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Swap-free accounts are modified accounts in which rollover fees are waived to comply with Islamic religious beliefs.
Swap-free account holders can hold their positions for an unlimited amount of time, without incurring any charges.
The Muslim religion states that business transactions involving interest payments of any kind are forbidden. Therefore, clients providing sufficient proof of religion will be granted a Swap-Free Merakifx Account*, where no swap or roll-over interest is charged or incurred on positions held overnight.
Swaps are rollover fees that a trader pays to a broker to keep a position open overnight. When trading CFDs, swaps can be thought of as a type of interest charge allowing traders to keep a certain contract open for longer.
*Clients found to be misusing swap-free accounts will be asked to close their positions instantly. Should the client refuse to do so, Merakifx will be forced to close the account effective immediately with no prior notice.