AccuIndex Islamic Account

AccuIndex offers an Islamic account for Muslim traders. The spread conditions on the Islamic Account will be the same as those on the swap-rated account. This also applies to commissions.

AccuIndex at a glance:

Overall Rating

4.1/5

Rated #502 of
Recommended FX Brokers

Minimum Deposit

–

Regulators

–

📱 Trading Desk

–

₿ Crypto

Yes

📈 Total Pairs

–

Islamic Account

No

 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

Open a Trading Account

AccuIndex Islamic account – 8 key points quick overview:

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

AccuIndex Overview

AccuIndex is a Cyprus-based online Forex broker that has offices in Mauritius and the UAE. AccuIndex is well-regulated and strives to offer competitive conditions in a user-friendly trading environment. Traders with AccuIndex will have access to Forex, Indices, Commodities, Energies and Exchange Traded Funds, all of which can be traded on the advanced MetaTrader 5 platform. The assets from AccuIndex can be traded as Contract for Difference (CFDs).

CFDs are financial derivative products that replicate the underlying price movements of securities and investment products traded daily in the global financial markets. A CFD is a cost effective derivative that mirrors the underlying markets price movements. The benefit is that, as a client, you do not have the liability of the contract delivery on expiry. You can still enter into a buy or sell commitment. Your only concern is the price movement and the size of your trade.

As already noted, CFDs are cost-effective with low margins, zero commission, and competitive spreads. In addition to this, clients will be able to trade these derivatives using advanced technology including mobile and desktop platforms. You can execute your trading strategies with efficiency from remote locations using the mobile app for MT5.

As such, MetaTrader 5 is regarded in the trading industry as a powerful tool by many traders around the world. The upgraded version of MT4 from MetaQuotes, MT5 is designed to meet the needs of both the experienced and novice trader. There are trading strategies readily available for you to use, or you can implement your own. MT5 is renowned for its user-friendly functionality and readily available indicators.

The MT5 mobile app from AccuIndex offers real-time access to the global markets, the ability to manage positions on the move, interactive charts showing real-time updates, and full access to every aspect of your trading account. AccuIndex offers three live account types, consisting of the Executive, Pro, and VIP accounts. However, only the Pro and VIP Accounts can be opened as an Islamic, swap-free version.

While these accounts come with enhanced trading conditions, including lower spreads and personal account management, they each require a very high minimum deposit. As such, the VIP Account has a minimum deposit of $15000, while the Pro Account has a minimum deposit of $30 000. This is a much higher minimum deposit requirement than most standard retail traders can afford, and therefore an Islamic Account from AccuIndex is primarily positioned towards advanced, professional, or high net-worth traders.

AccuIndex offers decent spreads and a good variety of asset classes, with a maximum leverage of 1:400 available to professional clients, or to those who reside outside of the EU. AccuIndex is well-regulated by CySEC and by the FSC of Mauritius to offer clients a stable and secure trading environment.

Both regulatory entities require that the broker stores client funds in segregated accounts with top-tier banks to safeguard deposits from any financial mismanagement. CySEC is under the EU’s MiFID directive, and as such is part of a compensation scheme that insures client funds in the case of broker insolvency.

What exactly is an 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 wellbeing. 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.

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.

Overall Rating

4.1/5

Rated #502 of
Recommended FX Brokers

Minimum Deposit

–

Regulators

–

📱 Trading Desk

–

₿ Crypto

Yes

📈 Total Pairs

–

Islamic Account

No

 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

Open a Trading Account

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 towards the borrower.

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

To open an Islamic Account with AccuIndex, new traders should register for their preferred swap-rated account. Swap-free versions are available for the VIP and Pro Accounts.

Upon your successful registration, traders can then apply to the accounts department to have their account converted to Islamic Status. You will be required to submit supporting documents that confirm your religious status.

What are AccuIndex’ spread costs on an Islamic Account?

As such, the lowest spread available from AccuIndex starts at 1.6 pips for EUR/GBP currency pairs. These are not the lowest spreads in the market, but the broker does offer commission-free trading on the Executive and VIP Accounts. Commissions are charged on the Pro Account at USD 60 per USD 1 million on forex.

What other features does AccuIndex’ Islamic Account have?

The VIP Islamic Account will have the following features and account conditions:

The Pro Islamic Account will have the following features and account conditions:

Islamic Account holders will also have full access to the MetaTrader 5 platform, which will provide the following features:

 Advanced charting package

 Custom indicators

 App Portal

 News portal

Overall Rating

4.1/5

Rated #502 of
Recommended FX Brokers

Minimum Deposit

–

Regulators

–

📱 Trading Desk

–

₿ Crypto

Yes

📈 Total Pairs

–

Islamic Account

No

 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

Open a Trading Account

AccuIndex Pros and Cons

Frequently Asked Questions

How many instruments can I trade with AccuIndex?

AccuIndex provides a decent asset selection which includes 28 currency pairs, seven commodity CFDs, four indices and several exchange-traded futures contracts.

Which platforms are supported by AccuIndex?

MetaTrader 5.

Does AccuIndex offer leverage?

Yes, AccuIndex offers maximum leverage of 1:400. However, traders residing in the EU will only be able to access a maximum leverage of 1:50, as per the MiFID regulations under CySEC.

What spreads can I expect with AccuIndex?

The lowest spread available from AccuIndex starts at 1.6 pips for EUR/GBP currency pairs. These are not the lowest spreads in the market, but the broker does offer commission-free trading on the Executive and VIP Accounts.

Does AccuIndex charge commission?

Yes, commissions are charged on the Pro Account at USD 60 per USD 1 million on forex.

Are there additional charges on the Islamic account?

No.

Is AccuIndex regulated?

Yes. ACCUINDEX LTD is authorised and regulated by the Cyprus Securities and Exchange Commission (CySEC) in Cyprus (License Number 340/17).

ACCUINDEX LTD is authorised and regulated by the Financial Service Commission (FSC) in Mauritius (License Number GB19024778).

Both regulatory entities require that the broker stores client funds in segregated accounts with top-tier banks to safeguard deposits from any financial mismanagement.

CySEC is under the EU’s MiFID directive, and as such is part of a compensation scheme that insures client funds in the case of broker insolvency.