Software developer Spotware Systems said on Thursday it has launched support for swap-free accounts on the cTrader trading platform. The new feature is available across all versions of the platform.
In addition, the software developer has also released an update to the platform, with which is has added new features supported by cServer 4.3, including instant margin recalculation for open positions, maximum exposure limit for each symbol in each group and the ability to determine ticket size increments. The additions aim to enhance risk management for no dealing desk (NDD) solutions.
Swap-free, or Islamic accounts, offer no swap or interest on overnight positions. This type of trading account is mainly popular in Islamic countries where the religion laws forbid the collection or payment of interest or fees for loans. Such accounts are quite popular in the forex world, but traders should keep in mind that swap-free accounts may be subject to certain administrative or other fees.
Spotware Systems said that cTrader users now have the option to be charge a fixed daily administration fee after a predefined grace period. This was designed in mind with brokers who are concerned with the risk of overnight swaps.
“After extensive research along with the help and support of our clients we have been able to create and introduce a Shariah Compliant, Swap Free account type which allows cTrader brokers to offer trading accounts to their Islamic clients. This functionality is available from cTrader natively” said James Glyde, head of business development at the company.
Users of Islamic accounts receive all other trading conditions as promoted for their broker’s classic and premium account types. Their main point is to ensure Islamic traders will never have to factor sub-par conditions into their strategies or be restricted by a limited range of markets due to their faith.
“Thanks to the detailed feedback of our clients and their local representatives for the Middle Eastern region this functionality is already in line with the majority of our client’s policies, meaning they will be rolling out Swap Free cTrader accounts in no time,” Glyde said.
cTrader is one of many retail forex trading platforms. It is an electronic communication network (ECN) trading platform that provides full Straight Through Processing (STP) access to the forex market and features a comprehensive charting, a wide range of order types, technical analysis, custom indicators, and a quick-trade option. It is available as a desktop, mobile and web version. Its main competitors are MetaTrader 4 (MT4) and its successor MetaTrader 5 (MT5), both developed by Russia-based trading software developer MetaQuotes.
Cyprus-based Spotware Systems also offers mirror trading platform cMirror, algo and technical indicator coding application cAlgo, cloud-based solution cServer, and agnostics aggregator cAggregator.
Amongst the forex brokers that offer cTrader are Tradeview Forex,FxPro, RoboForex, OctaFX, IC Markets, MaxFX, and others.
Source: Spotware Systems