Islamic (swap-free) forex accounts: the audited truth
Many 'swap-free' accounts replace swaps with admin fees, shorten the fee-free grace period, or exclude the very instruments Gulf traders actually hold overnight. We audit this the only way that counts: open the Islamic account, hold real positions overnight past the grace period, and log every fee that actually hits the account.
No audited fee results are published yet. Until a broker's first audit completes, this table shows its published swap-free terms with sources — labeled as published terms, never as our audit.
| Broker | Availability | Broker-published claim | Measured by us | |
|---|---|---|---|---|
ASICFCACySECDFSA | Yes | Swap-free account offered for religious/personal reasons to residents of eligible countries (incl. Bahrain, Egypt, Jordan, Kuwait, Morocco, Malaysia, Oman, Pakistan, Qatar, Turkey, Indonesia, Algeria and others). No swaps; instead a per-standard-lot admin fee is deducted once a trade has been held for 5 days (i.e. 5-day grace period), per a published fee schedule. Standard-account pricing, $0 commission; page states AUD$200 (or equivalent) minimum deposit for this account. [Source] | Testing in progress | Open account |
FCACySECCySECASIC | Yes | Swap-free accounts offered for clients who cannot use a regular account for religious reasons; available only to clients in UAE, Kuwait, Qatar, Bahrain, Oman, Jordan, Saudi Arabia, Egypt, Lebanon, Tunisia, Algeria and Morocco. Switching requires no open trades and contacting support@capital.com. Admin fees and grace period: not published. [Source] | Testing in progress | Open account |
FCASCBFSCCMVM | Yes | Islamic account with "No interest on contracts lasting longer than 24 hours – zero rollover interest" and "No additional rollover commissions for contracts lasting longer than 24 hours"; page states "certain restrictions and limitation may apply" and directs prospects to middleeastdesk@activtrades.com before requesting the account. No admin fee, grace period, or excluded-instrument list is published on the page. [Source] | Testing in progress | Open account |
ASICFSA SeychellesFSCAFSC Mauritius | Yes | Swap-free available on both Raw and Standard accounts across MT4, MT5 and cTrader; min opening balance US$100. No swap/interest on overnight positions; instead an administration fee is charged on positions and deducted from the account balance. 'No administration fee for five days on selected instruments' (grace period). Conversion is by email request to the onboarding team. Exact administration-fee amounts are not published. [Source] | Testing in progress | Open account |
CFTC / NFAFCAASICMAS | Yes | OGM Terms of Business state financing costs do not apply to 'Swap Free' accounts ("Financing Costs do not apply to 'Swap Free' accounts, further information available on the Website"). Admin fee amount, grace period and instrument exclusions are NOT published on the public site. [Source] | Testing in progress | Open account |
FCACySECASICADGM FSRA | Yes | Zero interest (riba-free) on open positions; 7-day grace period, then daily admin fees on CFD positions held overnight (vary by instrument, applied after 22:00 GMT); admin fees do not apply to real stocks, ETFs or crypto; minimum deposit to open an Islamic account: $1,000. [Source] | Testing in progress | Open account |
Financial Conduct AuthorityCyprus Securities and Exchange CommissionSeychelles Financial Services AuthorityFinancial Sector Conduct Authority | Yes | Any Classic or Raw account convertible to swap-free; same spreads/execution. Swaps replaced by fixed USD-per-lot handling fees after instrument-specific charge-free days (example: EURCZK fee-free 3 nights, fees from 4th night; Classic swap-free: fees start day 41 for XAUUSD, XAUEUR, XAGUSD and JPY/CHF pairs). Crypto CFDs: 10% yearly charge on long positions after 5-day swap-free period. Fees fixed per lot, long or short; may change at Tickmill's discretion. [Source] | Testing in progress | Open account |
CySECFSCDFSA | Yes | Not published | Testing in progress | Open account |
Financial Services AuthorityCyprus Securities and Exchange CommissionAustralian Securities and Investments Commission | Yes | Swap-free account available on Raw Spread and Standard accounts (MT4/MT5/cTrader). No swap/interest; instead a flat overnight holding fee per lot in USD by instrument (e.g. EURUSD $11/lot, GBPUSD $9/lot, BTCUSD $41.85/lot). Grace period of up to 5 days on most instruments before holding fees apply; exceptions: XNGUSD/XTIUSD/XBRUSD charged from Day 1 (no grace), USDJPY/GBPJPY charged from Day 3 (2-day grace). Triple-swap rollover nights consume 3 grace days (Wed for forex/metals/bonds/commodities, Fri for energies/indices). Broker reserves the right to request additional documentation before granting swap-free status. [Source] | Testing in progress | Open account |
ASICFCACIMAFSC | Yes | Dedicated 'Swap Free' account type: exempt from swap/interest charges on overnight positions. Instead, an administration fee is applied to overnight positions and deducted from the account balance. USD50 minimum deposit, spreads from 0.0, 0.01 lot minimum. Grace period, instrument exclusions and administration-fee amount: not published. [Source] | Testing in progress | Open account |
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https://www.mybestbrokers.com/islamic-forex-brokersWhat is an Islamic (swap-free) account?
An account that charges no overnight swap interest, offered for traders who avoid riba for religious reasons. Brokers typically replace the swap with either nothing (for a grace period), a fixed admin fee per lot per night, or wider spreads — the detail is where accounts differ most.
Is swap-free really fee-free?
Often not. Most brokers apply an admin fee after a grace period (commonly 3–14 nights), and some exclude exotic pairs, gold, or indices from swap-free terms entirely. Our audit logs the fees actually charged, per broker, against their published claims.
How do you audit Islamic accounts?
We open the swap-free account variant at each broker, hold real overnight positions past the published grace period on the instruments Gulf traders actually trade (majors, gold), and record every line item the broker charges. The audit repeats monthly.