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Moneta Markets’ swap-free trading accounts are available for traders who are unable to receive or pay swaps on their trading positions due to religious beliefs. Rather than pay swaps or rollover interest on their overnight positions, the account holder is charged a daily administration fee which is deducted from the balance of their trading account.
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Swap-free form
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• The client hereby acknowledges and agrees that by submitting a Swap-Free account request that they are doing so in compliance with their religious beliefs. In doing so, they acknowledge that in lieu of being charged ‘swaps’ their account will be charged an ‘administration fee’.
• While the WebTrader platform will display swap information, the client acknowledges that this is not a fee charged and is strictly for display purposes.
• Moneta Markets reserves the right to refuse the processing of a request for a Swap-Free account, without obligation to provide justification or explanation.
• The swap-free period is limited to 10-days swap-free, and is only eligible for clients residing in Algeria, Bahrain, Egypt, Iran, Iraq, Israel, Jordan, Kuwait, Lebanon, Libya, Morocco, Oman, Qatar, Saudi Arabia, Syria, Tunisia, United Arab Emirates, Palestine, and Yemen. Sudan and Turkey. Following the 10 day period, a swap or administration fee will be charged. The 10-day swap free facility applies to Forex, XAUUSD, XAGUSD, and Oil.
*The following Forex pairs are exception which will incur an administration/swap fee from day one: EURHUF, EURNOK, EURSGD, EURTRY, GBPSGD, SGDJPY, USDBRL, USDCLP, USDCNH, USDCOP, USDHUF, USDIDR, USDINR, USDKRW, USDMXN, USDNOK, USDPLN, USDSEK, USDSGD, USDTHB, USDTRY, USDTWD, USDZAR, USDCZK, EURCZK, USDDKK, EURDKK
• Moneta Markets reserves the right to revoke the Swap-Free status granted to any standard account at any time, at its sole discretion without obligation to provide justification or explanation.
• Positions held for longer than seven days may be subject to a Swap Charge, from day eight onwards.
• Clients are not allowed to use Swap-Free trading accounts for the primary purpose of making profit from ‘Swaps’.
• Clients may not request the payment of any ‘Swap’ amounts that have been lost as a result of converting their standard trading account(s) into one or more Swap-Free account(s) for any such period prior to converting the account to a Swap-Free account(s)
• In the event that Moneta Markets detects any form of abuse, fraud, manipulation, cash-back arbitrage, or any other forms of deceitful or fraudulent activity related to any Swap-Free account of any client, Moneta Markets reserves the right at any time:
a. With immediate effect, to revoke the Swap-Free status from any and all affected accounts
b. To correct and recover any un-accrued Swaps and any related interest expenses, profits, and or costs pertaining to any and all of the client’s Swap-Free trading account for the period in which accounts were converted to Swap-Free; and/or
c. To close all trading accounts of the client.
• The client expressly acknowledges and understands that all positions on the instruments listed in FX, XAU and XAG groups, and commodity CFDs (trading platform time zone) in Swap-Free accounts will not be subject to rollover, interest accruements or storage charges, but instead will be charged an Administration fee that is calculated and applied daily at approximately 00:00 GMT+3 during non-daylight saving time and 00:00 GMT+2 during daylight saving time. The three-day Administration fee for holding a position over the weekend is calculated and applied on Wednesdays for FX and on Fridays for commodities at approximately 00:00 GMT+3 during non-daylight saving time and 00:00 GMT+2 during daylight saving time.
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