Islamic (or swap-free) account – is a trading account compliant with Sharia Law, which prohibits paying or receiving capital interest. Such accounts were developed specially for traders who adhere to Islamic religious norms.
In the currency market you pay or receive swaps (periodic interest payments), if you keep a position open through the end of a trading day. But this procedure contradicts the Sharia norms. An Islamic account removes this obstacle by automatically closing all deals at 22:00:00 GMT and immediately reopening them at 22:00:01 GMT to avoid paying or receiving capital interest.
The absence of swaps is the only thing that differs such an account from a usual one. Owners of swap-free accounts can use the leverage service, hedge their positions, replenish accounts, withdraw their funds, etc.
To open an Islamic account with Siriusfn, register a traditional trading account by clicking on the button below. After that, send our support service a request to make your account swap-free. Documents proving your religion might be required.