Top 7 Islamic Forex Brokers with Swap-Free Trading Accounts in 2023

What is Islamic forex account?

Islamic accounts, also referred to as swap-free accounts, are a type of trading account offered by some financial institutions, including forex brokers. These accounts are designed to cater to the needs of Muslim traders who wish to engage in online trading while adhering to the principles of Shariah law, which prohibits the charging or receiving of interest. In Islamic accounts, no swap or rollover fee is charged when positions are held open overnight, making them suitable for traders who wish to avoid interest-based transactions.

In this article, we will provide a list of the 7 most reputable Islamic forex brokers and outline their key features, enabling religious traders to choose the best option for their trading account in 2023. These brokers offer swap-free trading accounts, allowing traders to hold overnight positions without incurring any interest charges, such as swap or rollover fees. In addition, it facilitates the creation of an account without compromising one’s religious beliefs.

1. Fxview
Topping our list of the best trading brokers is Fxview, a highly regarded brokerage with a rapidly expanding client base, owing to their ability to cater to the needs of all trader types, including Continue reading

MCX CRUDEOIL & GOLD – Big Pictures

Bearish signals remain for crude oil price

free mcx crude oil daily chart xalls

Timeframe: Daily
After making a high of 9996, the price started forming a descending channel. The channel has been occurring for more than 39 weeks. 7735 was a crucial resistance level where the price tried to test for three attempts but failed to maintain bullish momentum.

The price has broken down the descending parallel channel and closed below the recent lower low to create a new low. Bearish momentum can lead price to the following targets: 5700 – 5600.

Trade will be invalid if the price sustains above the upper band of the descending parallel channel.

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Will Gold survive above the 55000 level?

Free mcx gold chart calls

Timeframe: Daily

MCX GOLD has broken out of the 10-week-old upper resistance band of the parallel channel and moving forward to the crucial resistance of 55000.

After breaking the swing high of 53663, the price faced resistance until demand pressure turned the level into support. Currently, gold is showing a bullish sentiment, which may lead to the following targets: 54740 – 54900 – 55000+.

Note: the resistance line is currently providing support after the breakdown, but closing into the channel will increase selling pressure.

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Get free MCX ideas, chart setups, and analysis for the upcoming session: Commodity Tips

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The Bat Pattern on the NIFTY

The “Bat pattern” incorporates the 0.886XA retracement, as the defining element in the Potential Reversal.
The B point retracement a 0.50 of the XA leg. The Bat utilizes a minimum 1.618BC projection, which is already done.
In addition, Bat pattern is extended to a 1.618 AB=CD calculation. It is an incredibly accurate pattern and requires a smaller stop loss than most patterns.

By keeping stop-loss as 13747 sell NIFTY,  TARGET can be 13536 2nd targets 13403  or still down.
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