What is a swap-free account?
A Swap-free account in Weltrade is a special type of trading account where overnight interest (swap) is not charged or credited when positions are held overnight.
This account is designed to comply with Islamic finance principles, which prohibit earning or paying interest on financial transactions. It’s also useful for traders who want to avoid additional costs for holding positions long-term.
Key features of swap-free trading account
No overnight interest (swap) fees on open positions
Ideal for clients who trade in accordance with Islamic principles
May include a fixed administration fee depending on the instrument
How to enable a swap-free account Weltrade
1. Register and verify your Profile. Log in to Weltrade and complete your Personal Profile registration and verification.
2. Open new trading account. Go to your Dashboard and open a new account. Choose your preferred account type (e.g., Micro, Pro). If there's an option to select swap-free setting while creating account, choose it.
3. Or, you can contact Weltrade Customer Support via email [email protected] with the request to convert your existing trading account into a swap-free one. (You might be asked to provide a certificate from your mosque).
Note: If you've already opened SyntX account, it cannot be converted to a swap-free account. If you want swap-free SyntX account, try opening an Islamic SyntX trading account if it's available in your region.
4. Start trading without swap charges. Once approved, your account will not generate or deduct swaps for overnight positions. You can trade normally, just without interest-based adjustments.
Important information:
Swap-free accounts remove swap fees for Forex and metals, but for other trading instruments, alternative fees may still apply
Swap-free option is granted at Weltrade’s discretion and may be revoked in case of abuse
Swap-free accounts are designed for long-term holding or compliance, not for avoiding swap strategies
Make sure to read any updates in the swap-free policy in your Personal Profile or on the website
Frequently asked questions (FAQs)
What is a swap-free account?
What is a swap-free account?
A swap-free account is a trading account where overnight swap fees are not charged. Positions can be held overnight without applying swap interest.
Who is a swap-free account designed for?
Who is a swap-free account designed for?
Swap-free accounts are designed for traders who prefer trading without swap charges, including those who follow specific trading principles that prohibit interest.
Does a swap-free account charge any overnight fees?
Does a swap-free account charge any overnight fees?
Swap fees are not charged. However, other trading costs such as spreads or commissions may still apply, depending on the account type.
Is a swap-free account the same as an Islamic trading account?
Is a swap-free account the same as an Islamic trading account?
A swap-free account is often referred to as an Islamic account, but availability and conditions depend on the specific account type offered.
Which instruments are available on a swap-free account?
Which instruments are available on a swap-free account?
Available instruments depend on the selected account type. Supported instruments are shown when opening a swap-free account.
Can I hold positions overnight on a swap-free account?
Can I hold positions overnight on a swap-free account?
Yes. Positions can be held overnight without swap charges, subject to the account’s trading conditions.
Is a swap-free account available for all traders?
Is a swap-free account available for all traders?
Availability depends on your region, account type, and eligibility conditions. If available, the option is shown during account creation. You can check if your swap-free option is available for your account type on our website.
Can I open a demo swap-free account?
Can I open a demo swap-free account?
Demo availability depends on the account options provided. If available, it will appear among demo account types.
Does a swap-free account affect trading strategies?
Does a swap-free account affect trading strategies?
Trading strategies remain the same, but traders should consider spreads, commissions, and holding conditions when planning trades.
Where can I track transactions related to a swap-free account?
Where can I track transactions related to a swap-free account?
All deposits, withdrawals, and internal transfers related to a swap-free account are displayed in Operations history.
How to check whether symbol is subject to swap fees on Swap-free account?
How to check whether symbol is subject to swap fees on Swap-free account?
To check if swap fees still apply to a symbol, go to Market Watch (Quotes on mobile app). Right-click on the symbol (or tap it on mobile), then select Specification (or Properties). If Swap Long (buy) and Swap Short (sell) fields are available, you will see the fees that apply to that symbol.