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Say Hello to HotForex's Carry Charge for Islamic Accounts

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 

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