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SWAPS / ROLLOVER:

A standard foreign exchange transaction involves the exchange or swap of currencies between two parties on a particular value date. When during a normal transaction one party wishes to amend the value date, the two parties exchange the interest rate differential between the two countries' currencies. This is called a "swap" or rollover. FX is traded in the spot market for 24 hours. At 5:00 pm New York time, all open positions are rolled over for the next 24 hours. The client can then either pay the interest or receive interest, and this interest relates to the cost to borrow or lend the currency with the higher interest rate on leveraged transactions.


IKON FINANCE "SWAP FREE ACCOUNTS"

Certain clients (especially those that follow the practices of the Islamic faith) request to have such interest payments/credits waived as it goes against their religious teachings. IKON has structured an account for any client that wishes to waive all such charges/credits in their account**. For Clients' wishing to have a Swap Free account please review the below details, and confirm you want this account set up via e-mail (instructions below).


Account Requirements for a Swap Free Account Set Up

If the trader can adhere to the following conditions, all SWAP charges will be removed from their account, if however the client does not meet the following conditions, SWAP charges will be applied/maintained.


Ikon FInance

Figures quoted are per account per month for each parity, with calculations to be done at the end of the month and changes applied on the individuals trading account. 1 lot represents 100,000 notional value for currency pairs, 100 ounce for XAUUSD and 5,000 ounce for XAGUSD. The figures in the table above represent the monthly trading lot requirement for a 1 lot swap free open position kept for the entire month. All calculations will be made, based on monthly average end of day open positions. These positions will be multiplied by the required lot figures per related parity. i.e. 5 lot EUR/USD must be traded in total for 1 lot average swap free open position kept for the entire month for EUR/USD. 30 lot GBP/AUD must be traded in total for a 1 lot average swap free open position kept for the month for GBP/AUD. Therefore, in order to have the swap charges waived, the client will need to trade the required lot times more of the monthly average end of day positions per parity.

Client must choose to opt in to this service.

The Process To Set Up SWAP Free Account:

If you require a "SWAP Free Account" and are comfortable that you will meet the above criteria please send an e-mail to info@ikonfinance.com quoting your IKON account number from your registered e-mail address stating "Swap free account set up – account number xx-xxxxx" in the subject.

We will then remove all swap charges at the end of each month once we are satisfied the above thresholds have been met.

**IKON RESERVES THE RIGHT TO AMEND AT ANY TIME THE VOLUME THRESHOLDS FOR SWAP FREE ACCOUNTS ON THE BASIS OF CHANGES IN THE INTEREST RATES OF EACH UNDERLYING COUNTRY. GIVEN LOT REQUIREMENTS ARE FOR EURUSD 1.5 PİP SPREAD ACCOUNTS AND LOT REQUIREMENTS VARY ACCORDING TO SPREAD SETUPS. PLEASE CONTACT INFO@IKONFINANCE.COM FOR DETAILS


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Risk Warning:Trading CFDs, options, and commodities is risky and not suitable for everyone. All of these products are leveraged, and you can lose more than your initial deposit. Don't trade more than you can afford to lose. The products may not be suitable for all investors. Please ensure that you fully understand the risks involved. View our full risk warning here.
Ikon Finance