Jun 12 2020 0
Swap (rollover rate, overnight rate) is the fee that the broker collects (in case the interest rate difference of the traded product is negative) or pays (in case the interest rate difference of the traded product is positive). This overnight fee will be collected when the trade order is kept past the closing date. The benefit of trading with these swap free forex brokers is that you can keep your orders for very long (days to weeks) without any fees.
Some forex brokers for Muslims often have accounts that do not charge overnight. However, at present, there have been many Forex brokers offering a wide range of swap free accounts to traders. Let’s check out who they are. Here are 3 best forex brokers which are totally swap free for all accounts.
Founded in 2011, ForexTime (FXTM) is one of the fastest growing Forex platforms in the world. FXTM is licensed and regulated by CySEC (Cyprus), FCA (UK), FSCA (South Africa) and IFSC (Belize).
ForexTime offers different types of accounts such as Standard, Cent, Shares, ECN, ECN Zero, and Pro and lots of trading assets, including over 60 currency pairs (Forex), CFD, Metals, Indices and over 180 types of stocks. At FXTM, the minimum deposit is as low as 10 USD while the leverage is up to 1: 1000. The company also offers trading with floating spreads (only from 0.1 pips) and fast execution.
The ForexTime platform uses popular trading platforms such as MetaTrader 4 and 5, including mobile and Web versions, in addition to the FXTM-Invest trading copy platform. FXTM customers can choose from a variety of payment methods such as credit cards (VISA, Mastercard and Maestro), e-wallets (Skrill, Neteller, WebMoney, PerfectMoney, Bitcoin, etc.), bank transfer.
ForexTime also owns excellent customer service with multilingual support and personal account management. As a result, the exchange can easily provide technical support and constantly update customers with free trading training programs, market analysis, forecasts, trading tools and periodic online seminars.
ICMarkets is a Forex broker established in 2007 and based in Australia. After more than 12 years of establishment and development, ICMarkets has now become the largest broker in Australia and also one of the largest trading floors in the world.
The ICMarkets exchange is authorized and regulated by the Australian Securities and Investments Commission (ASIC). This is one of the most trusted financial management agencies in the world. ASIC requires licensed exchanges to follow the specific rules and regulations they set. Ensuring fairness and transparency for the financial markets in Australia.
Raw Spread account is the most popular type of ICMarkets account. This is the best account type, has extremely low transaction costs and is highly appreciated by the trader community.
Its advantages are super low spreads, averaging only 0.1 pips for EUR/USD and a fairly competitive commission, $7 per lot. In addition, ICMarkets's Raw Spread account has extremely fast execution speed and almost no delay.
Plus500 has been registered with many prestigious financial management agencies such as FCA, CySEC, ASIC, FSCA, FMA, MAS and ISA. Therefore, investors can feel secure when dealing with such brokers. Plus500 has built their own proprietary software. The platform's WebTrader platform is a stable platform, easily accessible from any browser from Firefox, Chrome or even Internet Explorer. WebTrader platform has a very simple interface, nice and easy to use. It allows customers to create watch lists, draw analytics charts to track transactions.
Technical analysis charts can be displayed in full screen mode, which is especially useful when you are using a device with a small screen size. The platform also provides more than 100 technical indicators and various analytical time frames.
The transaction fee of Plus500 in our opinion is quite low. The floor does not charge commission but adjusts spread calculation. The spread is quite low and depends on the product traded. For example, EUR/USD has a spread of 0.6 pips, US stock trading has a spread of 0.51.
For your information, these are the 3 best forex brokers with free-swap Islamic account:
Some brokers don’t charge swap fee because they will charge other fees to make up for that swap. However, the 3 brokers I presented above are very reliable and have low trading costs, which means they are the best swap free forex brokers.