What is a swap-free account?
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EXNESS has created special swap-free accounts for residents of Muslim countries. On swap-free accounts there is no daily crediting / withdrawal of funds / losses related to swap-operations. Thus, the client does not receive any extra income and does not suffer any extra losses.
These accounts are opened automatically: the system identifies which clients are residents of Muslim countries, based on the passport data and telephone number stated in the client's personal data, and attributes to this account the status "swap-free".
Any client who is a permanent resident of a Muslim country may alter the state of his trading account to "swap-free". In order to do this, in addition to having their passport data checked, clients must also have their mobile telephone checked.
Warning! If Clients are found to have abused the "swap-free" status attributed to their accounts, the Company shall retain the right to cancel this status on all of the Client's trading accounts and apply swap to the account, covering the entire period during which the Client has used the "swap-free" status. Abuse in such cases shall include, but shall not be limited to, situations when most of the transactions on the Client's trading account are negative, but the Company has not taken account of swap due to the fact that it has a "swap-free" status.
Further information about this can be obtained by contacting the EXNESS technical support service.
Note that the "swap-free" status is not available for Forex ECN accounts. For these accounts, all operations involving the application of swap will be carried out in full.
How is SWAP applied?
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SWAP is applied using various tools, in accordance with the Contract specifications.
To calculate the amount of SWAP that applies to the particular parameters of a transaction,
the trader's calculator can be used.
The following table sets out full details as to how SWAP is applied to accounts at EXNESS.
Application of SWAP at EXNESS
Day Time applied (GMT +0) Amount of swap Monday 22.00 Standard Tuesday 22.00 Standard Wednesday 22.00 Triple Thursday 22.00 Standard Friday 22.00 Standard Saturday - - Sunday - -