
POLI appears as an AUD method with instant processing.
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Broker to broker
- Processing time: 2–5 business days
This is typically used when moving funds between brokerage accounts under the broker’s supported process.
Thai internet banking
- Processing time: about 15–30 minutes
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Vietnamese internet banking
- Processing time: Instant
Rapidpay
- Processing time: may take up to 2 business days
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Klarna
- Processing time: may take up to 2 business days
Important practical point: “Instant” generally means the broker credits the trading account right away after the processor approves the payment. It doesn’t always mean your bank balance updates instantly, especially for card authorizations, but it does mean you can usually begin Forex trading with the credited funds quickly.
How deposits post to your trading account
When you deposit, you normally choose the trading account inside the Client Area (for example, your MT4, MT5, or cTrader account) and the funding method.
IC Markets notes that, even with instant methods, there are cases where a deposit can take up to an hour to be processed into the designated trading account.
If you are moving money specifically to place Forex trades during a volatile session, the practical takeaway is simple: don’t wait until the last moment. Funding systems are fast, but they are still systems.
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Withdrawal rules that decide where your money can go
Withdrawals at IC Markets are shaped by three core controls:
Withdrawals are submitted from the Secure Client Area
IC Markets requires withdrawals to be submitted inside the Secure Client Area.
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Cut-off time for processing
IC Markets states a cut-off time of 12:00 AEST/AEDT: requests submitted before that time are processed on the day of receipt, and requests after are processed on the following business day.
This is about the broker’s internal processing step, not the time it takes your bank or wallet provider to finish the transfer.
“Same source” withdrawal routing
IC Markets states that all withdrawals must be made from the same account from where the funds were sent initially. It also states the company can require withdrawals to be processed via previously used deposit methods, in a priority and sequence it determines.
In plain terms: your withdrawal method is not purely a preference. It is often a continuation of your deposit trail.
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Withdrawal processing times by method
IC Markets gives clear timing guidance for several routes.
Credit and debit card withdrawals
IC Markets states card withdrawals are processed free of charge, and once processed they may take 3–5 business days to reach the card, with rare cases taking up to 10 business days depending on the bank.
It also notes card withdrawals may not be available for all countries.
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International bank wire withdrawals
IC Markets states international bank wires may take up to 14 days and can incur intermediary and/or beneficiary fees.
Withdrawals back to the original funding source
IC Markets states these transactions are processed free of charge and are instant once processed.
This “instant once processed” wording is important: it refers to what happens after IC Markets approves the withdrawal. The external network may still add time depending on method.
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Special routing cases tied to certain deposit methods
IC Markets lists several deposit methods that are withdrawn via bank wire transfer rather than the same wallet route:
- Webmoney deposits must be withdrawn by bank transfer; once processed via bank transfer, funds may take 3–5 business days to reach the bank.
- Accounts funded by Fasapay are withdrawn via bank wire transfer; once processed, funds may take 3–5 business days.
- Accounts funded by Rapidpay are withdrawn via bank wire transfer; once processed, funds may take 3–5 business days.
- Accounts funded by Klarna are withdrawn via bank wire transfer; once processed, funds may take 3–5 business days.
- Accounts funded by POLI/BPAY are withdrawn via bank wire transfer, and IC Markets notes domestic bank transfers within Australia usually reach the bank within 2–3 business days.
- Thai internet banking withdrawals to a Thai bank account may require a bank book image; once processed, funds may take one business day to reach the account.
This is why Forex traders should treat the deposit choice as a planning decision, not just a convenience click. Some deposit methods create a simpler withdrawal path than others.
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Card withdrawal limits: why “profit” often goes by bank transfer
IC Markets states that if you want to withdraw an amount in excess of the sum deposited by card, you will be required to use another deposit method used earlier or a bank wire option.
This is typical for card refund logic: the card channel is often used to return deposits (a “refund”), while profits or amounts above the original deposit may be routed through bank transfer or another verified method.
For a Forex account that was funded only by card, that can mean:
- deposits can be returned to the card up to the deposited amount
- anything above that is paid out using another approved route, commonly bank transfer
When a withdrawal can trigger a processing fee
IC Markets states that funds in trading accounts are intended solely for trading purposes, and a processing fee may be applied to a withdrawal if deposits have not been utilized for trading.
For active Forex trading accounts, this usually isn’t an issue because deposits are used as margin for positions. But it matters if someone uses a trading account like a payment account—depositing and then attempting to withdraw without meaningful trading activity.
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Documentation and verification that can affect withdrawals
Even when you choose the correct method, withdrawals can slow down if account verification is incomplete or if the broker needs extra proof for the payout route.
IC Markets states it may ask for supporting documentation for certain card situations, such as replacing an expired or lost card, including a letter from the card issuer bank and supporting proof before releasing funds. It also notes that if a newly uploaded card has not been used for funding prior to requesting a withdrawal, you may need to deposit a small amount to activate withdrawal capability on that card.
For first-time wire withdrawals, IC Markets states it requires a supporting copy of the bank statement related to the registered bank account.
These are practical “friction points” that can catch Forex traders off guard if they change cards, switch banks, or try to route money to a new destination without a clear funding trail.
A clean workflow for Forex traders who want fewer payout delays
If your priority is smooth deposits and withdrawals, this workflow fits the rules IC Markets describes:
- Use a funding method in your own name (and avoid third-party payments).
- Stick to one or two methods rather than rotating between many, so the withdrawal routing is straightforward.
- Match your deposit currency to your account base currency when possible to reduce external conversion costs.
- Submit withdrawals before the stated cut-off time if you want same-day processing on the broker side.
- Keep your payout destination ready (valid card on file, bank account registered, bank statement available if requested).
- Avoid deposit-then-withdraw behavior with no trading activity if you want to reduce the chance of a processing fee.
This is not about “gaming” the system; it’s about aligning your funding behavior with the broker’s operational and AML framework.
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Quick method-by-method recap for funding and cashing out
Here’s the practical summary a Forex trader usually cares about:
- Cards: instant deposits; withdrawals to card can take several business days; amounts above the deposited sum may route via bank transfer or another used method.
- PayPal / Skrill / Neteller: listed as instant deposits; withdrawals follow the “same source” logic and are described as instant once processed when routed back to the original source.
- Bank wire: slower funding; withdrawals can take longer, especially international wires.
- Local methods (BPAY, POLI, Thai/Vietnamese banking): can be fast for deposits, but some of these routes withdraw via bank transfer, so your cash-out time depends on bank transfer timing.
- Rapidpay / Klarna: shown as deposit options that may take up to 2 business days; withdrawals are handled via bank wire transfer with typical bank-transfer timing.
For a Forex broker account, deposit and withdrawal rules matter as much as spreads and execution because they control how easily you can move capital in and out. IC Markets lists a broad range of funding options, states that deposits and withdrawals are free from the broker’s side, and applies clear routing rules: no third-party payments, withdrawals requested inside the Client Area, processing cut-offs, and a strong preference for sending money back through the same channels used to fund the account.
If you align your deposit method, currency choice, and withdrawal destination with those rules from the start, the entire funding cycle for your Forex trading account stays simpler: fewer rejections, fewer documentation surprises, and fewer delays caused by method mismatches.
Updated by FXBonus
Please check IC Markets official website or contact the customer support with regard to the latest information and more accurate details.
Please click "Introduction of IC Markets", if you want to know the details and the company information of IC Markets.
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