January 30, 2014: To meet the needs of Muslim forex traders, xCFD, a next generation online broker, offers swap-free accounts that completely satisfy Islamic religious prohibitions of not receiving or paying interest.
A company official comments: “xCFD is fully committed to providing everyone with access to world markets. Keeping this in mind, it was a logical step to introduce islamic accounts for muslim traders”.
With an islamic trading account, no swap or roll-over interest will be charged to or incurred on positions that are held overnight. These accounts comply with Islamic religious beliefs and a trader is charged with platform usage fee only, which depends on the specific instrument.
To open an Islamic no-swap account with xCFD, one must follow the standard procedure and then simply request an Islamic account in profile settings on xCFD website.