Swap Free Accounts
Amana FS offers Swap Free accounts for traders who choose not to receive or pay daily swaps owing to their religious beliefs.
Accordingly, and in the event where a request for Swap Free account is submitted to Amana FS, the company on its complete discretion might approve the Swap Free account but reserves the right to acquire additional documents and justification for the need of this request.
Amana FS reserves the right to refuse the processing of such a request or revoke Swap Free status granted to any real trading account, at its sole and absolute discretion without being obliged to provide any explanation or justification and do so with immediate effect without any written notice period.
When trading a Swap Free account, currency pairs held overnight will not be 'paid or charged' a daily swap fee. Swap Free terms are not applicable on the following:
- FX pairs containing CZK, HKD, NOK, PLN, SEK, SGD, TRY, ZAR, RUB.
- Cash CFDs: U30USD, NASUD, 100GP, E50EUR, D30EUR, F40EUR, SPXUSD.
- Spot Energies: WTIUSD, BRENTUSD.
- Cryptocurrency Contract for Difference (‘CFDs’): Bitcoin, Ethereum, Ripple, and Litecoin
Fees may be applied on a Swap Free trade in case trading positions are held open for more than 10 (ten) days, unless waived by Amana FS. Such fees can be applied from the time the position was opened and at the sole and absolute discretion of the company without being obliged to provide any explanation or justification and do to so with immediate effect without any written notice period.
In the event where Amana FS detects any form of abuse, fraud, manipulation, cash-back arbitrage, or other forms of deceitful activity pertaining to a client's Swap Free account, the company reserves the right, at any time and with immediate effect to:
- Revoke the Swap Free status from all standard trading accounts; and/or
- Correct and recover any un-accrued swaps or interest expenses as well as costs pertaining to any Swap Free trading account during the period for which such account was converted into Swap Free trading account; and/or
- Close all trading accounts related to a client that breached applicable laws and regulations, annul all its trades with Amana FS and cancel all profits or losses incurred.
Amana FS uses a dynamic leverage model, which automatically reflects on client’s trading positions. As the volume of each trading instrument of a client increases link.
NOTE: For specific requirements or terms relating to the various Group entities, if applicable, please refer to the opening of account section of the particular entity.
Clients interested in benefiting from the dynamic leverage are requested to login to their account through the member’s area and request the leverage they desire. Note that terms and conditions apply when changing the Leverage.