Do you offer swap-free accounts?

OneRoyal Swap-Free Accounts

OneRoyal offers swap-free accounts to clients in adherence to Islamic religious principles.

Glossary:

 

What is a Swap?

 

In trading, particularly in forex, a swap is the difference in interest rates between two currencies in a pair. When a trader keeps a position overnight, they may either earn or pay interest based on this difference. A swap can be positive (earning interest) or negative (paying interest), depending on the interest rates of the currencies involved, and the position the trader is holding (long or short).

 

What is a Swap-Free Account?

 

A swap-free account, also known as an Islamic account, is a type of trading account that does not incur any swap fees. This means traders do not pay or earn interest on their overnight positions. These accounts are created for traders who follow Islamic finance principles, which do not allow earning or paying interest (referred to as Riba).

How does it work?

Swap-free account holders are given a 10 business-day grace period on open positions, after which administrative charges are applied.

At OneRoyal swap-free trading is limited to the following major Forex pairs and metals:

AUDUSD, EURUSD, GBPUSD, NZDUSD, USDCAD, USDCHF, USDJPY, XAUUSD, XAGUSD

It does not extend to cryptocurrencies, FX crosses, FX exotics, cash indices, shares, ETFs, XAUEUR, XPDUSD, and XPTUSD.

Swap free accounts are applicable ONLY to clients residing in, or hold the nationality of (even if residing elsewhere), the following countries:

KSA, UAE, Qatar, Bahrain, Kuwait, Oman, Yemen, Iraq, Iran, Jordan, Syria, Lebanon, Egypt, Libya, Tunisia, Algeria, Morocco, Mauritania, Sudan, Somalia, Djibouti, Comoros, Niger, Mali, Senegal, The Gambia, Guinea, Chad, Burkina Faso, Sierra Leone, Nigeria, Turkey, Pakistan, Afghanistan, Bangladesh, Israel, Indonesia, Malaysia, Maldives, Azerbaijan, Kazakhstan, Uzbekistan, Turkmenistan, Tajikistan, Brunei, Albania, Bosnia and Herzegovina, Kosovo, and Palestine.

How do I apply for a Swap Free Account?

In order to apply for an Islamic/swap-free account, please login to your Client Portal and then click on Accounts > Accounts Overview, and then click on the account that you wish to apply.

To the right of the Swap Free (Islamic Account) section, click on the Apply button.

Follow the on-screen instructions to apply. You will receive an email once your application has been approved.

Read more detailed instructions here.

Do you have more questions?

If you have any questions regarding OneRoyal swap-free accounts, please contact our Customer Support.