xChief updates Islamic account conditions for greater transparency
xChief ensures transparency in Islamic accounts
xChief, a globally recognized Forex and CFD broker, has announced significant updates to its Islamic (Swap-Free) accounts to enhance service quality and ensure greater transparency for traders.
These changes will impact eligible trading instruments and the duration of Swap-Free status, aligning with market standards and promoting fair trading conditions for all clients, according to the broker’s official statement.
Revised list of eligible trading instruments
To simplify trading conditions, xChief has specified that the Swap-Free option will now only be available for a limited selection of currency pairs and precious metals.
Eligible Swap-Free instruments:
Forex pairs: AUD/CAD, AUD/CHF, AUD/JPY, AUD/NZD, AUD/USD, CAD/CHF, CAD/JPY, CHF/JPY, EUR/AUD, EUR/CAD, EUR/CHF, EUR/GBP, EUR/JPY, EUR/NZD, EUR/USD, GBP/AUD, GBP/CAD, GBP/CHF, GBP/JPY, GBP/NZD, GBP/USD, NZD/CAD, NZD/CHF, NZD/JPY, NZD/USD, USD/CAD, USD/CHF, USD/JPY, USD/SGD.
Metals: XAU/USD (Gold), XAG/USD (Silver).
For all other instruments, standard swap conditions will now apply, meaning traders opening positions outside this list will be subject to overnight interest charges.
Time limit on Swap-Free trades
Another major change introduced by xChief is a seven-day limit for Swap-Free trades. If a position remains open for more than seven days, its Swap-Free status will be removed, and standard swap rates will apply. This measure ensures fair market conditions and prevents long-term, interest-free trading advantages.
Commitment to transparency and service quality
These updates reflect xChief’s commitment to transparent trading conditions and compliance with Islamic financial principles, while maintaining fair trading standards for all clients. The company values its traders' trust and continues to enhance its services to meet their needs.
Additionally, xChief recently announced its integration with GoCharting, providing traders with advanced charting, analytics, and real-time trading features.
