Interbankfx (www.ibfx.com) today announced that they has reintroduced the non-swap (swap free) account for eligable clients that unable to earn or pay interest due to religious reasons (Muslim). These accounts will earn or pay a weekly fee based on the trades that remain open after the market closes on Friday.
How it works?
On the circular released by the company, they quotes The “no swap accounts system” is a process that will run each weekend, and identifies orders that were open after the Friday close. (If an order is opened after the Sunday open and is closed before the Friday close, there is no debit or credit for fees.) The system then calculates a fee based on the fee schedule (see below), the number of days the order was open for that week, and the number of lots traded. For each of these open orders, the system adds a “Balance” item to the relevant account with a formatted comment code, which includes a comment, date, and ticket number. The code will appear as follows: “fee mm/dd/yy #ticketnum.”
No-swap trades that remain open after Friday close will be debited or credited a fee based on the table to the left.
Fee Structure
Pair Buy Sell
EURUSD $2 -7
USDJPY $5 -11
GBPUSD $12 -16
USDCHF $2 -5
USDCAD -1 -1
AUDUSD $8 -12
NZDUSD $9 -15
EURGBP -9 $2
EURJPY $9 -18
EURCHF $3 -9
GBPCHF $10 -19
GBPJPY $21 -30
AUDJPY $12 -20
CHFJPY $2 -9
EURCAD $1 -7
EURAUD -12 $5
AUDCAD $6 -13
AUDNZD -7 $1
NZDJPY $12 -21
If you are existing account holder at ibfx (swap bearer account). IBFX will not convert your existing account to swap free account. Instead, they will open new account (swap free) for you and you can transfer existing fund to a new one. Quite hassle but worth to convert
i got problem with my swap free acct. it was charging swap!!! and today is Thursday… so triple swap… argh. i already contact acct support and they promise to me to do some magic by removing the swap cr/dr to my acct.