Interbank FX No Swap Accounts
No-swap accounts are offered to those that are unable to earn or pay interest due
to religious reasons. These accounts will earn or pay a weekly fee based on the
trades that remain open after the market closes on Friday.
The "no swap accounts system" is a process that will run each weekend and identifies
orders that were open after the Friday close. (If an order is opened after the Sunday
open and is closed before the Friday close, there is no debit or credit for fees.)
The system then calculates a fee based on the fee schedule (see below), the number
of days the order was open for that week, and the number of lots traded.
For each of these open orders, the system adds a "Balance" item to the relevant
account with a formatted comment code, which includes a comment, date, and ticket
number. The code will appear as follows:
"fee mm/dd/yy #ticketnum."
No-swap trades that remain open after Friday close will be debited or credited a
fee based on the table to the right.
Please send any questions or comments about Interbank FX's new no-swap account policy
to noswap@ibfx.com.
Follow these steps to open a no-swap live account: