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Swap-Free Forex Brokers,Hedging Brokers

Swap (also known as rollover interest, or overnight interest) is interest that a trader either receives or pays for positions that are held overnight, and are based on the interest differential between the currencies that their position involves. Swap-free accounts are intended mainly for Islamic traders who wish to comply with Sharia law, which prohibits any type of interest payments. These accounts can also be useful to non-Islamic traders who simply wish to do away with the uncertainty in overnight interest, who plan on taking a longer term negative swap position, or other reasons. Some brokers who offer these types of accounts charge certain fees instead of actual interest, so that traders wouldn't abuse the privilege. On the other hand, some brokers do not charge any extra fees (but most do monitor such accounts for abuse). Listed below are some brokers that offer such swap-free, Islamic forex accounts. Each listing also describes any such extra fees that the broker may charge, so please read through the reviews in detail before opening a real account.

Hedging, as it is known in the spot forex world, means opening two opposing positions in the same currency pair (please note that this is different from real hedging, which is used to mitigate risk and smooth equity curves). While this practice is illogical and only tends to benefit the broker (with some exceptions), and is also banned by the NFA for all brokers it regulates, the feature is nonetheless demanded by many traders. Below is a list of brokers that offer this type of hedging to their clients.

 

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Alpari Review



Charting: Four and Half star Charting Rating
Execution: Four and Half star Execution Rating
Spreads: Five star Transaction Costs (spreads) Rating
User-friendly: Four and Half star User-friendliness Rating
Functionality: Four star Platform Functionality Rating
Reliability: Five star Platform Reliability Rating
Support: Four star Customer Support Rating
Swap Rates: Four star Rollover interest rates Rating
Transactions: Four star Withdrawal processing Rating
Avg. Rating: Four and Half star Average Rating

Alpari NZ (not the same company as Alpari UK or US), enjoys one of the best reputations for honesty among all retail forex brokers. There are numerous reports on the internet about Alpari spontaneously returning customers' money on orders that didn't get filled properly as a result of some error on Alpari's part. This is almost unheard of in the retail forex world, as most traders have to fight tooth-and-nail with their brokers for every pip. If this is the sort of service you value, and you should, then look no further than Alpari.


Location:New Zealand
Guaranteed stop losses:No
Swap-free accounts:$10 per standard lot (100,000) round turn trade. Trade can be held for unlimited time period.
Typical spread on EUR/USD:0.5 pips (0.00005) - widens overnight Moscow time
Order processing:ECN on pro.direct accounts

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UFX Bank



Charting: One star Charting Rating
Execution: Four star Execution Rating
Spreads: Two and Half star Transaction Costs (spreads) Rating
User-friendly: Four star User-friendliness Rating
Functionality: One star Platform Functionality Rating
Reliability: Three star Platform Reliability Rating
Support:
Swap Rates: Four and Half star Rollover interest rates Rating
Transactions: One star Withdrawal processing Rating
Avg. Rating: Two and Half star Average Rating

UFX Bank provides a decent level of service to their customers, from the customer support, to trading support and easy access to the dealing desk. Withdrawal of funds appears to be a bit disorganized but it does get done eventually, whether you are withdrawing profits or not. UFX Bank's trading conditions are such that the benefits of a UFX account are most pronounced for well capitalized traders, which makes it more worthwhile for larger investors than for small traders. This is a known predatory practice.


Location:Israel
Guaranteed stop losses:Yes, all stop-loss and take-profit orders are guaranteed by UFX Bank against slippage.
Swap-free accounts:- swap-free accounts are charged slightly higher spreads
Typical spread on EUR/USD:2 pips (0.0002) for Platinum Accounts, 3 pips (0.0003) for Gold Accounts, 4 pips (0.0004) for Standard Accounts, 5 pips (0.0005) for Mini Accounts
Order processing:Market Maker

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EXNESS Review



Charting: Four and Half star Charting Rating
Execution: Four and Half star Execution Rating
Spreads: Five star Transaction Costs (spreads) Rating
User-friendly: Four and Half star User-friendliness Rating
Functionality: Four star Platform Functionality Rating
Reliability: Five star Platform Reliability Rating
Support: Five star Customer Support Rating
Swap Rates: Four star Rollover interest rates Rating
Transactions: Five star Withdrawal processing Rating
Avg. Rating: Four and Half star Average Rating

EXNESS is a fairly new entrant into the forex arena, and it offers some very interesting trading conditions. Though there is no actual relationship between the two (as far as we are aware), EXNESS and Alpari which is also of Russian origin, thrive in a jurisdiction where the rule of law is not always respected. While EXNESS is regulated by Russian law, this in itself is not a great comfort for foreign traders. No doubt EXNESS management, much like Alpari, is aware of this and therefore goes well above the call of duty to ensure that clients are treated fairly.


Location:St. Petersburg, Russia
Guaranteed stop losses:No, all orders are executed at best available price
Swap-free accounts:Yes - no extra charges and available to everyone, not just Islamic traders
Typical spread on EUR/USD:0.1 pips (0.00001) on Expert Accounts, 0.4 pips (0.00004) on Classic Accounts, 0.7 pips (0.00007) on Mini Accounts
Order processing:STP (Straight Through Processing)

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Trading Point Forex Review



Charting: Four and Half star Charting Rating
Execution: Four star Execution Rating
Spreads: Four star Transaction Costs (spreads) Rating
User-friendly: Four and Half star User-friendliness Rating
Functionality: Four star Platform Functionality Rating
Reliability: Four star Platform Reliability Rating
Support: Four star Customer Support Rating
Swap Rates: Five star Rollover interest rates Rating
Transactions: Five star Withdrawal processing Rating
Avg. Rating: Four and Half star Average Rating

Trading Point Forex is a relatively new MT4 forex broker that is becoming well established as a result of the solid trading conditions and support services on offer, as well as being regulated by some of the world's most stringent regulatory agencies such as the FSA. Trading Point also ensures client funds safety, by keeping it segregated from company operating capital.


Location:Limassol, Cyprus
Guaranteed stop losses:No, all orders are executed at best available price.
Swap-free accounts:Yes - no extra charges and available to everyone, not just Islamic traders
Typical spread on EUR/USD:1.9 pips (0.00019)
Order processing:All orders routed through dealing desk.

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eToro Review



Charting: Three and Half star Charting Rating
Execution: Four star Execution Rating
Spreads: Four star Transaction Costs (spreads) Rating
User-friendly: Five star User-friendliness Rating
Functionality: Three star Platform Functionality Rating
Reliability: Three star Platform Reliability Rating
Support: Five star Customer Support Rating
Transactions: Four star Withdrawal processing Rating
Avg. Rating: Three and Half star Average Rating

The main advantage eToro has over other trading platforms is that it is very easy to use. It may not have all the functionality of some professional platforms, such as conditional order types, automated trading etc. or access to exotic currencies and other instruments, but it is a solid entry-level forex platform. Over and above currencies, eToro also allows traders to take part in the commodity market by trading Gold (XAU/USD) and Silver (XAG/USD), not to mention the exciting new Bitcoin market (BTC/USD). It should also be noted that eToro is a swap-free broker.


Location:Cyprus
Guaranteed stop losses:Yes
Swap-free accounts:Yes - no extra fees are incurred on Islamic style accounts
Typical spread on EUR/USD:3 pips (0.0003)
Order processing:STP (Straight Through Processing)

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Marketiva Review



Charting: Three star Charting Rating
Execution: Three star Execution Rating
Spreads: Three star Transaction Costs (spreads) Rating
User-friendly: Four and Half star User-friendliness Rating
Functionality: Three star Platform Functionality Rating
Reliability: Four star Platform Reliability Rating
Support: Four star Customer Support Rating
Transactions: Four star Withdrawal processing Rating
Avg. Rating: Three and Half star Average Rating

Marketiva is a good, easy to use forex trading platform for smaller account holders. Its main focus is on newer traders, who have somewhat different needs from experienced traders. It is also an excellent choice for Islamic traders because Marketiva is a "swap-free" forex broker


Location:British Virgin Islands
Guaranteed stop losses:Yes
Swap-free accounts:Yes - no extra fees are incurred on Islamic style accounts
Typical spread on EUR/USD:2 pips (0.0002)
Order processing:Market Maker

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ForexGen Review



Charting: Four and Half star Charting Rating
Execution:
Spreads: Four and Half star Transaction Costs (spreads) Rating
User-friendly: Four and Half star User-friendliness Rating
Functionality: Four star Platform Functionality Rating
Reliability: Four star Platform Reliability Rating
Support:
Transactions:
Avg. Rating: Two and Half star Average Rating

ForexGen appears to be either an outright scam, or a very very badly run business, with scam being the much more likely scenario. The original deposit was returned to our traders only after a long battle, and the profits, which were significant in relation to the amount of the deposit, were never allowed to be withdrawn. ForexGen first disabled the trading accounts, and later nullified all the trades that had been made in the accounts. In addition, this broker is not regulated, and has already been investigated by Norwegian police, so we must recommend to everyone to stay away from ForexGen. You have been WARNED!


Location:Oslo, Norway
Guaranteed stop losses:No
Swap-free accounts:- All accounts are swap-free
Typical spread on EUR/USD:1 pip (0.0001)
Order processing:Market Maker

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Hantec Markets Review



Charting: Four and Half star Charting Rating
Execution: Three and Half star Execution Rating
Spreads: Three and Half star Transaction Costs (spreads) Rating
User-friendly: Four and Half star User-friendliness Rating
Functionality: Four star Platform Functionality Rating
Reliability: Five star Platform Reliability Rating
Support: Four star Customer Support Rating
Swap Rates: Four star Rollover interest rates Rating
Transactions: Four star Withdrawal processing Rating
Avg. Rating: Four and Half star Average Rating

Hantec Markets offers professional traders a very solid forex trading package, along with all the advantages and disadvantages that the MT4 and Currenex platforms come with. The great thing is that you get access to a real ECN and can trade to something very similar to the interbank market (although not in the interbank market itself). You can see the liquidity and pending orders, you can use complex order types such as if/then and one-cancels-other (OCO), and make use of many other professional level features available on Currenex.


Location:London, UK
Guaranteed stop losses:No, all orders are executed at best available price
Swap-free accounts:Yes swap-free accounts are available
Typical spread on EUR/USD:2 pips (0.0002)
Order processing:ECN

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AFB FX Review



Charting: Four and Half star Charting Rating
Execution: Four star Execution Rating
Spreads: Five star Transaction Costs (spreads) Rating
User-friendly: Four and Half star User-friendliness Rating
Functionality: Four star Platform Functionality Rating
Reliability: Four star Platform Reliability Rating
Support: Five star Customer Support Rating
Swap Rates: Five star Rollover interest rates Rating
Transactions: Four star Withdrawal processing Rating
Avg. Rating: Four and Half star Average Rating

AFB FX is a forex and OTC futures broker based in Cyprus. By far the best feature offered by AFB FX is the availability of Professional Accounts, which offer highly flexible trading conditions. The spreads, margin requirements and virtually all other parameters are negotiable on Professional Accounts, making them the preferred choice among account managers. Having said that though, most of the other accounts also offer trading conditions that are quite reasonable.


Location:Cyprus
Guaranteed stop losses:Yes, limit and stop orders are guaranteed against slippage, except under market conditions
Swap-free accounts:Yes - no extra charges and available to everyone, not just Islamic traders
Typical spread on EUR/USD:0.6 pips (Professional) to 2 pips (Micro)
Order processing:ECN,STP No Dealing Desk

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Baron Forex Review



Charting: Four and Half star Charting Rating
Execution: Three star Execution Rating
Spreads: Four and Half star Transaction Costs (spreads) Rating
User-friendly: Four and Half star User-friendliness Rating
Functionality: Four star Platform Functionality Rating
Reliability: Four star Platform Reliability Rating
Support: Five star Customer Support Rating
Swap Rates: Three star Rollover interest rates Rating
Transactions: Three and Half star Withdrawal processing Rating
Avg. Rating: Four star Average Rating

Baron Forex, is an offshore forex broker that is regulated by the IFSC in Belize. Being based offshore can bring with it some advantages to forex traders, but at the same time can be risky due to lax (or non-existant) regulation standards in many offshore jurisdictions, as well as limited legal recourse in case a dispute arises. Baron Forex is no exception to this.


Location:Belize City, Belize
Guaranteed stop losses:Yes, stop loss orders are guaranteed against slippage
Swap-free accounts:Yes - no extra charges if trading volume exceeds 1.5 million per 30 day period. Otherwise $20 per 100,000 held over night.
Typical spread on EUR/USD:2 pips (0.0002) FIXED
Order processing:All orders routed through dealing desk.

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