Note: If a client requests a Swap-free account, always provide the T&C and ask them to answer their security question. Additionally, please ask why they are requesting for a swap-free account.


A swap-free account is intended to allow traders who are forbidden from having interest applied to their positions under their religion to hold trades for longer time periods - replacing those interest-based fees with alternative charges. 
 

Some information about the trading conditions: 


  • 1. The account has a spread-based commission, which is 14 points on FX and Metals
    2. A limited number of symbols are available on the account; clients on this account type can trade non-exotic FX, metals and indices.
    3. There is an administrative charge associated with this account. This admin fee will be charged per 1 lot after every 7th day the trade has been held open and will come out of the account as a balance adjustment. So, if they trade a smaller or larger trade, the admin fee will be proportionately smaller or larger. There are further terms in our PDS relating to Administration Fees under section 5.7, which we encourage you to review.
    Those USD admin fee rates are charged per 1 lot open for seven days. So, if you trade a smaller or larger trade, the admin fee will be proportionately smaller or larger.
    4. If applying for a swap-free account, please note that all your accounts will be changed to swap-free - we don't currently allow a mix of swap-free and swap-charging accounts.
    5. Fusion may revoke your right to use a swap-free account at our discretion, such as if we believe the swap-free nature of the account is being exploited intentionally to avoid paying swaps for financial rather than religious purposes.

    6. At the sole discretion of Fusion Markets, if we believe the swap-free nature of this account is being exploited to intentionally avoid paying swaps for financial rather than religious purposes, we may charge you a pro-rata admin fee.  

     

  • Initially, only FM-EN clients will be able to have this account type. 


How to enable an account to be swap-free: 

  • In this soft launch, please send any request through to the operations inbox to review and set up. Because there may not be groups available yet, it is likely we will need to create them - so please ask the client for patience while we review their request. 

  • In future, we will allow clients to request swap-free accounts from their client hub. 
     

  • The swap-free account is enabled via the group codes, just the same as Classic and Zero accounts. The swap-free account is enabled by linking a client to a group code with -SF- in the group instead of -EC- or -CL-, so for instance: AUD-FX-SF-000-W would be a swap-free group code 

  

CLIENTS REQUESTING TO SWITCH BACK FROM SWAP FREE TO NORMAL ACCOUNT

 

Inform the client that we will not be able to accommodate any further changes as a Swap-Free account is exclusively for religious purposes.

 

If the client understood the above, please send it to Ops for approval.


ADMIN FEES

Admin fees are charged every 7 days including weekends.