Swap Free - Islamic accounts
FBS works with clients from all over the world and is ready to provide its services irrespective of their religion.
According to Islamic faith, Muslim traders are prohibited to receive or pay interest. To make trading ethical and provide equal opportunities to all our clients, FBS offers the Swap Free option. When you activate it, your account becomes interest free. There will be no swap or rollover on overnight positions.
How swap-free works
For example, you open a long position for EUR/USD. It means that you borrow USD to buy EUR.
The following rates apply:
US Federal Reserve interest rate is 1.5%
European Central Bank deposit rate is 0.5%
Imagine, you borrow $100,000 from the US Federal Reserve to deposit €95,000 to your account in the European Central Bank. Each time when you transfer positions through midnight you'll pay 1.5% rate for your loan in the US Federal Reserve and receive 0.5% interest on your deposit in the European Central Bank
If your religion prohibits these actions, activate our Swap Free option and trade with pleasure and comfort!
To activate the Swap Free option, contact our 24/7 support team via [email protected].