Admirals: islamic account guide

In order to provide fair and transparent access to global financial markets, forex brokers generally have to charge swap or rollover fees to maintain positions overnight. A swap is essentially the interest rate difference between two instruments you are trading, and the amount depends on whether your position is long or short. This means that traders can either pay or earn swaps based on their open positions. However, this type of interest is forbidden to muslim traders due to sharia. This is why some brokers now offer swap-free accounts in their service, including Admirals.

Admirals is a trustworthy global broker that has been around for 19+ years. They are known for offering an extensive list of amazing features such as high-tech trading platforms, competitive fees, as well as educational materials. Several trading account options are available, including swap-free accounts for muslim traders.

What are Admirals' islamic accounts all about?
Islamic accounts are an account type specially designed to meet the needs of muslims. The main feature of this account is that it is swap-free, meaning it allows you to trade on the usual standard terms without interest being credited or debited to your account. Thus, muslims don't need to pay or earn interest on the instruments they trade on.

At Admirals, the swap-free feature only applies to the Trade.MT5 account type and is reserved for muslims. Another neat feature is that it uses a different fee structure than regular account types. Instead of swaps, there is a fixed administrative fee for any position held open for more than three consecutive nights. These charges are different from day-to-day interest and their amount largely depends on the direction of the order.

Other than that, nothing else is different. You benefit from the same trading conditions as standard accounts.

Reasons to open an islamic account
If you're unable to open ordinary trading accounts due to the swap system, it is a great idea to open an islamic account instead. You can benefit from several advantages, such as:
Exclusively for muslim traders. Swap-free accounts are designed for traders who cannot pay or receive swap due to their religious beliefs. They allow you to stay true to your faith and continue your trading activities without worrying about swaps.
No swaps billed or received. The account is completely swap-free, so there is no need to worry about overnight interest.
Full account features. Apart from the absence of swaps, everything else is the same as a regular forex trading account. You can access the same trading conditions as on standard accounts, including the same tight spreads, the same speed of execution, as well as state-of-the-art technology.

How much are the fees?
It is important to understand that maintaining open positions has a cost. Liquidity providers charge certain fees for keeping positions open and it is the broker's job to pass these fees on to clients in the form of commissions. In Admirals swap-free accounts, traders do not need to pay or earn swaps on any instrument except CFDs on exotic currency pairs where a small finance commission is charged overnight .

However, positions with a holding period longer than 3 days (1 day for exotic pairs) are automatically charged a fixed administration fee. The amount of fees varies depending on the instrument used, starting from $0.01 per lot.

How to Open an Islamic Account at Admirals
   1) Go to the official Admirals website and open an account in the Traders Room.
   2) Apply for a Trade.MT5 account and choose to open an islamic account. You will be asked to provide several identity documents as proof of your eligibility. Please note that this option will not be available if you already have a non-islamic Admirals account.
   3) Once your account is ready, you can immediately add deposits and start swap-free trading.

Conclusion
Opening an islamic account with Admirals is a fairly straightforward process. Other than swap and administration fees, everything else is basically the same as standard trading accounts. You get the same opportunities and trade in the same environment as all other Admiral traders.