Swap-free accounts: how do they actually work?

Swap-free (sometimes called Islamic) accounts remove the nightly interest for traders who can't hold interest-bearing positions. Brokers usually replace the swap with a fixed administration fee instead, and the terms differ a lot between firms.

If you use one:

• how your broker replaces the swap
• whether holding periods are limited
• anything in the terms that surprised you

The swap-free accounts guide explains the structures brokers use.