Eightcap Islamic Account checklist

Start by confirming directly with the broker whether a swap-free or Islamic account is currently offered by the legal entity you would sign with, since availability can vary by jurisdiction and entity. Ask what the eligibility requirements are: some brokers restrict these accounts by residency or region, some require a written request or supporting declaration, and some apply approval reviews. Get the answer in writing from official support or in the current account terms rather than relying on older third-party pages, because these policies change without much publicity.

Swap-free rarely means cost-free. Many brokers replace overnight swap charges with alternative fees, such as a fixed administration or holding fee that begins after a position stays open beyond a set number of days. Others may adjust spreads or limit how long positions can be held. Ask exactly what charges apply, when they start, how they are calculated per instrument, and whether they appear in the account statement. Compare the total cost of holding a typical position on the swap-free terms against the standard account so you understand the real trade-off.

Swap-free treatment often does not apply to every instrument. Some brokers exclude certain currency pairs, indices, commodities or other products from the swap-free arrangement, or apply different terms per asset class. Verify which instruments are covered, whether leverage, minimum deposits or platform access differ from the standard account, and whether the broker reserves the right to reclassify your account if it detects usage it considers abusive. Read the specific swap-free terms document, not just the marketing summary, and keep a copy. If religious compliance is essential to you, consider seeking guidance from a qualified scholar on whether the specific arrangement meets your standards, since brokers' swap-free labels are commercial descriptions rather than religious certifications.