Exness Islamic Account

Exness Islamic Account offers swap-free trading on 2 trading account levels. Standard Swap-free and Extended Swap-free. Exness offers Extended Swap-free status by default to all applicable trading accounts created by clients in non-Islamic countries.

Overall Rating

• 4.9/5

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Min Deposit

USD 10

Regulators

CBCS, CySEC, FCA, FSA, FSC, FSCA, CMA

Trading Platform

MT4, MT5, WebTerminal, Exness Terminal

Crypto

Yes

Total Pairs

97

Islamic Account

Yes

Trading Fees

Low

Account Activation

24 Hours

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Exness Islamic Account a Quick Overview of our Review:

Overview

The Exness Group was founded by a group of like-minded professionals in finance and information technology in 2008.

Continuous development, guided primarily by the systematic improvement of trading conditions, is the key to the Exness Group’s long-term success.

To this end, the broker operates a highly customer-centric business, therefore, the constant improvement of its services is a top priority.

Today, the Exness Group is a leading broker amongst traders who demand high-quality services; a fact which is confirmed not only by the experience and opinion of the trading community, but also by the ratings given by major online publications, rating agencies, and financial journals.

Exness offers traders from both Islamic and non-Islamic countries the option of converting any of the following trading accounts into a swap-free account:

• Standard Account
• Standard Cent Account
• Raw Spread Account
• Zero Account
• Pro Account

Exness at a Glance

What exactly is an 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 purely 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 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 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.

How to open an Exness Islamic Account step by step

Step 1: Login to your client’s Personal Area

It appears that swap-free status can be granted automatically by applying in the client’s Personal Area. The broker’s automated system identifies which clients are residents of countries where Islam is the predominant religion and flags their accounts as swap-free.

Step 2: Choose your account

Swap-free status can be applied to the Standard, Pro, Zero, and Raw Spread accounts. Prospective swap-free clients should note that when clients are found to have abused the swap-free status attributed to their accounts, the broker can do the following:

• Cancel the swap-free status on all the client’s trading accounts.
• Once the swap-free status is discontinued, swap charges will be applicable for open orders and orders opened in the future.

What are Exness’s spread costs on an Islamic Account?

The Islamic, or swap-free accounts, will have the same spread conditions as those on the Standard, Pro, Zero, and Raw Spread accounts. These spreads and commissions are as follows:

• The Standard Account has the EUR/USD with a 1.0 pip commission-free spread.
• The Raw Spread Account is a commission-based option, with spreads as low as 0.0 pips and a minimum cost of $3.50 (50 ZAR) per side or $7.00 (101 ZAR) per round lot.
• The Zero Account has spreads close to 0.0 pips, with varying commissions depending on the asset.
• The Pro Account has the best spread offering, which averages at about 0.6 pips.

What other features does Exness’ Islamic Account have?

For traders who reside in Islamic countries, the Exness Islamic Account will have the same features as those provided on the swap-rated versions. Broadly speaking, the traders will be able to choose between the use of the MetaTrader 4 or MetaTrader 5 platforms, as well as a variety of other trading features.

For example, trading tools include VPS hosting, calculators, currency converters, and special independent analysis provided by the broker, outside of the analytical features already built into the MetaTrader suite.

Traders in the non-Islamic accounts can expect two varying levels of swap-free which will be determined by their trading activity. Traders can transition between these levels easily and automatically depending on their activity.

On the Standard swap-free level, the following trading instruments are exempted from swaps:

• XAU/USD
• Indices
• Cryptocurrencies
• Stocks

The extended swap-free level consists of more than 20 forex pairs which include majors, minors, and exotics. It also includes indices, cryptocurrencies, and stocks. Instruments that do not form part of this comprehensive list will be subjected to swaps.

Overall Rating

• 4.9/5

Read Review

OPEN AN ACCOUNT

Min Deposit

USD 10

Regulators

CBCS, CySEC, FCA, FSA, FSC, FSCA, CMA

Trading Platform

MT4, MT5, WebTerminal, Exness Terminal

Crypto

Yes

Total Pairs

97

Islamic Account

Yes

Trading Fees

Low

Account Activation

24 Hours

Get Cashback

Pros and Cons

Customers Reviews

🥇 Excellent Support!

Exness provides one of the best platforms, whether you’re a beginner or a seasoned trader. I once had a problem with a deposit, but their swift support resulted in a quick resolution. Congratulations on their dependable service. – Sarah Fourie

🥈 Spectacular!

My Exness experience has been spectacular. Trading on their platform is simple, and I especially like how you can close several trades with a single click. Deposits and withdrawals are simple, resulting in a pleasant trading experience. – Grace Naidoo

🥉 Very Happy.

While your ASK prices may be slightly higher, I appreciate that you offer leverage to Micro account members. It’s a useful feature. – Noah Smit

Conclusion

Exness provides an Islamic account to Muslim traders who follow strictly Sharia law.

This account type is free of interest, in other words, it complies with Islamic laws.

After every trading day, if a trader has an open position and neither closes it nor puts in a take profit or stop loss order, the trader incurs “swap” charges also known as overnight fees.

Exness Islamic accounts are a very good option for those who would want to engage in trading and observe their religion at the same time.

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Frequently Asked Questions

Does Exness have the option of an Islamic Account?

Yes, our Exness review reveals that the broker does have an Islamic account option on Standard Swap-free and Extended Swap-free levels.

Are there any additional charges on the Islamic account?

No additional charges are raised on the Islamic account with Exness brokers.

Which platforms are available on the Exness Islamic account?

Trading platforms available on the Islamic account are the MetaTrader 4 and MetaTrader 5 trading platforms.

Can I trade cryptocurrencies with an Exness Islamic account?

Yes, cryptocurrency trading is available with an Exness Islamic account

Is Exness regulated by the FSCA?

Yes, Exness is regulated by the FSCA as well as CBCS, CySEC, FCA, FSA, and FSC.