EagleFX Islamic Account

EagleFX Islamic account is offered 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.

EagleFX at a Glance

Overall Rating

• 4.7/5

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Min Deposit

USD 50 / ZAR 894

Regulators

No Regulation

Trading Platform

MT4

Crypto

Yes

Total Pairs

100+

Islamic Account

Yes

Trading Fees

Low

Account Activation

24 Hours

Choose your quick section of our EagleFX Islamic Account below.

EagleFX Islamic Account – 10 key points quick overview:

1. EagleFX Overview
2. What exactly is an EagleFX Islamic Account?
3. Which financial activities are restricted and prohibited by Sharia law?
4. What are the steps involved in opening an EagleFX Islamic Account?
5. What are EagleFX’s spread costs on an Islamic Account?
6. What other features does EagleFX’s Islamic Account have?
7. EagleFX Customer Reviews
8. EagleFX Pros and Cons
9. Conclusion
10. Frequently Asked Questions

Here is our overview of the EagleFX Islamic Account as well as the features that are offered, for Islamic traders.

EagleFX Overview

EagleFX is an online STP broker that was established in 2019. Its headquarters are in Dominica. The broker provides CFD trading on hundreds of financial instruments, including forex, stocks, indices, commodities, and cryptocurrencies.EagleFX offers deep liquidity, maximum leverage of up to 1: 500 on some instruments, and some of the best spreads in the industry with ultra-fast execution speeds.

Trading is offered through the award-winning and globally preferred MetaTrader4 platform which boasts dynamic charts and analytical functions. The practical interface of this platform allows you to trade orders straight from the chart with just one click. As part of the broker’s commitment to its clients, it offers 24/7 live customer support through live chat, email, or telephone. Added to this, the broker does not charge any deposit or withdrawal fees, which sets it apart from other brokers.

One of the great advantages of EagleFX is its competitive execution spreads. Spreads are variable which means traders get better rates during periods of low volatility. However, they might experience spread gapping at times of market stress. One of the drawbacks of EagleFX is that it is an unregulated company, which means there is no watchdog keeping an eye on the way client funds are handled. It is not clear on the broker’s website whether client funds are kept in segregated accounts.

The broker states on its website that it promises that the security and stability of deposited funds will always be among its top priorities. It does, however, not state how this is done. It does not state anywhere on the website whether there are clients not accepted from some countries.

What exactly is an EagleFX Islamic Account?

An Islamic Account, for the greater part as offered by most brokers, is not a standalone account, although some brokers dedicate one account to being an Islamic or Swap Free account, in most cases, this is an option offered by especially Forex brokers.

Islamic Accounts are also provided by brokers who serve Middle Eastern clients along with clients from other jurisdictions and offer 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 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, these elements are:

Riba

Gharar

Riba is the prohibition of generating money from money, which in this case specifically refers to an interest, which is not allowed according to 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 greatly affected:

Margin deposits and interest – which involves the accrual of interest on funds that are deposited into the trading account, which is prohibited.

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.

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.

Short sales – which affects mostly shares and involves borrowing and subsequent sale of an asset, 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.

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.

What are the steps involved in opening an EagleFX Islamic Account?

Islamic Swap-Free accounts is only offered to clients of Islamic faith and it is subjected to EagleFX’s approval.

To open an Islamic account with EagleFX, traders need to contact the broker’s support team via live chat, email, or a call-back request.

Traders should also know that while rollover charges are waived with this account type, they will be required to pay administrative fees.

What are EagleFX’s spread costs on an Islamic Account?

This information is only available for traders who have approved Islamic accounts but spreads on the Islamic account will be the same as those for the standard live account.

Spreads are variable and start from 0.1 pips. Typical spreads on the EUR/USD are 0.7 pips and, on the NASDAQ, they are 1.12.

What other features does EagleFX’s Islamic Account have?

Although there is not much information available on the Islamic account with EagleFX, traders can expect the following key features:

Interest is not charged on contracts that 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.

Direct execution on trades.

EagleFX Customer Reviews

Been with EagleFX for a while now

Been with EagleFX for a while now, they’ve got good leverage of up to 1:500 which is perfect for me. Customer support are always there and very polite. And 24/7 crypto trading is a big plus.

Perfect broker

I’m really glad I found EagleFX. It’s a pleasure to use and also when you need assistance or anything the client service is the best and most kind I’ve ever witnessed. Wouldn’t want anything different than EagleFX, thanks!

I have been using EagleFX since last year

I have been using EagleFX for last year now in my trading journey

Overall after having not-so-good experiences with previous brokers can say the company is one of the best out there

Very user-friendly portal, with smooth payment, and deposit processes as well as great leverage and fees which is vital for trading

Customer service and support were very good too – had no issues getting anything resolved within 48 hours max

EagleFX Pros and Cons

Conclusion

Yes, an EagleFX Islamic account is offered 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.

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Frequently Asked Questions

Trading environment

How many instruments can I trade with EagleFX?

You can trade the following financial instruments:

• Forex – 55 currency pairs, including majors, minors, and exotics.
• Stocks – 64 global companies including Netflix and Amazon Crude oil.
• Indices – 11 well-known indices, such as the FTSE (FTSE100) and NASDAQ (NAS100).
• Commodities – Precious metals and energies, including gold, silver, and oil.
• Cryptocurrencies – 38 pairs available, including Bitcoin, Ethereum, and Ripple.

Which platforms are supported by EagleFX?

MetaTrader 4.

Does EagleFX offer leverage?

Yes. EagleFX offers a maximum leverage of up to 1: 500 for forex and metals. Indices and energies can be leveraged up to 1: 200, and cryptocurrencies are available up to a maximum leverage of 1: 100.

What spreads can I expect with EagleFX?

You can expect variable spreads that start from 0.1 pips. Typical spreads on the EUR/USD are 0.7 pips and, on the NASDAQ, they are 1.12.

Does EagleFX charge commission?

Yes. Eagle FX does charge commissions which is set at $ 6 per lot 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?

Not that can be seen from EagleFX’s website. Traders that want to open an Islamic account need to contact customer services.

Is EagleFX regulated?

No. EagleFX is an unregulated broker based in Dominica.

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

Yes. EagleFX offers a trading environment for both beginners and expert traders.

What is the overall rating out of 10 for EagleFX?

4/10.