AM Broker offers an Islamic account for Muslim faith traders including a swap-free account. 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.
AM Broker at a glance
| 🔎 Broker's Name | AM BROKER | ||||
| 📍 Headquartered | Kingstown, St. Vincent and the Grenadines | ||||
| 📅 Year Founded | 2018 | ||||
| ⚖️ Regulating Authorities | Offshore broker, regulated only by SVGFSA | ||||
| 🌐 Countries not accepted for trade | United States, Japan Canada, the EU and New Zealand | ||||
| ☪️ Islamic account (swap-free) | Yes | ||||
| 👍 Demo Account | Yes | ||||
| 📊 Institutional Accounts | Yes | ||||
| 📊 Managed Accounts | Yes | ||||
| 📈 Maximum Leverage | 1:500 | ||||
| 💰 Minimum Deposit | $1000 / R14 900 | ||||
| 💳 Deposit Options | VISA and MasterCard or electronic payment methods such as Neteller, FastPay, and Skrill | ||||
| 💳 Withdrawal Options | VISA and MasterCard | ||||
| 💻 Platform Types | iOS/Android apps. | ||||
| 📱 OS Compatibility | Web, iOS, Android | ||||
| 📈 Tradable Assets | Currency pairs – over 100 currency pairs including major, minor, and exotic currencies. CFDs on indices – 20 stock indices CFDs on shares – over 3000 shares CFDs on ETFs – over 300 ETFs CFDs on commodities such as gold, silver, brent and oil CFDs on cryptocurrencies such as Bitcoin, Bitcoin Cash, Litecoin, Ripple, Ethereum | ||||
| 👨💼 Languages supported on Website | English | ||||
| 👥 Customer Support Languages | Not indicated | ||||
| 📆 Customer Service Hours | 24 hours per day 5 days per week | ||||
| 👉 Open a account | 👉 Click Here |
Min Deposit
USD 1000
Regulators
SVGFSA
Trading Platform
MT5
Crypto
Yes
Total Pairs
100+
Islamic Account
Yes
Trading Fees
Low
Account Activation
24 Hours
Choose your quick section of our AM Broker Islamic Account below.
AM Broker Islamic Account – 11 key points quick overview:
Here is our overview of the AM Broker Islamic Account as well as the pros and cons as well as features that are offered to traders.
AM Broker Overview
AM Broker is a forex broker company operating from St. Vincent and the Grenadines and provides traders with access to platforms that allow them to buy and sell foreign currencies. Retail currency traders in turn use these brokers to gain access to the 24-hour currency market for speculation purposes.AM Broker’s services can also be utilized by institutional clients and large companies such as investment banks.
AM Broker is owned by AM Globe Services Ltd., which has its headquarters in Kingstown, St. Vincent, and the Grenadines, and is registered by the Financial Services Authority of Saint Vincent and the Grenadines.
AM Broker offers the MetaTrader 5 forex trading platform for web and mobile and more than 50 forex currency pairs, stocks, indices, CFDs, commodities, gold, silver, bitcoin, and other cryptocurrencies as trading instruments. The brokerage offers trading products to traders worldwide, excluding countries like the United States, Japan, Canada, the EU, and New Zealand.
What exactly is an AM Broker Islamic Account?
Islamic accounts, known as swap-free accounts, are compliant with Sharia law because there is no swap or rollover interest on overnight positions, which is against the Muslim faith. Muslim clients can benefit from these same trading conditions and terms as regular trading account types, with the only difference having no swaps on trading instruments.
A handling charge may however apply. An Islamic Account may be a standalone account or an account option offered on regular accounts. Islamic Accounts are often provided by brokers who serve Middle Eastern clients and offer features that are in line with Sharia law, which prohibits the accrual of interest on funds deposited into the account.
Another important feature of an Islamic Account is that transactions must be settled immediately, requiring that currencies be transferred from one account to the other right after the transaction has been completed and therefore paid for in full.
There are two key elements of the Islamic law that relate specifically to trading accounts, namely Riba and Gharar. Riba is a concept that refers to increasing or exceeding growth, which forbids interest credited from loans or deposits. Gharar is an Arabic word associated with uncertainty, deception, and risk, which in modern finance include futures and options contracts, which have dates of delivery in the future.
Which financial activities are restricted and prohibited by Sharia law?
Due to the restrictions and prohibitions on Muslim traders when considering the intricate details involved with trading activities, the following may be affected or prohibited:
Overnight rollovers, because involve the receiving of swap points on positions that are held open for longer after the trading day has concluded at the New York close at 17:00 EST, as is prohibited by the Sharia law.
Margin deposits and interest, because it involves the accrual of interest on funds that are deposited into the trading account, which is prohibited.
Loans are prohibited by Sharia law as per the element of Riba. Followers of Sharia law are prohibited from having funds transferred by either a bank or other financial institution and involving interest.
Trading on margin results in a trader is liable for paying interest, which also amounts to Riba and is prohibited by Sharia law, as money is borrowed from the broker to buy or sell such equities.
Short sales, which affect mostly shares and involve borrowing and subsequent sale of an asset, are prohibited.
Forward sales are affected. The trading of futures contracts 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.
What are the steps involved in opening an AM Broker Islamic Account?
Traders who are eligible for an Islamic Account must complete the live account application and then state that they want to apply for the Islamic option. AM Broker may also require certain additional documents, apart from proof of identity and residential address, before approving an application for an Islamic account.
What are AM Broker’s spread costs on an Islamic Account?
To make up for money lost by not charging overnight fees, a broker like AM Broker usually charges extra fees on Islamic accounts – either in administration fees, wider spreads, or additional commissions.
New Islamic traders should contact the broker’s customer service team to enquire about any special conditions or extra fees before joining, because it is often overlooked or not clearly indicated on the account features pages.
What other features does AM Broker’s Islamic Account have?
When making use of the AM Broker Islamic account, traders can expect key features like the following:
Interest is not charged on contracts that are held for more than 24 hours.
Accounts are activated with a required minimum deposit.
Some specific restrictions and limits may apply to the Islamic Account.
Min Deposit
USD 1000
Regulators
SVGFSA
Trading Platform
MT5
Crypto
Yes
Total Pairs
100+
Islamic Account
Yes
Trading Fees
Low
Account Activation
24 Hours
AM Broker Customer Reviews
best of them all
its been over a year I have been dealing with AM BROKER, they are too good, and the best thing I like about them is their 24/7 customer support and knowledge who is there at all times to call and help you sort out any issues at all, you all are the best, love doing business with you.
Broker has a fantastic customer.
Broker has fantastic customer relations and a good signal. I have been using the signal for the past 6 months and it has been a success all through.
so I recommend the trading signal to everybody who is interested in making money in their comfort
I am pleased with the packages AM.
I am pleased with the packages AM Broker offers. I have been trading with them for a year and have no issues at all and their withdrawals are very fast. AM Broker is reliable.
AM Broker Pros and Cons
| ✔️ Pros | ❌ Cons |
| Access to the MT5 trading platform | Narrow account choice |
| Islamic Account can be opened | Offshore, not properly regulated by reputable authorities |
| Provides a variety of trading instruments | |
| Good trading conditions |
Conclusion
Yes, AM Broker offers an Islamic account for Muslim faith traders including a swap-free account. 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 AM Broker?
You can trade several different instruments with AM Broker, which include the following:
- Currency pairs – over 100 currency pairs including major, minor, and exotic currencies.
- CFDs on indices – 20 stock indices.
- CFDs on shares – over 3000 shares.
- CFDs on ETFs – over 300 ETFs.
- CFDs on commodities such as gold, silver, Brent, and oil.
- CFDs on cryptocurrencies such as Bitcoin, Bitcoin Cash, Litecoin, Ripple, and Ethereum.
Which platforms are supported by AM Broker?
AM Broker provides the following popular trading platforms:
- MetaTrader 5
- Web Trading
- iOS/Android apps
Does AM Broker offer leverage?
Yes, AM Broker offers maximum leverage of up to 1: 500.
What spreads can I expect with AM Broker?
AM Broker offers spreads from 0,6 pips.
Does AM Broker charge commission?
On the Retail Account commission of 0,01 USD per share and ETF is charged and on the Professional Account commission of 3 USD per lot per deal for Indices, and 7 USD per lot per deal for Commodities, and from 7 USD per lot per deal for Forex, are charged.
Are there additional charges on the Islamic account?
Some brokers charge extra fees on Islamic accounts – either in wider spreads, additional commissions, or administration fees to make up for money that they lose with not charging overnight fees.
New Islamic traders should enquire about these special conditions or extra fees before joining, because it is often overlooked or not indicated on the account features pages.
Is AM Broker regulated and by whom?
AM Broker is an offshore broker regulated only by SVGFSA.
Is AM Broker a recommended forex trading broker for experts and beginners?
AM Broker offers a fair-trading environment for most types of traders.
What is the overall rating out of 10 for AM Broker?
6/10.
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