Have you ever experience where your profit shrunk because you need to pay for swap or what we call rollover fee ?
I believe you might encounter scenario like this :
Imagine you entered a trade and yes.. it is a winning trade. However, you need to hold your entry for a few days and probably weeks. Most of the forex account, will impose a swap fee or what we call rollover fee to your trade. Later when the price hits your target profit (t/p), your trade closed. The unfortunate thing is, you need to pay for additional fee that could offset your profit.
The scenario above is very common and the solution is to get an Islamic or swap-free trading account.
Swap-free account is intended for traders who use trading systems without adjustment to swaps or for the customers who are not allowed to receive swaps owing to their religious beliefs. It determines the second name of this accounts type: “Islamic accounts.” If you enable the swap-free option, all other trading conditions of Standard or Eurica accounts remain the same.
When trading on the swap-free account with any currency pair, a trader does not gain or lose any amount regardless of the position volume. Even keeping the trade open for a long time, a trader can be sure that only the exchange rate will affect the trade outcome.
Personally, I use InstaForex to enjoy the swap free forex trading account. Here’s what you need to do when opening a new live account.
How to Open a Trading Account
1) Go to InstaForex website and open a new account
2) Read through the agreement and if you agree, then click Accept. This is part of the process for every trading broker. I really doubt for common people like us, how many could understand the legal terms ?
3) Enter your primary email where you will get news, updates and trade notification.
4) Enter your personal details so you can withdraw your winnings later.
5) This is the most important steps.
Make sure you tick “Islamic Account” for swap-free.
6) Click Submit and you should received account summary with your user name and password.
7) Next, you need to download the popular MT4 trading platform.
8) Run the installation file and follow the steps. Click the icon on your Windows desktop to launch the InstaForex MT4 trading terminal.
How to Login MetaTrader (MT4) Trading Terminal
9) Click File > Login.
10) Using the information that InstaForex sends to your sign up email, input the account number and password. Remember to select the Server per the details in your welcome email.
Then click Login.
11) Well done … and you can proceed with funding and kick start your forex trading adventure.