ISLAMIC FOREX ACCOUNTS
Table of Contents
IC Markets offers three different types of accounts:
- Raw Spread cTrader Account
- Raw Spread MetaTrader Account
- Standard MetaTrader Account
Muslim traders can benefit from IC Markets’ Sharia-compliant instruments and trading conditions, as well as the ability to convert all trading accounts into Islamic accounts. Fees are not interested and are based on the direction of the order.
In addition to offering comprehensive and competitive trading conditions, IC Markets offers traders a variety of financial instruments including Forex, Commodities, Cryptocurrency, Stocks, Shares, Indices, Metals, Energies, Bonds, and CFD.
👉 IC Markets offers Spreads starting from 0.0 pips for cTrader and MetaTrader Raw Spread Accounts and from 2.0 pips for Standard Accounts to Muslim traders.
👉 Muslims can also expect commission fees based on the type of account they choose. The Standard Account offers commission-free trading, while fees on the other two account types are as follows:
- Raw Spread Account – $3.5 per USD 100K.
- cTrader Raw Spread Account – $3 per USD 100K, and
👉 On all three accounts, it is possible to convert live trading accounts to Islamic accounts, offering Muslim traders unique trading infrastructure and the best execution speeds.
👉 Islamic traders can leverage up to 1:500 no matter the type of account they have, and because IC Markets is an ECN broker, it has 24/7 liquidity depth and over 50 liquidity sources.
👉 The Broker also provides a demo account option on all accounts, enabling Muslim Traders to explore the broker’s trading conditions without any risk.
What is the meaning of Islamic account
Islam permits the accumulation, collection, and payment of interest on Islamic forex accounts. These accounts are also known as swap-free accounts.
restricted & prohibited by Sharia law
|📈 IC Markets|
|Overnight rollovers||incurrence or receiving of swap points on positions that are held open for longer after the trading day has concluded at the New York close at 5 PM EST|
|Margin deposits and interest||the accrual of interest on funds that are deposited into the trading account|
|Loans||when followers of the Sharia law have funds transferred by either a bank or other financial institution and it involves interest terms|
|Trading on margin||stocks that are traded on margin result in the trader being liable for paying interest|
|Short sales||affects mostly shares and involves borrowing and subsequent sale of an asset|
|Forward sales||affects forward contracts as well as the trading of futures contracts which involves the buying and selling of contracts at a future date according to a price agreed upon on the day of entering such a contract|
features of Islamic Account in IC Markets
IC Markets offers an Islamic Account that cannot be viewed as a standalone account, thus traders can access the same accounting features as other traders.
- Access to more than 90 tradable financial assets
- Leverage up to 1:500
- Spreads from as low as 0.0 pips on the cTrader and MetaTrader Raw Spread Accounts.
- No additional costs in the place of swaps.
- Low commission charges on trades.
- Access to MetaTrader 4 and MetaTrader 5
What is a IC Markets Islamic account?
- According to Islamic law, these are accounts for Muslim traders who wish not to accumulate interest (or Riba) on their forex transactions. Riba is forbidden by Islamic law.
Does IC Markets' Islamic Account have a minimum deposit ?
- IC Markets Islamic Account requires a minimum deposit of $200
- In order to ensure the margin requirement is met, this amount is fixed across all account types
How many trades/orders can IC Markets allow on an Islamic account?
- Muslim Traders are permitted to have 200 trades open at any given time, which includes any pending orders.
- A maximum volume per trade is based on the financial instrument being traded, which ranges from 50 lots to 500 lots.