Muslim laws prohibit paying or receiving capital interest. However, it hasn’t become a barrier for Muslims who want to trade in financial markets. As it is known, swaps are paid for keeping a position open overnight and can be seen as a type of interest. An Islamic (swap-free) accounts were designed specifically for Muslim traders to allow them being fully-fledged participants of financial markets.
An Islamic account automatically closes all deals at 22:00:00 GMT and immediately reopens them at 22:00:01 GMT. The account owner doesn’t pay or receive capital interest. The absence of swaps is the only thing that differs such an account from a usual one. People trading on swap-free accounts can use leverage, hedge their positions, replenish accounts, withdraw funds, etc.
It is easy to open a swap-free Islamic account with GB Trade FX. You need to open a real account first, then send a request to the customer service to create a swap-free account, and provide the necessary documents.