No Swap Mini Forex Account
Swap or Roll Over Charges
It is clearly stated in the Quran and in many Hadith that Muslims are forbidden to indulge in transactions with interest charges. They are forbidden to pay interest and / or receive interest payments. In the case of Online Forex Trading, Swap or roll over charges is actually a form of interest charges. As such, there is no doubt that Muslims are forbidden to trade in Online Forex Trading.
No Swap Account
However, the Muslim market is too huge a market to neglect and so Forex Brokers, Financial Experts and Programmers of Online Forex Trading Platform have developed the No Swap Account or the Interest Free Account to cater for the Muslim Forex Traders market. The set up of the No Swap Account is said to comply with the Islamic Shariah Laws. Thus Muslim Forex Traders can trade in Online Forex Trading with Forex Brokers using the No Swap Account.
MasterForex
One of the Forex Brokers with a No Swap Account is MasterForex. They call it Islamic Account. There is No Swap or no roll over charges for this type of account.
At MasterForex there are 2 types of account, the Dollar Account and the Cents Account. I consider the Dollar Account to be equivalent to a Mini Forex Account and the Cents Account as the Micro Forex Account. The No Swap Account or Islamic Account is available to Muslims for both category of accounts.
A Post on MasterForex at Forex Peace Army
Rudy , Indonesia
Date of Post:2009-03-26
Review:I joined MasterFX since 2 month ago, and I have withdrawal many time through Liberty Reserve, and I received it in my account max 48 hours ( during working day). Last time I withdrawal, I received it in 24 hours. I think MasterFX is OK. They give me 2 pips spread for USDJPY & EURUSD. I use islamic micro account (no swap & no commision) with leverage 1:500.
History of MasterForex
The project www.masterforex.org, comprising professional traders and talented analysts, was created in 2003. Masterforex Brokerage was founded on October 2, 2006.
Experienced Traders Wanted as Introducing Brokers
Introducing Broker
The Forex market is a huge growing market and there’s always a piece of the cake or action for everybody to share. There are several ways of earning in the Forex market. These are:
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Online Forex Trading
Affiliate or Partner
eCurrency Dealers
Introducing Broker
The functions of an Introducing Broker
• Introducing Broker acts as an agent to the Forex Broker and their primary function is the free customer care service.
• Introducing Broker normally assist new clients to open and fund their account with the Forex Broker.
• Introducing Broker can educate their clients on the features of the trading platform.
• Introducing Broker can guide their clients on trading matters such techniques or Forex Trading Systems.
• Introducing Brokers can also offer financial facilities to facilitate funding accounts by clients provided they have an agreement in this respect.
• There are Forex Brokers that allow Introducing Broker to trade on client’s account provided that they have a proper Managed Account Agreement.
• Introducing Broker can expand their business by appointing Affiliates.
Introducing Broker is entitled to:
• Administrative support from the Forex Broker
• Monitor their client’s activities on a real-time online platform provided by the Forex Broker.
As Introducing Broker does not charge their clients for their services, they are numerated with a scheduled percentage of the spread earned by the Forex Brokers. Thus, the income can be very attractive but depending on trade volume of their clients. There are no boundaries of expansion of their business. Introducing Brokers can expand their business by appointing Affiliates who then will offer the same customer care service to the second tier clients.
The Basics of Online Forex Trading is Not Appreciated
With the start of the New Year, the year 2009, the Bloggers Communities are all fired up with the end of year Googles Page Ranking. Cries of frustrations and joys are equally aloud. There were Bloggers who celebrated the New Year more than before because their Blogs are well ranked. A fellow Blogger even boasted about achieving a PR 5 within two months. I salute this particular Blogger. But at the same time there are also Bloggers who lamented because their Blogs were demoted by Googles.
Congratulations, to those fellow Bloggers for their achievements. To those who are “Demoted”, all I can say as a newbie in Wordpress Blogging is to keep on trying in order to achieve your target. To other Newbies, we must take note that we have a lot to learn from the senior established bloggers the tricks of the trade.
When I started to reflect on the Blogger who got PR 5 within two months I decided to join the crowd just for the sake of to be abreast. I checked my Googles Page Ranking as well. Your guess of the result will be as good as mine. To tell you the truth, I wasn’t surprised when this Blog, Forex Trading Puzzle is not ranked at all by Googles.
When I started blogging on this particular Blog, Forex Trading Puzzle, my main objective was more of educational. I am trying to encourage others to learn Online Forex Trading as much as possible before they start trading with live accounts because I strongly believe that Online Forex Trading could be a good source of income provided that the traders have a sound knowledge and solid foundation on Online Forex Trading.
So in the past two months or so I have been trying to write more about the basics of Online Forex Trading, sharpen my writing as well because I have not been writing for a long time, played about the setting of the Wordpress functions and Search Engine Optimization so that my posts are well listed by search engines. The target was to get a placing in major search engines.
As a newbie to Wordpress Blogging I also spent a fair bit of time in choosing a suitable Wordpress Theme, learning and getting used to the features of the theme. I tried a couple of dozen of Wordpress themes. It was not as easy a task as what I assumed. But I learned a lot about Wordpress Blogging through trial and error and believe me that there’s a lot more for me to catch up.
As what I have said earlier, my intention is more of educational because I would like to share my experience in Online Forex Trading as source of income. My posts so far are the very basic of Online Forex Trading and this could be the reason Google is ranking it. It’s too basic. It is not interesting. It is not a niche topic. In fact it could be boring to some. It is also possible that Googles does not appreciate articles that are too basic as Online Forex Trading is as old as the Himalayas.
Online Forex Trading in 2009
Wishing our Readers
A HAPPY NEW YEAR
The Dos & The Don’ts in 2009
What to Do in Online Forex Trading in 2009
1. Stick to the Forex Trading System that has proven to be profitable to you. It is not advisable to change your Forex Trading System just because other traders are saying that yours is comparatively less profitable.
2. Strict Control of your Funds with a Sound Money Management. Adhere to the Principles of Money Management as this will avoid a overtrading situation or the Risks of Margin Calls.
3. Always be contented with your Profits.
4. Apply or Put a Stop Loss for all your Trades. Unexpected things can happen - A Failure of your Internet Connection.
5. Take Profit at Reasonable Levels. Don’t be Greedy.
6. Check out for Forex News before trading.
7. Study and Analyze your Charts, Follow your Charts. Trust your Indicators. Indicators don’t have Emotions and Don’t Tell Lies.
8. Keep Cool, Control your Emotions. Take a Rest if you have charted two straight losses.
9. Do Apply Sound Judgments when necessary.
What Not to Do in Online Forex Trading in 2009
1. If you are a Compulsive Gambler, Do Not open a Forex Trading Account.
2. Do Not Speculate.
3. Forex Trading is very Risky Business but Do Not take Uncalculated Risks. Stick to your Profit Risks Ratio.
4. Do Not Overtrade. Apply strict Money Management Control.
5. Do Not be Greedy. Greed is the most Evil attitude in Forex Trading. Always remember that a Bird in Hand is Better than Two in the Bush.
6. Do Not let your Emotions to Override you in your Decision Making.
7. Do Not go Against the Trend. It’s Suicidal.
8. Do Not Trade in Currency Pairs you are Not Familiar with.
9. Do Not Listen to Rumors.
10. Do Not Try New Methods or Techniques with Real Forex Trading Accounts.
Online Forex Trading
For your Online Forex Frading transactions you need a trading platform. In the Forex Trading market most Forex Trading Brokerage companies are using the Meta Trader 4 trading platform in order to suit with their high standards of business requirements.
MetaTrader 4 Trading Platform has been created for trade operations and technical analysis on accurate real time basis for the Forex, CFD and Futures markets. It is outstanding for its wide range of functions that suit the high standard of online trading operations.
The noted outstanding features of this online trading platform are:
• Accurate Real time Data.
• A multi Language program interface.
• Order Execution Types: Instant Execution, Pending Order Execution, Market Execution.
• Unlimited Charts.
• Support of various timeframes ranging from minutes up to months.
• Large number of preinstalled technical indicators and line studies.
• Large number Experts Advisors, Custom Indicators and Scripts.
• Enable installation of Additional Technical Indicators and Expert Advisors.
• Online News from financial markets.
• Enable Printing of Charts and Trading Transactions Statements.
• Confidentiality of all Trading Transactions.
Demo accounts or Real Accounts of Online Forex Trading Platform can be downloaded from the websites of Forex Trading Brokerage Companies.
