Are you a trader of the Muslim faith? Consider an FBS Islamic account, which allows you to trade on the standard terms without interest fees.
Forex Islamic accounts are ideal for Muslim clients as they align with the Islamic faith and incur no swaps or interest charges on overnight positions. At FBS, we want to make trading comfortable and equal for everyone, so we offer our traders a Swap Free option on Cent and Standard accounts, making your trading interest-free.
What is special about Forex Islamic accounts?
For example, you open a long position for EUR/USD. It means that you borrow USD to buy EUR. Let's assume the interest rate on EUR is 0.5% and 1.5% on USD.
Imagine you borrow $100 000 from the US Federal Reserve to deposit 95 000 euro to your account in the European Central Bank. When you transfer positions, you'll pay a 1.5% rate for your loan in the US Federal Reserve and receive 0.5% interest on your deposit in the European Central Bank. However, the Muslim religion forbids any interest credited from loans or deposits.
In this case, the Swap Free option at FBS is your solution. Activate it in 2 easy steps and trade without any additional fees.