cTrader announce the support of Shariah Compliant (Swap Free) accounts from all cTrader platforms and are able to be offered by all brokers who offer the popular forex and CFD trading platform.
Now traders can decide when creating a demo account if their account should be made Swap Free. The functionality has been designed to meet all of the requirements of Shariah Law and the principles articulated for “Islamic finance”.
“After extensive research along with the help and support of our clients we have been able to create and introduce a Shariah Compliant, Swap Free account type which allows cTrader brokers to offer trading accounts to their Islamic clients. This functionality is available from cTrader natively” James Glyde, Head of Business Development
The cTrader Swap Free account type is an attribute of a trading account and does not require the broker to create individual groups specifically for Islamic traders where they could impose higher spreads or commissions simply to recuperate speculative Swap charges incurred themselves and make up for missed revenues. This functionality allows Islamic traders to receive all other trading conditions as promoted for their broker’s classic and premium account types. The main point of this feature is to ensure Islamic traders will never have to factor sub-par conditions into their strategies or be restricted by a limited range of markets due to their faith.
For brokers who are concerned with the risk of overnight swaps arbitrage an option to charge a fixed daily administration fee exists after a predefined grace period. This is a completely flexible and optional setting for brokers who wish to use it, meaning it only exists to protect brokers in accordance with their business operations. All fees are fully disclosed to users via the cTrader platforms highly detailed and informative UI.
“Thanks to the detailed feedback of our clients and their local representatives for the MENA region this functionality is already in line with the majority of our client’s policies, meaning they will be rolling out Swap Free cTrader accounts in no time.” James Glyde, Head of Business Development