This article explains whether Blueberry Markets offers Islamic or swap-free trading accounts and the requirements to open such an account.
What is Swap?
Swap refers to the interest rate differential between the currencies in a currency pair when holding a position overnight. It represents the cost or reward of keeping a position open beyond the trading day's close.
Blueberry Markets offers swap-free accounts to accommodate traders who follow Islamic principles, which prohibit earning or paying interest. These accounts enable clients to trade in compliance with Sharia law by eliminating overnight interest charges on positions, making Forex and CFD trading accessible to a broader range of clients who require an interest-free trading environment.
We provide Islamic or swap-free accounts to clients in the following regions:
- Algeria
- Azerbaijan
- Bahrain
- Bangladesh
- Brunei
- Brunei Darussalam
- Burkina Faso
- Egypt
- Guinea
- Indonesia
- Jordan
- Kosovo
- Kuwait
- Kyrgyzstan
- Malaysia
- Mauritania
- Morocco
- Niger
- Oman
- Pakistan
- Palestinian Territory
- Qatar
- Saudi Arabia
- Sierra Leone
- Tajikistan
- Turkey
- Turkmenistan
- Tunisia
- Uzbekistan
If you are a Muslim from a non-eligible country, you may still be eligible for an Islamic account; simply provide us with a Proof of Faith document– this may be obtained from the mosque you attend and must have an official seal. The document must be authentic and in good condition.
Important Notes:
- If you have been approved for a swap-free account, all of your trading accounts, including existing and future accounts, will also need to be changed to swap-free, which is only available as a Standard account. This means if you have Direct (Raw) accounts, they will essentially become Standard.
- There are associated administrative charges for swap-free accounts as outlined here.