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Islamic forex accounts are a specific category of forex trading accounts also known as interest free or swap free forex accounts.
These accounts permit clients of Islamic religion to trade on interest free accounts with no extra charge.
Conditions Clients eligible for such accounts can open and close positions at any time within the RFXT Metatrader 4 system without being constrained to holding them for a defined period. Swap-Free policyClients benefiting from the firm's Swap-Free policy may hold positions for an undetermined time at the original opening price until they are closed and no charges will occur. We offer clients the possibility to choose Islamic Forex Trading conditions for any of our Forex account types including R-ECN, R-Variable or R-Fixed accounts, regardless of base currency or leverage offered. RFXT enables its clients to trade with no swap charges and with no other additional charges, spread or hidden fees, ‘simply fair and ethical trading conditions for all’. The Islamic Accounts offered by RFXT are not the same as the Islamic Accounts generally offered by other Forex companies. They differ based on the fact that RFXT offers SWAP free accounts with no other additional charges, whereas most other companies transfer this fee by widening the spread on Islamic Accounts. In order to abide by Islamic religious beliefs, one must not pay interest but if that interest charge is transferred to a different type of fee, it is basically still a charge to cover the interest. This is also referred to as a SWAP fee in disguise. We do not do this, again demonstrating that we offer fair and ethical trading conditions.
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