A "No Swap Forex Broker" refers to a broker that offers trading accounts without charging or crediting swap or overnight interest rates. In conventional Forex trading, when a position is held overnight, traders may either receive or pay a swap rate depending on the interest rate differential between the currencies being traded. This swap rate is essentially the cost of holding a position overnight.

However, some traders, due to their religious beliefs or personal preferences, may seek to avoid interest payments or receipts. No Swap Forex Brokers accommodate such traders by offering accounts that do not involve swap rates. Instead, these brokers might charge a commission or slightly widen the spread to compensate for the absence of swap fees.

No Swap Forex Brokers can cater to traders who follow Islamic principles (since Islamic finance prohibits earning or paying interest), as well as those who prefer not to engage in interest-related transactions for other reasons.