Reporting from LiteForex's official page, this broker, which has been established since 2005, applies daily swap fees on oil CFDs. This policy had to be enforced due to a significant increase in negative swaps for short and long positions from the liquidity provider side.

Swap Free Accounts are Still Charged with Staying Fees

In order to provide continuous service, LiteForex broker applies fees for UKBrent and USCrude oil contracts in the following amounts: 

• Long positions: -25 USD per lot
• Short positions: +13 USD per lot

The service fee will be adjusted according to changes made by LiteForex's liquidity provider and also applies to Swap Free accounts. This has been stated in the client agreement data (paragraph 6.11.1). It reads as follows:

Islamic accounts are provided solely for the purpose of avoiding violation of religious rules. The company has the right to start charging fees for Islamic Account services at any time.

Previously, LiteForex had also made adjustments to oil trading by only allowing closing positions on April 21, 2020. However, this policy was terminated on April 22, 2020, and traders could trade normally on all instruments.

LiteForex advises its traders to take these changes in trading conditions into consideration before opening positions on oil CFDs. In addition, the current condition of world oil prices is less stable, which can have a negative impact on positions opened.