easyMarkets Islamic Account is offered for Mulsim traders. A live account can easily be converted to swap-free by providing the requested documents. Since the Islamic Account option offered by EasyMarkets cannot be considered a standalone account, traders have access to the same accounting features as other traders.

Overall Rating

• 4.0/5

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Min Deposit

USD 25

Regulators

CySEC, ASIC, BVI, FSA, FSCA

Trading Platform

MT4, Proprietary Platform, MT5 and TradingView

Crypto

Yes

Total Pairs

0

Islamic Account

Yes

Trading Fees

Low

Account Activation

24 Hours

easyMarkets Islamic, Swap-Free Account – 10 Key Point Quick Overview

1. ☑️Overview
2. ☑️easyMarkets at a Glance
3. ☑️What exactly is an easyMarkets Islamic Account?
4. ☑️How to open an easyMarkets Islamic Account step-by-step
5. ☑️What is easyMarkets spread costs on an Islamic Account?
6. ☑️What other features does easyMarkets’ Islamic Account have?
7. ☑️Customers Reviews
8. ☑️Pros and Cons
9. ☑️Conclusion
10. ☑️Frequently Asked Questions

Overview

All MT4 Accounts have a minimum trading position size of 0.1 lots, leverage of 1:2000, zero commissions and zero additional accounting fees, negative balance protection, and several other features.

The spreads that Muslim traders can expect with this type of easyMarkets account range from 0.9 pips up to 2.3 pips, depending on the financial instrument being traded. All Web/App accounts, despite the main account they form part of, have leverage of 1:2000. While most minimum position sizes are 0.05 lots, holders of a VIP web/app account can gain access to position sizes of 1 lot as it is a negotiable option tied to this account.

The types of spreads that Muslim traders can expect with the web/app accounts range from between 1.2 pips and 2.4 pips, depending on the financial instrument being traded. All easyMarkets accounts have the option of a demo account and, more importantly, the option to convert the live trading account to that of an Islamic AccounteasyMarkets offers comprehensive and competitive trading conditions with minimum deposits which start from as little as $100, providing traders with access to a wide variety of financial instruments including:

easyMarkets facilitates the trading of such financial instruments in its comprehensive offering of three main types of accounts, each tailored to cater to traders with differing experience, skills, and knowledge levels. These main accounts are:

All MT4 Accounts have a minimum trading position size of 0.1 lots, leverage of 1:2000, zero commissions and zero additional accounting fees, negative balance protection, and several other features. The spreads that Muslim traders can expect with this type of easyMarkets account range from 0.9 pips up to 2.3 pips, depending on the financial instrument being traded.

All Web/App accounts, despite the main account they form part of, have leverage of 1:2000. While most minimum position sizes are 0.05 lots, holders of a VIP web/app account can gain access to position sizes of 1 lot as it is a negotiable option tied to this account. The types of spreads that Muslim traders can expect with the web/app accounts range from 1.2 pips to 2.4 pips, depending on the financial instrument being traded.

All easyMarkets accounts have the option of a demo account and, more importantly, the option to convert the live trading account to that of an Islamic Account.

easyMarkets At a Glance

What exactly is an easyMarkets Islamic Account?

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

Islamic Accounts are also provided by brokers who serve Middle Eastern clients as well as clients from other jurisdictions and offer certain features that are in accordance with 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 paid for in full.

Two key elements of Islamic law relate specifically to trading accounts; elements are:

Riba, and

Gharar

Riba is the prohibition of generating money from money, specifically 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. Gharar can simply be defined as the act of gambling, which is strictly prohibited by Sharia law.

In addition, the Arabic word also suggests an element surrounding a certain level of deception through hazardous sales or risky investments. According to Gharar, the speculation involved with price movements of Forex and CFDs is considered gambling, which refers back to deception, hazardous sales, and risky investments.

Financial activities are restricted and prohibited by Sharia law

Due to the restrictions and specific prohibitions placed on Muslim traders when considering the intricate details involved with trading activities, the following is affected greatly:

Overnight rollovers involve the incurrence or receiving of swap points on positions held open for longer after the trading day has concluded at the New York close at 5 PM EST, which Sharia law prohibits.

Margin deposits and interest involve accruing interest on funds deposited into the trading account, which is not permitted.

Loans—When followers of Sharia law have funds transferred by a bank or other financial institution, and the transaction involves interest terms; this is prohibited by Sharia law as per the key element, Riba.

Margin trading—stocks 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, which Sharia law prohibits.

Short sales, which mostly affect shares and involve borrowing and subsequent sale of an asset, are not permitted.

Forward sales affect forward contracts and futures trading, which involves buying and selling contracts at a future date according to a price agreed upon on the day of entering such a contract.

How to open an easyMarkets Islamic Account step-by-step

To convert the trading account into that of an easyMarkets Islamic Account, Muslim traders can follow these steps:

Step 1: Fill in the Form

• You can apply for an easyMarkets account on the webpage by completing the online application form for either a VIP Web/App or VIP MT4 account.
• Fill in your email, password, and cell number.

Step 2: Fund your account

• Verify the account by submitting the relevant documentation, including proof of identity and residence. This is also known as the ‘Know Your Client’ (KYC) procedure, which is required by most well-regulated and reputable brokers.
• Fund the current trading account by paying the minimum deposit of USD 25 / ZAR 437.
• As soon as the trader has funded their account, they can apply for an Islamic account by filling in a request and submitting it to easyMarkets.
• As soon as the request for an easyMarkets Islamic Account is received, it will be forwarded to the relevant department for review and approval. Processing may take a day to a few days.

What exactly is a Swap?

A swap is simply an agreement into which two parties enter relating to exchange sequences of cash flows over a set period, normally when the contract is initiated. During this, at least one of the series of cash flows is subjected to a random and uncertain variable, which involves an interest rate, a foreign exchange rate, an equity price, or a commodity price.

When trading Forex, for instance, traders have a limited amount of time to close open positions before a certain market closes at a specified time. Should the position remain open, it will attract an overnight or rollover fee, which is a type of interest. As previously mentioned, Muslim traders who follow Sharia law are, amidst other activities, prohibited from paying such interest.

To accommodate traders of the Muslim faith, who follow the Shariah Law, brokers offer the option of an Islamic Account, or a Swap-Free account so that they would not be exempted from being able to conduct trading activities that are against their religion.easyMarkets offers Muslim traders the option of converting their live trading account, regardless of the type, to that of an Islamic or Swap Free account to accommodate these prohibitions along with any other restrictions placed on traders due to this law.

What is easyMarkets spread costs on an Islamic Account?

easyMarkets’ spreads start from 0.9 pips when trading EUR/USD while using the VIP MT4 Account. Seeing that the Islamic Account is not provided as a standalone account, Muslim traders are not exempted from normal trading conditions, such as spreads that do not generate interest.

What is easyMarkets’ Maximum Trades/Orders on an Islamic Account?

No maximum trade or orders are indicated for easyMarkets, let alone for the easyMarkets Islamic Account option.

What is the easyMarkets minimum deposit amount on an Islamic Account?

The minimum deposit amount on the EasyMarkets Islamic Account is $100.

Despite converting the live trading account, regardless of the type of account, to that of an Islamic Account, Muslim traders are subjected to the set minimum required deposit amount, which is fixed for each trading account and can be viewed as follows:

What other features does easyMarkets’ Islamic Account have?

Since the Islamic Account option offered by easyMarkets cannot be considered a standalone account, traders can access the same accounting features as other traders.

Accounting features that are standard across all accounting types include:

Customer Reviews

🥇 Best Broker!

easyMarkets has been an excellent platform for me. Their wide range of asset classes, competitive spreads, and excellent customer support have made trading a seamless experience. The educational resources have been invaluable, helping me improve my trading skills. I highly recommend easyMarkets to anyone looking for a reliable and user-friendly broker- Ethan van der Merwe.

🥈 Fantastic!

As a beginner, I was initially hesitant about online trading. However, easyMarkets made the process much easier. Their platform is intuitive, and the educational materials are clear and concise. The customer support team is always available to answer my questions. I’m happy with my experience and would recommend EasyMarkets to other new traders, such as Sarah Thompson.

🥉 5 Stars.

easyMarkets has been a consistent performer for me. Their tight spreads and reliable platform have allowed me to execute trades confidently. The variety of asset classes and the ability to customize my trading experience are critical factors in my continued satisfaction. While there’s always room for improvement, I’ve had a positive overall experience with easyMarkets-David Williams.

Pros and Cons

Conclusion

easyMarkets, a Cyprus-based broker that was founded in 2001 and is a Market Maker online Forex broker that is well-regulated by strict and demanding regulatory entities such as the ASIC and CySEC.An Islamic Account, for the greater part as offered by most brokers, is not a standalone account. However, some brokers dedicate one account to being an Islamic or Swap Free account; in most cases, this is an option offered, especially by Forex brokers.

You might also like: EasyMarkets Review

You might also like: EasyMarkets Demo Account – Step-by-Step

You might also like: EasyMarkets Fees and Spreads

You might also like: EasyMarkets Minimum Deposit

You might also like: EasyMarkets Sign-up Bonus

Frequently Asked Questions

How many instruments can I trade with easyMarkets?

You can trade the following instruments:

• Forex
• Commodities
• Cryptocurrency
• Shares
• Indices
• Metals
• Energies
• Options
• CFDs

Which platforms are supported by easyMarkets?

easyMarkets proprietary web and mobile trader, and MetaTrader 4.

Does easyMarkets offer leverage?

Yes. EASYMARKETS offers a maximum leverage of 1:2000.

What spreads can I expect with easyMarkets?

Spreads from as little as 0.9 pips when using the easyMarkets VIP MT4 Account.

Does easyMarkets charge commission?

There are no commission charges on trades.

Are there additional charges on the Islamic account?

Not that can be ascertained from the information provided on the easyMarkets websites. Muslim traders are subject to all other normal trading and non-trading fees, except being exempt from paying overnight fees.

Is easyMarkets regulated?

Yes. easyMarkets is regulated by ASIC and CySEC

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

Yes. easyMarkets caters for both beginners and experts.

What is the overall rating out of 10 for easyMarkets?

9/10

What is the difference between a demo and a live trading account?

A Demo Account is a risk-free account funded by virtual money that allows traders to practice trading, explore the broker’s offering, or test trading strategies in a mimicked live trading environment.

Does easyMarkets offer a demo account?

Yes.

For how long is the demo account valid?

The demo account is unlimited.

Does easyMarkets offer an Islamic Account option?

Yes. The option to convert a live trading account is available to all offered live trading accounts.

Which live trading accounts does easyMarkets offer?

easyMarkets offers the following trading accounts:

• Standard web/app account
• Standard MT4 account
• Premium web/app account
• Premium MT4 account
• VIP web/app account and
• VIP MT4 account

What are the available deposit currencies for a live trading account?

• USD
• GBP
• EUR
• CAD
• AUD, and several more.

What is the minimum deposit for easyMarkets?

$100.

How do I make a deposit and withdrawal with easyMarkets?

• Credit/Debit Cards
• Bank Wire Transfer
• Online Banking
• E-wallets

Does easyMarkets charge withdrawal fees?

No. EasyMarkets covers all fees for withdrawals.

How long does it take to make a withdrawal?

This will depend on the method of withdrawal and the process involved, but it can generally take between one and several business days.