Using of special swap-free accounts makes Forex trading available in the Eastern countries where Islam is the main religion. So, making money with trading currencies is not haram thanks to them!
Currencies trading on the Forex market was forbidden in many countries of the East. The Sharia law taboos getting money without any efforts. That’s why people from countries where the main religion is Islam, can’t use carry-trades and earning money by just using swaps. So far, swap-free accounts make trading available there as they exclude opportunities to ‘make money from the air’.
What is swap and why can’t Muslims use it?
It is a special commission for transferring of already opened orders over the night. In Forex, it means the difference of currency rates and it can be either positive or negative. So, it can be debited from or credited to a trader’s account. When it is positive, a trader gets additional ‘swap funds’ to his account. He does nothing and gets money. Islamic religion restricts such activities.
What is special with these accounts?
- Firstly, they meet the Sharia law. No fees charged and no additional money got. A trader gets only the funds he has earned.
- Secondly, you’ll have to prove that you’re a Muslim by submitting your documents for opening a swap-free account with JustForex. If you’ve already registered an account, you have an opportunity to switch it to a swap-free one whenever you want. Just contact our support team and they will do that for you.
- The next important and pleasant fact is that you won’t need to control the commission size. It makes the trading process more simple.
We should also note that some brokers may have a fixed commission for transferring positions. So, a trader has to calculate such spendings in advance. Anyway, JustForex broker has no additional fees and commissions. We are willing to make your work more comfortable.
