Why is there an administration fee on my swap-free account?

An administration fee is a fee applied to positions held overnight on a Swap-Free Account and it is not equivalent to the swap fee applicable to standard accounts. Swap-Free accounts are exclusively tailored for clients who, in adherence to their religious beliefs, refrain from participating in rollover interest associated with overnight open positions. The fee is charged at 24:00 server time.

Clients seeking to ensure their financial activities align strictly with Islamic values are encouraged to seek guidance from qualified Islamic scholars or authorities with expertise in Islamic finance.

When will I be charged an administration fee on my swap-free account?

You will be charged an administration fee when all the following conditions are met:

• You hold a Swap-Free (Islamic) Account.

• Your position remains open at 24:00 server time.

• The product you trade is subject to an administration fee.

If you close your position before the charge time, no administration fee applies.

When does the three-day administration fee apply?

A three day administration fee applies to eligible positions held at 24:00 server time on the following days:

The three-day administration fee covers the weekend. No additional separate weekend charge applies.

How is the administration fee calculated?

The administration fee varies depending on:

• Product: The applicable contract size and administration fee charge.

• Position size: The number of lots held.

• Position direction: Whether the position is Buy or Sell, which determines the applicable long or short administration fee.

• Holding days: The number of days covered by the charge, including any three-day administration fee.

The administration fee is charged in your account currency. If the administration fee is calculated in another currency, the amount is converted using the exchange rate at the time of the charge.

How does the administration fee apply in practice?

Illustration:

• Gold held overnight on Wednesday: An eligible Gold position remaining open at 24:00 server time on Wednesday is subject to a three-day administration fee.

• Oil held overnight on Friday: An eligible Oil position remaining open at 24:00 server time on Friday is subject to a three-day administration fee.

• Position closed before the charge time: An eligible position closed before 24:00 server time is not subject to an administration fee.

All times use server time:
- GMT+2 during non-daylight saving time.
- GMT+3 during daylight saving time.