AUSFOREX Islamic account is offered 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.
AUSFOREX at a Glance
| Broker's Name | Ausforex |
| 📍 Headquartered | London, United Kingdom |
| 📅 Year Founded | 2003 |
| ⚖️ Regulating Authorities | Financial Conduct Authority (FCA), Hong Kong Securities and Futures Commission (SFC), Cyprus Securities |
| 🌐 Countries not accepted for trade | Japan, Iran, Cuba, Sudan, Syria, Belgium, and North Korea |
| ☪️ Islamic account (swap-free) | Yes |
| 👍 Demo Account | Yes |
| 📊 Institutional Accounts | Yes |
| 📊 Managed Accounts | Yes |
| 📈 Maximum Leverage | 1:500 |
| 💰 Minimum Deposit | $1 000/R14 700 USD |
| 💳 Deposit Options | Wire transfer, credit, or debit cards |
| 💳 Withdrawal Options | Wire transfer, credit, or debit cards |
| 💻 Platform Types | MetaTrader 4 and MetaTrader 5 |
| 📱 OS Compatibility | Mobile, Web |
| 📈 Tradable assets offered | Forex, Index, Crude Oil, Gold and Silver, and CFDs. Forex trading include |
| 👨💼 Languages supported on Website | English and Chinese |
| 👥 Customer Support Languages | English and Chinese |
| 📆 Customer Service Hours | 24 hours per day, seven days per week |
| 👉 Open a account | 👉 Click Here |
Min Deposit
USD 1,000
Regulators
FCA, SFC, CySEC, ASIC
Trading Platform
MT4, MT5
Crypto
Yes
Total Pairs
0
Islamic Account
Yes
Trading Fees
Low
Account Activation
24 Hours
Choose your quick section of our AUSFOREX Islamic Account below.
AUSFOREX Islamic Account –10 key points quick overview:
- AUSFOREX at a Glance
- AUSFOREX Islamic Account – 10 key points quick overview:
- AUSFOREX Overview
- What exactly is an AUSFOREX Islamic Account?
- What are the steps involved in opening an Ausforex Islamic Account?
- What is Ausforex’ spread costs on an Islamic Account?
- What other features does Ausforex’s Islamic Account have?
- AUSFOREX Pros and Cons
- Conclusion
- Frequently Asked Questions
Here is our overview of the Ausforex Islamic Account as well as the features that are offered, for Islamic traders.
AUSFOREX Overview
AUSFOREX was founded in Melbourne, Australia in 2003 as an Australian forex broker company. As a leading online trading broker, Ausforex offers online brokerage services to private investors, institutions, and banks. They specialize in Foreign Exchange (Forex) and Contracts for Difference (CFDs), and clients get 24-hour access to all global financial markets with the use of the MetaTrader 4 and MetaTrader 5 trading platforms.
The broker is approved and regulated by the Australian Securities and Investments Commission (ASIC) since 2005. The company relocated its headquarters to the United Kingdom in 2015 to better serve the global market and obtained regulation by the United Kingdom Financial Conduct Authority (FCA) too. The broker also enjoys supervision by the Hong Kong Securities and Futures Commission (SFC) and the Cyprus Securities and Exchange Commission (CySEC).
Ausforex maintains offices in London, Cyprus, Beijing, Shanghai, Malaysia, and Vancouver but does not offer services to clients located in Japan, Iran, Cuba, Sudan, Syria, Belgium, and North Korea. Ausforex’s experienced staff comes from varied international financial backgrounds, with lots of shared expertise and knowledge to make available to clients.
What exactly is an AUSFOREX Islamic Account?
An Islamic Account, also known as a swap-free account, are offered by many brokers, often not as a standalone account but as an option on their ordinary live accounts, although some brokers dedicate a specific account to be an Islamic or Swap Free account. Islamic Accounts are usually provided by brokers who serve clients of Middle Eastern countries, along with clients from other jurisdictions.
These accounts offer specific 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 instantly, requiring that currencies be transferred from one account to the other immediately after the transaction has been completed and paid for in full.
Two of the key elements of Islamic law that relate specifically to trading accounts, are the elements Riba and Gharar. Riba is the prohibition of generating money from money, which specifically refers to an interest, which is not allowed according to the Sharia law. This type of interest is seen as both unjust and exploitive gains pertaining to trade or business.
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 it involves 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 is prohibited by the Sharia law as per the element of Riba. Followers of the Sharia law is 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 Ausforex Islamic Account?
Traders who are eligible for an Islamic Account must probably complete the live account application and then state that they want to apply for the Islamic option. AUSFOREX may also require certain additional documents, apart from proof of identity and residential address, before approving an application for an Islamic account.
What is Ausforex’ spread costs on an Islamic Account?
To make up for money lost by not charging overnight fees, a broker like Ausforex usually charge 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 AUSFOREX Islamic Account have?
When making use of the Ausforex 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 1,000
Regulators
FCA, SFC, CySEC, ASIC
Trading Platform
MT4, MT5
Crypto
Yes
Total Pairs
0
Islamic Account
Yes
Trading Fees
Low
Account Activation
24 Hours
AUSFOREX Pros and Cons
| ✔️ Pros | ❌ Cons |
| High leverage levels may be used | High minimum deposit required to open account |
| MT4 and MT5 trading platforms offered | Only two account type options to choose from |
| Regulated by more than one authority | Swap fees are applicable |
Conclusion
Yes, an AUSFOREX Islamic account is offered 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
Trading environment
How many instruments can I trade with Ausforex?
A trader can trade several different instruments with Ausforex, which include the following:
- Forex, including popular currency pairs and some exotic options
- CFDs
- Indexes
- Crude Oil
- Gold and Silver
Which platforms are supported by Ausforex?
AUSFOREX provides the following popular trading platforms:
- MetaTrader 4 (MT4)
- MetaTrader 5 (MT5)
Does Ausforex offer leverage?
Yes, Ausforex offers a maximum leverage ratio of up to 1: 500.
What spreads can I expect with Ausforex?
AUSFOREX offers variable spreads. On the STP account spreads start around 2.0 pips on EUR/USD, which is quite high, while on the ECN account, it is significantly lower, starting at about 0.5 pips on EUR/USD.
Does Ausforex charge a commission?
Yes, Ausforex charges commission. More information on the rate of commissions can be obtained from the customer support service.
Are there additional charges on the Islamic account?
Yes, a broker like Ausforex charges extra fees on Islamic accounts – either in wider spreads, additional commissions, or administration fees to make up for money that they lose by not charging overnight fees.
New Islamic traders must enquire about these special settings or fees before joining up because it is often not clearly indicated on the broker’s account features pages.
Is Ausforex regulated and by whom?
Ausforex is regulated by Financial Conduct Authority (FCA), Hong Kong Securities and Futures Commission (SFC), Cyprus Securities and Exchange Commission (CySEC) and the Australian Securities and Investments Commission (ASIC).
Is Ausforex a recommended forex trading broker for experts and beginners?
AUSFOREX offers a fair-trading environment for all types of traders, but due to the high minimum deposit, it may be more suited for expert traders.
What is the overall rating out of 10 for Ausforex?
7/10.
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