Are there any brokers out there who offer no swap accounts regardless of religion? The only broker I found so far is Crown Forex .... Thanks
No Swap Rate Broker for Non-Muslims
- Thread starter Sunshine4ever
- Start date
Has anyone used Crown or another firm to successfully hold positions long term against the carry interest-free and been able to withdraw their money?
It sounds too good to be true. There's no such thing as a free lunch.
It sounds too good to be true. There's no such thing as a free lunch.
depends what do you mean by long term ....
i have an account with crown forex and so far i was able to withdraw money, although the process took longer than usual due to all kind of excuses ... nobody knows when/if they're going to pull the plug. this is why i'm inquiring about possible alternatives.
the lunch is not really free ... crown is also a dealer, so they make money by taking the oposite side of the trade. It's just a marketing model, their hope is to make more by trading against the client that they loose from not getting the swap rate
Quote from Sunshine4ever:
the lunch is not really free ... crown is also a dealer, so they make money by taking the oposite side of the trade. It's just a marketing model, their hope is to make more by trading against the client that they loose from not getting the swap rate
So if/when the carry trade falls out Crown will lose millions. That's a far greater risk than betting against your average retail trader. If you win big on your interest free account there is a chance that Crown wouldn't be able to give you the funds at exactly the moment you need them.
Depends how well they hedge themselves .... for instance if they constantly took the opposite side of the short GBPJPY pair, they probably made lots of money for the last 7 years ...
If one "wins big" with Crown then it looses big with the other side of the carry trade. It's probably a good idea to transfer money out the winning account periodically
On the bright side MGForex and Forex.com are registered with NFA.
On the flip side MGForex charges $20 per night for short positions plus $100 maintenance fee for accounts under $5k.
Forex.com charges $25/nite per short position so traders "don't take advantage of the high rollovers" ... according to their customer service.
Any other suggestions / ideas? If you know something, don't hesitate to share