ETFinance offers an Islamic Account to traders of the Muslim faith, which can be opened as a swap-free version of any of the three swap-rated accounts with the same access to all the trading conditions, tools, and features.
ETFinance at a Glance
| 🔎 Broker's Name | ETFinance |
| 📍 Headquartered | Cypress |
| 📅 Year Founded | 2016 |
| ⚖️ Regulating Authorities | CySEC |
| 🌐 Countries not accepted for trade | United Kingdom, Belgium |
| ☪️ Islamic account (swap-free) | Yes |
| 👍 Demo Account | Yes |
| 📊 Institutional Accounts | No |
| 📊 Managed Accounts | Yes |
| 📈 Maximum Leverage | 1:30 |
| 💰 Minimum Deposit | $250 (R4013,83 USD/ZAR at the time of writing) |
| 💳 Deposit Options | Debit and credit cards, bank wire transfers and Skrill. |
| 💳 Withdrawal Options | Debit and credit cards, bank wire transfers and Skrill. |
| 💻 Platform Types | MetaTrader 4 |
| 📱 OS Compatibility | PC and Mac OS, mobile for Android and IOS |
| 📈 Tradable assets offered | Forex, indices, commodities, metals, energies, and shares |
| 👨💼 Languages supported on Website | Multiple languages |
| 👥 Customer Support Languages | Multiple languages |
| 📆 Customer Service Hours | 24/5 |
| 🚀 Open an Account | 👉 Click Here |
Min Deposit
USD 250
Regulators
CySEC
Trading Platform
MT4
Crypto
Yes
Total Pairs
0
Islamic Account
Yes
Trading Fees
Low
Account Activation
24 Hours
Choose your quick section of our ETFinance Islamic Account below.
ETFinance Islamic Account – 12 key points quick overview:
ETFinance at a Glance- ETFinance Islamic Account – 12 key points quick overview:
- ETFinance Overview
- What exactly is an ETFinance Islamic Account?
- Why is interest discouraged or prohibited by Sharia law?
- What are the steps involved in opening an ETFinance Islamic Account?
- What are ETF Finance’s spread costs on an Islamic Account?
- What other features does ETF Finance’s Islamic Account have?
- ETFinance Customer Reviews
- ETFinance Pros and Cons
- Conclusion
- Frequently Asked Questions
Here is our overview of the ETFinance Islamic Account as well as the pros and cons as well as features that are offered to traders.
ETFinance Overview
ETFinance is a well-established European broker that operates as the brand name for Magnum FX (Cyprus) Ltd, a regulated entity that grants traders access to multiple financial instruments including currencies, cryptocurrencies, stocks, indices, and commodities.
This EU-based broker provides cross-border services to clients from other countries within the European Economic Area, on an accessible and user-friendly platform with a feature-rich interface.
ETF Finances has managed to differentiate itself amongst its other regulated EU competitors for its diversified asset portfolio that includes nearly every instrument available to trade.
This broad range of tradable instruments is complemented by a comprehensive selection of analysis tools offered outside of those built into the trading platform and includes charts, price alerts, asset indexes, and other key information documents.
ETFinance also ensures that traders are provided with prompt and efficient customer service. This is a key factor in the fast-paced world of Forex trading, where failed ticket requests can mean the difference between winning and losing trades.
As such, swift customer service is offered 24/5 to respond quickly to customer requests and tickets and includes a live chat option for immediate assistance as well as a dedicated telephone line.
ETF Finance’s various accounts can be easily funded via bank wire, Visa, and Mastercard, as well as Skrill, and clients of the Muslim faith are offered raw pricing on a special swap-free account.
As such, ETFinance has made special provisions to ensure that Islamic clients are well catered for by ensuring that no charges are imposed, thus making the firm one of the best Islamic Account Forex Brokers in the European trading arenas.
ETFinance also makes special provisions for beginner traders by offering comprehensive educational materials and accessible analytics for seasoned traders.
These varied educational materials are provided in multiple formats that include webinars, articles, video-on-demand, eBooks, and tutorials. This is an invaluable selection for beginner traders, allowing them to truly grow their trading career alongside the broker.
Trading is facilitated on the industry-leading MetaTrader 5 platform, as well as a user-friendly mobile app for remote trading. Available on both desktop and mobile applications, the platform ensures that trading can be maintained from anywhere in the world.
ETFinance is a globally reputable brand that offers a secure trading environment and a strong industry name.
To this end, ETFinance is an official sponsor of the leading Spanish side, Real Madrid’s basketball team, and boasts several partnerships with other reputable firms around the world to ensure the safety of user funds.
As part of its regulatory framework, ETFinance is the brand name for Magnum FX (Cyprus) Ltd, a licensed and regulated broker operating under the supervision of the Cyprus Securities and Exchange Commission (CySEC).
This regulatory status ensures that ETFinance abides by the second Markets in Financial Instrument Directive (MIFID II) which stipulates the latest regulatory standards for ensuring a prominent level of investor protection.
This regulatory framework also contributes to the continued existence and efficiency of the global financial markets.
Added to this, Magnum FX Ltd is a member of the Investor Compensation Fund for Customers of Cyprus Investment Firms, another relationship that ensures that customers get refunds in the event of unavoidable ugly events.
As a final regulatory plus point, ETFinance also complies with General Data Protection Regulation, known as GDPR in the EU. This compliance means that customers are continually entitled to certain information and retain the right to offer complaints to appropriate authorities.
What exactly is an ETFinance Islamic Account?
To better understand Islamic forex trading, it is important to first gain an insight into the guiding principles of Islamic finance.
To this end, Islamic finance differs significantly from conventional finance in that it is guided by a set of ethics rather than by a pure profit motive. As such, two principles guide Islamic finance as below:
The first principle is a risk-sharing philosophy between the lender and borrower. According to Islamic principles, interest is unethical, as it guarantees a reward for the lender, while the borrower must incur all the risk. This, according to Islamic finance, can lead to exploitative practices.
The second principle is that financial activity must promote social and economic well-being. The purpose of finance in Islam is to promote happiness and contentment in this earthly life. Finance is just one part of life and society.
With these guiding principles, the fundamental feature of Islamic finance is to encourage socio-economic justice. It is for this reason that interest (or riba) is prohibited. Excessive risk (or gharar) is also prohibited, as is excessive gambling or speculation.
Why is interest discouraged or prohibited by Sharia law?
Interest is any pre-agreed fee paid over and above the principal amount, whether it is a personal or commercial loan. Charging interest, according to Sharia law, or making money from money, is unlawful. The major reasons for its condemnation include:
Riba promotes negative growth. It may increase money quantitatively, but essentially, there is no primal progression in social wealth.
Riba disgraces the human spirit. It effectively promotes a culture that places undue significance on that which is monetary, while disregarding that which is human.
Riba is essentially seen as the unlawful acquisition of property.
When entrenched, Riba corrupts society.
Riba is, for all intents and purposes, unjust. While it creates money for the lender, it is extremely oppressive to the borrower.
What are the steps involved in opening an ETFinance Islamic Account?
To open an Islamic Account with ETFinance, traders need to first open their preferred swap-rated account. Once registration for this account has been approved, they can then apply to have it converted to an Islamic account.
Traders should not they may be required to supply supporting documents to prove their religious status.
What are ETF Finance’s spread costs on an Islamic Account?
The spread cost on the Islamic Account will be the same as that charged on the standard swap-rated accounts.
Average spreads on major forex pairs are 0.7 pips for the EUR/USD, 1.3 pips for the GBP/USD, and 0.9 pips for the EUR/GBP. Spreads are variable, meaning that they fluctuate with market conditions.
The broker offers a commission-free structure on trading so that the pricing offer is extremely competitive overall.
What other features does ETF Finance’s Islamic Account have?
Traders on the Islamic Account will also have access to the following features:
Raw pricing on Islamic Account
Instant free access to trading platforms
No spread widening
Leverage of up to 1:400 for professional clients
No hidden costs of requotes
Same trading environment, same trading conditions
No upfront commissions
24/5 support from a dedicated account manager
No time limit for holding positions
ETFinance Customer Reviews
I like this broker
I like this broker. Trading conditions are quite decent, and the platform and website are really easy to use. Customer support answers quickly and is really helpful.
I have been trading on this site for…
I have been trading on this site for several months, and quite successfully, a reliable trading platform. They respond quickly and competently to solve any problems that arise. Many thanks!
I am more than satisfied with the site
I am more than satisfied with the site, the platform is very fast, which is a large benefit. Reliable and trustworthy, very useful. I highly recommend trading with this broker. Thank you very much for your quick and efficient methods of trading.
Min Deposit
USD 250
Regulators
CySEC
Trading Platform
MT4
Crypto
Yes
Total Pairs
0
Islamic Account
Yes
Trading Fees
Low
Account Activation
24 Hours
ETFinance Pros and Cons
| ✔️ Pros | ❌ Cons |
| Access to the same trading conditions as on swap-rated accounts | |
| No additional charges on Islamic Account |
Conclusion
ETFinance offers an Islamic Account to traders of the Muslim faith, which can be opened as a swap-free version of any of the three swap-rated accounts with the same access to all the trading conditions, tools, and features.
You might also like: ETFinance Review
You might also like: ETFinance Account Types Overview
You might also like: ETFinance Demo Account – Step by Step
You might also like: ETFinance Fees and Spreads
You might also like: ETFinance Minimum Deposit
You might also like: ETFinance Sign up Bonus
Frequently Asked Questions
Are Muslim traders from South Africa allowed to open a trading account with ETFinance?
Yes, an ETFinance Islamic account for Muslim faith traders including a swap-free account is offered.
Are there additional charges on the ETFinance Islamic account?
ETFinance, on the other hand, imposes no additional charges. This is why thousands choose us as one of the best Islamic Account Forex Brokers.
Is ETFinance Islamic account a standalone account?
ETFinance offers a Raw Pricing trading account for traders of the Islamic faith. Start trading and enjoy features and benefits according to sharia law.
What platform does the ETFinance Islamic account support?
MetaTrader 4 platform available
What is the overall rating out of 10 for ETFinance?
The overall rating is 7/10.
Top 4 Brokers
