A swap-free account is a type of trading account that does not incur interest charges for holding positions overnight, which is eligible for Muslim countries.
You can enable the swap-free setting either during the registration process or later via your profile settings. Eligibility is typically based on your country of residence and may be subject to verification.
Who Is Eligible for a Swap-Free Account?
Swap-free accounts are available to residents of certain countries, primarily those with Muslim-majority populations.
List of Swap-free countries
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Afghanistan
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Algeria
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Bahrain
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Djibouti
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Egypt
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India
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Iran
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Iraq
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Israel
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Jordan
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Kuwait
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Lebanon
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Libya
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Morocco
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Oman
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Occupied Palestinian Territories
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Qatar
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Saudi Arabia
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Tunisia
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Turkey
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United Arab Emirates
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Uzbekistan
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Yemen
How to Enable a Swap-Free Account
You can check your eligibility for a swap-free account during the registration process, or later by navigating to your profile settings once your account is created.
The option may be available for activation if you reside in a swap-free eligible country.
For detailed instructions, please refer to the article:
How to Enable and Manage Swap-Free Accounts?
What Is Swap-Free Fee?
A swap-free fee is a charge applied for keeping positions open on certain instruments beyond a specified period. This fee replaces traditional overnight interest charges, in line with Islamic finance principles.
You can view the Swap-Free Days Allowance (the number of days you can hold a position without incurring a fee) and the Swap-Free Fee for each instrument on our Contract Specifications page. Simply click on the instrument you’re interested in to see full details.
Why Is the SWAP-free option not available to me?
Muslim traders are eligible for a swap-free account to adhere to Islamic principles. In conventional trading, swaps involve interest, which is prohibited in Islamic finance. A swap-free account eliminates interest-related charges, aligning with Sharia law that forbids usury. This accommodation allows Muslim traders to participate in the financial markets while adhering to their religious beliefs, promoting ethical and interest-free financial transactions. Swap-free accounts offer an inclusive option for individuals seeking to combine their faith with their trading activities.
If you are Muslim and looking to trade Swap-free, you can submit proof of your Islamic faith by filling out the contact us form.
Acceptable documentation includes certification from a recognised religious authority, such as an Islamic scholar, imam, or mosque.