Does Exness Offer Swap-Free Accounts

When trading forex, many traders look for swap-free accounts to avoid overnight interest charges (swap fees) on open positions. For Muslim traders in Nigeria, swap-free accounts are particularly important as they comply with Islamic finance principles, which prohibit interest-based transactions.

Exness offers swap-free accounts to eligible traders, allowing them to trade without worrying about swap charges. These accounts are designed for traders who hold positions overnight and prefer a trading environment that is either Shariah-compliant or simply more cost-effective for long-term trades.

What Is a Swap-Free Account?

A swap-free account is a type of trading account that does not charge or receive overnight swap fees. Swap fees, also known as rollover fees, are typically added to or subtracted from a trader’s position if they leave it open overnight. These fees are a form of interest based on the difference in interest rates between the two currencies in a forex pair.

Swap-free accounts are designed to cater to traders who prefer to avoid these charges, especially for religious reasons. In particular, Muslim traders seeking Shariah-compliant trading conditions use swap-free accounts, as Islamic finance principles prohibit earning or paying interest.

Key Features of Swap-Free Accounts:

No overnight interest fees on open positions.
Complies with Islamic finance principles (Shariah law).
Available on select trading instruments (Forex, metals, etc.).
Designed for traders who want to avoid rollover charges.

How Does a Swap-Free Account Work?

When a trader opens a position, there are no overnight swap fees for keeping the position open.
Instead of swap charges, brokers may modify spreads or add a small fixed fee to the transaction to account for the lack of rollover interest.
The cost of holding a position may still be reflected in other ways, but traders do not pay interest.

Who Should Use a Swap-Free Account?

Muslim traders who seek a Shariah-compliant trading environment.
Traders who want to hold positions overnight without paying interest.
Those who prefer to trade in long-term market trends without worrying about swap charges accumulating over time.

Does Exness Provide Swap-Free Accounts?

Yes, Exness provides swap-free accounts for eligible traders. This feature is especially beneficial for Muslim traders who follow Islamic finance principles, as these principles prohibit earning or paying interest. A swap-free account allows traders to hold positions overnight without being charged swap fees (also known as rollover fees or overnight interest).

Islamic (Shariah-compliant) Swap-Free Accounts: Available to traders from Islamic countries, including Nigeria.
Automatic Eligibility: Traders from eligible regions get automatic swap-free status upon account creation.
Available on Multiple Account Types: Swap-free trading is available on both Standard and Professional accounts for select instruments.

How to Open a Swap-Free Account on Exness in Nigeria

Opening a swap-free account on Exness in Nigeria is a simple and straightforward process. Here’s a step-by-step guide to help you set up your swap-free account and start trading without overnight swap fees:

Sign Up for an Exness Account: Visit the official Exness website and click on “Open Account” or “Sign Up”. Fill out the registration form with your full name, email address, phone number, and country of residence (select Nigeria). Create a strong password for your account and confirm it. Carefully review Exness’ Client Agreement and Privacy Policy, then accept the terms to proceed.
Choose an Account Type: During registration, select the most suitable account type for your trading needs. Options include Standard Account, Pro Account, Raw Spread Account, and Zero Account. If you’re a Muslim trader, request a swap-free account. Exness typically provides this option automatically for eligible traders or can assist you through customer support.
Verify Your Identity: To comply with Exness’ Know Your Customer (KYC) regulations, you’ll need to upload essential verification documents. These include proof of identity like a passport, national ID, or driver’s license, and proof of address such as a utility bill, bank statement, or government-issued document. After submitting your documents, Exness will review them. The verification process typically takes a few hours to 1-2 business days.
Fund Your Account: Once your account is verified, you can deposit funds using various payment methods including bank transfer, e-wallets like Skrill or Neteller, and debit/credit cards. Check the minimum deposit requirements for your chosen account type and ensure you meet the funding conditions.
Log into Your Swap-Free Account: Log into the Exness Web Terminal or MetaTrader (MT4/MT5) platform using your new account credentials. With a swap-free account, you can hold positions overnight without incurring swap charges.
Monitor Your Account: Regularly check your trading conditions by verifying swap-free status for different instruments in the “Market Watch” section, reviewing account performance, and consulting Exness support if you need any assistance or have questions about your account.

Which Trading Instruments Are Swap-Free on Exness?

Not all assets are swap-free. The swap-free status applies to:

Forex pairs (Major & Minor currencies).
Metals (Gold, Silver, etc.).
Certain CFD instruments.

How to Check If an Instrument Is Swap-Free?

Go to Exness Web Terminal or MT4/MT5.
Open the Market Watch section.
Right-click on the instrument and check the swap-free status under Specifications.

Benefits of Exness Swap-Free Accounts for Nigerian Traders

Which Trading Instruments Are Swap-Free on Exness?

No overnight fees – Trade without paying swap charges.
Ideal for long-term traders – Hold positions longer with lower costs.
Halal trading for Muslim traders – Fully compliant with Shariah finance principles.
Cost-effective trading – No hidden charges on eligible instruments.

Who Can Apply for a Swap-Free Account?

Muslim traders in Nigeria (automatically qualify).
Traders holding long-term positions who prefer swap-free trading.
Anyone who meets Exness’ eligibility criteria for swap-free accounts.

Conclusion

Exness provides swap-free accounts, offering Nigerian traders the opportunity to trade without overnight swap fees. These accounts are ideal for Muslim traders who follow Islamic finance principles, as well as for traders who prefer to avoid interest charges on their positions.With Exness swap-free accounts, you can enjoy Shariah-compliant trading on a variety of instruments such as forex pairs, metals, and certain CFDs. The process to open a swap-free account is simple and can be done through the Exness Personal Area, with automatic eligibility for Muslim traders and a straightforward verification process.