Yes, EGM Securities 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 a swap. The fee is not an interest and depends on the direction of the order.
EGM Securities at a glance
| 🔍 Brokers Name | EGM Securities |
| 🏛 Headquartered | Nairobi, Kenya |
| 📅 Year Founded | 2016 |
| 📝 Regulating Authorities | The Capital Markets Authority (CMA) |
| 🌍 Countries not accepted for trade | United States |
☪️️ Islamic Account | Yes |
| 📒 Demo Account | Yes |
| 🏛 Institutional Account | Yes |
| 💻 Managed Account | Yes |
| 📊 Maximum Leverage | 1:400 |
| 💰 Minimum Deposit | $15 or currency equivalent |
| 💳 Deposit Options 💳 Withdrawal Options | Bank Transfers, Credit/Debit Cards, Neteller, Skrill, Mobile Payment Solutions |
| 📊 Platform Types | MetaTrader4 |
| 📲 OS Compatibility | Linux, MacOS, Android, iOS Tradable Assets Web browsers, Windows, Desktop, Android, iOS |
| 📊 Tradable Assets | 60 currency pair, Precious metals, Indices, Commodities, CFDs, and more. |
| 🌐 Languages supported on Website | English |
| ☎ Customer service hours | 24 hours a day, 5 days a week. |
| 📌 Open an account | 👉 Click Here |
|---|
Min Deposit USD 15 Regulators CMA Trading Platform MT4, MT5 Crypto Yes Total Pairs 66 Islamic Account Yes Trading Fees Low Account Activation 24 Hours
EGM Securities Islamic Account – A Key 11 Point Quick Overview
- ✅EGM Securities at a glance
- ✅EGM Securities Overview
- ✅What exactly is an EGM Securities Islamic Account?
- ✅Which financial activities are restricted and prohibited by Sharia law?
- ✅What are the steps involved in opening an EGM Securities Islamic Account?
- What are EGM Securities’ spread costs on an Islamic Account?
- What other features does EGM Securities’ Islamic Account have?
- EGM Securities Pros and Cons
- EGM Securities Customer Reviews
- Conclusion
- Frequently Asked Questions
With EGM Securities traders can trade in several financial markets, namely over 60 currency pairs, precious metals, indices, commodities, CFDs, and many more.
EGM Securities Overview
Trade executions are done by using either Straight Through Processing (STP) or Electronic Communications Network (ECN), or in many instances, both. The broker is part of a broader group of brokers licensed in the United Kingdom, Jordan, the UAE, and Australia.
EGM Securities offers trading through the globally known MetaTrader 4 and 5 with a choice of two account types, an Executive and a Premiere account. It also provides a free demo account as well as a Swap-free account. In addition, the broker provides educational and research tools to support first-time traders as well as more experienced traders.
EGM Securities runs a Non-Dealing Desk (NDD) which means it provides direct access to Interbank market exchange rates. This means it provides trade executions using either Straight Through Processing (STP) or Electronic Communications Network (ECN), or both.
What exactly is an EGM Securities Islamic Account?
An Islamic Account is not a standalone account and is offered by most brokers. However, some brokers dedicate one account to being an Islamic or Swap Free account. This is an option offered by most online Forex brokers. Islamic Accounts are usually provided by brokers who aid Middle Eastern clients as well as clients from other jurisdictions. These accounts offer certain features that are in line with Sharia law, which prohibits the accrual of interest on funds deposited into the account.
| Features: | |
| ☪️️ Strict Sharia law | ☑️ Yes |
| Overnight fees charged | ☑️ Yes |
| Account types | Executive account Premiere account |
| Minimum deposit | $15 |
| 📌 Open an account | 👉 Click Here |
|---|
Another feature of an Islamic Swap-free account is that transactions must be settled immediately. This requires 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, these elements are:
| Riba |
| Gharar |
Riba is the prohibition of generating money from money, which in this case specifically refers to 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 limits and certain bans placed on Muslim traders when considering the intricate details involved with trading activities, the following are 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. |
| Short sales: | which affects mostly shares and involves borrowing and subsequent sale of an asset, which is prohibited. |
| 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. |
| 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, which is prohibited by the Sharia law. |
What are the steps involved in opening an EGM Securities Islamic Account?
Traders who want to register for an Islamic Swap-Free account are subjected to EGM Securities’ approval and are only offered to clients of the Muslim faith. Traders need to first go through the process of opening and registering for any of the two live accounts on offer before it can be changed to an Islamic Swap-Free account.
- Step 1 – Navigate to the EGM Securities website
The first step in registering for an EGM Securities account involves traders navigating to the website and clicking on the ‘Open account’ link and you will be redirected to a new window.
- Step 2 – Fill out the EGM Securities contact details form
Here you will be asked to complete the online contact information for a live account. Traders need to provide their First and Last Name, country of residence, telephone number, and email address. Traders will receive an OTP to verify their cellphone number and proceed to the next step.
- Step 3 – Fill out your Personal information
Traders must provide personal details such as their: date of birth, nationality, and home address and confirmation as tax citizens of their respective countries.
- Step 4 – Provide Trading Experience
The last step in EGM Securities account registration process is for traders to provide their employment and financial status, trading experience, account preference, and password.
- Step 5 – After registering for the account, traders need to agree to the Swap-free terms and conditions before the account is changed.
If you want to revert a registered live account to an Islamic Swap-free account, it is subject to certain terms and conditions and prospective clients should contact the broker’s Clients Support team for the correct procedure. Your request will be reviewed, and you will receive a reply within a couple of days.
What are EGM Securities’ spread costs on an Islamic Account?
Unfortunately, this information is only available for traders who have been approved for Islamic Swap-free accounts.
What other features does EGM Securities’ Islamic Account have?
When making use of the EGM Securities’ Islamic account, traders can expect the following key features:
| There are no additional rollover commissions where contracts are held for longer than 24-hours. |
| Direct execution on trades. |
| Interest is charged on contracts that are held for more than 24-hours. There is a consistent zero rollover interest. |
| Traders have access to Expert Advisors, which allow for automated trading. |
Before registering an account, traders should ensure that they contact the Middle Eastern support desk to find out more regarding such restrictions and/or limits. Traders should take note that markets open on Sunday at 11 pm CET and close on Fridays at 11 pm CET. In addition, there may be some restrictions and limits which apply to the Islamic Account.
Min Deposit USD 15 Regulators CMA Trading Platform MT4, MT5 Crypto Yes Total Pairs 66 Islamic Account Yes Trading Fees Low Account Activation 24 Hours
EGM Securities Pros and Cons
| ✔️ PROS | ❌ CONS |
| Commission-free trading offered on the Executive account | Clients from the United States not accepted |
| MetaTrader 4 offered | Fixed spread accounts not offered |
| Regulated through CMA | Only two live account types offered |
EGM Securities Customer Reviews
Great Platform!
EGM Securities MetaTrader4 is by far the best I’ve come across, EGM Securities provides the easiest and most accessible trading platforms – Ed
Affiliate Programs offered
EGM Securities reaches Affiliate Brokers in South Africa – this can be considered a great offering– Channon
No Sign Up Bonus offered.
The EGM Securities website is easy to navigate and user-friendly, I am just sad that there are no bonuses or reward programs on offer. – Natalia
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Conclusion
Overall, EGM Securities is a new broker that offers a choice between several trading instruments on the MT4 platform which is the preferred platform of most traders. Although the broker only offers two live account types it also offers a free demo account and traders of the Muslim faith can open a Swap-free account.
The broker is regulated through CMA, the local regulatory body in Kenya, and funds are kept in segregated accounts. In addition, the broker offers educational and research tools to assist beginner as well as more experienced traders. EGM securities have other positive features like cross-device and cross-platform trading, data-driven decision-making through charting packages, Expert Advisors (EAs), and technical indicators.
Frequently Asked Questions
Are Muslim traders from South Africa allowed to open a trading account with EGM Securities?
The EGM Securities Islamic account option is accessible to Muslim traders in South Africa.
Is it safe to open an Islamic account with EGM Securities?
EGM Securities is regulated by CMA and opening an account with the broker is safe as funds are kept in a segregated account.
Are there any charges for EGM Securities swap-free account?
Swap charges with this broker apply to CFDs and Exotic currency pairs.
What instruments can I trade with the EGM Securities Islamic account?
You can trade the following financial instruments: 60 currency pairs, Precious metals, Commodities, CFDs, Indices, and more with the Islamic account
What platforms does EGM Securities Islamic account support?
MetaTrader 4 and 5 platforms are supported by EGM Securities on the Islamic account option
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