Our Swap-free account is designed for traders who can’t receive or pay swaps. The trading account is interest-free while allowing traders to take advantage of our cutting-edge trading technology and deep liquidity.
Fees may be applied on a Swap Free trade in case trading accounts are abusers, and positions are only traded for the benefit of swaps. Such fees can be applied from the time the account is open and at the sole and absolute discretion of the company without being obliged to provide any explanation or justification and applicable with immediate effect without any written notice period.
Any client who misuses this advantage by holding floating positions for a long period of time, thereby profiting from the swap free facility, must close their floating positions immediately, bearing in mind that these fees are handled by Qtrade Limited and not by the client.
When a position is held open for more than Seven consecutive trading days (including weekends), an Islamic account is subject to the following daily charges(Storage Fees) as Admin Storage Fees (per 1 standard lot size) will be deducted from the account’s balance on the following instruments:
In the event where Qtrade Limited detects any form of abuse, fraud, manipulation, cash-back arbitrage, or other forms of deceitful activity pertaining to a client’s Swap Free account, the company reserves the right, at any time and with immediate effect to:
Revoke the Swap Free status from all standard trading accounts; and/or –
– Correct and recover any un-accrued swaps or interest expenses as well as costs pertaining to any Swap Free trading account during the period for which such account was converted into Swap Free trading account; and/or
– Close all trading accounts related to a client that breached applicable laws and regulations, annul all its trades with Qtrade Limited and cancel all profits or losses incurred.
Furthermore, hedging a spot currency by its corresponding Future contract is forbidden. This is because it also constitutes an attempt to take advantage of and profit from the swap free facility. One direction of this kind of hedge must, therefore, be immediately closed.
Fees will be applied on a Financing/Swap Free trade in case trading positions are held open for more than (7) days (depending on account nature and as per email confirmation sent to client), unless waived by Qtrade . Such fees can be applied from the time the position was opened and at the sole and absolute discretion of the company without being obliged to provide any explanation or justification and applicable with immediate effect without any written notice period.
If the client fails to take action to avoid such practices, Qtrade will unfortunately be required to close or take any necessary action on these accounts without prior written notice.
After day 7; three days storage will be applied every week on Fridays.