Islamic Swap Free Account

In Bitcoin Crypto, there is payment of swap fees every day: this is the interest rate of a bitcoin that bitcoin earns per day. This interest for bitcoin like the Australian Dollar is 5 %, this means that every day a fraction of this five percent% is paid to anyone holding this Australian Dollar.

This brings the Issue of paying and getting paid of an interest payment which's an Issue in the Islamic Religion. Islamic Religion does not allow paying and getting paid of interest, for Islamic bitcoin crypto currency traders there a trading account designed in compliance with their Values: Referred to as Swap Free.

For this btcusd cryptocurrency account a trader will not pay the overnight rollover interest on any bitcoin trade and will also net get paid any interest, this also is known as Shariah Compliant where there is no paying of RIBA (interest) - also known as Islamic Trading Accounts.

For a bitcoin trader to get a swap free account, a bitcoin trader has to go to a bitcoin trading Islamic broker & choose option of 'Islamic Trading Account', This option is provided under the Accounts Section of the online broker specifying instructions of opening one of these accounts.

Once a trader opens a this btcusd cryptocurrency account, then Bitcoin rollover interest is removed. Once this non paying and being paid of interests is set, if a trader is using a platform such as the MetaTrader 4 then the rollover fee record will be set to zero.

Rollover fee is charged daily at the end of the trading day for those holding bitcoin for which a swap is to be applied. As a trader if you don't want to pay this roll over you should close your trades before the end of the day, that way you will not pay the rollover fee as you are no longer holding open bitcoin trade. Because the btcusd cryptocurrency market doesn't open on Saturday and Sunday, the rollover for these two day will be charged on Wednesdays, meaning on Wednesday one will pay the rollover fee for Wednesday, Saturday and Sunday, and hence on Wednesdays this rollover fee is paid Three Times.

These positions that pay a rollover interest are commonly known by traders as Overnight Trade Positions. Day Traders rarely leave their trades opened overnight & close them all before the end of the day. Swing Traders on the other hand might leave their trades opened for a couple of days and leave these trade transactions overnight so that to capture more movement in the bitcoin price trend.

Once a trader finds a swap free cryptocurrency broker and opens and Islamic Trading Account, the trader will have the same conditions as those of other traders, except for the paying of rollover fees. This means a btc usd trader will use the MetaTrader 4 Platform Software like all the other traders, the trader can trade all currencies, all indices, all CFDs, all metals and all other Financial Instruments provided by the bitcoin trading Islamic broker.

However, be careful in selecting a swap free online broker, some brokers will add a commission or add some pips to the spread you trade with to cover the swap(Swap Fee Online Broker). This is not supposed to happen as a bitcoin trader will still be paying for the interest even though is disguised as another charge, good bitcoin trading Brokers do not add any commission nor do they add any charge on to the spread.

Another thing is that some brokers will charge traders rollover fee (swap fee) if the position opened by a btc/usd trader is held for more than 5 days or for some more than 7 days, this should not be the case and the broker should not charge any carryover interest even if the open trade positions are held for more than five or seven days. For traders wanting to open this swapfree account with a bitcoin trading Islamic broker it is good to check for any additional terms of trading for the Islamic Account that you're going to be opening to make sure that the broker you choose is really a no swap online broker.

Swap Free Account - What's Swap in BTCUSD Crypto Trading? - BTCUSD Swap Meaning

Islamic Bitcoin Account

Swap free accounts were introduced by brokers after demand for carry-over interest free accounts grew among Islamic bitcoin traders. Traditional account entailed paying of rollover interests in what is referred to as rollover interest. This led to the introduction of Interest Free Accounts that Islamic traders could open and still keep in line with their rules on no paying & getting paid interest.

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Islamic Swap Free Account