Investing has travelled a long way in time, to cater to traders of all backgrounds. One of the most profitable fields today, online share trading has become a profession for many! Amongst the various genres it houses, Forex trading is one that steals the spotlight. Foreign exchange carries a value of over $5 trillion today and provides plenty of opportunities for traders to make profits. Unlike other traders, however, Muslim traders have religious guidelines to obey and follow.
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| SWAP Free Trading Account in Pakistan |
A normal Forex player would have to buy a currency and exchange it with another, making profit from the difference. One of the options currency traders can avail is called a Forex swap; wherein traders agree to swap currencies for a said duration, and as the period ends, they reverse it.
This involves paying an interest, one which goes against Islamic teachings, that prohibit providing or receiving interest to or from someone. Currency exchange, however, is a field that caters to everyone. To uphold this, brokers provide a swap-free account called Sharia Forex account, which mostly does the same things as a normal trading account, but without swaps, interests and anything against Islamic financial laws. Brokers do not debit money from Islamic accounts for overnight holds. The outcome depends solely on exchange rates for a currency pair in a given timeframe.
This involves paying an interest, one which goes against Islamic teachings, that prohibit providing or receiving interest to or from someone. Currency exchange, however, is a field that caters to everyone. To uphold this, brokers provide a swap-free account called Sharia Forex account, which mostly does the same things as a normal trading account, but without swaps, interests and anything against Islamic financial laws. Brokers do not debit money from Islamic accounts for overnight holds. The outcome depends solely on exchange rates for a currency pair in a given timeframe.
Each broker provides a different type of swap-free account, but the backbone remains the same - no dealings in interest. A typical account would involve the exchange of money in forwarding transactions, but Islamic accounts say otherwise. However, ultimately the scales have to be balanced - interest or no interest. So brokers make up for this by increasing spreads, while removing interests. One of the biggest benefits of this account is you can hold a position for as long as you like.
You can do the same; enter the currency markets and become a successful trader! All you need is an established broker, who provides a swap-free account. Who better in the game, than WesternFX? With our unparalleled brokerage guiding you, success is inevitable. Call us today and get yourself an amazing Forex Trading in Pakistan. With us beside, you will dominate Forex trading markets in no time!
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