Online trading platforms operate 24 hours a day, and allow people to choose from a large variety of instruments – foreign exchange, commodities, shares, bonds, ETFs and more. Some of the positions opened by traders are done for day trading – positions opened for a few hours. Other traders, however, employ trades with a longer scope, and wish to keep their positions opened for more than 24 hours.
Keeping positions opened for over 24 hours is accompanied with a special fee called a SWAP. This special fee is a type of interest, and therefore creates a problem for Muslim traders following the Sharia law, which forbids certain financial transactions, mostly ones accumulating interest.
To solve this, brokers offer Muslim traders a special service called ‘Islamic account’. This account has all the possibilities and options of a regular account; yet it is not subjected to any type of special fees or interest*.
AvaTrade, as a broker fully committed to its clients, offers this service on the highest level. Open an Islamic Account with us today!
Note! AvaTrade is not a legislative institution; therefore do not take this Islamic Account definition as permission to trade. Please verify all trading is in accordance with your beliefs.
*Cryptocurrency trading is not available on Islamic accounts, to trade cryptocurrencies clients must give up their ‘Islamic account’ privileges and be subject to special fees or interest.