6 minute read
How to Open a Swap-Free Account in Exness: A Complete Guide
from Exness
by Exness Blog
If you are a trader seeking to operate in the forex market without paying or earning interest on overnight positions, opening a swap-free account in Exness is the solution. Often referred to as an Islamic account, a swap-free account allows traders to comply with Sharia law, which prohibits interest (riba) on financial transactions. This guide will take you step by step through the process of opening a swap-free account in Exness, explaining everything from account types to verification and trading strategies.
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What Is a Swap-Free Account?
A swap-free account is a type of forex account where no swap or rollover interest is charged or credited on overnight positions. Standard forex accounts charge or pay interest when a position is held past the daily cut-off time (usually 5 PM EST), based on the difference in interest rates between the two currencies being traded. Swap-free accounts eliminate this, making them ideal for traders who follow Islamic finance principles or simply want to avoid overnight interest costs.
In Exness, swap-free accounts are fully compliant with Sharia law. They allow traders to access the same trading instruments, leverage, and trading platforms as standard accounts, with the only difference being the absence of swap charges. This feature is available on both MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms.
How to Open a Swap-Free Account in Exness
Opening a swap-free account in Exness is straightforward, but it requires careful attention to ensure the account is properly configured for swap-free trading.
Step 1: Register on the Exness Website
Visit the official Exness website 👈.
Click on "Register" in the top-right corner.
Enter your email address and choose your preferred password.
Select your country of residence.
Agree to Exness’ terms and conditions.
Click "Create Account".
At this stage, you have registered a personal profile, which will allow you to manage multiple trading accounts, including swap-free accounts.
Step 2: Complete Account Verification
Verification is mandatory to ensure security and comply with international financial regulations. Exness requires:
Identity Verification: A scanned copy of a government-issued ID (passport, national ID card, or driver’s license).
Address Verification: A recent utility bill, bank statement, or official document showing your name and residential address (must be within the last six months).
Upload these documents in the “Personal Area” of your Exness account. Verification usually takes a few minutes to a few hours, depending on the quality of your documents.
Step 3: Choose the Account Type
Exness offers multiple account types suitable for swap-free trading:
Standard Account: Ideal for beginners, low spreads, and moderate leverage.
Pro Account: Designed for experienced traders with tighter spreads and faster execution.
Raw Spread Account: Offers raw interbank spreads with a small commission per trade.
Zero Account: Zero spread on major forex pairs, suitable for high-volume traders.
Swap-free accounts can be applied to all these account types, but Exness recommends starting with Standard or Pro accounts for a smoother experience.
Step 4: Enable the Swap-Free Option
Once you’ve chosen the account type, follow these steps to activate the swap-free feature:
Go to your Exness Personal Area.
Select “Add Account” and choose your desired account type.
During the setup process, you will see an option for "Swap-Free". Tick the box.
Complete the account setup by selecting your base currency and leverage.
Confirm the details and click “Create Account”.
Your account will now be swap-free, and all future positions held overnight will not accrue swap charges.
Important: The swap-free option is applied per account. If you already have a standard account, you cannot retroactively make it swap-free; you must create a new account with this feature.
Step 5: Fund Your Account
After your swap-free account is set up, you can deposit funds. Exness supports multiple deposit methods:
Bank transfers
Credit/Debit cards
Electronic wallets (Skrill, Neteller, WebMoney, etc.)
Cryptocurrencies (depending on your country)
Choose the method that suits you, ensuring it complies with Islamic finance principles if that is your priority. Deposits are usually instant for e-wallets and card payments, while bank transfers may take 1–3 business days.
Step 6: Start Trading
With your swap-free account funded, you can begin trading:
Download the MT4 or MT5 platform if you haven’t already.
Log in using your swap-free account credentials.
Start trading forex, commodities, indices, or cryptocurrencies with the same trading conditions as regular accounts but without swap fees.
Step 7: Manage Your Account
Exness offers a range of tools to manage your swap-free account efficiently:
Leverage Adjustment: Modify leverage from 1:1 to 1:2000 depending on your trading strategy.
Deposit/Withdrawal Management: Handle funds securely from your Personal Area.
Account Analytics: Track performance with advanced charts, trade history, and risk management tools.
Benefits of a Swap-Free Account in Exness
Before diving into the registration process, it’s important to understand the advantages of a swap-free account:
Sharia Compliance: Traders can trade without violating Islamic finance principles.
No Overnight Fees: You don’t incur extra costs for holding positions overnight.
Same Trading Conditions: You can access all instruments, leverage options, and trading platforms offered by Exness.
Flexible Account Types: Exness allows swap-free options for both standard and professional account types, catering to beginners and advanced traders alike.
Multi-Currency Availability: Accounts can be opened in multiple currencies, including USD, EUR, GBP, and others.
Key Points to Consider About Swap-Free Accounts
While swap-free accounts are convenient, there are some nuances to keep in mind:
No Interest Income: While you avoid paying swaps, you also won’t earn any positive interest on overnight positions.
Eligibility: Exness may require you to confirm that your account is for personal use and adheres to Islamic finance principles.
Platform Compatibility: Both MT4 and MT5 support swap-free accounts, but some third-party trading platforms may not.
Funding Requirements: Certain promotions or bonus offers might not be available for swap-free accounts.
Position Holding: You can hold positions overnight without swap fees, but normal market risks and spreads still apply.
Frequently Asked Questions (FAQs)
Q1: Can I convert an existing account to swap-free?
No, Exness requires you to open a new account specifically as swap-free.
Q2: Are swap-free accounts free from all fees?
No, spreads, commissions, and other trading costs still apply; only swap/overnight fees are removed.
Q3: Is there a limit on trading instruments?
No, swap-free accounts can trade all instruments available in Exness, including forex, commodities, cryptocurrencies, and indices.
Q4: Does Exness charge for the swap-free feature?
No, enabling swap-free is free of charge; only standard trading fees apply.
Conclusion
Opening a swap-free account in Exness is a straightforward and essential step for traders who want to trade without incurring interest or remain compliant with Sharia law. By registering on Exness, verifying your account, choosing the right account type, and activating the swap-free option, you can enjoy the full benefits of trading on one of the most reputable forex platforms without worrying about overnight interest.
Whether you are a beginner looking for a low-risk entry into forex or an experienced trader seeking ethical trading options, Exness swap-free accounts provide flexibility, transparency, and peace of mind. Following the steps outlined above, you can set up your swap-free account in minutes and start trading globally with confidence.
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