Yes, Equiti 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
Equiti at a glance
| Broker's Name | Equiti |
| 📍 Headquartered | London, UK |
| 📅 Year Founded | 2013 |
| ⚖️ Regulating Authorities | FCA, JSC, DMCC, SCA |
| 🌐 Countries not accepted for trade | United States |
| ☪️ Islamic account (swap-free) | Yes |
| 👍 Demo Account | Yes |
| 📊 Institutional Accounts | Yes |
| 📊 Managed Accounts | Yes |
| 📈 Maximum Leverage | 1: 500 |
| 💰 Minimum Deposit | $ 500 |
| 💳 Deposit Options | Bank Wire Transfer Credit cards Debit cards Neteller Skrill Virtual currencies Local payment Solutions (where applicable) |
| 💳 Withdrawal Options | Bank Wire Transfer Credit cards Debit cards Neteller Skrill Virtual currencies Local payment Solutions (where applicable) |
| 💻 Platform Types | MetaTrader 4, MetaTrader 5 |
| 📈 Tradable assets offered | Forex, Indices, Shares Commodities, Cryptocurrencies |
| 📱 OS Compatibility | PC, Mac, web, Android, iOS |
| 👨💼 Languages supported on Website | English |
| 👥 Customer Support Languages | English |
| 📆 Customer Service Hours | 24/6 |
| 👉 Open a account | Click Here |
An Equiti Islamic Account for Muslim faith traders including a swap-free account is offered. 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.
Min Deposit USD 0 Regulators FCA Trading Platform MT4, MT5 Crypto Yes Total Pairs 60+ Islamic Account Yes Trading Fees Low Account Activation 24 Hours
Choose your quick section of our Equiti Islamic Account below.
Equiti Islamic Account – 10 key points quick overview:
- ✔️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 Equiti Islamic Account?
- What are Equiti’ spread costs on an Islamic Account?
- What other features does Equiti’s Islamic Account have?
- Equiti Customer Reviews
- Conclusion
- Equiti Pros and Cons
- Frequently Asked Questions
Here is our overview of the Equiti Islamic Account as well as the features that are offered, when opening a Swap Free Certified Muslim Trading Account.
Overview
Equiti is an online trading brokerage that is based in the UK with offices in the Middle East, North America, Europe, and the Asia Pacific regions. Equiti is not only a global brand, but it is part of Equity Group Ltd., which the parent company of prime brokerage providers along with brands specifically relating to FX and CFDs.
Equity has a No Dealing Desk Execution (NDD) model and offers trading in over 300 financial instruments, such as forex, indices, shares, commodities, and cryptocurrencies. The broker offers a trading experience that is easy, safe, and productive. Equity also makes use of ECN execution technology.
Equiti is regulated and authorized by the Financial Conduct Authority (FCA) in the UK, the Financial Services Authority in Seychelles, the Jordan Securities Commission (JSC), and the UAE’s Security and Commodities Authority. Customers from the United States are not accepted as clients.
What exactly is an 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 offers 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, and
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 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.
Margin deposits and interest – which involves the accrual of interest on funds that are deposited into the trading account, 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.
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.
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.
What are the steps involved in opening an Equiti Islamic Account?
Step 1- Open a Live account
Create your own live account by going to the official Equiti Group website and filling in all the required details.
Step 2- Agree to the conditions
Agree to the Swap-free terms and conditions
Step 3- Contact customer support
To convert your live account to an Islamic account the trader must contact the customer support team.
What are Equiti’ spread costs on an Islamic Account?
This information is only available for traders who have approved Islamic accounts. However, since the trader must register for a regular account first it seems only logical that the same spreads will apply to the Islamic account.
What other features does Equiti’s Islamic Account have?
When making use of Equiti’s Islamic account, traders can expect the following key features:
Interest is not charged on contracts which 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.
Traders have access to Expert Advisors, which allow for automated trading.
Direct execution on trades.
Swap-free accounts are exempted from swaps on currency majors, minors, and precious metals; however, swap charges will apply on Exotic currency pairs and CFDs.
Traders should take note that markets open on Sunday at 11 pm CET and close on Fridays at 23:00 CET. In addition, there may be some restrictions and limits which apply to the Islamic Account. Before registering an account, traders should ensure that they contact the customer support team desk to find out more regarding such restrictions and/or limits.
Min Deposit USD 0 Regulators FCA Trading Platform MT4, MT5 Crypto Yes Total Pairs 60+ Islamic Account Yes Trading Fees Low Account Activation 24 Hours
Equiti Customer Reviews
I think it’s a good broker
I think it’s a good broker. I first tried the Demo account and liked it. Then I opened a real account. The deposits and withdrawals were fast processed. The site is convenient and the platform is working well.
Great support
Great support, reliable
The Best Platform
Equiti It is the best platform among the platforms that I have dealt with. I highly recommend it.
Conclusion
Equiti caters not only for professional traders, but also for beginner traders. It has trading conditions which are not only very attractive but suited for all kinds of traders depending on their skills, knowledge and experience.
Equiti Pros and Cons
| ✔️ Pros | ❌ Cons |
| Fixed spreads offered | Clients from United States are not accepted |
| MetaTrader4 offered | Commissions charged are fairly high |
| Segregated client funds used | Narrow range of tradable assets |
| Strictly regulated | Only two live account types offered |
| Relative high minimum deposit required |
You might also like: Equiti Review
You might also like: Equiti Account Types Overview
You might also like: Equiti Demo Account – Step by Step
You might also like: Equiti Fees and Spreads
You might also like: Equiti Minimum Deposit
You might also like: Equiti Sign up Bonus
Frequently Asked Questions
Trading environment
How many instruments can I trade with Equiti?
You can trade in over 300 financial instruments in:
- Forex
- Indices
- Commodities
- Shares
- Cryptocurrencies
Which platforms are supported by Equiti?
MetaTrader 4.
Does Equiti offer leverage?
Yes. Leverage of up to 1: 500.
What spreads can I expect with Equiti?
You can expect variable spreads which start from 0.2 pips on EUR/USD.
Does Equiti charge a commission?
Yes. Equiti charges commission on trades on the Premiere accounts. Commission rates are charged at $70 per $1 million for forex pairs and $7 per standard lot on precious metals. All other instruments are commission-free.
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 Equiti’s website.
Is Equiti regulated?
Yes. Equiti is regulated through various regulatory bodies such as the JSC, FCA, DMCC, and SCA.
Is Equiti a recommended forex trading broker for experts and beginners?
Yes. Equiti offers a trading environment for both beginners and expert traders.
What is the overall rating out of 10 for Equiti?
6/10.
Accounts
What is the difference between a demo and a live trading account?
A demo account offers the use of virtual funds instead of actual capital. This allows for risk-free trading as well as exploring of both the broker’s offer and the trading platform.
A demo account can be used for a variety of reasons including practice trading, testing trading strategies, exploring platforms and offers, and more.
Does Equiti offer a demo account?
Yes. The broker does offer a demo account that has the same features as the live account.
For how long is the demo account valid?
The demo account is valid for 90-days.
Does Equiti offer the option of an Islamic Account?
Yes. Equiti offers the option of an Islamic Account for traders of the Muslim faith.
Can you change an existing Equiti live account to an Islamic swap free account?
Yes you can. Contact customer support to assist you with the change.
Which live trading accounts does Equiti offer?
Equiti offers only an Executive and a Premiere live account type as well as an Islamic Account for Muslim Traders on any of the two live account types.
What are the available deposit currencies for a live trading account?
- EUR
- USD
- SGD
- AED
Deposits and withdrawals
What is the minimum deposit for Equiti?
$ 500.
How do I make a deposit and withdrawal with Equiti?
- Bank Wire
- Credit cards
- Debit cards
- Neteller
- Skrill
- Virtual currencies
- Local Payment Solutions (where applicable)
Does Equiti charge withdrawal fees?
Yes. Equiti does charge withdrawal fees of 10 GBP/EUR and 30 USD on bank wires, and 1% to USD 30 for Neteller and Skrill. Trader should also note that that fees from financial institutions may apply.
How long does it take to make a withdrawal?
This will depend on the payment method used. Transfers through credit/debit card and digital wallets is processed within 24 hours. Bank wire transfers takes between 3 to 5 days, and local currency 1 to 5 days.
