Checklist
Swap-free account checklist: 7 checks before you fund
Short answer
A swap-free account is genuinely interest-free only when the statement shows swap of 0.00, no fee scales with the nights held, the status never expires, leverage carries no financing cost, and you can avoid interest-based instruments entirely. Verify each point on a funded account and keep the broker's written confirmation.
Read our methodology and editorial policy.
Key facts
Figures checked
- Checks before funding
- 7
- Acceptable swap value
- 0.00On every held night, on every instrument
- Acceptable fee type
- Fixed service chargeNever per-night or per-day
- Acceptable expiry window
- NoneTime-limited swap-free fails
- Governing standard
- AAOIFI Shariah Standard No. 1 (Sarf)
- If swap was charged
- Donate the exact amountPurify without expecting reward
The seven checks
1. Statement shows swap 0.00
Fund a minimum deposit, hold one micro lot through the rollover time, and read the swap column. Evidence beats marketing copy.
2. No per-night administration fee
Search the fee schedule for anything charged 'per day' or 'per night'. A charge that grows with time is riba regardless of its name.
3. No expiry on the swap-free status
Confirm in writing that swap-free is permanent, not a 5, 14 or 30-day promotional window.
4. No interest on leverage or negative balance
Check the margin terms for financing cost on borrowed exposure and for interest applied to a negative balance.
5. Instrument list you can keep compliant
You need spot FX, screened equities or spot metals available — and the ability to avoid options, futures and bonds entirely.
6. Withdrawal and inactivity terms are flat
Fixed withdrawal or inactivity fees are service charges. Percentages accruing over time are not.
7. Written confirmation from support
Ask support to confirm in a message you can keep: no swap, no time-based fee, no expiry. Keep it as your record.
Fee types: which pass
| Fee | Scales with time held | Verdict |
|---|---|---|
| Spread | No | Acceptable |
| Fixed commission per lot | No | Acceptable |
| Flat withdrawal fee | No | Acceptable |
| Overnight swap | Yes | Riba — reject |
| Daily administration fee | Yes | Riba — reject |
| Margin financing charge | Yes | Riba — reject |
Reviewed September 1, 2026.
Frequently asked
How do I know my swap-free account is genuinely interest-free?
Hold a small position through rollover and read the account statement. A genuine swap-free account shows a swap value of exactly 0.00 with no separate overnight, financing or administration line for that night.
Is a swap-free account free?
It should cost nothing extra beyond the normal spread and commission. Fixed, time-independent service charges are acceptable; any charge that increases the longer you hold is interest in another form.
Why do some brokers limit swap-free to 30 days?
Because the broker itself funds positions with interest-bearing liquidity and only absorbs the cost temporarily. Once the window closes, swap resumes, so the account no longer meets the requirement of a permanently interest-free contract.
Can I trade any instrument on an Islamic account?
No. Removing swap does not fix the instrument. Conventional options, futures, bonds and binary products remain impermissible on a swap-free account, and standard CFDs still fail the ownership test.
What should I do if I was charged swap by mistake?
Most scholars advise removing the interest from your wealth by donating the exact amount to charity without expecting reward, then asking the broker to correct the account type before trading again.
Next step
Compare brokers against the 10-point halal broker criteria, review the five Shariah trading rules, or read the LiquidBrokers review.