According to Sharia law, any financial transactions in which one of the parties pays or receives interest from the other party are prohibited. A swap can be considered as a type of interest rate, and this prevents Muslims from trading within the timeframes for more than one day. With Trendingraphs, you can open an Islamic account; it is non-swap and specifically designed to meet the needs of Muslim traders.
Islamic accounts are free from swaps and are designed specifically for Muslim traders. Usually, if you keep your position in the market open until the next trading day, you must pay or get interest (swap). But this would contradict the norms of Sharia. To avoid this payment, all transactions in the Islamic account automatically close at 22:00:00 GMT and are immediately reopened at 22:00:01 GMT. Thus, the open position will be moved to the next 24-hour period, but the account holder will not pay any fee for this.
An Islamic account is similar to a regular trading account in all other aspects. It has the same features and advantages, and a MetaTrader 4 terminal is available for its owners.
With Trendingraphs, opening a non-swap Islamic account is easy. First, you need to open a real account. After that, send customer service a request to make the account swap-free. Documents may be required to prove your religion.