In addition to standard trading accounts, Admirals also offers special swap-free accounts for Muslim traders.。Read this guide to learn all about it。

In order to provide fair and transparent access to global financial markets, Forex brokers are often required to charge swap or rollover fees to maintain overnight positions.。A swap is basically the difference in interest rates between the two instruments you are trading, the amount of which depends on whether your position is long or short, meaning that traders can pay or receive overnight interest based on their open positions。However, this type of benefit does not satisfy Muslim traders because it is prohibited by Sharia law, so some brokers now offer swap-free accounts in their services, including Admirals.。

Admirals is a trusted global broker that has been around for almost two decades.。The broker is known for offering an incredible array of features such as high-tech trading platforms, competitive fees, and educational materials.。There are several options for trading accounts, including swap-free accounts for Muslim traders。

Learn about Admirals Islamic accounts

An Islamic account is an account specifically designed to meet the needs of Muslim traders。The main feature of the account is overnight interest-free, which means you can trade on the usual standard terms without having to credit or debit overnight interest on your account。It ensures that Muslim traders do not need to pay or earn interest on the instruments they trade.。

In Admirals, the overnight interest-free feature is only available for Trade.MT5 account type, and only for Muslim traders; another distinctive feature is that it uses a different fee structure than regular account types。A fixed management fee, not a swap, is required for any position that is open for more than three consecutive nights。The fee is different from overnight interest, and the amount depends largely on the direction of the order.。

Other than that, it's no different。You get the same trading conditions as a standard account。

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Reasons for opening an Islamic account

If you can't open a regular trading account because of the swap system, it's a good idea to open an Islamic account。You can get several benefits such as:

• Exclusive for Muslim traders: No overnight interest accounts are designed for traders who are unable to pay or receive overnight interest due to their religious beliefs。It allows you to stay true to your beliefs so you can continue your trading journey without worrying about swaps。
  No swap fees charged or received: The account is completely swap-free, so there is no need to worry about overnight interest。
  Comprehensive account features: Everything is the same as a regular forex trading account except the swap-free feature。You have access to the same trading conditions as a standard account, including the same low spreads, execution speed, and cutting-edge technology。

How much is the management fee？

It is important to understand that there is a cost to maintaining open positions。Liquidity providers charge a fee to maintain positions, and it is the broker's job to pass these fees on to the client in the form of fees。In Admirals' swap-free accounts, traders do not have to pay or earn swaps on any instruments, except for CFDs on exotic currency pairs, which charge a small financial charge overnight。

However, positions with a holding period of more than 3 days (1 day for exotic currency pairs) will automatically be charged a fixed management fee, the amount varies according to the instrument used, 0 per lot.From $01。

How to open an Islamic account in Admirals

1. Go to the official Admirals website and register a trading account。
   Apply for Trade.MT5 account and choose to open an Islamic account, the system will ask you to provide several required identity documents as proof of eligibility。Please note that this option is not available if you already have a non-Islamic Admirals account。
   Once your account is ready, you can immediately add deposits and start swap-free trading。

Conclusion

Opening an Islamic account in Admirals is a very simple process。Except for overnight interest and management fees, everything else is basically the same as a standard trading account。You will still get the same opportunities and trade in the same environment as any other Admirals trader。

This is undoubtedly a huge advantage for Muslim traders, as in some brokers, the transaction costs of Islamic accounts can be much higher to make up for the lack of swap fees。Some even raise spreads and commissions on Islamic accounts and restrict the use of certain instruments。

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Admiral Markets is a Forex and CFD brokerage firm,Since 2001, it has been committed to providing smart financial solutions for global traders.。The main services revolve around three key activities: learning, trade and investment。To this end, it has a number of registered subsidiaries, including Admiral Markets UK Ltd, Admiral Markets Pty Ltd (Australia), Admiral Markets AS Jordan Ltd, Admiral Markets Cyprus Ltd, Admirals SA (Pty) Ltd (South Africa) and Aglobe Investments Ltd (Seychelles), for global markets。