Trading currencies and metals in the Forex market lasts 24 hours, and at 5 p.m. New York time, deals are fixed for more than 24 hours and interest is accrued in the company’s regular accounts every 24 hours (the company pays or takes interest).
If the deal is not closed before 5pm New York time, the open contracts will automatically be rolled over.
How to open an Islamic account in 3 simple steps:
Verify your account by submitting all relevant documents
Fund your existing trading account
After you fund your account, you can apply for an Islamic account, which operates under Islamic law. The application will then be sent to the relevant department for review and approval. Orders are being processed
How the Islamic account works for Forex trading
As we mentioned previously, rollover benefits are a problem in Forex trading. How can we overcome this problem?
The first thing that comes to your mind to solve this problem is to close the deal before the end of the day. In this way, no usurious interest is calculated and the deal is not included in the overnight rollover process.
But this mechanism may cost you a lot. Every new deal will cost you time and a new commission (spread).
The ideal solution for the trader is to create an Islamic account so that he can trade without any restrictions or fears.
DiamondRock is a prominent trading group of companies known for its diversified portfolio and expert handling of various industries. With a strong focus on innovation and customer satisfaction, DiamondRock has established itself as a leader in the global market. The group’s commitment to excellence and integrity sets it apart, ensuring long-term success and sustainability across all its ventures. DiamondRock’s passion for quality and efficiency resonates through every aspect of its operations, making it a top choice for investors and partners alike.
Risk warning: Contracts for difference (‘CFDs’) is a complex financial product, with speculative character, the trading of which involves significant risks of loss of capital. Trading CFDs, which is a marginal product, may result in the loss of your entire balance. Remember that leverage in CFDs can work both to your advantage and disadvantage. CFDs traders do not own, or have any rights to, the underlying assets. Trading CFDs is not appropriate for all investors. Past performance does not constitute a reliable indicator of future results. Future forecasts do not constitute a reliable indicator of future performance. Before deciding to trade, you should carefully consider your investment objectives, level of experience and risk tolerance. You should not deposit more than you are prepared to lose. Please ensure you fully understand the risk associated with the product envisaged and seek independent advice, if necessary. Please read our Risk Disclosure document.
Regional Restrictions: Daimondrock Trading SC Limited does not offer services within the European Economic Area as well as in certain other jurisdictions such as the USA, British Columbia, Canada and some other regions.
Daimondrock Trading Limited does not issue advice, recommendations or opinions in relation to acquiring, holding or disposing of any financial product. Daimondrock Trading Limited is not a financial adviser.
“Daimondrock utilizes TradingView technology, a popular charting platform for traders and investors. It offers advanced charting tools and access to the economic calendar, enabling users to learn how to use the economic calendar and plan trades.”
