Enclave FX offers Islamic swap-free trading on all 8 account levels, namely The Micro, Standard, Silver, Gold, Platinum, Diamond, ECN and ECN Pro account. Enclave FX Islamic accounts follow strict sharia law.
Enclave FX at a glance
| 🔍 Broker's Name | Enclave FX |
| 🏛 Headquartered | London. United Kingdom |
| 📅 Year Founded | 2018 |
| 🏛 Regulating Authorities | Self-regulated |
| 🌐 Countries not accepted for trade | Non indicated on the website |
| ☪️️ Islamic Account (Swap Free) | Yes |
| 📒 Demo Account | Yes |
| 📒 Institutional Accounts | No |
| 💻 Managed Accounts | No |
| 📊 Maximum Leverage | 1:500 |
| 💳 Minimum Deposit | $10 |
| 💳 Deposit Options Withdrawal Options | Bank wire transfer Bitcoin India Cash |
| 💻Platform Types | MetaTrader5 |
| 📲 OS Compatibility | Desktop, Android, and iOS devices |
| 📊 Tradable Assets | Forex CFDs Cryptocurrencies Metals |
| 🌐 Languages supported on Website | English |
| ☎ Customer Support Languages | English |
| ☎ Customer Service Hours | 24 hours a day, 5 days a week |
Overall Rating
4.3/5
Rated #496 of
Recommended FX Brokers
Minimum Deposit
–
Regulators
–
📱 Trading Desk
–
₿ Crypto
Yes
📈 Total Pairs
–
Islamic Account
Yes
Trading Fees
Low
🕒 Account Activation Time
24 Hours
🏛️ Visit Broker
Enclave FX Islamic Account Revealed – A Key 11 Point Quick Overview
- ✅Enclave FX at a glance
- ✅Enclave FX Overview
- ✅What exactly is an Islamic Account?
- Which financial activities are restricted and prohibited by Sharia law?
- What are the steps involved in opening an Enclave FX Islamic Account?
- What is Enclave FX’ spread costs on an Islamic Account?
- What other features does Enclave FX’ Islamic Account have?
- Enclave FX Pros and Cons
- Enclave FX Customer Reviews
- Conclusion
- Frequently Asked Questions
Enclave FX Overview
Enclave FX is a self-regulated forex broker which was established in 2018 and has headquarters in London, United Kingdom. The broker provides solutions in online trading and consists of a team of highly qualified and experienced people dedicated to the field of brokerage service.
Since the founding of the company, it has branched out and today has a vast network of offices in countries like Europe, Africa, the Middle East, and South as well as Central Asia. The main aim of Enclave FX is to ensure that its clients find multiple opportunities in the rising as well as falling markets and to ensure that no one is confined to a single asset class.
With Enclave FX traders can trade in over 100 financial instruments in forex, CFDs, Cryptocurrencies, and Metals. The minimum required deposit amount is low with only $ 10 required on the Micro Account. The maximum leverage on all the account types is 1: 500 and spreads start from as low as 0.0 pips on the ECN and ECN Pro account types.
Enclave FX is a young established broker with a fully functioning website that uses SSL encryption and a two-factor authentication process as a measure of security.
What exactly is an Islamic Account?
An Islamic Account, as offered by most brokers, is not usually a standalone account, although some brokers dedicate one account to being an Islamic or Swap Free account. This is an option which is mostly offered by Forex brokers.
| ☪️️ Islamic account: | no stand alone account offered |
| Swap 🆓 | |
| Transactions are settled immediately |
These kinds of accounts are also provided by brokers who serve Middle Eastern clients as well as clients from other jurisdictions. It offers certain features which are in line with the Sharia law and prohibits the accrual of interest on funds deposited into the account.
Another important feature on an Islamic Account is that transactions must be settled immediately. This requires that currencies should be transferred from one account to the other right after the transaction has been completed and as such be 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 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. |
☪️️ 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. |
☪️️ 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 Enclave FX Islamic Account?
Enclave FX offer Islamic Swap-Free accounts to clients of Islamic faith, and it is subjected to approval. Traders need to register for one of the live account types first on offer by the broker and only then can it be converted into a Swap-free Account.
Not much further is offered regarding the information on the steps involved in opening a swap-free account. Customers interested in opening a Swap-free account should contact customer services for more information. The following steps can be followed to register and set up a live account with Enclave FX:
- Step 1 – Navigate to the Enclave FX website
Log onto the Enclave FX website and select the link ‘Create Account’ which can be found on the top right-hand corner of the homepage.
- Step 2 – Fill out the Enclave FX account registration form
After clicking on the link traders will be redirected to a page where they can sign up for a forex live account. Traders will be required to complete an online digital registration form and provide their First and Last Name, telephone number, email, country of residence, leverage and select a balance for the live account.
At the bottom of the registration form, traders also need to verify the code given on the page before submitting the request to open a live account.
- Step 3 – Receive the confirmation email and start trading
After submitting the registration form, traders will receive a confirmation email at the address that they provided. It will also contain the trader’s live account number, automatically generated password, and server.
What is Enclave FX’ spread costs on an Islamic Account?
It seems that the same spreads and costs will apply on the Islamic Swap-free account as on the live account types that are converted. Interested parties should contact customer services for more information on the Islamic Account features.
What other features does Enclave FX’ Islamic Account have?
On the Islamic Account traders can expect the following key features:
| ▶ There are no additional rollover commissions where contracts are held for longer than 24-hours. |
| ▶ Interest is not charged on contracts that are held for more than 24-hours. There is a consistent zero rollover interest. |
| ▶ Direct execution on trades. |
Enclave FX Pros and Cons
| ✔ PROS | ❌ CONS |
| Any live account can be converted into an Islamic Account | Fixed spread accounts not offered |
| Commission-free trading offered on variable spreads | Lack of educational and research tools |
| Demo account offered | Limited payment methods offered |
| MetaTrader 5 offered | Self-regulated |
Enclave FX Customer Reviews
Best Support
Enclave FX gives the best support service so I will trade easily . thank you Enclavefx . I feel very fortunate to be part of the broker – Sue
i am very happy with EnclaveFx…
i am very happy with EnclaveFx service, it provides good return in PMS.. – Pam
Sign up bonus
I enjoy the perks of sign up bonuses offered by forex brokers, hopefully this can be considered for future offerings – Ed
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Overall Rating
4.3/5
Rated #496 of
Recommended FX Brokers
Minimum Deposit
–
Regulators
–
📱 Trading Desk
–
₿ Crypto
Yes
📈 Total Pairs
–
Islamic Account
Yes
Trading Fees
Low
🕒 Account Activation Time
24 Hours
🏛️ Visit Broker
Conclusion
Overall, Enclave FX is still a new broker that shows potential as a CFD broker. In addition to offering competitive rates and a powerful trading platform, the broker also caters to a variety of traders despite their level of trading experience. Enclave FX is not the best choice as a brokerage firm, since it is self-regulated. Even though its headquarters is in London, it is not registered with the FCA which is the authority that watches over most of the brokers in the UK.
The leverage and spreads offered is high when compared to other newly established brokers although it does offer to trade on the MetaTrader 5 platform. Some traders also prefer web-based software, and it does not seem that Enclave FX offers this option which has isolated it from most traders.
Frequently Asked Questions
Are Muslim traders from South Africa allowed to open a trading account with Enclave FX?
Enclave FX Islamic account is accessible to Muslim traders globally, including traders from South Africa.
Does spread costs apply to Enclave FX Islamic account?
An Enclave FX offers swap free option on all 8 accounts, therefore all spread costs apply.
What platform does the Enclave FX Islamic account support?
The Enclave FX Islamic account supports the MetaTrader5 platform.
Is it safe to open an Islamic account with Enclave FX?
Enclave FX is self regulated, trading is done at traders discretion.
Is the Enclave FX Islamic account a stand alone account?
No, Enclave FX does not offer an Islamic account as a standalone account.
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