Yes, Blackbull Markets 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.
Choose your quick section of our Blackbull Markets Islamic Account below.
BlackBull Markets Islamic Account Revealed – 9 Key Point Overview
- ✅ BlackBull Markets at a glance
- ✅ BlackBull Markets Overview
- ✅ What exactly is a Black Bull Markets Islamic Account?
- Which financial activities are restricted and prohibited by Sharia law?
- What are the steps involved in opening a BlackBull Markets Islamic Account?
- What are BlackBull Markets’ spread costs on an Islamic Account?
- What other features does BlackBull Markets’ Islamic Account have?
- BlackBulls Markets Islamic Account Pros and Cons
- Frequently Asked Questions
Here is our overview of the Blackbull Markets Islamic Account as well as the features that are offered, when opening a Swap Free Certified Muslim Trading Account.
BlackBull Markets at a glance
| Broker's Name | BlackBull Markets |
| 📍 Headquartered | Auckland, New Zealand |
| 📅 Year Founded | 2014 |
| ⚖️ Regulating Authorities | FMA, FSA |
| 📃 License number | FSP403326 |
| 🌐 Countries not accepted for trade | Afghanistan, Belarus, Burundi, Canada, Central African Republic, Cuba, Democratic Republic of the Congo, Gaza Strip, Guinea Bissau, Haiti, Iran, Iraq, Lebanon, Libya, Mali, Myanmar, Nicaragua, North Korea, Pakistan, Panama, The Philippines, Russia, Somalia, South Sudan, Spain, Sudan, Syria, Ukraine, United States, Venezuela, West Bank, Yemen, and Zimbabwe |
| 📒 Account Types | ECN Standard ECN Prime ECN Institutional |
| ☪️ Islamic account (swap-free) | Yes |
| 👍 Demo Account | Yes |
| 💰 Sign up bonus | None |
| 📊 Institutional Accounts | Yes |
| 📊 TradingView integration | Yes |
| 📊 Share trading of underlying asset | Yes |
| 📊 Managed Accounts | Yes |
| 📈 Maximum Leverage | 1:500 |
| 💰 Minimum Deposit | 50 USD/R800 ZAR |
| 💳 Deposit Options | Bank Wire, VISA, MasterCard, FasaPay, Neteller, Skrill, UnionPay |
| 💳 Withdrawal Options | Bank Wire, VISA, MasterCard, FasaPay, Neteller, Skrill, UnionPay |
| 💻 Platform Types | MT4, MT5, WebTrader, FIX, API |
| 📈 Tradable assets offered | 23 000 tradable assets |
| 📱 OS Compatibility | Web, Desktop, Android, iOS (Apple) |
| 👨💼 Languages supported on Website | English, German, French, Chinese |
| 👥 Customer Support Languages | English |
| 📆 Customer Service Hours | 24 hours per day, six days a week |
| 📌Open an account | 👉 Click Here 👈 |
Min Deposit USD 0 Regulators FMA, FSA Trading Platform MT4, MT5, WebTrader, FIX, API Crypto Yes Total Pairs 64+ Islamic Account Yes Trading Fees Low Account Activation 24 Hours
BlackBull Markets Islamic Account Overview
| 🔍 Account Option | 📌Features |
| Islamic Option | Yes |
| ☪️ Islamic account (swap-free) | Available in both Standard and Prime |
| 📒 Open an Account | 👉 Click Here 👈 |
Blackbull Markets is a forex broker operating from New Zealand. BlackBull Markets was founded in 2014 in Auckland and is a true electronic communication network (ECN), no dealing desk brokerage that specializes in Forex, CFDs, and Commodities. BlackBull Markets offers professional services like personal account managers, daily market condition updates, and analysis as part of an overall superior product to clients.
BlackBull Markets does not accept clients from OFAC sanctioned countries, the United States of America, Spain, or any country or location deemed too risky by its compliance team. BlackBull Markets also only accepts New Zealand clients that fall under the ‘Wholesale Investor’ or ‘Eligible Investor’ definition as per New Zealand Financial Services Providers Act FSPA 2008. BlackBull Markets was a winner in the Deloitte Fast 50 and awarded the Fastest growing exporter for Auckland, New Zealand, in 2018 and 2019.
A Blackbull Markets Islamic Account for Muslim faith traders including a swap-free account is offered. 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. Muslim clients have access to an Islamic Account or swap-free account that operates in full compliance with Sharia Law. Such an account is offered as a variant of the Standard, Prime or Institutional Accounts, with all other features of the regular accounts.
What exactly is a Black Bull Markets 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 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 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 a Blackbull Markets 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. Blackbull Markets may also require certain additional documents, apart from proof of identity and residential address, before approving an application for an Islamic account.
Opening an Islamic account
Step 1 – Navigate to the BlackBull Markets website.
On the BlackBulls Markets Homepage locate the ‘Trading’, ‘Islamic account’ tab option to register an Islamic trading account.
Step 2 – Complete your Personal Information
Fill in your account type preference, name, last name, email, mobile address, account details, and trading information in the BlackBulls KYC process to register your Islamic account.
Step 3 – Upload requested Documents to Verify your chosen BlackBull Markets Live Account.
lastly, upload your ID verification and supporting documents for approval.
Step 4 – Once your BlackBull Markets application is approved start trading.
What are Blackbull Markets’ spread costs on an Islamic Account?
To make up for money lost by not charging overnight fees, a broker like Blackbull Markets 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 Blackbull Markets’ Islamic Account have?
When making use of the Blackbull Markets 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 0 Regulators FMA, FSA Trading Platform MT4, MT5, WebTrader, FIX, API Crypto Yes Total Pairs 64+ Islamic Account Yes Trading Fees Low Account Activation 24 Hours
BlackBull Markets Islamic Account Pros and Cons
| ✔️ Pros | ❌ Cons |
| ECN-style account options | Not regulated by major reputable authorities |
| Good reputation | Not remarkably diverse asset range |
| Islamic account options available | |
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Frequently Asked Questions
Does Blackbull Markets offer an Islamic Account?
Yes, an Islamic account is available from this broker.
What is an Islamic account?
Trading accounts based on Islamic principles and where interest does not apply to positions held open for longer than a trading day after the trading day has ended.
What is a swap-free account in forex?
It is also known as an Islamic account and is used by Muslim traders who want to trade in accordance with their religious beliefs. “Swap-free” means there is no swap or rollover interest on overnight positions as this goes against Sharia law.
Do all brokers offer Islamic swap-free accounts?
No, only those brokers who serve Middle Eastern clients & clients from other jurisdictions who trade in accordance with Sharia law offer their Muslim clients an Islamic swap-free account option.
Is a swap-free account good to trade with?
A swap-free account is useful for some strategies and for traders who do not want to hold positions overnight, e.g. traders of the Muslim faith who are prohibited from earning interest according to Sharia law.
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