If you are evaluating a swap-free / Islamic account, this is a structural checklist to take to the broker — and to a qualified scholar.
Account terms
- Is swap explicitly set to zero on every instrument you plan to trade?
- Are administration / replacement fees charged after a holding period? After how many days?
- Are spreads on the swap-free account identical to the regular account?
- Is the swap-free version available on all account types or only some?
Eligibility
- Is swap-free granted automatically based on country, or must you apply?
- Is documentation (proof of religion / residence) required?
- Can swap-free be revoked? Under what conditions?
Instruments
- Which instruments are swap-free? Often: forex majors, gold. Sometimes excluded: exotics, crypto CFDs.
- For instruments you trade, does swap-free actually apply?
Personal scholarly review
- Does your scholar consider leveraged trading itself permissible, conditionally permissible, or not?
- Does the absence of swap satisfy their riba concern?
- How do they treat replacement fees?
- How do they treat CFDs vs. spot exchange in their ruling?
Use this checklist with the broker's official terms document — not the marketing page. See Halal Trading Disclaimer.
Next steps on ShaFX
- Free trading calculators — position size, pip value, margin, risk/reward, drawdown.
- Take a quiz on this topic and see what you missed.
- Glossary — precise definitions for every term used here.
- Compare brokers using our methodology.
Educational only. This article is general information for trader education. It is not financial advice, tax advice, legal advice, or a recommendation to trade. Trading CFDs and forex is high-risk and most retail investor accounts lose money. Read the Risk Disclosure.