Many Forex brokers offer swap-free accounts for traders of the Muslim faith. The broker will instead of a swap, charge you a small administration fee after a certain period of time.
Some market-making brokers can even offer swap-free accounts without any commission after a period.
Brokers who use an STP/ECN model will however charge you a commission after some days to cover some of the swap cost that the broker gets charged by various liquidity providers.
Best Swap Free Forex Brokers
All the brokers below offer swap-free accounts intended for traders of the Muslim faith.
Skilling
Skilling offers a swap-free account (only through the MT4-platform) that will have zero swaps on FX, but you will get charged a commission of $2.5 every five days as long as the position is open.
You must contact customer support and ask to make your MT4-account with Skilling a swap-free account.
🏆 Best Overall Broker 2022
✅ Up to 1:500 leverage
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✅ 900+ instruments
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Pepperstone
Pepperstone offers swap-free accounts intended for traders of the Muslim faith. You have to manually send in a request for a swap-free account to customer service.
Pepperstone is regulated in several tier-1 jurisdictions and is used by over 300,000 traders from across the globe.
🏆 Best TradingView Broker 2022
✅ 1:30 | 1:400 leverage
✅ MT4, MT5 & cTrader
✅ 1200+ instruments
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Conclusion
Swap-free account will not charge you any swaps and might be optimal for traders who don’t want to pay any swaps due to religious reasons.
The broker will get charged swaps from their liquidity providers, so they will charge you an “administration fee” after a period of time.
