Swap Free/Islamic accounts are forex trading accounts designed specifically for Muslims. This is because swaps conflict with their religious beliefs. As such, only Muslim clients are authorized to have a Swap Free/Islamic account.
Should a client fail to provide sufficient proof of religion, Orbex will proceed with the opening of a regular Swap Account, meaning standard swap fees will apply.
Any client who misuses this advantage by holding floating positions for a long period of time, thereby profiting from the swap-free facility, must close their floating positions immediately, bearing in mind that these fees are handled by Orbex and not by the client.
Furthermore, hedging a spot currency by its corresponding Future contract is forbidden. This is because it also constitutes an attempt to take advantage of and profit from the swap-free facility. One direction of this kind of hedge must, therefore, be immediately closed.
Moreover, certain instruments will be charged Storage Fees on a daily basis as explained below:
|Instrument||Storage fees per lot||Charged on|
|All FX pairs||5 USD or Equivalent||After Day 10|
|**USDTRY||70 USD or Equivalent||From Day 1|
|**EURTRY||70 USD or Equivalent||From Day 1|
|**USDZAR||25 USD or Equivalent||From Day 1|
|**USDMXN||25 USD or Equivalent||From Day 1|
|XAUUSD / XAGUSD||5 USD or Equivalent||After Day 10|
If the client fails to take action to avoid such practices, Orbex will, unfortunately, be required to close or take any necessary action on these accounts without prior written notice.
**Carry Pairs positions (TRY, MXN, ZAR) will be charged from day 1 as mentioned above.
After day 10, three days of storage will be applied every week on Fridays.