Swap Free Hotforex Account for Trading Exotic Pairs?

[fxeconomist 11]

I wonder is it reasonable to use swap free account to hold overnight positions on "swap-expensive" pairs like USD/RUB? This particular pair has volatilty lowered on it but it still quite promising in terms of news trading like on CBR announcements or other fundamental internal events. Scalping is barely possible there so I consider moving on weekly trading.

 

What's your opinion on that matter?

[barako 10]

isnt the swap free accounts the islamic account!! i think its for people from muslim countries.

[Mysticforex 13]

isnt the swap free accounts the islamic account!! i think its for people from muslim countries.

 

They were setup up for people of Muslim faith. Not geographic location.

[fxeconomist 11]

They were setup up for people of Muslim faith. Not geographic location.

 

I live in a Muslim country and according to Hotforex requirements for opening Muslim account I just need to show my ID and that I live in a Muslim country, I guess.

What do you think?

[tradeforever 10]

You can contact the CS of your broker to have a precise answer.

[fxeconomist 11]

You can contact the CS of your broker to have a precise answer.

 

Yes I clarified. You need to provide your ID card to them and they will take decision.

[tradeforever 10]

Swap free is for long-term trader, some brokers even offer swap free account (in a short period of time after opening account). But not too many Muslim trader to take advantage on it. I am too so I concentrate to be pips hunter

[tradeforever 10]

Is there other ways to get swap free except I am belong to a Islamic country?

[barako 10]

maybe if you are a muslim and not located in a muslim country, just to be sure the best way to know would be asking support directly, they do have a live chat option.

[tradeforever 10]

If a broker offer free swap to a trader, then they would take it for trader? Is that fair, I meant how Muslim can get freeswap while other cannot.

[tradeforever 10]

anyone know a broker offer free swap for all trader type? not Muslim.

[aimhi 10]

anyone know a broker offer free swap for all trader type? not Muslim.

 

I guess this swap free account is not only limited to Muslims but anyone who is looking for swap free accounts can use these accounts IMO!

[tradeforever 10]

I never seen a broker offer free swap account because the broker may pay interest for our trades (order - contract). But Muslim have this advantage and I don't know why they get it

[aimhi 10]

Maybe you are right but i still don't get you exactly..!

[tradeforever 10]

I meant I don't know how Muslim get free swaps even though the broker have to pay for them. Or banks don't charge swap to Muslims?