SWAP FREE OR ISLAMIC ACCOUNT a) Clients who hold a Swap Free Account will be charged an administrative fee instead of being credited or debited with a Swap Charge when holding a position overnight. Moonance reserve the right to change the administration charges from time to time. Apart from this difference, Swap-Free Accounts have the same trading conditions and terms as Moonance’ regular Client accounts.
b) If a Client holds an existing regular account and wishes to convert that account to a Swap Free Account, the client must make a request in writing to our support team. The conversion from a regular account to a Swap Free Account can only take place if all positions on the regular accounts are closed and the account is reconciled.
c) Swap Free Accounts are to be used in good faith and, the Client may not use the Swap-Free Account to make profits from swaps or, not paying swaps. The Client may not request the payment of any Swap Credit amounts that have been lost as a result of converting Client account(s) into one or more Swap- Free Accounts for the period during which the Client’s account(s) have been converted into one or more Swap Free Accounts.
d) Moonance reserves the right to revoke or cancel a Swap Free Account without having to provide any reason. If Moonance detects that a Swap Free Account is being abused by taking advantage of not paying swaps, in the form of, but not limited to; fraud, manipulation, cash-back arbitrage, carry trades, or other forms of deceitful or fraudulent activity with the usage of a Swap Free Account, then Moonance reserves the right to take immediate action in the form of;
i. with immediate effect, revoking all live trading accounts that are under suspicion of exploitation.
ii. correction and recovery of accrued swaps and related accrued interest expenses and/or costs pertaining to and all of the Client's Swap-Free Accounts for the period which the accounts were converted into Swap Free Accounts.
iii. with immediate effect, termination of the Agreement; and/or iv. with immediate effect, nullifying all trades carried out on client's trading accounts and cancelling any profits earned or losses incurred on such client's trading accounts.
