About Forex Islamic Accounts
Also called swap-free accounts, Forex Islamic accounts don’t experience rollover or swap interest on positions overnight, which in the beliefs of Islam is unacceptable. Our clients are offered Islamic accounts in accordance with Islamic beliefs.
Creating a Forex Islamic Account
Among 3 easy registration steps for trading accounts, the option for a swap-free account can be selected:
Get your account validated, after logging into the Area for Members.
Make an Islamic Account request
The swap-free status is added to your trading account with an e-mail notification to you as soon as your request is received by our department of relevance. Please be informed that the right to get the granted swap free status revoked is reserved by Us in situations of abuse in any form for the real account.
No Spread Widening, No Expiration, No Hidden Fees and No Commissions
Surface Account Features:
- No swap charges/interest on positions overnight
- No widening of spreads
- No direct commissions
- No time limitations on positions held
- No hidden costs, No re-quotes
- Maximum leverage – 888:1
- Execution in real-time market – 100%
- The same conditions for trade through all our different types of accounts.
- Instant and free access to all platforms for trade
- Account Managers provide dedicated 24/5 support to clients
Regular forex broker accounts are very much different from the forex Islamic accounts we offer. The main difference is highlighted by numerous forex companies replacing extra fees with expanded spreads while We totally strip off all extra charges on our Islamic accounts.
In accordance with Muslim religious laws, interest payment is prohibited for Islamic traders. Transferring the interest charge to another fee type makes it a fee still covering the same interest charge. The disguised name for implementing this technique is swap-free. Our commitment to achieving the most ethical and fair conditions for trade backs our company’s strong condemnation of such practices.
What is an Islamic Forex account?
In accordance with the Shariah or Islamic law, Islamic faithful is forbidden from giving so as to gain an interest. The literal application of this law includes forex trade interest earnings. In order to enable Forex trading for Muslims without violating the Islamic law, the idea of Islamic Forex accounts has been introduced by several Forex brokers which offer ‘’No Riba Forex’’ meaning interest-free Forex trading.
Having carried out detailed examinations of the thriving Islamic Forex trading options, we will present clear comparative analysis to make it easy for you to select the ideal Islamic Forex account for yourself. Most brokers welcome decisions to change from a regular Forex account to the Islamic option with quick and easy transitions. This ability has been highlighted below in the chart, together with information of relevance to or Islamic Forex account recommendations.
When making a choice for a broker offering Islamic Forex trading, always look past the type of account and place more focus on the conditions for trade and the services offered by brokers in consideration. Comparing accounts opened with different brokers sometimes help in choosing which you like more or the better performing platform. In the search for the best customer service or trading platforms, traders often choose to go for higher spreads. Always ensure that all options available to you have been considered before making a choice on your Islamic Forex broker. Your decision will definitely be made easier after reading the reviews of the considered Forex brokers.