Who this article is for: You are a Muslim trader who needs a swap-free trading option. You may already be an IC Markets client. Or you are comparing account types before you open one.
What this article solves: Explain what an IC Markets Islamic account (swap-free option) is. Show how it works and which account types it applies to. List the documents and steps you must complete. Detail the fees and timeframes to expect. Highlight common pitfalls to avoid.
What to expect next: Clear definitions. Step-by-step setup. Concrete numbers and timelines. A comparison table of account options. A decision checklist so you can choose or request the right swap-free setup with confidence.
Quick Answer / TL;DR
- If you want interest-free trading → request IC Markets’ swap-free (Islamic) option on your existing account; prepare 2 documents and expect processing in 24–72 hours.
- If you want lowest spreads and pay per-trade commission → use Raw Spread and request swap-free on that account. Commission example: about $3.5 per side per standard lot (verify with support).
- If you want no commission and accept wider spreads → use Standard swap-free; spreads typically start from around 1.0 pip on majors.
- Verify any added administrative fees and platform availability with IC Markets support before depositing. Expect confirmation after request in roughly 24–48 hours.
Definition and 3 core principles
Define swap-free: An Islamic account is a swap-free option. Swap means interest charged or credited for positions held past the daily rollover. Remove the swap, and you avoid overnight interest (riba). IC Markets implements swap-free by flagging accounts so no swap accrues at rollover.
Three core Sharia-compliant principles the swap-free option aims to meet:
– No interest on overnight positions. Avoid interest charged or credited when positions carry past daily rollover. Rollover typically happens daily at 00:00 server time (one clear time reference).
– No synthetic interest substitution. Avoid arrangements that replace interest with a disguised interest-like charge where possible.
– Fair alternative fees in place of swaps. Use transparent administrative or fixed fees rather than variable interest.
Concrete numbers:
– Rollover time: 00:00 server time for daily swap calculation.
– Platforms supporting swap-free: 3 major platforms — MT4, MT5, and cTrader.
Where fees may be applied instead of swaps:
– Brokers may use an administrative fee or a fixed overnight charge.
– Expect examples like $0.50 to $5.00 per lot per night as illustrative ranges. Confirm the broker’s exact numbers.
Watch out for:
– Some instruments, such as certain CFDs or fractional-share products, may still carry financing adjustments. Confirm instrument-specific rules with IC Markets support.
Mechanics and 4 operational rules
Explain mechanics: IC Markets applies swap-free status via a system flag on your account. The flag prevents the platform from calculating and posting swap accruals at the daily rollover. In some cases, the system applies an alternative administrative or overnight charge instead.
Operational rules to expect:
1) Swap removal at daily rollover. Expect the swap to be removed at the server-side daily rollover time, typically 00:00 server time. That is once every 24 hours.
– Number: 00:00 server time triggers swap calculations.
– Number: Rollover happens 1 time per day.
2) Alternative administrative fee for certain instruments or positions. IC Markets may apply a fixed fee per night for swap-free accounts on certain products. Example illustrative values: $0.50 to $5.00 per lot per night.
– Number: Administrative fee examples $0.50–$5.00 per lot per night.
– Number: Fees apply per night held past rollover (1 night increments).
3) Maximum holding periods for some assets. Brokers often limit holding duration for swap-free positions on some CFDs or equities to prevent perpetual exposure.
– Number: Holding limits commonly range from 30 to 90 days.
– Number: Stock CFDs may have 30-day limits; some commodities may allow 90 days.
4) Automatic conversion only upon approved verification. The account receives the swap-free flag only after you submit required documents and the broker approves your request.
– Number: Approval typically requires 24–72 hours after submission.
– Number: Expect confirmation 24–48 hours after approval in many cases.
Instruments commonly affected:
– Forex majors (EUR/USD, GBP/USD, USD/JPY) — swap-free removes forex swap lines.
– Indices (US500, EU indices) — may have financing lines or admin fees.
– Commodities (gold, oil) — may carry alternative overnight charges.
– Equities/Stock CFDs — may have holding limits such as 30 days.
– Exotic FX pairs — may have different overnight handling and fees.
Watch out for:
– Platform differences. cTrader may display financing as a separate line. MT4 and MT5 list swap values in the trade ticket. The swap-free flag affects how these lines are calculated.
Eligibility and 2 required documents
Who qualifies: You must declare a sincere religious need for swap-free trading. Individual retail traders qualify. Corporate entities and commercial accounts are usually excluded or reviewed case-by-case.
Two required document types:
– Government ID: passport or national ID (use a clear, color scan).
– Proof of address: utility bill or bank statement not older than 3 months (90 days). Use a dated document showing your full name and address.
Concrete numbers:
– Proof age limit: documents must be within 3 months (90 days).
– Maximum number of accounts you can request swap-free for: commonly 1–3 accounts per client depending on broker policy.
– KYC delay: incomplete KYC can delay approval by 24–72 hours.
Declaration step:
– Submit the swap-free request via the client portal or open a support ticket.
– Attach the 2 required documents.
– Include a short written declaration stating your need for swap-free status.
Watch out for:
– Incomplete KYC documents. Upload both documents clearly. Avoid scanned copies with cropped edges. Missing items delay approval by 24–72 hours.
Step-by-step setup in 4 steps
Step 1: Open an IC Markets account. Choose Standard or Raw Spread when you register.
– Number: Platforms available: 3 options — MT4, MT5, cTrader.
– Number: Account types typically include Standard and Raw Spread.
– Action: Choose the platform you plan to trade on.
Step 2: Complete KYC by uploading 2 documents (ID + proof of address).
– Number: Documents required: 2.
– Number: Proof must be dated within 3 months (90 days).
– Number: Typical verification time: 24–72 hours.
– Action: Upload clear color scans in the client dashboard.
Step 3: Submit a swap-free (Islamic) request via client dashboard or support ticket.
– Number: Expect processing time: 24–48 hours after verification.
– Number: Keep a copy of your written declaration and ticket number.
– Action: Request swap-free for the specific account number or for 1–3 accounts.
Step 4: Confirm swap-free status and test by checking overnight rollover values for open positions.
– Number: Test by holding 1–3 small trades overnight.
– Number: Check swap values or financing lines at 00:00 server time the next day.
– Action: Verify the account no longer posts a swap line and watch for any admin fees.
Watch out for:
– Request swap-free before carrying large overnight positions. Retroactive removal of swaps is unlikely. You may incur swaps for nights before approval.
Fees, spreads and 5 specific numbers to check
Summary: Swap-free disables swaps but can introduce alternative charges. Check spreads, commissions, and administrative fees before you trade.
Five specific numbers to check and what they mean:
1) Typical spread starting points: spreads can start from 0.0–1.0 pips depending on the account type and instrument.
– Number: 0.0–1.0 pips typical spread range.
2) Commission per standard lot on Raw Spread accounts: example figure to verify with support is $3.5 per side per standard lot (equivalent to $7 round-turn).
– Number: $3.5 per side per standard lot (example).
3) Administrative overnight fee ranges for swap-free: illustrative fixed fees often range from $0.50 to $5.00 per lot per night for specific instruments.
– Number: $0.50–$5.00 per lot per night as an example.
4) Minimum deposit required: check the broker; it may be as low as $0 or commonly up to $200 depending on your chosen payment method.
– Number: $0–$200 typical minimum deposit range.
5) Processing times for refunds/disputes: expect 24–72 hours for initial processing of ticketed issues.
– Number: 24–72 hours processing window.
Where each fee appears and how to calculate cost per position:
– Spreads appear in the market watch and trade ticket. Convert pips to dollar cost using position size. Example: 1.0 pip on EUR/USD with a 0.1 lot (10,000 units) costs roughly $1.00.
– Number: 0.1 lots equals 10,000 units; 1 pip ≈ $1 at that size.
– Commissions appear as separate line items on Raw Spread accounts. Example: $3.5 per side appears per standard lot on statements.
– Number: $3.5 per side × 2 sides = $7 round-turn per standard lot.
– Administrative fees appear as nightly charges or line items labeled “admin” or “financing” in the statement.
– Number: Example nightly fee $1.00 per lot times 5 nights = $5.00 total.
– Calculate total cost per trade:
– Spread cost + commission + nightly fees = total trading cost per position per period.
Watch out for:
– Hidden cost structures. Some swap-free setups widen spreads instead of charging a visible nightly fee. Ask for a sample cost table. Request a breakdown for one pair for 1 night, 7 nights, and 30 nights.
Platforms and 3 platform differences
Short paragraph: IC Markets supports 3 major platforms. Choose one that fits your strategy. Understand how swap-free works across platforms.
Three platform differences relevant to swap-free:
1) How rollover is displayed.
– MT4/MT5 show swap values in the trade ticket and in the Terminal -> Trade -> Swap columns.
– cTrader may show financing as a separate line labeled “financing” or “overnight fee”.
– Number: Platforms supported: 3.
2) Expert Advisor (EA) compatibility and automated trading.
– EAs on MT4 may reference swap lines; switching to swap-free removes those values and can affect carry trade logic.
– Number: Typical EA execution latency ranges from 1–5 ms on colocated servers for fast brokers.
3) Market depth and commission display.
– cTrader often displays commission and market depth differently than MT4/MT5.
– Number: You may see hundreds of instruments available; expect 500+ instruments across platforms.
Concrete numbers:
– Number of platforms: 3.
– EA execution speeds example: 1–5 ms latency achievable on fast connections.
– Instruments available: 500+ instruments across platforms (forex, indices, commodities, shares).
Watch out for:
– Third-party indicators or custom EAs may still compute swap expected values. Trust the platform-supplied swap/financing values after swap-free approval. Test on a demo or a small live trade first.
Pitfalls and 5 common mistakes to avoid
Lead: Avoid simple errors that cost money or cause compliance issues. Check the list and remediate quickly.
Five common mistakes:
1) Not submitting the swap-free request before holding overnight.
– Number: You may incur swaps for 1–n nights before approval.
– Remediation: Request swap-free immediately and avoid overnight holds until approval.
2) Assuming swap-free covers all instruments.
– Number: Some CFDs and exotics may have special financing rules or 30–90 day holding limits.
– Remediation: Ask support for instrument-specific rules for the pair or CFD you plan to hold.
3) Forgetting platform differences and reporting methods.
– Number: MT4/MT5 show swaps in swap columns; cTrader may show financing separately.
– Remediation: Learn where your platform shows fees and test with 1–3 overnight trades.
4) Overlooking alternative administrative fees that total more than previous swap costs.
– Number: Compare historical swap totals versus admin fees for 7 nights and 30 nights.
– Remediation: Request a written example cost for 1 night, 7 nights, and 30 nights before you enable swap-free.
5) Providing incomplete KYC causing delays of 24–72 hours.
– Number: Delay window: 24–72 hours.
– Remediation: Upload both documents clearly. Follow naming and file size rules.
Watch out for:
– Repeated misuse or attempts to game swap-free rules. Brokers may deny privileges after repeated policy breaches.
Comparison table section — account comparison and quick summary
Intro sentence: Compare Standard, Raw Spread and Swap-free option side-by-side so you can spot the tradeoffs quickly.
| Account option | Typical spread (from) | Commission (per lot) | Swap/Overnight | Best for |
|---|---|---|---|---|
| Standard | 1.0 pips | $0 | Swap applied or swap-free on request | Traders who prefer no commission |
| Raw Spread | 0.0–0.1 pips | Example: $3.5 per side (verify) | Swap applied or swap-free on request | High-frequency or scalpers needing low spread |
| Swap-free (Islamic) option | Depends on chosen account (Standard/Raw) | Same as chosen account | 0 swap; may include admin fee per night | Traders needing interest-free overnight positions |
One-sentence summary: Swap-free is a mode applied to Standard or Raw Spread; spreads and commissions remain tied to the chosen account while swaps are removed and may be replaced by admin fees — always verify numeric values with IC Markets support.
Closing — How to choose / Bottom line
If you want the lowest spreads and you can pay per-trade commission → choose Raw Spread and request swap-free. Expect example commission of $3.5 per side per standard lot. If you want no commission and accept wider spreads → choose Standard with swap-free enabled. Expect spreads starting near 1.0 pip on majors.
If you already have an account → submit the swap-free request, upload 2 documents, and expect 24–72 hours processing. Test swap-free on a demo account first if unsure. Otherwise, test on live with 1–3 small trades and hold overnight to confirm rollovers.
Default recommendation: Test swap-free on the actual platform you plan to trade. Use 1–3 test trades across 1 night and 7 nights. Confirm the exact admin fee per night for your instruments. Contact IC Markets support and request a written fee breakdown for the pairs and account you will use before you deposit significant capital.