Salt Lake City – Interbank FX / IBFX.com (www.ibfx.com), a leading provider of online foreign currency (Forex) trading, recently made significant changes to its no-swap account policy. The no-swap accounts—offered to traders who are unable to earn or pay interest due to religious reasons—earn or pay a weekly fee based on trades that remain open after the market closes on Friday.
The process runs each weekend, identifying orders that open after the Friday close. (If an order is opened after the Sunday open and is closed before the Friday close, there is no debit or credit for fees.) The system then calculates a fee based on the fee schedule (see below), the number of days the order was open for that week, and the number of lots traded. For each of these open orders, the system adds a “balance” item to the relevant account with a formatted comment code, which includes a comment, date and ticket number. The code appears as follows: “fee mm/dd/yy #ticketnum.”
No-swap trades that remain open after Friday close are debited or credited a fee based on the table to the right.
Interbank FX / IBFX.com’s No Swap account system is available now on both live and practice accounts at http://www.ibfx.com/Promotions/NoSwapAccount.aspx. Please send any questions or comments about the new no-swap account policy to noswap@ibfx.com.
Interbank FX /IBFX.com was recently honored by Shares Magazine as the Best Foreign Exchange Broker for 2007.
Salt Lake City – Interbank FX / IBFX.com (www.ibfx.com), a leading provider of online foreign currency (Forex) trading, recently made significant changes to its no-swap account policy. The no-swap accounts—offered to traders who are unable to earn or pay interest due to religious reasons—earn or pay a weekly fee based on trades that remain open after the market closes on Friday.
The process runs each weekend, identifying orders that open after the Friday close. (If an order is opened after the Sunday open and is closed before the Friday close, there is no debit or credit for fees.) The system then calculates a fee based on the fee schedule (see below), the number of days the order was open for that week, and the number of lots traded. For each of these open orders, the system adds a “balance” item to the relevant account with a formatted comment code, which includes a comment, date and ticket number. The code appears as follows: “fee mm/dd/yy #ticketnum.”
No-swap trades that remain open after Friday close are debited or credited a fee based on the table to the right.
Interbank FX / IBFX.com’s No Swap account system is available now on both live and practice accounts at http://www.ibfx.com/Promotions/NoSwapAccount.aspx. Please send any questions or comments about the new no-swap account policy to noswap@ibfx.com.
Interbank FX /IBFX.com was recently honored by Shares Magazine as the Best Foreign Exchange Broker for 2007.