Swap Free accounts

Swap-free accounts are trading accounts designed to comply with Islamic finance principles.

 

The overnight swap cost which is normally charged or credited to client accounts as price difference between rollover close and rollover open trades is not applied to swap-free accounts meaning that both rollover trades are booked at same price. The Client will not be credited nor debited any interest on any open position in their trading account with Dukascopy Bank at the closing of each business day (21:00/22:00 GMT summer/winter time).

In order to prevent abusive use of swap-free conditions and financial damage to Dukascopy, following protection measures are applied:

 

In addition to the standard volume commission, swap-free accounts are charged an additional fee of USD 5 per USD 1 million of currency trading volume and USD 7.5 per USD 1 million of trading volume in precious metals and CFDs.

Dukascopy estimates its financial damage by calculating the difference between the additional commission paid by the client and the swap amount which is not applied to the account due to the swap-free conditions. If the difference is negative (the "Deficit") and the account equity does not fully cover the Deficit Dukascopy will block further trading by closing opened exposures and canceling active pending orders.

 

The Deficit is calculated once a day at settlement time and is applied by adjusting the minimum Stop Loss Level.

The Deficit amount will be debited from the account if:

The amount of a partial withdrawal may not exceed the difference between the account equity and the Deficit.

In case of a contradiction between the present Swap-Free Account Terms & Conditions and any other contractual arrangement between the client and Dukascopy Bank, the present Swap-Free Account Terms & Conditions shall prevail. Dukascopy Bank may change Swap-Free Account Terms & Conditions, decline or cancel the use of swap-free conditions, at its own discretion. Dukascopy reserves the right to debit the Deficit at any time.