Recently, I opened a live account with FXCM UK. However, I am still demo trading. I noticed something called “rollover” on open positions carried over to the next trading day. I am not fond of it either way (receiving or paying). So, I inquired about converting my live account to an interest free account (which is sometimes called Islamic account).
FXCM said that they can convert the account once I submit a form. Once it is converted, FXCM will issue wider spreads to the account. I do not have a problem with that.
My problem is that I need to state a reason why I want my account converted to interest free. The verbiage is as follows:
[I]“To be eligible for an Interest-Free account, a reason for the request must be submitted and approved by FXCM (Additional documents may be required). I hereby provide the following reason for my request:”[/I]
Okay, if anyone has experience in converting a trading account to interest-free, can you help me to articulate a reason. I am stumped.
Brokers offer so-called ‘Islamic accounts’ to allow traders of the Islamic faith to trade while still complying with Shariah Law. I don’t know about FXCM specifically, but other brokers allow people of any faith to choose this option.
just tell them you are a Muslim(a convert if they suspect the name), unless you have(in the UK) documents that states your religion they will not ask you.
It might be something to do with people off setting a carry trade in another account. I don’t think brokers like that very much. But as others have said, if you want an interest free account just say your a muslim.
