No Swap Mini Forex Account

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Written by forexwatch on 27 April 2009

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.

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