The Swap-Free or Islamic trading account is tailored to traders who, due to religious beliefs, are unable to earn or pay interest.
The Swap-Free account option is available during the standard account application process. Please note: This option may be offered depending on your country of residence and specific regulatory requirements.
Please note: Axi does not allow clients to hold a Standard and/or Pro account at the same time as a Swap-Free account. If you have an existing account and wish to open a Swap-Free account, the current account must be closed before a Swap-Free account can be opened. If you need to close an account, please ensure all open trade positions have been closed first, then contact our Client Services team. If you are eligible to have a Swap Free account, we will then provide you with the relevant form to be filled out and assist you with the account opening process.
IMPORTANT: Once you have been approved for a Swap-Free/Islamic account, you will be issued with a Trading Notice outlining details of the interest free nature and general conditions of the account. Please be aware that Axi reserves the right to monitor an interest-free account to ensure it is being used in good faith and for the purposes intended, and that we will contact you directly if we suspect any irregularities.
How do I open an Islamic account?
Depending on your location, you may see the option to select a Swap-Free account directly during the online account application process. If this option is not available in your country, please contact our Client Services team. They will assist you with the application process by providing the necessary form and answering any questions you may have.
Fees and Charges
Islamic accounts are not subject to swap fees on forex (major and minor pairs) or precious metal trading symbols, like gold and silver, and can also include cash indices and some cryptocurrencies. However, please note that all other instruments including stocks, are subject to swap fees.
From the 15th of April, there will be a new Holding Fee imposed on swap-free eligible symbols that are held open beyond a 5 calendar day grace period. For more information please refer to the article Fee revision in Swap Free Accounts.