Followers of the Muslim faith are now able to establish an Islamic forex account — which is also known as a “swap-free” account — through Tradesprime. They can do so by simply following two steps that are outlined below. Traders who follow these steps in order to open such accounts can rest assured that these accounts will be conducted in strict conformity with the requirements of Islamic law. At the same time, all the other excellent forex benefits and conveniences that are offered by Tradesprime will also be a part of such accounts.
To accord with Islamic law, special Islamic accounts will be operated in such a way that traders can be assured that no swap or rollover interests will be paid on positions that are taken overnight. In addition, traders can be confident that Islamic accounts do not contain any hidden fees, any commissions, any spread widening, or any expiration dates.
Opening an Islamic account is fast and easy and consists of following only two steps.
• The first step is for the trader to open an account with Tradesprime in the same way all regular accounts are opened. These accounts are assigned managers or specialists who will work with traders on an individual basis.
• The next step is to ask the specialist to whom you are assigned to transfer your order so that it will become an Islamic account.
The specialist will take the steps that are necessary to switch the forex facility to one that accords fully with all aspects of Islamic law. Once it is undertaken, the trader will be sent an email message assuring the trader that the transfer has been successfully completed. Traders should be aware that if there are any indications that applications for transfers to Islamic accounts are abusing the services that are offered, Tradesprime maintains the right to reverse the transaction.