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Due to the gambling nature of day trading, most Islamic Forex brokers will prefer to avoid it at all. However, the accumulation of interest rates on overnight open positions also goes against the Riba principles of Sharia law. This overnight charge is often called a swap in trading glossaries. Usually, these fees are included in the administration fees which are frequently asked to be paid on the Islamic trading accounts.
Furthermore, the deducted fees might add up to the commission cost, however, it really depends on the Forex broker itself. Moreover, brokers will often provide the fastest executing trading terminals in order to support the urgency of the trades on Islamic accounts. Most of the brokers will offer the execution speed in a matter of seconds or milliseconds which is not a frequent feature in the standard and regular account types.
Generally, the brokers operate several types of accounts. Essentially, they have standard accounts and VIP accounts with the frequent addition of Micro or Cent accounts, professional accounts, or specific type accounts such as Cryptos. Many of these brokers will allow Muslim Forex traders to choose any of the account types and apply Islamic account options to them. In this way, all the account benefits and conditions will remain the same including the leverage , spreads, and margins, however, the rollover policy on overnight positions will be excluded from the account type.
Similarly, the terminals, software, and trading platforms are also accessible for Islamic option-placed account types. The clients of the Muslim faith can also choose a Shariah-compliant trading platform that will offer an enhanced execution type, most frequently the order execution type will be market and sometimes instant. In addition, Islamic accounts might come with extra benefits, such as additional market data analysis or technical analysis features.
Usually, promotional programs are also available for Islamic Forex accounts. The most popular Islamic account campaigns include performance-based trading contests and sometimes Forex cashback. On the other hand, some of the account types might limit the Islamic account option because of their trading assets portfolio. For instance, most of the crypto-trading accounts are not Islamic account-friendly, as cryptos themselves are not as popular assets for Muslim traders as binaries or spot metals.
Opening a Forex Islamic account is a simple as registering a regular trading account. However, the procedure might vary from one broker to another. Usually, at first, the brokers will require that a trader goes through a general registration page. On the registration page, clients will need to fill up a form containing personal details fields. The customers should provide official and legit data about themselves since most of the brokers will require additional supporting documents issued by official institutions that prove the validity of the data.
After registration, the clients should choose the live trading account type that they would like to operate with the broker. For instance, registration on HotForex includes filling standard questionnaire — you need to fill out the information about your country of residence, phone number, email address, and other personal information.
Once you fill out this information, you will be sent an activation link to your personal email address. Once you verify it by clicking on the link, the second part of the questionnaire comes into play, where you have to indicate more specific information, including addresses, location, etc.
Later on, the website will ask the customer to upload personal documentation including proof of legal existence and proof of address. Once you do that, you are ready to fund your account and start your trading journey right away. If there is no special, separate registration required for an Islamic Forex account, it means that clients simply register a live trading account and later request Islamic account options to be applicable to that account.
Only Muslim customers have the right to request an Islamic account, therefore the proof of residence and nationality or any other similar requirement might come from the broker. Choose different Islamic accounts at HotForex. Finding a suitable broker, let alone a convenient trading account type is not easy for any kind of trader. However, if the trader knows what he or she is looking for then it is much easier to encounter the right choice.
When it comes to trading Forex for Muslim traders, it is absolutely advisable to go through the available Forex account types, trading conditions, and the benefits applicable to Islamic accounts. Furthermore, Islamic account deposit requirements, swaps, administration fees, and commission rates should not be overlooked.
If the broker charges unreasonably high administration fees or commissions, it is better to look for another option. Additionally, the trading platform of the brokerage firm should be advanced and highly reputable on the market, such as MetaTrader 4 or MetaTrader 5.
It is also important to read the information regarding the speed and type of the order execution as it plays a significant role, especially in currency pair trading. Yes, Forex is allowed in Islam, as long as there is no interest element involved in the trading process, and the assets purchased whether it is commodities, currencies, or stocks do not go against the rules of Islam. They are specially designed for people Muslim people, giving them the ability to have a much more comfortable, beneficial, and convenient trading experience.
No, trading Forex is not haram as trading is not mentioned anywhere in Islamic texts. However, while trading takes the place, the traders should not be paid interests, and the brokerage company should not invest in something that is unacceptable under the laws of Islam. Stocks, currencies, and commodities should not be against Islam. Yes, trading Forex using leverage is Haram, while trading, in general, is not.
According to the laws of Islam, you can not sell something that is not ready to be harvested. As long as trading does not involve elements of interest, it is okay to be trading, otherwise, Muslims are not allowed to trade according to their religion. Be the first one to find out about available Forex trading bonuses that can be trusted. Check our help guide for more info. Join XM today! Maximum leverage Year founded Open Account Read Review.
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