Forex Brokers without Swap

Written by Miro Nikolov

Miro Nikolov

Miro Nikolov is the co-founder of TradingPedia.com and BestBrokers.com. His mission is to help people make profitable investments by giving them access to educational resources and analytics tools.

, | Updated: December 9, 2024

‹
• Jump to:
• Main Features
• Compared By Leverage and Commission per Lot
• Forex Brokers with Swap Free Accounts by Spread
• What Are Swap Fees?
• What Is a Swap-Free Forex Account?
• Pros of a Swap-Free Broker
• Cons of a Swap-Free Brokers
• Who Can Benefit from Swap-Free Accounts?
• Things to Consider
• Popular Forex Brokers Offering Swap-Free Accounts
• How to Open a Swap-Free Account
• Comparing Swap-Free Accounts with Standard Accounts
• Common Misconceptions
• Final Thoughts
›

Forex trading comes up with several costs. These small costs add up to significantly impact the overall profitability. One often overlooked cost is the swap fee which is charged for holding a position overnight. Muslim traders strictly prefer swap-free accounts due to their religious beliefs. Luckily, some brokers offer swap-free accounts for Muslims and other traders as well. Let’s dig deeper into swaps, what they are, the benefits and costs of swap-free accounts, and some common myths about these accounts.

1. 

   Fusion Markets

   Rating: 4.9

   74-89% of retail CFD accounts lose money

2. 

   FP Markets

   Rating: 4.7

   73.85% of retail investor accounts lose money

3. 

   Pepperstone

   Rating: 4.6

   75.5% of retail investor accounts lose money

4. 

   IC Markets

   Rating: 4.5

   70.64% of retail investor accounts lose money

5. 

   AvaTrade

   Rating: 4.4

   76% of retail investor accounts lose money

6. 

   HFM

   Rating: 4.3

7. 

   eToro

   Rating: 4.2

   51% of retail investor accounts lose money

8. 

   Plus500

   Rating: 4.1

   82% of retail investor accounts lose money

9. 

   XTB

   Rating: 3.7

   80% of retail investor accounts lose money

10. 

    Vantage FX

    Rating: 3.5

Main Features of the Best Forex Brokers with Swap Free Accounts

1. TRADE NOW READ REVIEW
   Fusion Markets

   Min Deposit

   $0

   Trading Instruments

   Forex, Commodities, Indices, Crypto, US Stocks

   Regulators

   ASIC, FSA (Seychelles), VFSC (Vanuatu)

   Trading Platforms

   MetaTrader4, MetaTrader5, cTrader, DupliTrade, Fusion+ Copy Trade, TradingView

   Spread

   0.9 pips Classic; 0.0 pips Zero

   Leverage

   1:30 (1:500 for forex and metals via VFSC)

   Deposit Methods

   Visa, Mastercard, PayPal, Skrill, Neteller, Fasapay, Jeton Wallet, Perfect Money, Online Naira, Doku, Bitcoin, Ethereum, Litecoin, USDT, Tether, Ripple, bank wire, ZotaPay, VNPay, DuitNow, XPay, DragonPay, VAPay, FasaPay, AstroPay, PayID, Jetonbank, Sticpay, Interac, LuqaPay, Zotapay, MiFinity

   Withdrawal Methods

   Visa, Mastercard, Bank Wire, Skrill, Neteller,Bitcoin, Ethereum, Litecoin, Tether, Ripple, MiFinity, Interac, PayPal, AstroPay, Jetonbank, DragonPay

   74-89% of retail CFD accounts lose money

   Fusion Markets is a popular discount broker with ASIC and VFSC licenses that facilitates swap-free CFD trading with over 50 popular instruments. Swap-free trading is available via standard commission-free accounts connected to MT4 and MT5. Average spreads for major currency pairs like EUR/USD typically range from 1.0 to 1.2 pips.

   Swap-free accounts are available in 14 base currencies, including USD, GBP, EUR, JPY, CAD, and AUD. Account holders can scalp and hedge without restrictions. Automated trading with Expert Advisors is also available. The broker charges administrative fees when traders hold overnight positions for seven days or more. The rates range from $10 to $150 per standard lot, depending on the currency pair.

2. TRADE NOW READ REVIEW
   Pepperstone

   Min Deposit

   $0

   Trading Instruments

   Forex, Indices, Commodities, Cryptocurrencies, Share CFDs, ETFs

   Regulators

   UK FCA (No.684312), CySEC (No. 388/20), ASIC (No. 414530), BaFin (No.151148), DFSA, CMA, SCB (Bahamas)

   Trading Platforms

   TradingView, MT5, MT4, cTrader

   Spread

   From 0.0 pips (Razor Accounts), 1 pip (Standard Accounts)

   Leverage

   1:30

   Deposit Methods

   Visa, Mastercard, PayPal, Bank Transfer, BPay, Neteller, Skrill

   Withdrawal Methods

   Visa, Mastercard, PayPal, Bank Transfer, BPay, Neteller, Skrill

   75.5% of retail investor accounts lose money

   Traders from 24 countries are eligible for swap-free accounts at Pepperstone. They will benefit from deep liquidity and commission-free trading, with spreads for EUR/USD averaging 0.7 pips. Standard swap-free accounts incur no commissions and have no requirements for the minimum opening balance.

   With this in mind, the broker recommends a starting balance of at least $/€500 for retail customers. The trade size ranges from 0.01 to 100 lots. The accounts can accommodate all trading styles and strategies, including hedging, scalping, and automated trading. Four base currencies are available (AUD, EUR, USD, GBP). After a five-day grace period, open overnight positions incur daily administrative fees of $100 per standard lot.

3. TRADE NOW READ REVIEW
   FP Markets

   Min Deposit

   $50 (AU$100)

   Trading Instruments

   Forex CFDs, Shares CFDs, Metals CFDs, Commodities CFDs, Indices CFDs, Crypto CFDs, ETF CFDs

   Regulators

   ASIC, CySEC, FSA (Seychelles), FSCA, FSA (St. Vincent and the Grenadines)

   Trading Platforms

   MetaTrader4, MetaTrader5, WebTrader, IRESS, cTrader, TradingView

   Spread

   1.0 pips Standard; 0.0 pips Raw

   Leverage

   1:30

   Deposit Methods

   Visa, Mastercard, Neteller, Bank Transfer, Skill, Sticpay, Fasapay, Virtual Pay, Perfect Money, Pagsmile, Dragonpay, Crypto, Apple Pay, Google Pay, Online Banking, Broker to Broker, PayPal, XPay, Rapyd

   Withdrawal Methods

   Visa, Mastercard, Bank Wire, Neteller, Skrill, Paytrust88, PayPal

   73.85% of retail investor accounts lose money

   Regulated by ASIC and CySEC, FP Markets is a reputable forex broker with a solid reputation for providing competitive pricing and reliable customer support. The broker offers various account types to suit different trading styles, including swap-free accounts compatible with MT4 and MT5.

   Eligible customers can trade over 70 currency pairs swap-free via Standard or Raw Islamic accounts. The former facilitate commission-free trading with spreads from 1 pip, while the latter offer spreads from 0.0 pips with a $7 round-turn commission per standard lot. Both account types require minimum deposits of $50 (AU$100) and use the ECN pricing model.

4. TRADE NOW READ REVIEW
   IC Markets

   Min Deposit

   $200

   Trading Instruments

   CFDs on Forex, Commodities, Index, Bond, Cryptocurrencies, Stock, Futures

   Regulators

   FSA (Seychelles), CySEC, ASIC

   Trading Platforms

   MetaTrader4, MetaTrader5, cTrader, ZuluTrade

   Spread

   0.8 pips Standard, 0.0 pips Raw Accounts

   Leverage

   1:30

   Deposit Methods

   Bank transfer, Visa, Mastercard, PayPal, Skrill, Neteller, Visa Direct, SafeCharge, Transact365, eCommPay, CardPay, Bpay, FasaPay, Poli, RapidPay, Klarna, Nuvei

   Withdrawal Methods

   Bank transfer, Visa, Mastercard, PayPal, Skrill, Neteller, Visa Direct, SafeCharge, Transact365, eCommPay, FasaPay, Poli, RapidPay, Klarna

   70.64% of retail investor accounts lose money

   IC Markets facilitates swap-free trading with over 90 financial instruments, giving eligible customers access to leverage of up to 1:1000 and minimum spreads from 0.0 pips. Both standard and raw accounts facilitate swap-free trading. Clients can connect their live accounts to popular third-party platforms like MT5, MT4, and cTrader.

   Instead of swaps, eligible clients incur flat administrative charges that range from $2 to $10 per standard lot, depending on the currency pair. These fees are charged daily, including on weekends, with a five-day grace period. Swap-free trading is currently unavailable under IC Markets’ EU entity.

5. TRADE NOW READ REVIEW
   Vantage FX

   Min Deposit

   $50

   Trading Instruments

   Forex, Indices, Commodities, Shares CFD, ETFs, Bonds

   Regulators

   FCA (license no. FRN: 590299), VFSC (reg. No. 700271), ASIC (license no. no. 428901), FSCA (license no. 51268), CIMA (no. 1383491)

   Trading Platforms

   MetaTrader 4, MetaTrader 5, ProTrader, TradingView, Copy Trading

   Spread

   1.1 pips on Standard Account; 0.0 pips on Raw, Cent, and Pro Accounts

   Leverage

   1:30

   Deposit Methods

   Visa, Mastercard, Union Pay, Boleto, Bank Wire, Skrill, Neteller, Crypto, POLi, FasaPay, Perfect Money, BPay, Pagsmile, AstroPay, JCB

   Withdrawal Methods

   Visa, Mastercard, Union Pay, Bank Wire, Skrill, Neteller, Crypto, AstroPay, Perfect Money, JCB

   Interest-free accounts are available to Vantage customers, allowing them to trade over 1,000 financial instruments without swaps on overnight positions. The accounts require initial deposits of at least $50 and offer spreads from 0.0 pips. The minimum position size is 0.01 lot.

   Swap-free accounts facilitate free deposits with cards, domestic bank transfers, and digital wallets like PayPal, Skrill, AstroPay, and Neteller. Eligible clients incur administrative fees imposed by Vantage’s liquidity providers, plus an additional internal processing fee of around 10%. Existing live accounts with no prior trading history can be easily converted to swap-free accounts.

6. TRADE NOW READ REVIEW
   eToro

   Min Deposit

   $50 or $100 based on country ($10 for the UK)

   Trading Instruments

   Crypto, CFDs on Forex, Stocks, Commodities, Crypto, ETFs, and Indices

   Regulators

   FCA, CySEC, ASIC, MFSA, ADGM, FSA, FINRA/FinCEN, AMF, SEC, GFSC

   Trading Platforms

   eToro Investing, eToro App, TradingView, eToro CopyTrader

   Spread

   1 pip

   Leverage

   1:30

   Deposit Methods

   eToro Money, Visa, Mastercard, Neteller, PayPal, Skrill, iDeal, Klarna, Bank Transfer, Trustly, Przelewy24

   Withdrawal Methods

   PayPal, Skrill, Visa, Mastercard, Neteller, Trustly, Bank Transfer

   51% of retail investor accounts lose money

   Launched in 2007, this reliable multi-asset broker offers over 6,000 tradable instruments, including 55 currency pairs. Eligible customers can apply for swap-free accounts after creating live accounts, verifying them, and funding their balance with at least $1,000.

   Positions held overnight incur administrative fees from $10 to $20 per standard lot, depending on the forex pair. There is a seven-day grace period, during which clients incur no fees on their overnight positions. For example, if traders open leveraged positions on Friday, administrative fees will start accruing on the following Friday. The broker charges triple fees on Wednesdays.

7. TRADE NOW READ REVIEW
   HFM

   Min Deposit

   $0 (Zero, Premium), $5,000 (Premium Pro)

   Trading Instruments

   Regulators

   CySEC, FCA, FSCA, CMA, DFSA, FSA (Seychelles)

   Trading Platforms

   MT4, MT5, Proprietary

   Spread

   0.0 pips (Zero), 1.0 pip (Premium Pro), 1.4 pips (Premium)

   Leverage

   Deposit Methods

   Withdrawal Methods

   All clients of HF Markets are eligible to open swap-free accounts and enjoy low-cost trading with zero commissions or hidden fees. Swap-free trading is supported by all available account types, including Cent, Zero, Pro, and Premium. All four accounts offer competitive variable spreads from 0.6 pips (Pro), 0.0 pips (Zero), and 1.2 pips (Premium, Cent).

   There are no minimum deposit requirements except for Pro accounts where customers must transfer at least $100 to their live balance. Leverage caps are country-specific and the ratios reach 1:2000 in certain jurisdictions. Zero accounts incur commissions of $3 per side for every standard lot traded.

8. TRADE NOW READ REVIEW
   Plus500

   Min Deposit

   $100

   Trading Instruments

   CFDs on: Forex, Crypto, Indices, Commodities, Stocks, Options, ETFs

   Regulators

   FSA (No.4.1-1/18), FCA (No. FRN 509909), CySEC (No.250/14), FMA (No.47546), SFSA (No. SD039), MAS (No. CMS100648), DFSA (No. F005651), ASIC (No. 417727), BaFin registration, SCB (SIA-F250)

   Trading Platforms

   Proprietary desktop and mobile platforms

   Spread

   0.8 pips

   Leverage

   1:30

   Deposit Methods

   Debit Visa/Mastercard, Wire transfer, Apple Pay, Google Pay

   Withdrawal Methods

   Debit Visa/Mastercard, Wire transfer, Apple Pay, Google Pay

   82% of retail investor accounts lose money

   Plus500 enables clients from specific countries to trade over 60 forex pairs through CFDs without incurring overnight fees. The commission-free account facilitates free deposits and withdrawals via PayPal, Skrill, Visa, Mastercard, and other secure payment methods. Leverage of up to 1:300 is available to customers from select countries like Qatar.

   The Victoria-based company is regulated in Estonia, Cyprus, Australia, Dubai, Seychelles, and the UK. Eligible customers can test their Islamic accounts risk-free in a demo format. Swap-free trading is possible via the Plus500 proprietary platform, compatible with most desktop browsers and mobile devices.

9. TRADE NOW READ REVIEW
   AvaTrade

   Min Deposit

   $100

   Trading Instruments

   Forex, Major stock indices, Cryptocurrencies, Commodities, Bonds, Individual Shares, ETFs

   Regulators

   FFAJ (License No.1574),CySEC (No. 347/17) ISA (No. 514666577), IIROC, ADGM / FSRA (No.190018), CBI (No.C53877), BVIFSC (No. SIBA/L/13/1049), FSCA(No.45984), ASIC (No.406684), JFSA (No. 1662)

   Trading Platforms

   MetaTrader4, MetaTrader5, WebTrader, AvaTadeGO, AvaSocial, AvaOptions, DupliTrade

   Spread

   From 0.9 pips (retail), 0.6 pips (pro)

   Leverage

   1:30

   Deposit Methods

   Visa, Mastercard, Skrill, WebMoney, Neteller, bank wire

   Withdrawal Methods

   Visa, Mastercard, Skrill, WebMoney, Neteller, bank wire

   76% of retail investor accounts lose money

   AvaTrade provides low-spread, swap-free trading for a broad range of assets, including 50+ currency pairs. Customers who cannot pay or receive interest due to their religious beliefs can maintain their leveraged positions open for up to 5 days without incurring overnight charges. Islamic accounts are available in a demo format as well.

   Onboarding clients must register and verify their live accounts before applying for swap-free versions. The relevant department requires 1 to 2 business days to respond to requests. AvaTrade caters to customers with exhaustive educational content and a nice range of trading platforms, including MT5, MT4, and DupliTrade.

10. TRADE NOW READ REVIEW
    XTB

    Min Deposit

    $250

    Trading Instruments

    Forex, Stocks, Indices, Commodities, ETFs, Indices, Cryptocurrencies

    Regulators

    FCA (License No. FRN 522157), CySEC (License No.169/12), FSC (FSC License No.: 000302/438), IFSC (License No.: 000302/46.), KNF (N/A), CNMV (N/A), BaFin (registered), FSCA (N/A), FSA Norway (registration ID - FT00118162)

    Trading Platforms

    xStation 5, xStation Mobile

    Spread

    From 0.1 pips (Pro Account), 0.5 pips (Standard Account)

    Leverage

    1:30

    Deposit Methods

    Visa, Maestro, Mastercard, Bank Transfer, Neteller, Skrill, PayPal, Ecommpay, PayU

    Withdrawal Methods

    Bank Transfers, Visa, Mastercard, Skrill

    80% of retail investor accounts lose money

    Dubbed Best Islamic Forex Broker at the 2018 Global Venture Awards, XTB offers swap-free accounts to customers from select jurisdictions like Qatar, Kuwait, and Oman, providing Shariah-compliant access to over 1,500 tradable instruments. Leverage of up to 1:500 is available, with a minimum margin requirement of 0.2%. Eligible clients can connect their swap-free accounts to MT4 or xStation 5, the broker’s in-house-built platform.

    Swap-free accounts require a minimum balance of $1 and incur no fees on deposits. Withdrawals above $50 are also free. Minimum orders are only 0.01 lots, while spreads start from 0.7 pips. Customers can fund their swap-free accounts with cards, bank transfers, and digital wallets like Neteller and Skrill.

Forex Brokers with Swap Free Accounts Compared By Leverage and Commission per Lot

Forex Brokers with Swap Free Accounts by Spread

What Are Swap Fees?

Swap fees are often called rollover fees as well. It’s a fee applied to a position that you hold overnight. The swap fee keeps adding on a daily basis for as long as you the position. Swap is based on the interest rate differential. For example, if you trade a GBPUSD pair. The swap fee is based on the difference between the interest rates of the Bank of England and the FOMC.

What Is a Swap-Free Forex Account?

A swap-free account does not apply any swap fee, making it suitable for traders who want to avoid rollover fees. These accounts are also referred to as Islamic accounts specifically designed to comply with Shariah which restricts earning or paying interest.

However, some brokers offer swap-free accounts to everyone to cater for the needs of long-term traders who may keep their positions open for several days or weeks.

Pros of a Swap-Free Broker

• There’s no overnight cost that ultimately impacts your profits.
• Swing or position trading can be done without a hassle.
• Compliant with religious principles, making it a suitable choice.

Cons of a Swap-Free Brokers

• When you avoid swap fees, you lose a chance to earn swaps as well.
• Some brokers charge admin fees as an alternative to the swaps.

Who Can Benefit from Swap-Free Accounts?

Swap free account is suitable for you if you are a:

Trading on the higher timeframes requires holding a position for several days until your profit or loss target is met. The swap-free account gives you the freedom to hold the position for as long as you can.

Muslim traders can avoid conflict with their beliefs by picking a swap-free account for their trading.

Some traders open positions just before the close of the day. Hence, a swap is applied to them and due to higher volume, they may pay the swap more. Hence, swap-free accounts suit them too.

Things to Consider Before Choosing a Swap-Free Broker

It’s great that some brokers offer swap-free accounts. However, that alone is not enough. You should consider other factors as well.

1. Regulation

   You should always find the regulations of a broker before signing up. Unregulated or loosely regulated brokers pose a risk to your trading.

2. Documentation

   Though most brokers allow swap-free accounts instantly, some may require complex documentation like attested documents to prove you are a Muslim.

3. Hidden Charges

   While going specifically for a swap-free account, you should ask the broker about the duration of swap swap-free account and other charges if applied. Some brokers slightly increase their spreads for the Islamic accounts. Some call it an admin fee and apply it as an alternative to the swaps. Some provide swap-free for a week, a month or even three months but then suddenly start charging the fee.

Popular Forex Brokers Offering Swap-Free Accounts

Here are some popular Forex brokers that are highly regulated and offer you swap-free accounts as well.

It is a highly regulated broker that offers swap-free accounts along with cutting-edge technology to give you a smooth trading experience.

Another highly regulated broker offering swap-free accounts gives you a cool dashboard with plenty of useful analytics and calculators.

Highly regulated broker that provides valuable tools for the traders as well. It gives swap-free options on both standard and raw spread accounts.

How to Open a Swap-Free Account

Opening a swap-free account is simple. Follow the process:

• Sign up for a broker that offers swap-free accounts.
• Verify your account by completing the KYC process.
• From the dashboard, go to the Account tab and select swap-free or Islamic account.
• Provide additional documents as proof of faith if required.

Comparing Swap-Free Accounts with Standard Accounts

Here’s a brief comparison of both accounts to further clarify what exactly you need.

Common Misconceptions About Swap-Free Accounts

Some of the well-known misconceptions about these accounts are:

1. No Fee

   Swap free account does not mean that the broker will not charge anything at all. Broker will slightly raise your spread and in some cases may charge an alternative fee for holding the position for more than a week or so.

2. Eligibility

   While these accounts are designed for Muslim traders, usually all the traders are eligible for these accounts now.

Final Thoughts

Forex brokers with swap-free accounts open up opportunities for Muslim traders and long-term position holders as well. Eliminating the rollover fees can positively impact your profitability. However, beware of alternative fees that some brokers charge. Choose a broker that is regulated and conducts operations with transparency.