WikiFX

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From my experience as a long-term independent trader, I always prioritize clarity and transparency when selecting a broker, especially regarding account types that align with specific religious or ethical requirements. After thoroughly examining the information available on BOOM, I was unable to find any indication that the broker offers a swap-free or Islamic account option for its traders. BOOM’s main offerings seem to revolve around four primary account types: Individual/Joint, Corporate, Margin, and Cash accounts. None of these, based on the available descriptions, are explicitly designed for traders seeking Sharia-compliant, interest-free conditions. For me, the absence of a swap-free account could be a significant limitation for those whose faith prohibits the payment or receipt of interest (riba). While BOOM offers the advantage of SFC regulation in Hong Kong and access to a broad array of global markets, the lack of an Islamic account stands out. Reliable brokers usually make their swap-free options quite clear since this is an important compliance feature for Muslim traders. In the current context, BOOM does not meet that need, so traders requiring Sharia-compliant trading should exercise caution and consider alternative brokers with clearly stated swap-free or Islamic account options. Making decisions aligned with one’s financial and ethical priorities is essential in forex trading, and in my practice, I never overlook such fundamental account requirements.