Looking for a "no rollover" account (no interest credits or debits posted on positions held overnight). I know FXCM offers such in a mini account, but would like to consider others as well. thanks
Why would anyone want a no intrest accounts anyway? Is there trading strategy to trade against the current, and loose money???
Maybe to hedge a long carry portfolio at another broker. See any of Electric Savant's threads at the Oanda board. A lot of carry traders got killed on the recent yen move, they were all short yen unhedged. A long GBP/JPY position earns about 2 pips a day at most dealers. Hedge it short the same pair in a no rollover "muslim" account at another dealer and you reduce your earn to 1 pip per day but no overall price risk. It's still a return of about 50% a year, which is better than Jim Simon returns to investors -- at no risk! .
FXCM mini does not give you a "muslim" rollover. I have no idea why a broker would be stupid enough to offer something like this. If you happen to find one, I'd love to hear about it.
No idea where this poster is getting his false info from, when itâs so easy to call and ask. FXCM does offer "interest free" accounts designed for religious reasons. Go on their chat and they will send you an interest free form if you request it. They eat the interest. Despite what you think about their intelligence I doubt it is offered for charitable reasons. Trader/God
It is a marketing measure aimed mainly at Middle East crude dollar. Some not-real muslims could take advantage of this measure, just as they ever took another FXCM marketing measure called stop-guarantee. One guy as I know made 1,100% profit in 2004 when FXCM still guaranteed stops. Of course, when more and more not-real muslims but real arbitragers come out, this marketing measure will go to an end. Trading strategy sometimes does not mean fundamentally or technically, but mean timely.
Here is an email that I received from FXCM about the no intrest accouts. It's real. Thank you for your email and interest in FXCM. In respect for the Muslim religion, FXCM is willing to extend a courtesy to Muslim clients whose religion prohibits them from paying/receiving interest. If you wish to trade interest-free you will incur an additional charge of $3 per lot traded (round-turn) on the regular FXCM account and an additional $1 per lot traded (round-turn) on the FXCM Mini Account. In order for your account to be set-up on the interest neutral server you must complete an interest free form. For your convenience, the interest free form has been attached to this email. This form must be filled out completely and sent along with your application. FXCM is committed to offering clients excellent execution, easy accessibility, safety of funds, and the most exceptional customer service in the foreign exchange industry. If you have any questions or concerns, please feel free to contact us 24 hours a day. You can reach us via e-mail at sales@fxcm.com, via live chat from our website, or via phone at (212) 897-7660. You may also access our international toll-free numbers from this link: http://www.fxcm.com/contact-fxcm.jsp .