I conducted a thorough evaluation of HankoTrade`s Islamic account as a swing trader, and the results are a mix of good and not-so-good news. On the positive side, the Islamic account offers favorable spreads, approximately 0.8 pips on EURUSD, and allows positions to remain open for over 2 days without incurring rollover charges or swaps.
However, the downside comes after the initial 2 days, where the swaps charged are relatively higher than the market average. Despite this, I find the Islamic account to be the best option for swing traders among the offerings at HankoTrade, considering that my positions rarely stay open for more than 2 consecutive days.
Additionally, HankoTrade has taken a commendable step in accommodating diverse cultures and religions by introducing the swap-free Islamic account. This account aligns with Sharia law, ensuring that Muslim traders can engage in forex trading without concerns about rollover interest. While the account shares features with others, the absence of swap commissions distinguishesit. For more details on fees, interested traders can refer to admin fees on their website. Overall, I recommend the Islamic account for those seeking a Shria-compliant trading experience with HankoTrade.