What are the interest-free accounts (Islamic accounts)?

Interest-free accounts are modified accounts in which the rollover fee is waived to comply with Islamic religious beliefs.

Interest-free account holders can hold their positions for an unlimited period of time without incurring any fees.

The Islamic religion prohibits commercial transactions involving interest payments of any kind. Therefore, clients who provide sufficient evidence of debt will be granted an interest-free Merakifx account, as no rollover or renewable interest is charged on positions held overnight.

Overnight commissions are a fee that a trader pays to a broker for keeping a position open overnight. When trading CFDs, rollovers on open positions can be considered a kind of interest fee that allows traders to keep a particular contract open for a longer period.

Do you need to request your interest-free account?

Clients who abuse interest-free accounts will be required to close their positions immediately. In the event the Client refuses to do so, Merakifx will have to close the account immediately without prior notice.