Axiory Islamic Account

Axiory offers an Islamic account with swap-free trading for Muslim traders on 4 trading accounts levels namely NANO account, Standard account, MAX account, and Terra Accounts. Muslim faith traders Swap-free accounts allow Muslim traders the ability to trade and conduct other trading activities.

Axiory at a glance

Overall Rating

• 4.5/5

Read Review

OPEN AN ACCOUNT

Min Deposit

USD 0

Regulators

FSC, IFSC, MFSC

Trading Platform

MT4, MT5, cTrader

Crypto

Yes

Total Pairs

62

Islamic Account

Yes

Trading Fees

Low

Account Activation

24 Hours

Axiory Islamic account review – A Quick 9 Key Point Overview

1. ✅Axiory Overview
2. ✅What exactly is an Axiory Islamic account
3. ✅Which financial activities are restricted and prohibited by Sharia law?
4. ✅What are the steps involved in opening an Axiory Islamic account?
5. What are Axiory’s spread costs on an Islamic account?
6. What other features does Axiory’s Islamic account have?
7. Pros and Cons
8. Conclusion
9. Frequently asked questions

Axiory is a forex broker company that was established in 2007 and is in Belize where it is regulated by the IFSC and FSC), the Belize government agency responsible for financial regulation. It is also a member of the compensation scheme

Axiory Overview

👉 Axiory provides traders with access to one or more platforms that will allow them to buy and sell foreign currencies. Forex brokers are also known as retail or currency trading brokers. Retail currency traders in turn use these broker companies to gain access to the 24-hour currency market for speculation purposes.

👉 Axiory operates from Belize with representative offices in Europe, Cyprus, and Dubai, which brought access to both EEA clients and the Middle East and offers Islamic options on its account types.

👉 Axiory is a forex broker company that offers services and support in multiple languages and offers customized trading conditions for all clients, trading in a range of markets including Forex, Metals, Indices, and Energies, and offers new traders a demo account with no limits for free practice.

👉 The minimum deposit requirement is 10$/ ZAR 160 for all three account types and can be deposited with Bitcoin.

👉 Axiory is an STP broker and traders are connected to the best possible liquidity providers with all trades going directly to the market.

👉 Axiory offers popular trading instruments and assets and the MT4 and cTrader platforms and its Multi Account Manager (MAM) software offers money managers a selection of allocation methods for their managed accounts.

What exactly is an Axiory 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.

📉 An Islamic Account may be a stand-alone 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 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 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 are prohibited by Sharia law as per the element of Riba. Followers of the 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 affects 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 Axiory Islamic account?

👉 Step 1: Navigate to the Axiory Homepage.

Traders can navigate to the Axiory home page to open an Islamic account by selecting ‘Accounts’ – ‘Islamic accounts’ to register for a trading account with Axiory.

👉 Step 2:Register your Axiory account information

Traders will be redirected to the Axiory registration page where they will be required to choose between an individual/ corporate account by filling in their required generic information.

👉 Step 3: Choose between the Demo/Live Axiory account.

Traders will follow the prompted steps to choose between creating a demo account or a live account in order to start trading with Axiory, the live account will require a verification process.

👉 Step 4: Select your Trading Platform

Choose between cTrader, MetaTrader4, and MetaTrader5 on the Axiory dashboard.

👉 Step 5: Configure your Trading Account

Select and change the platform currency and Leverage of their choice to create their new account.

Step 6: Axiory Account Created

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. Axiory may also require certain additional documents, apart from proof of identity and residential address, before approving an application for an Islamic account.

What are Axiory’s spread costs on an Islamic account?

💰 To make up for money lost by not charging overnight fees, a broker like Axiory usually charges extra fees on Islamic accounts – either in administration fees, wider spreads, or additional commissions.

💰 Axiory does offer an Islamic Account and charge extra commissions to make up for money that they lose by not charging overnight fees. When Muslim traders hold positions overnight, they will be charged with a commission of between $3/ ZAR 48 and $8/ ZAR 128.

What other features does Axiory’s Islamic account have?

👉 When making use of the Axiory 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.

Axiory Pros and Cons

You might also like: Axiory Review

You might also like: Axiory Account Types Overview

You might also like: Axiory Demo Account – Step by Step

You might also like: Axiory Fees and Spreads

You might also like: Axiory Minimum Deposit

You might also like: Axiory Sign up Bonus

Overall Rating

• 4.5/5

Read Review

OPEN AN ACCOUNT

Min Deposit

USD 0

Regulators

FSC, IFSC, MFSC

Trading Platform

MT4, MT5, cTrader

Crypto

Yes

Total Pairs

62

Islamic Account

Yes

Trading Fees

Low

Account Activation

24 Hours

Conclusion

Axiory can be described as a sustainable broker that supports beginning traders with the education and technical analysis developed by in-house professionals.

Although the broker mainly operates as an offshore-based broker, its conditions and level of protection and standards make it a fairly safe broker to invest with.

Its choice of platforms, including the popular MetaTrader 4 and MetaTrader 5, is commendable.

Frequently asked questions

Trading environment

Does Axiory offer an Islamic Account?

Traders of the Muslim faith can trade the Islamic way by choosing from Axiory’s Nano, Standard, and Max accounts to trade swap-free on an Islamic account.

Are there additional charges on the Islamic account?

Axiory charges extra commissions of between $3/ ZAR 48 and $8/ ZAR 128 on the Islamic account to make up for money that they lose by not charging overnight fees.

How many instruments can I trade with Axiory?

You can trade different instruments with Axiory, which include the following:

• Trading instruments in total: 350
• Forex pairs/currency pairs total: 62
• Cryptocurrencies offering: n/a
• Stocks in total: 122
• ETFs in total: 69
• Metals in total: 4
• Energies in total: 5
• CFD indicies in total: 10
• Stock CFDs in total: 78

Which platforms are supported by Axiory?

Axiory provides the following popular trading platforms:

• MT4
• MT5
• cTrader

Does Axiory offer leverage?

Yes, Axiory offers maximum leverage of up to 1: 777.

What spreads can I expect with Axiory?

Average Spread EUR/ USD 0.00002 pips

Does Axiory charge commission?

The Standard and Max Account offer commission-free trading with access to slightly higher spreads than the Nano Account. The Axiory Nano Account offers commission-based trading of 6 USD per lot with access to lower spreads.

Is Axiory regulated and by whom?

Axiory is regulated by IFSC, MFSC and FSC

Is Axiory a recommended forex trading broker for experts and beginners?

Axiory offers a fair-trading environment for most types of traders.

What is the overall rating out of 10 for Axiory?

9/10.

Accounts

What is the difference between a demo and a live trading account?

A demo account as is offered by broker companies like Axiory is usually funded with virtual money and gives a prospective customer the opportunity to experiment with the company’s trading platforms and its features, before setting up a real account that needs to be funded with the customers own real money.

Does Axiory offer a demo account?

Yes, an Axiory demo account is available.

How long is the demo account valid?

The demo account can be used indefinitely.

Which live trading accounts does Axiory offer?

• Nano Account
• Standard Account
• Max Account
• Islamic Account
• Terra Account
• Alpha Account

What are the available deposit currencies for a live trading account?

USD and EUR.

Deposits and withdrawals

What is the minimum deposit required to open an account with Axiory?

$0 equivalent to ZAR 0.00

How do you make a deposit and withdraw money with Axiory?

Axiory offers the following deposit and withdrawal methods:

• Debit/Credit Card
• International Wire Transfer
• Sticpay
• Netteler
• Skrill
• VLoad
• Local wire transfer options

The same method that was used to fund an account must normally be used to withdraw money. Also, monies will usually only be refunded to accounts in the same name as the trading account.

Does Axiory charge withdrawal fees?

No, withdrawal methods are fee-free for credit and debit cards as well as SticPay.

How long does it take to make a withdrawal?

Withdrawals with bank wire transfers may take between 3 and 10 business days.