Yes, Dukascopy 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 swap. The fee is not an interest and depends on the direction of the order.
Dukascopy at a glance
| Broker's Name | Dukascopy |
| 📍 Headquartered | Geneva, Switzerland |
| 📅 Year Founded | 2004 |
| ⚖️ Regulating Authorities | Financial Market Supervisory Authority (FINMA), Financial Services Agency of Japan (JFSA), Financial and Capital Market Commission (FCMC). |
| 🌐 Countries not accepted for trade | Belgium, Canada, Israel, US |
| ☪️ Islamic account (swap-free) | Yes |
| 📒 Account Types | Forex/CFD ECN Account Forex MT4 Account |
| 👍 Demo Account | Yes |
| 📊 Managed Accounts | Yes |
| 📈 Maximum Leverage | 200:1 |
| 💰 Minimum Deposit | 100 USD/ZAR1 600 |
| 💳 Deposit & Withdrawal Options | Bank Wire, VISA, Bank Guarantees, Maestro, Neteller, Other Crypto Currencies, Skrill |
| 💻 Platform Types | MetaTrader4, JForex Desktop, JForex Web, iOS and Android platforms |
| 📈 Tradable assets offered | Cryptocurrencies: (2) Bitcoin, Ethereum CFD: (605+) Gold, Silver, Stock Indexes, Bonds, Oil, Other Commodities Desktop platform (Windows), (Mac), Web platform |
| 📱 OS Compatibility | Desktop, web, Android, iOS |
| 👨💼 Languages supported on Website | Twelve languages incl: English, German, Spanish, Polish, Russian, Italian, Chinese, and more |
| 👥 Customer Support Languages | Sixteen different languages including English, German, Spanish, Polish, Russian, Italian, Chinese and more |
| 📆 Customer Service Hours | 24 hours a day, 6 days a week |
| 📃 License Reg. No | 40003344762 |
| 📌Open an account | 👉 Click Here |
|---|
Min Deposit USD 100 Regulators FINMA, JFSA, FCMC Trading Platform MT4, JForex Desktop, JForex Web Crypto Yes Total Pairs 60 Islamic Account Yes Trading Fees Low Account Activation 24 Hours
Dukascopy Islamic Account Revealed – Key 10 Point Quick Overview
- ✅Dukascopy at a glance
- ✅Dukascopy Overview
- ✅What exactly is a Dukascopy Islamic Account?
- Which financial activities are restricted and prohibited by Sharia law?
- What are the steps involved in opening a Dukascopy Islamic Account?
- What are Dukascopy’s spread costs on an Islamic Account?
- What other features does Dukascopy’s Islamic Account have?
- Dukascopy Bank Customer Reviews
- Dukascopy Islamic Account Pros and Cons
- Conclusion
- Frequently Asked Questions
Here is our overview of the Dukascopy Islamic Account as well as the features that are offered, when opening a Swap Free Certified Muslim Trading Account.
Dukascopy Overview
Dukascopy is a forex broker operating from Switzerland that provides traders with access to platforms that allow them to buy and sell foreign currencies. Retail traders use this broker to gain access to the 24-hour currency market.
Forex broker services are also provided for institutional clients and large companies such as investment banks. Dukascopy brokerage was founded in 2004 in Geneva, but Dukascopy Bank SA already originated in the 1990s and has extensive business interests. Dukascopy Bank South Africa is officially registered as a bank with the Swiss Financial Market (FINMA)
What exactly is a Dukascopy Islamic Account?
Dukascopy Bank SA offers an Islamic Account, 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 the Islamic law that relate specifically to trading accounts, namely: Riba is a concept that refers to increasing or exceeding growth, which forbids interest credited from loans or deposits and 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.
| ☪️️ 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 | re prohibited by 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 affects mostly shares and involve borrowing and subsequent sale of an asset, is 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 Dukascopy 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. Dukascopy may also require certain additional documents, apart from proof of identity and residential address, before approving an application for an Islamic account.
To convert the trading account into that of a Dukascopy Islamic Account, follow these steps:
🟢 Step 1 – Traders can navigate to the Dukascopy website and click on ‘Open Live Fx Account’ from the homepage, which will redirect traders to an online application form.
🟢 Step 2 – The registration process consists of three steps which consist of completing the form and accepting the contract terms, identifying verification, and funding the account.
🟢 Step 3 – Once the trader has completed the form and provided supporting documentation to verify their identity along with their residential address, the application will be processed, and the trader notified of the outcome.
🟢 Step 4 – Once the account has been approved, it can be funded, and trading can commence.
What are Dukascopy’s spread costs on an Islamic Account?
To make up for money lost by not charging overnight fees, a broker like Dukascopy usually charges extra fees on Islamic accounts – either in administration fees, wider spreads, or additional commissions.
The broker estimates its financial damage by calculating the difference between the additional commission paid by the client and the swap amount which is not applied to the account due to the swap-free conditions. If the difference is negative (deficit) and the account equity does not fully cover the deficit, Dukascopy will block further trading by closing opened exposures and canceling active pending orders.
| 🔍 Broker | Dukascopy |
| ☪️️ Account | Islamic Account |
| 💳 Minimum Deposit | $100/ ZAR1 600 |
| 📊 Leverage | 1:200 |
| Spreads | 0.1 pips |
| 💰 Additonal commission | USD 5/ZAR80 *per 1 million USD |
| 📉 Precious metals | USD 7.5/ZAR 120 *per 1 million USD |
| 📉 CFDs | Charged to swap-free accounts. |
| 📌Open an account | 👉 Click Here |
|---|
What other features does Dukascopy’s Islamic Account have?
When making use of the Dukascopy 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 of $100/ZAR1 600
💳 Some specific restrictions and limits may apply to the Islamic Account.
Min Deposit USD 100 Regulators FINMA, JFSA, FCMC Trading Platform MT4, JForex Desktop, JForex Web Crypto Yes Total Pairs 60 Islamic Account Yes Trading Fees Low Account Activation 24 Hours
Dukascopy Bank Customer Reviews
Excellent
Simple and intuitive platform, excellent broker and bank. I have been using it for more than 1 year and I am very happy with its service and support. – ItalianinUY
Guess how long does it take Dukascopy to fix a charting bug on iPhone … read on
Used the in-app “Chat with Broker” function to let the broker know of some charting bugs on iPhone (Ichimoku charts fail to display the most crucial data)…. – billy au
It took them 3 business days to process…
It took them 3 business days to process blockchain deposit. Right after they processed it they disabled debit card ordering for Russian citizens – the only service I needed. The support team ignore questions and work very slowly – it takes days to get a response.
Dukascopy Islamic Account Pros and Cons
| ✔️ Pros | ❌ Cons |
| 600+ tradable assets include Forex ECN trading | Educational resources and products are limited. |
| Access to high leverage of 1:200 | Overwhelming website |
| Islamic Account can be opened | |
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Conclusion
Dukascopy can be summarily described as a worthwhile company for potential traders, knowing that it is able to offer a host of features that are often unavailable with other Forex or binary options brokers.
New traders will find many different features available and both new and experienced traders should have no trouble using them. Customers can benefit from all the information available on the site before they invest.
All information is available in many different languages and all types of trading are allowed, including scalping.
Frequently Asked Questions
Is it safe to open an Islamic account with Dukascopy?
Yes, Dukascopy is a legit forex broker who enjoys an overall trust score of 90/99, therefore it is safe to open your Islamic trading account with them.
Are Muslim traders from South Africa allowed to to open a trading account with Dukascopy?
Yes, Muslim traders residing in South Africa are welcome to open a Dukascopy Islamic account.
How do I open a Dukascopy Islamic account?
To convert a live trading account into a Dukascopy Islamic account: 1. Click on Open Live FX account on their website. 2. Complete the online form 3. Specify registration of a Forex/CFD ECN account. 4. Provide supporting documentation 5. Receive account approval. 6. Fund the account and start to trade.
Does spreads costs apply to a Dukascopy Islamic account?
Yes, when converting the Forex/CFD ECN account to an Islamic account, traders can expect spreads that start from 0.1 pips.
Does Dukascopy offer leverage on the Islamic account?
Yes, a maximum leverage of up to 1:200 is offered on the Islamic account.
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