de | cn | ru

Brokers News

Say Hello to HotForex's Carry Charge for Islamic Accounts

Mar 21 2013
By
Many people think Forex trading a simple business – you put some money in an account, trade for about five minutes, and end up being a millionaire overnight. The reality, however, is quite different. Not only is there a bigger chance of losing you investment rather than making any profit at all, there are also a whole bunch of various fees and commissions you'll be charged in the meantime – deposit fees, withdrawal fees, rollover... Usually, this can't be helped. The only way to avoid at least some of these extra expenses is to have an Islamic account, which is swap-free (meaning, you don't pay or receive interest for holding a position overnight). 
 
Well, not anymore, at least if you are a client of Mauritian broker HotForex. Starting today, all Islamic accounts opened with this company will be paying a Carry charge for trades left open for more than seven days. As stated in the HotForex website, this is due to "increased costs from Liquidity Providers that are beyond our control". 
 
The new rules will apply for trades in a total of 15 currency pairs, and the fee will be charged in US dollars per lot. The exact amount charged can be seen in the table below:
 
 
The good news here is that all trades that are left open for less than a week will remain swap-free, same as usual. Same goes for trades in currency pairs not explicitly mentioned in the above table. You should bear in mind, though, that if you do currently have any longer-term positions, HotForex will start charging you for each additional day, starting at 9 PM GMT on Thursday, March 21.
 
Though this turn of events may seem disappointing, I think you should remember that it is, after all, only applied to specific pairs, and only for longer-term trades. Definitely a better deal than some allegedly "swap-less" promos we've seen lately, like Alpari's "Goodbye to Swaps". So, I'd say, the Carry charge is no reason to rush off and abandon HotForex, especially if you already know and trust this broker. After all, the company did make an effort to bring its clients some very pleasant features this year, like its new MT4 Multiterminal Platform and Technical Analysis service. Remember, there is no such thing as a free lunch in this life!
 
 

About HotForex

 

HotForex, or HF Markets Ltd., is a Forex and commodities broker based in the Republic of Mauritius and regulated by the local Financial Services Commission (FSC). It offers a variety of accounts, trading software and trading tools to an international clientele of retail customers, fund managers as well as institutions. Unlike many other brokers that are not particularly fond of scalping or traders who use expert advisors, HotForex claim that they welcome such customers and grant them full access to their liquidity.
 
TAGS: hotforex  islamic account  swap  carry charge 

More news about HF Markets (Hot Forex)

Broker Country Regulation Platform Min Deposit Review
US CFTC, NFA MT4, Web,
in-house
$50 Review Website
US NFA, CFTC MT4 $250 Review Website
Cyprus, UK, Mauritius CySec, FCA, FSC MT4, MT5, Web $10 Review Website
Australia ASIC MT4, MT5,
IRESSTrader
$100 Review Website
Cyprus, Australia CySec, ASIC MT4, MT5 $5 Review Website
UK, Australia, South Africa FCA, ASIC, FSCA MT4, Trading
Station,
NinjaTrader
$50 Review Website
UK, Cyprus, UAE, South Africa FCA, CySEC, DFSA, FSB MT4, MT5, FxPro
Markets,
cTrader
$100 Review Website
Cyprus CySEC MT4, MT5, Web $1 Review Website
Belize IFSC MT4, MT5 $100 Review Website
Cyprus, UK, South Africa, UAE CySec, FCA, FSCA, DFSA MT4, MT5, Web $5 Review Website
Cyprus, UK CySEC, FCA MT4, MT5 $1 Review Website
UK FCA MT4, Web, MT4
for Mac
$100 Review Website
Australia, UK ASIC, FCA MT4, MT5,
cTrader
$200 Review Website

More Forex Brokers News

FXTM Launches 30% Welcome Bonus

Aug 06 2019 13:38:53

  As part of FXTM’s mission to provide clients with an exceptional trading experience, the international broker has launched its latest offering – the 30% Welcome Bonus!   This promotion, available under Exinity Limited, boosts your account by an extra 30% when you deposit $100... Read more

XM parent actively prepares for the launch of its US brand Trading.com

Jul 03 2019 14:19:28

  Trading Point Group, the owner and operator of the XM brand, actively prepares for the future launch of its US brand Trading.com. Read more

FBS Invites 20 Best Partners To a VIP Party

Jul 02 2019 15:04:24

Partner parties is a great way to get to know company’s local promoters and celebrate loyalty, motivation, and cooperation. In 2019, FBS broker launches the FBS Stars contest with a round trip flight to Russia’s second largest city and a VIP party invitation as a prize. Read more

Vantage Prime will no longer service non-Australian clients

May 20 2019 13:36:39

  Vantage Prime, which is a part of the Vantage FX group, announced it will no longer service non-Australian clients, online media Finance Magnates reported today. The broker’s decision is taken due to regulatory concerns. Read more

Dukascopy warns it has no cooperation with shady broker GCG Asia

May 16 2019 13:29:47

  Swiss forex brokerage and bank Dukascopy has repeatedly warned investors that it is has no cooperation Guardian Capital Asia (GCG Asia) and that the latter is likely involved in a fraudulent scheme. Read more

$75 mln forex Ponzi scam revealed in the US

May 03 2019 16:46:08

The Commodity Futures Trading Commission (CFTC) in the US has filed charges against Florida based Oasis International Group, Oasis Management and Satellite Holdings along with their owners for running a 75 million USD Ponzi scheme, concealed as forex investment program. Read more

Australians lost $86 mln to investment scams in 2018

May 02 2019 17:04:18

Australians lost over 86 million USD to investment scams in 2018 alone – the biggest portion of the almost 490 million USD  in losses from over 378 000 scam reports, the latest report of the Australian Competition and Consumer Commission’s (ACCC) reveals. Read more

FXTM now offers a deposit bonus of up to $5 000

Apr 25 2019 11:10:24

  Global award-winning brokerage FXTM has launched their biggest deposit bonus promotion ever. The broker is now offering an extra 30% back from every amount their traders deposit over a period of 30 days, up to a total of $5,000. Read more

FXTM appoints Han Tan as a Market Analyst for Southeast Asia region

Apr 19 2019 13:28:36

  Global award-winning forex broker FXTM has just announced the appointment of Tan Chung Han (Han Tan) as a Market Analyst. Read more

FXTM gets a license from Mauritius’ FSC

Mar 28 2019 09:59:36

  Award-winning forex brokerage  FXTM (ForexTime) continues its ongoing global expansion. The broker announced it has acquired a license from the Financial Services Commission (FSC) of the Republic of Mauritius previous week. Read more

de | cn | ru