CCI Traders does offer a Islamic account for Muslim faith traders. The Islamic forex trading environment is ideal for traders following strict sharia law with a fixed fee instead of swap. The fee is not an interest and depends on the direction of the order.
CCI Traders at a glanse
| 🔍 Broker's Name | CCI Traders |
| 📍 Headquartered | Kings Town, St. Vincent |
| 📅 Year Founded | 2008 |
| ⚖️ Regulating Authorities | Registered in St. Vincent & The Grenadines under FSA, Financial Services Commission (FSC) in Mauritius |
| 🌐 Countries not accepted for trade | Canada, North Korea, Syria, South Sudan, US, UK, and Yemen |
| ☪️ Islamic account (swap-free) | Yes |
| 👍 Demo Account | Yes |
| 📊 Institutional Accounts | Yes |
| 📊 Managed Accounts | Yes |
| 📈 Maximum Leverage | 1:500 |
| 💰 Minimum Deposit | $50/R800 |
| 💳 Deposit Options | Wire Transfer, Visa, MasterCard, Bank guarantee, BTC, E-Payment |
| 💳 Withdrawal Options | Wire Transfer, Visa, MasterCard, BTC, E-payment |
| 💻 Platform Types | MetaTrader 5 platform or the proprietary XOH platform |
| 📱 OS Compatibility | Windows, Apple (Mac), Linux, Windows Phone, Android, iPhone |
| 📈 Tradable assets offered | · Forex · Major Indices · CFDs · Precious Metals · Oil · Commodities · CFD Stocks |
| 👨💼 Languages supported on Website | English only |
| 👥 Customer Support Languages | English only |
| 📆 Customer Service Hours | 24 hours per day 5 days per week |
| 👉 Open a account | 👉 Click Here |
Overall Rating
4.7/5
Rated #225 of
Recommended FX Brokers
Minimum Deposit USD 50
Regulators FSC, FSA
MetaTrader 5
Yes
📈 Total Pairs
50+
Islamic Account Yes
Trading Fees Low
24 Hours
Choose your quick section of our CCI Traders Islamic Account below.
CCI Traders Islamic Account – 9 key points quick overview:
CCI Traders Overview- What exactly is an CCI Traders Islamic Account?
- Which financial activities are restricted and prohibited by Shariah law?
- What are the steps involved in opening a CCI Traders Islamic Account?
- What is CCI Traders’ spread costs on an Islamic Account?
- What other features does CCI Traders’ Islamic Account have?
- CCI Traders Pros and Cons
- Conclusion
- Frequently Asked Questions
Here is our overview of the CCI Traders Islamic Account as well as the pros and cons as well as features that are offered to traders.
CCI Traders Overview
CCI Traders is a forex broker company with headquarters in St. Vincent and The Grenadines. CCI Traders was established in 2008 and obtained a brokerage licence in 2019. It provides training services worldwide and trading on commodities such as metals and energy, major global indices, currencies and several CFD products.
CCI Trading Ltd. is registered in St. Vincent & The Grenadines under FSA while another subsidiary is authorised and regulated by the Financial Services Commission (FSC) in Mauritius. CCI Traders however offers clients an insurance cover of up to $1 000 000 against errors, frauds, embezzlement, negligence, and hacking.
Although it is a global broker, clients are mainly from the Middle East, Africa, and Asia with some from other countries. CCI Traders was one of the first brokers that did away with swap charges for all categories of clientele, therefore it does not offer a specific account for Islamic traders, but Islamic traders can make use of the broker’s services without contravening Shariah Law.
CCI Traders also does not charge a commission on any of its products. It guarantees fund segregation, offers low spreads, low minimum deposits, high leverage, negative balance protection, and direct market execution with ECN trading facilities.
Retail clients only need a minimum deposit of $50 and funding methods include debit/credit cards, eWallets and Bitcoin, with all deposits processed instantly. CCI Traders offers a 50% bonus on first deposits.
What exactly is an CCI Traders Islamic Account?
An Islamic Account, as offered by most brokers, is often not a standalone account, although some brokers dedicate one account to be an Islamic or Swap Free account. In most cases, this is an option offered by especially Forex brokers.
Islamic Accounts are mostly provided by brokers who serve Middle Eastern clients along with clients from other jurisdictions and offers certain features that are in line with the Sharia law, which prohibits the accrual of interest on funds deposited into the account.
The other important feature on 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 the prohibition of generating money from money, which in this case specifically refers to interest, an act that is not allowed under 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 Shariah law?
Some of the restrictions and prohibitions placed on Muslim traders by Shariah law may affect the following, considering the intricate details involved with trading activities:
Overnight rollovers – which involve the incurrence or receiving of swap points on positions that are held open for longer after the trading day has concluded.
Loans – when followers of the Shariah law have funds transferred by either a bank or other financial institution and it involves interest terms, this is prohibited by the Sharia law as per the key element, Riba.
Margin deposits and interest – which involves the accrual of interest on funds which are deposited into the trading account, which is prohibited.
Trading on margin – stocks that are traded on margin result in the trader being liable for paying interest, which amounts to Riba, as money is borrowed from the broker to buy or sell such equities, and which is prohibited by the Shariah law.
Forward sales – which affects forward contracts as well as the trading of futures contracts which 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.
Short sales – which affects mostly shares and involves borrowing and subsequent sale of an asset, which is prohibited by Shariah law.
What are the steps involved in opening a CCI Traders Islamic Account?
Traders who prefer an Islamic Account can complete an ordinary live account application online on the CCI Traders website, because all the broker’s accounts are swap free and may be used by people in this religious group.
What is CCI Traders’ spread costs on an Islamic Account?
Traders can expect the normal spreads as advertised by the broker but should enquire whether any other regulations may be applicable.
What other features does CCI Traders’ Islamic Account have?
When making use of an account, Islamic traders can expect the following key features:
Interest is not charged on contracts which are held for more than 24-hours. There is a consistent zero rollover interest.
There are no additional rollover commissions where contracts are held for longer than 24-hours.
Traders have access to the same spreads.
Traders can trade in both mini and micro lots.
Traders have access to Expert Advisors, which allow for automated trading.
Direct execution on trades.
Accounts are activated with a minimum deposit requirement of $50.
Before registering an account, traders should contact the Middle Eastern support desk to find out more regarding any other restrictions or limits that may influence their trading activities.
Overall Rating
4.7/5
Rated #225 of
Recommended FX Brokers
Minimum Deposit USD 50
Regulators FSC, FSA
MetaTrader 5
Yes
📈 Total Pairs
50+
Islamic Account Yes
Trading Fees Low
24 Hours
CCI Traders Pros and Cons
| ✔️ Pros | ❌ Cons |
| All accounts are swap free | US and some other Clients not accepted |
| Commission-free trading is possible | Website supplies limited information on some aspects of trading |
| Good trading tools are provided | |
| Proprietary trading platform offered alongside MT5 |
Conclusion
CCI Traders does offer a Islamic account for Muslim faith traders. The Islamic forex trading environment is ideal for traders following strict sharia law with a fixed fee instead of 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 CCI Traders?
You can trade several different instruments with CCI Traders, which include the following:
- Forex
- Major Indices
- CFDs
- Precious Metals
- Oil
- Commodities
- CFD Stocks
Which platforms are supported by CCI Traders?
CCI Traders provides the MetaTrader 5 platform and the proprietary XOH platform.
Does CCI Traders offer leverage?
Yes, CCI Traders offers a maximum leverage of up to 1: 500.
What spreads can I expect with CCI Traders?
Spreads start from 0.1 pips on EUR/USD. CCI Traders offers different spreads on its various accounts. The spreads and leverage offered by CCI Traders directly relate to the account type.
Does CCI Traders charge commission?
No.
Are there additional charges on the Islamic account?
No, all the accounts have the same features.
Is CCI Traders regulated and by whom?
CCI Traders is registered in St. Vincent & The Grenadines under FSA and the FSC in Mauritius.
Is CCI Traders a recommended forex trading broker for experts and beginners?
CCI Traders offers a fair-trading environment for most types of traders.
What is the overall rating out of 10 for CCI Traders?
6/10.
Accounts
What is the difference between a demo and live trading account?
A demo account offers the use of virtual funds instead of actual capital. This allows for risk-free trading as well as exploring of both the broker’s offer and the trading platform.
A demo account can be used for a variety of reasons including practice trading, testing trading strategies, exploring platforms and offers, and more.
Does CCI Traders offer a demo account?
Yes.
For how long is the demo account valid?
Not indicated on website.
Does CCI Traders offer the option of an Islamic Account?
CCI Traders is one of the first brokers in the industry to do away with swap charges for all categories, hence Muslim traders can use any of the account types.
Which live trading accounts does CCI Traders offer?
- Retail Account
- Professional Account
- Institutional Account
- Multiple Account Management (MAM) services
- No separate Islamic account since all accounts are swap free.
What are the available deposit currencies for a live trading account?
USD.
Deposits and withdrawals
What is the minimum deposit for CCI Traders?
$50.
How do I make a deposit and withdrawal with CCI Traders?
CCI Traders offers the following deposit and withdrawal methods:
- Wire Transfer
- Visa
- MasterCard
- Bank guarantee
- BTC
- E-Payment
The same method that was used to fund an account must normally be used to withdraw and monies will usually only be refunded to accounts in the same name as the trading account.
Does CCI Traders charge withdrawal fees?
No.
How long does it take to make a withdrawal?
Withdrawals by means of certain methods may be processed within a day but depending on bank services it may take several days to be available.
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