Not all of them. Some brokers really allow any trader to use swap-free acc. Still, it’s a part of their marketing strategy, you are quite right. That’s why I asked Mitchell why he prefers to use this type of account. Just wondering 
I use it because i don’t want to pay any fees for longer trades. I like trading long term and if i use account that have swap then i need to pay it daily, so if i can get swap free then why will i wish to pay extra? I mean, is it not common sense? Anyone given choice will pick swap free account any day of the week UNLESS they have mindset of earning swap, but that’s rarity.
I use swap free account for swap arbitrage strategy between Tickmill and Hotforex. It allows to receive stable return on deposit almost risk-free, although its not for active traders who prefers speculations and risk taking.
I see, thanks for clearing. I just know that swap can either harm or help, for example, in carry trades. I know people who prefer such a strategy. But your position is fully clear to me too.
Do you use them like a Muslim or because there are just no swaps? I didn’t met many brokers that allow swap-free trading for those who are not Muslims by religion. It is something new for me
I ran into one last week. T&C tell they can at any moment decide to make it a ‘normal’ account. When asking about it they tell me it never happened in the 3 years those accounts are offered.
That was the best joke I heard in quite a while. Especially after checking their rollover fee’s on the normal accounts wich were amazingly high.
There is always a catch. It would be too easy hedging with 2 different brokers pairs like usdrub gbpzar and when it sounds too easy… well…
edit: FXCC was the broker. Displaying FCA on their webpage while not being regulated by it :58:
is there any way to get free swap (islamic account) if I am not a Muslim?
Yes, simply find a broker that doesn’t require anything to proof that you are not a Muslim (if you are ready to risk that there wouldn’t be a catch). I believe most of the serious brokers which offers swap free accounts need a certain proof from their clients.
You can maybe find some offshore broker which will offer you to trade on swap-free account, but I am not sure that they are reliable.
Isn’t this too risky just to evade the swap costs? I think in the end it will turn out way more expensive as these offshore brokers are not safe. And isn’t it illegal?
It depends on a broker, I don’t think that all offshore brokers are scam, cause offshore registration gives them a chance to be more free in organizing bonuses, giving high leverage, charge instant commission instead of swap…
It is not illegal, but you should be careful anyway
Well, as long as it’s not illegal, I guess is ok, but honestly I do not trust such brokers. I still think that is way too risky but of course this is my opinion only. Anyways, just be extra cautious.
I’d say that extra cautiousness is never excess
thank you thank you
I use swap free accounts from Tickmill and Hotforex due to favourable swaps, they make swap arbitrage possible on USDRUB and USDZAR. Otherwise I don’t see the reason to use swap free accounts, you pay the cost one way or another.