de | cn | ru

Brokers News

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 

More news about Hot Forex

Broker Country Regulation Platform Min Deposit Review
Cyprus, UK, Belize CySec, FCA, IFSC MT4, MT5, Web $5 Review Website
Cyprus, Australia CySec, ASIC MT4, Web,
Mobile app
$100 Review Website
Australia ASIC MT4, MT5,
IRESSTrader
$100 Review Website
UK, Cyprus, Australia FCA, CySec, ASIC MT4, MT5 $5 Review Website
UK, Australia FCA, ASIC 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, South Africa, UAE CySec, FSCA, FSC MT4, MT5, Web $5 Review Website
Cyprus CySEC MT4, Web $25 Review Website
Cyprus, UK CySEC, FCA MT4, MT5 $1 Review Website

More Forex Brokers News

XM applies for a forex dealer license in the US

Jan 11 2019 13:39:14

  The US subsidiary of major forex brokerage XM has applied for a membership with the National Futures Association (NFA). This became clear from a filing by the broker’s US entity Trading.com Markets Inc. (previously Trading Point US Inc.) with the NFA dated January 3, 2019. Read more

HotForex acquired DFSA license, commences operations in the UAE

Jan 08 2019 10:45:37

  HotForex is now licensed by the Dubai Financial Services Authority (DFSA) and announced it commences operations in the United Arab Emirates (UAE). The Dubai arm of the HF Markets Group, HF Markets (DIFC) Ltd., acquired the DFSA license in December last year. Read more

CySEC warns Efexa1000 is not licensed

Oct 22 2018 12:55:06

  The Cyprus Securities and Exchange Commission (‘CySEC’) officially warned investors that Efexa1000 is not authorized to provide investment services in the country. Read more

IG Group gets licensed in the USA

Oct 16 2018 13:48:15

  Major forex broker IG Group (IG) got a green light from the National Futures Association (NFA) to operate on the US retail forex market. The US arm of IG Group, IG US LLC, has just been approved as a NFA member and is officially registered as a Retail Foreign Exchange Dealer (RFED). Read more

ASIC adds HBC broker to its warning list

Oct 09 2018 11:14:03

  The Australian Securities and Investment Commission (ASIC) has updated its list of “businesses to be wary of” with HBC Broker – an unregulated company that is trying to confound its potential clients by giving out some correct details of leading forex and CFD ... Read more

FBS wins ‘Best Copy Trading Application Global-2018’ award

Oct 05 2018 16:22:13

The prestigious “Best Copy Trade Application 2018 Global” award went to FSB  for their innovative CopyTrade platform. Read more

Capital Index renounced its CySEC license

Oct 03 2018 13:24:56

  It seems that global online brokerage Capital Index is the next to voluntarily renounce its Cypriot Investment Firm (CIF) license. Read more

FBS celebrates its 9 millionth trader

Sep 19 2018 17:17:28

After celebrating their 7 millionth million trader in March 2018, now just 6 months latter, FBS reached yet another milestone – their lucky 9 millionth trader is Jean Sales De Souza from Rio de Janeiro, Brazil. Read more

XTB fined $2.7 million by Poland’s financial regulator

Sep 19 2018 11:31:55

  The Polish Financial Supervision Authority (KNF) punished X-Trade Brokers (XTB) with a PLN 9.9 million ($2.7 million) fine for asymmetric price slippage on Tuesday. Read more

TD Ameritrade allows its clients in Singapore to trade via Messenger

Aug 27 2018 15:14:51

  Singapore branch of American brokerage firm TD Ameritrade announced on Sunday that its clients in are now able to make trades and access market information through Facebook Messenger. Retail investors in Singapore will have yet another way to access the U.S. Read more

de | cn | ru