Yes, a Colmex Pro 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 swap. The fee is not an interest and depends on the direction of the order.
Min Deposit
USD 100
Regulators
CySEC, MiFID
Trading Platform
Colmex Pro Expert, Colmex Pro Trader, MT4
Crypto
Yes
Total Pairs
0
Islamic Account
Yes
Trading Fees
Low
Account Activation
24 Hours
Choose your quick section of our Colmex Pro Islamic Account below.
Our Colmex Pro Islamic Account Revealed:
- ✔️Colmex Pro at a glance
- ✔️Overview
- ✔️What exactly is an Islamic Account?
- Which financial activities are restricted and prohibited by Sharia law?
- What are the steps involved in opening a Colmex Pro Islamic Account?
- What is Colmex Pro’s spread costs on an Islamic Account?
- What other features does Colmex Pro’s Islamic Account have?
- Pros and Cons
Here is our overview of the Colmex Pro Islamic Account as well as the pros and cons as well as features that are offered to traders.
Colmex Pro at a glance |
|
| Broker’s Name | Colmex Pro |
| Headquartered | Limassol, Cyprus |
| Year Founded | 2010 |
| Regulating Authorities | CySEC, ACPR, BaFIN, FSB, CMNV and FCA |
| Countries not accepted for trade | United States |
| Islamic Account (Swap Free) | Yes |
| Demo Account | Yes |
| Institutional Accounts | Yes |
| Managed Accounts | Yes |
| Maximum Leverage | 1: 30 |
| Minimum Deposit | $ 500 |
| Deposit Options | · MasterCard
· Visa · Bank Wire Transfer |
| Withdrawal Options | · MasterCard
· Visa · Bank Wire Transfer |
| Platform Types | MetaTrader 4, Webtrader, Colmex Pro Multitrader |
| OS Compatibility | PC, Mac, web, Android, iOS |
| Tradable Assets | Over 110+ financial instruments that include forex, CFDs, precious metals, stocks, indices, commodities, bonds, and cryptocurrencies |
| Languages supported on Website | English |
| Customer Support Languages | In 8 languages that include English and Spanish |
| Customer Service Hours | 24/5 |
Overview
Colmex Pro was founded in 2010 and is a Cypriot Forex broker company that headquarters in Limassol, Cyprus.
Since its inception the company has spread its wings and today have offices all over Europe. The broker operates in the European Union jurisdiction under strict regulation that enables them to provide their clients with a transparent, trustworthy, and respected trading environment.
Because Colmex Pro is situated in Cyprus it is regulated through CySEC and falls under the MiFID derives of the European Union. All the regulatory licensed are implemented under the European Economic Area (EEA) agreement.
Due to the strict regulations of the regulatory bodies all client funds must be kept in segregated bank account with top-tier banks. The broker abides by this rule and all client funds are held separately from the assets of Colmex Pro and can only be used by clients.
Colmex Pro is also a member of the Investor Compensation Fund (ICF) which means that claims clients have if the broker should go insolvent are covered.
Many Europeans use Colmex Pro mainly for the purpose to trade on the USA stock markets. Customers from the United States are not accepted as clients at Colmex Pro.
With Colmex Pro, traders have the option of opening several live account types and trade in more than 110 financial instruments. They also have a choice of three trading platforms to suit the needs of most traders, whether they are just starting out or are more advanced traders.
What exactly is an Islamic Account?
An Islamic account which is offered by most brokers is not a standalone account. Nevertheless, some brokers do dedicate one account to being an Islamic or Swap Free account and this is mostly offered by Forex brokers.
Brokers who serve clients in the Middle Eastern jurisdiction mostly provide Islamic or Swap-free Accounts which can also be utilized by clients in other regions.
With the offer of an Islamic account, certain features of the account type are in line with the Sharia law. This law prohibits its followers the accumulation of interest on funds deposited into the account.
Transactions on an Islamic Swap-free Account must also be settled immediately. This requires that currencies must be transferred from one account to the other right after the transaction has been completed. It must be paid in full.
Two key elements of the Islamic law relate specifically to trading accounts. These elements are Riba, and Gharar.
Riba is the ban of generating money from money, which in this case specifically refers to 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 certain prohibitions placed on Muslim traders when considering the intricate details involved with trading activities, the following is affected greatly:
- 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 at the New York close at 5 PM EST which is prohibited by the Sharia law.
- 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 Sharia law.
- Loans – when followers of the Sharia 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.
- 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.
What are the steps involved in opening a Colmex Pro Islamic Account?
Colmex Pro does offer an Islamic account to clients the follow the Muslim faith, but there is not much information on how to open this kind of account on the broker’s website.
These kinds of account are usually subjected to the broker’s approval and Colmex Pro is no exception. It is recommended that to register and open an Islamic Account with this broker, the best option will be to contact customer services.
What is Colmex Pro’s spread costs on an Islamic Account?
This information is not indicated on the website of Colmex Pro.
What other features does Colmex Pro’s Islamic Account have?
As a rule, traders can expect the following key features that usually applies when opening an Islamic Account. It would probable apply to Colmex Pro as well.
Interest will not be charged on contracts which are held for more than 24-hours. There is a consistent zero rollover interest.
There are also no additional rollover commissions where contracts are held for longer than 24-hours. Traders have direct execution on trades as well as access to Expert Advisors.
Markets for trading on the Islamic Account open on Sunday at 11pm CET and close on Fridays at 11pm CET. In addition, there may be some restrictions and limits which apply to the Islamic Account.
Min Deposit
USD 100
Regulators
CySEC, MiFID
Trading Platform
Colmex Pro Expert, Colmex Pro Trader, MT4
Crypto
Yes
Total Pairs
0
Islamic Account
Yes
Trading Fees
Low
Account Activation
24 Hours
Pros and Cons
| PROS | CONS |
| Demo account offered | Clients from United States are not accepted |
| MetaTrader 4 offered | Limited payment methods |
| Multiple trading instruments offered | Limited payment methods offered |
| Segregated client’s funds | No fixed spreads |
| Strictly regulated through CySEC, ACPR, BaFIN, FSB, CMNV and FCA. | Not much information forthcoming on the website regarding Islamic Accounts |
FAQ
Trading environment
How many instruments can I trade with Colmex Pro?
You can trade in over 110 financial instruments that include:
- Forex
- CFDs
- Precious metals
- Stocks
- Indices
- Commodities
- Bonds
- Cryptocurrencies
Which platforms are supported by Colmex Pro?
- MetaTrader 4
- WebTrader
- Colmex Pro MetaTrader
Does Colmex Pro offer leverage?
Yes. Leverage of up to 1: 30.
What spreads can I expect with Colmex Pro?
You can expect variable spreads which start from 0.3 pips.
Does Colmex Pro charge commission?
Yes. Commissions are determined on the asset you trade in as well as the plan you invest in. Commissions on the Standard Account range from $ 0 up to $ 8 per round turn.
It is unclear whether Islamic account holders are subjected to the same commission charges. Traders must verify this information with the broker as it is not stated on the website.
Are there additional charges on the Islamic account?
This is not indicated on the website.
Is Colmex Pro regulated?
Yes. Colmex Pro is regulated by CySEC (Cyprus), ACPR (France), BaFIN (Germany), FSB (South Africa), CMNV (Spain), FCA (United Kingdom).
Is Colmex Pro a recommended forex trading broker for experts and beginners?
Yes. Colmex Pro offers a trading environment for both beginners and expert traders.
What is the overall rating out of 10 for Colmex Pro?
7/10.
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 Colmex Pro offer a demo account?
Yes. The broker does offer a demo account.
For how long is the demo account valid?
The demo account is valid for 14-days.
Does Colmex Pro offer the option of an Islamic Account?
Yes. Colmex Pro offers the option of an Islamic Account for traders of the Muslim faith.
Which live trading accounts does Colmex Pro offer?
Colmex Pro offers four live account types as well as an Islamic Account for Muslim Traders.
What are the available deposit currencies for a live trading account?
EUR and USD.
Deposits and withdrawals
What is the minimum deposit for Colmex Pro?
$ 500.
How do I make a deposit and withdrawal with Colmex Pro?
- MasterCard
- Visa
- Bank Wire Transfer
Does Colmex Pro charge withdrawal fees?
Yes. For withdrawals, the first transaction of the month under or equal to $ 500 is free, after that a fee of $ 40 is charged.
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 for the money to be available.
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