AccentForex Islamic Account

AccentForex offers an Islamic account for Muslim faith traders. AccentForex Islamic forex trading environment is ideal for traders following strict sharia law with a fixed fee instead of a swap.

AccentForex at a Glance

Overall Rating

• 3.5/5

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OPEN AN ACCOUNT

Min Deposit

USD 50

Regulators

VFSC

Trading Platform

MT4

Crypto

Yes

Total Pairs

20

Islamic Account

Yes

Trading Fees

Low

Account Activation

24 Hours

Choose your quick section of our AccentForex Islamic Account below.

AccountForex Islamic account – 10 key points quick overview:

1. AccountForex Overview
2. What exactly is an AccentForex  Islamic Account?
3. AccentForex at a glance
4. Why is interest discouraged or prohibited by Sharia law?
5. What are the steps involved in opening an AccentForex Islamic Account?
6. What are AccentForex’s spread costs on an Islamic Account?
7. What other features does AccentForex’s Islamic Account have?
8. AccentForex Pros and Cons
9. Conclusion
10. Frequently Asked Questions

Here is our overview of the AccentForex Islamic Account as well as the pros and cons as well as features that are offered to traders.

AccountForex Overview

AccentForex is a Vanuatu-based Forex broker that was first established in 2010. The broker strives to provide high-quality services for professional e-commerce on the international financial markets.

To this end, traders with AccentForex are granted access to major global markets with professional services provided on a specialized e-commerce trading platform.

Since its inception, AccentForex has come to be used by thousands of traders around the world who prefer the broker’s streamlined and coordinated professional team that is specially trained to provide tailored, individual service to a variety of traders.

AccentForex seeks to differentiate itself by providing prompt execution of all warrants and requests by the client, offering excellent customer service, and ensuring user-friendly access to multiple trading products.

Professionalism, transparency, and customer focus are the main principles of work at all stages from the account opening to withdrawal.

To secure its ongoing growth position, AccentForex attaches immense importance to the development of innovative technologies, promising directions, and unique offerings for its customers.

Accounts can be opened with a minimum deposit of $50 (R697.94 USD/ZAR at the time of writing) with the possibility to open positions minimum trade size is 0.01 lots and enjoy narrow fixed and dynamic spreads (starting from 0.1 pips).

The broker offers flexible leverage from 1:1 to 1:500 complemented by no hedging margin, instant execution, no slippage, and minimum delay.

Traders with AccentForex will enjoy a No Dealing Desk environment which means no broker intervention, allowing them to hedge positions from 0.1 lot to the interbank market and hedge their positions to market makers.

A no-dealing desk broker does not deal with the trades. Instead, they pass the trades to the interbank market where there are many liquidity providers who are willing to buy or sell any currency pair at any time.

This means that they do not take the other side of their client’s trade as they simply link two parties together.

No Dealing Desk brokers can either charge a small commission for trading or just put a markup by increasing the spread slightly.

As an NDD broker, AccentForex provides an STP environment which means that they give traders deeper market access by providing a pathway to a deeper liquidity pool i.e., getting pricing from several liquidity providers in the interbank market.

This gives traders better choices and better market executions.

Automated trading is available (trading with trading robots, advisors, experts, and EAs), as well as scalping, with access to over 140 financial instruments available including over 64 currency pairs.

Account registration is a simple and straightforward process, and all accounts are afforded negative balance protection.

Partial interbank prices are supplied into the MetaTrader 4 platform directly from the main liquidity suppliers on the Forex market.

The MetaTrader platform is one of the most popular sources of trading software in the Forex industry, offering as it does a user-friendly interface, and a wealth of trading tools.

These tools include 9 time frames, 29 tools for technical analysis, 18 objects for analysis, and interactive online charts.

Users can choose from hundreds of brokers and thousands of servers to trade using the MetaTrader (MT4) 4 Android app. You can control your account, trade, and analyze the Forex market using technical indicators and graphical objects.

Forex prices are quoted to the fifth decimal point, allowing you to profit from the smallest price movements.

Accent Markets Group Inc. is registered and regulated by the Vanuatu Financial Services Commission (VFSC).

The VFSC completely controls the activities of market participants and ensures compliance with international standards, in particular, the provision of brokerage services by licensed companies.

The regulator guarantees transparency of work and confirms that only companies with a high-reliability degree can obtain the right to obtain a license for financial activities in the registrar’s jurisdiction.

The VFSC strictly follows international legal regulations and adheres to all anti-money laundering laws.

AccentForex provides Muslim traders with access to an Islamic, swap-free account, which is free from fees accrued during the rollover period, also referred to as swap fees.

Overall, AccentForex is a worthwhile option for traders seeking competitive pricing, access to the most profitable assets, and MetaTrader-supported trading.

Advanced traders, however, might seek more portfolio diversity and a greater selection of trading platform options, but most standard retail traders will find themselves well catered for.

What exactly is an AccentForex  Islamic Account?

To better understand Islamic forex trading, it is important to first gain an insight into the guiding principles of Islamic finance.

To this end, Islamic finance differs significantly from conventional finance in that it is guided by a set of ethics rather than by a purely profit motive. As such, two principles guide Islamic finance as below:

The first principle is a risk-sharing philosophy between the lender and borrower. According to Islamic principles, interest is unethical, as it guarantees a reward for the lender, while the borrower must incur all the risk. This, according to Islamic finance, can lead to exploitative practices.

The second principle is that financial activity must promote social and economic well-being. The purpose of finance in Islam is to promote happiness and contentment in this earthly life. Finance is just one part of life and society.

Overall Rating

• 3.5/5

Read Review

OPEN AN ACCOUNT

Min Deposit

USD 50

Regulators

VFSC

Trading Platform

MT4

Crypto

Yes

Total Pairs

20

Islamic Account

Yes

Trading Fees

Low

Account Activation

24 Hours

With these guiding principles, the fundamental feature of Islamic finance is to encourage socio-economic justice.  It is for this reason that interest (or riba) is prohibited. Excessive risk (or gharar) is also prohibited, as is excessive gambling or speculation.

Why is interest discouraged or prohibited by Sharia law?

Interest is any pre-agreed fee paid over and above the principal amount, whether it is a personal or commercial loan. Charging interest, according to Sharia law, or making money from money, is unlawful. The major reasons for its condemnation include:

Riba promotes negative growth. It may increase money quantitatively, but essentially, there is no primal progression in social wealth.

Riba disgraces the human spirit. It effectively promotes a culture that places undue significance on that which is monetary, while disregarding that which is human.

Riba is essentially seen as the unlawful acquisition of property.

When entrenched, Riba corrupts society.

Riba is, for all intents and purposes, unjust. While it creates money for the lender, it is extremely oppressive to the borrower.

What are the steps involved in opening an AccentForex Islamic Account?

To open an Islamic Account with AccentForex, traders should first register for their preferred swap-rated live account. Once this registration has been approved, clients can then apply to have their account converted to an Islamic version by contacting the accounts department.

What are AccentForex’s spread costs on an Islamic Account?

The spread cost on the Islamic Account will be the same as those on the swap-rated accounts. As such, AccentForex offers tight spreads from 0.1 points in the STP account for major pairs such as EUR/GBP, while the Micro Account has spreads from 2 pips for EUR/USD.

What other features does AccentForex’s Islamic Account have?

All trading conditions (except swaps) remain unchanged on the Islamic Account.

Every working day at midnight swaps will not be removed or charged despite the volume or currency of the standing current order.

You will be able to keep open orders for a prolonged period using the swap-free account, and only price volatility will influence the profit of your trade.

AccentForex Pros and Cons

Conclusion

AccentForex offers an Islamic account for Muslim faith traders. The Islamic forex trading environment is ideal for traders following strict sharia law with a fixed fee instead of a swap. The fee is not an interest and depends on the direction of the order.

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Frequently Asked Questions

How many instruments can I trade with the AccentForex Islamic account?

AccentForex provides over 140 financial instruments to trade with on the Islamic account. This consists of 60 currency pairs, several CFD shares, 13 futures, spot gold and silver.

Which platforms are supported by AccentForex?

AccentForex supports the popular MetaTrader 4. platform

Does AccentForex offer leverage?

Yes, AccentForex provides a maximum leverage of 1:500, depending on the selected account types.

What are the spread costs on the AccentForex Islamic account?

Spread costs for the AccentForex start from 0.1 pips but is also influenced by the type of financial instrument that is traded, the time of day a trade is made, and other factors.

Are there additional charges on the Islamic account?

No.