Yes, Equiti 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. The fee is not an interest and depends on the direction of the order
Equiti Islamic Account – Key Point Quick Overview
- ☑️Who is Equiti?
- ☑️Which financial activities are restricted and prohibited by Sharia law?
- ☑️What are the steps involved in opening an Equiti Islamic Account?
- ☑️What are Equiti’s spread costs on an Islamic Account?
- ☑️What other features does Equiti’s Islamic Account have?
- ☑️Equiti at a Glance
- ☑️Equiti Customer Reviews
- ☑️Pros and Cons
- ☑️Conclusion
- ☑️Frequently Asked Questions
Who is Equiti?
- According to research in South Africa, Equiti is not only a global brand but also part of Equity Group Ltd., which is the parent company of prime brokerage providers, along with brands that are specifically pertinent to FX and CFDs.
- 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 has a No Dealing Desk Execution (NDD) model and offers trading in a variety of financial instruments along with a trading experience that is easy, safe, and productive.
Islamic Account
- The purpose of an Islamic Account is that it caters specifically to Muslim traders who follow Sharia law.
- The law prevents its followers from paying any type of interest, such as overnight fees, which is seen as wasteful or exploitive.
- Overnight fees are charged should traders hold positions open for longer after the trading day has concluded, and this type of account allows exemption from such fees or interest should they hold positions open for longer.
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:
- 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- are prohibited by Sharia law.
- Margin deposits and interest involve 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 affect mostly shares and involve borrowing and the subsequent sale of an asset, are prohibited.
- Forward sales, which affect forward contracts as well as the trading of futures contracts, involve 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 - Visit the Equiti website
- Go to the official Equiti Group website.
Step 2 - Click on "Open Live Account"
- Click on the "Open Live Account" tab on the home page of the website to start the process
Step 3 - Choose your preferred nature of account
- Choose between an individual account and a corporate account.
Step 4 - Add your personal information
- Insert all your personally requested information in the provided spaces.
Step 5 - Trading Experience
- Answer all the questions below about your trading experience.
Step 6 - Verify your identity
- Verify your identity by providing your passport or identity card.
Step 7 - Your account is ready
- Once your documents have been verified, you are now ready to start trading
Step 8 - Agree to the conditions
- Agree to the Swap-free terms and conditions
Step 9 - Contact customer support
- To convert your live account to an Islamic account, the trader must contact the customer support team.
What are Equiti’s 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 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.
- Traders have access to Expert Advisors, which allow for automated trading.
- Direct execution on trades.
- Swap-free accounts are exempt 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 that apply to the Islamic Account. Before registering an account, traders should ensure that they contact the customer support team to find out more regarding such restrictions and/or limits.
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Equiti at a Glance
| Broker's Name |  |
| 📍 Headquartered | London, UK |
| 📅 Year Founded | 2013 |
| ⚖️ Regulating Authorities | FCA |
| 🌐 Countries not accepted for trade | United States |
| ☪️ Islamic account (swap-free) | Yes |
| 👍 Demo Account | Yes |
| 📊 Institutional Accounts | Yes |
| 📊 Managed Accounts | Yes |
| 📈 Maximum Leverage | up to 1:2000 |
| 💰 Minimum Deposit | $ 0 / 0 ZAR |
| 💳 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 |
| 📝Sign up | 👉 Open Account |
Equiti Customer Reviews
- Customers have had different reviews of Equiti on various sites.
- Its rapid implementation, dependable MetaTrader platforms, and variety of instruments that can be traded make it the object of admiration of many traders.
- Responsive customer support and the fast withdrawals, in particular, through e-wallets such as Skrill, are one of the main positive aspects that are mentioned.
| 🔍Aspect | 🔖Details |
| 🌟Overall Rating | 3.3 / 5 – Based on mixed feedback from platforms like Trustpilot and forums |
| 👏Customer Satisfaction | Moderate Many praise fast withdrawals and support, but others cite issues with account closures or delays |
| 📞Customer Service | Generally responsive in some regions some complaints about unresponsiveness elsewhere |
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 |
Conclusion
Equiti caters not only to professional traders but also to beginner traders. It has trading conditions that are not only very attractive but also suited for all kinds of traders, depending on their skills, knowledge, and experience.
You might also like:
Equiti ReviewEquiti Account TypesEquiti Demo Account – Step by StepEquiti Fees and SpreadsEquiti Sign up Bonus
Frequently Asked Questions
How many instruments can I trade with Equiti?
You can trade in over 300 financial instruments in:
- Forex
- Indices
- Commodities
- Shares
- Cryptocurrencies
Does Equiti charge a commission?
Yes. Equiti charges commission on trades on the Premier accounts. Commission rates are charged at $70 per $1 million for forex pairs and $7 per standard lot on precious metals.
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 beginner and expert traders.
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 both the broker’s offer and the trading platform.
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 Premier live account type, as well as an Islamic Account for Muslim Traders on any of the two live account types.
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. Traders should also note 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 cards and digital wallets are processed within 24 hours. Bank wire transfers take between 3 to 5 days, and local currency takes 1 to 5 days.
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