Islamic Account
At TransXmarket, we cater to our Islamic customers by offering a specialized account that eliminates all swap charges or credits.
Our exclusive Islamic Accounts, also known as ‘Swap-Free Accounts,’ are designed to comply with Islamic principles by not applying any swap or rollover interest on overnight positions.
Discover more about our Swap-Free Policy and how it aligns with your faith.
Islamic Account Benefits
Trade in the international market in accordance with the Muslim religion
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Trade in the international market in accordance with the Muslim religion
Islamic Account Conditions
Please note that individual account holders are allowed to maintain either a swap-free or a swap-standard account at any given time. TransXmarket reserves the right to withdraw the swap-free status from any live trading account if any form of misuse is detected.
What is the Swap Rate
A swap rate or ‘rollover fee’ is an interest fee that is charged when you keep a position open overnight. Each currency pair has its own swap rate calculated based on one standard lot (100,000 base units) and is determined by interbank rates.
Check the rates listed on the MT4 trading platform for the latest swap rates.
- Please note that when trading spot forex, swap rates are determined two days in advance. For example, if trades are opened on Thursday, the swap begins on Monday. For trades on Friday, the swap begins on Tuesday.
- Please also note that swap rates are tripled on Wednesdays to account for the weekend.
Swap for Currency Pairs with USD as Quote Currency
(counter currency)
Swap Rate = Contract Size x Lots x Swap (points) x Minimum Fluctuation (points) x Days
Swap for Currency Pairs with Non-USD as Quote Currency
(counter currency)
Swap Rate = Contract Size x Lots x Swap (points) x Minimum Fluctuation (points) x Days x PIP Value at the closure of Market
The above is the standard structure on swap rates across the industry, however, please note that on weeks where there are holidays, the swap rate structure may be modified to account for the holiday.
Swap Rate Examples
For 5 Decimal Quotation
- Buy EUR/USD at -2.2pts (SWAP Points)
- Sell at 0pts
- If an investor opened 1 lot on Monday and closed the position on Thursday, then payable trading days for swap is 1+1+3=5
- Swap is calculated as follows:
100,000 (Contract Size)x1 (Lot)x-2.2pts (Swap Points)x0.00001 (Minimum Fluctuation Points)x5 days = -11 - Swap Rate is $11
For 4 Decimal Quotation
- Buy EUR/USD at -0.22pts (SWAP Points)
- Sell at 0pts
- If an investor opened 1 lot on Monday and closed the position on Thursday, then payable trading days for swap is 1+1+3=5
- Swap is calculated as follows:
100,000 (Contract Size) x 1 (Lot)x-0.22pts (Swap Points) x 0.0001 (Minimum Fluctuation Points) x 5 days = -11 - Swap Rate is $11
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