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.
Exness Islamic Account: A Quick Overview of our Review:
Overview
- Exness is well known in South Africa, making sure both new and veteran traders benefit from safe and clear trading conditions.
- Since it is under the FSCA’s oversight, Exness’s FSP number 51024 guarantees that the trading platform meets South African regulations and protects clients in the country.
- Exness is a global multi-asset broker founded in 2008, offering trading in forex, commodities, indices, stocks, and cryptocurrencies.
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.
- 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 primary 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.
| 🔎 Feature |  |
| 🕌 Shariah Compliance | The account adheres to Islamic finance principles by eliminating swap or interest charges on overnight positions, ensuring compliance with Shariah law. |
| 💰 Account Types Available | Islamic options are available for various account types, including Standard, Pro, Raw Spread, and Zero accounts, allowing traders to choose based on their preferences. |
| 📈 Trading Instruments | Traders have access to a wide range of instruments, such as forex, metals, cryptocurrencies, energies, stocks, and indices, facilitating diversified trading strategies. |
| 💳 Deposit & Withdrawal Options | Exness supports multiple payment methods, including bank transfers, credit/debit cards, and e-wallets like Skrill and Neteller, ensuring convenient transactions. |
| 🛠️ Trading Platforms | The Islamic account is compatible with platforms like MetaTrader 4 (MT4), MetaTrader 5 (MT5), and Exness WebTrader, offering flexibility in trading. |
| 🕒 Customer Support | Exness provides 24/7 customer support in multiple languages, including Arabic, to assist traders at any time. |
| 🔒 Security | The broker employs robust security measures to protect traders' funds and personal information, ensuring a safe trading environment. |
| 📱 Mobile Trading | Traders can manage their accounts and trade on-the-go using the Exness mobile app, available for both iOS and Android devices. |
| 📝Sign up | 👉 Open Account |
How to open an Exness Islamic Account step by step
Step 1: Log in to your client’s 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.
Exness At a Glance
| 🔎Broker |  |
| Company Information | |
| 📅Year Founded | 2008 |
| 🧑🏻💻Amount of staff | Over 2,100 |
| 👩💻Amount of active traders | Over 320,000 |
| 🏦Offices | Offices 307 & 308, Third Floor, North Wing, Granger Bay Court, V&A Waterfront, Cape Town. Waterfront Cape Town, 8001. |
| 🌐Publicly Traded (Listed Company) | No |
| Regulation and Security | |
| 🛡️Regulation | FSA, CBCS, FSC, FSC BVI, FSCA, CySEC, FCA, CMA |
| 🌎Country of regulation | Cyprus |
| 💻Account Segregation | Yes |
| 🪫Negative balance protection | Yes |
| 🔋Investor Protection Schemes | Yes |
| Account Types and Features | |
| ➕Accounts | Standard, Raw Spread, Standard Cent, Zero, Pro |
| 💳Institutional Accounts | Yes |
| 👨💼Managed Accounts | Yes |
| 📇Minor account currencies | EUR/USD & USD/JPY |
| 💰Minimum Deposit | $10 / 200 ZAR |
| Trading Conditions | |
| 🕞Average deposit/withdrawal processing time | Instant to 1 business day |
| 💸Withdrawal Speed & Fees | 98% of withdrawals processed instantly, with zero withdrawal or inactivity fees. |
| 🪙Fund Withdrawal Fee | Free, but may vary based on payment method and account type |
| 📊Spreads from | 0.3 pips |
| 💸Commissions | Varies by account type, often commission-free |
| 💱Number of base currencies supported | +40 |
| 🚀Swap Fees | Overnight financing fees apply |
| 📈Leverage | Up to 1:2000 |
| 🔧Execution & Slippage | Very fast execution with minimal slippage (e.g., <1% slippage rate on gold), plus “more speed, less slippage” tech-enabled infrastructure. |
| 📏Margin requirements | 50% |
| ☪️Islamic account (swap-free) | Yes |
| 💻Demo Account | Yes |
| ⌛Order Execution Time | Typically within milliseconds |
| 📆VPS Hosting | Yes |
| Trading Instruments | |
| 🧾CFDs-Total Offered | Over 200 |
| 🗠CFD Stock Indices | Yes |
| ⚖️CFD Commodities | Yes |
| 📜CFD Shares | Yes |
| Deposits and Withdrawals | |
| 💳Deposit Options | Credit/Debit Cards, Bank Transfers, E-Wallets |
| 💵Withdrawal Options | Credit/Debit Cards, Bank Transfers, E-Wallets |
| Trading Platforms and Tools | |
| 💻Trading Platforms | MetaTrader 4 (MT4), MetaTrader 5 (MT5), Exness Trade |
| 👩💻OS Compatibility | Windows, macOS, iOS, Android |
| 🖥️Forex trading tools | Yes |
| Customer Support | |
| 🗣️Live chat availability | Yes, 24/7 |
| 📱Customer Support email address | support@exness.com |
| 📞Customer Support Contact Number | +35725030959 |
| 👾Social media Platforms | Facebook, Twitter, Instagram |
| 🗣️Languages supported on Website | 15 Languages |
| Educational Resources and Support | |
| 🖺Forex course | Yes |
| 🧏♀️Webinars | Yes |
| 📚Educational Resources | Yes |
| Partnerships and Programs | |
| 🪪Affiliate program? | Yes |
| 👨🏫Amount of partners | 64 000 |
| 📋IB Program | Yes |
| 🏃♂️➡️Do they sponsor any notable events or teams? | Yes, sponsorship agreement with LALIGA, the top professional football division in Spain |
| 🪙Rebate program | Yes |
| 📝Sign up | 👉Open Account |
Pros and Cons
| ✅ Pros | ❌ Cons |
| Easy Islamic Account opening process | No US Clients |
| Islamic Account grants all the same features as other accounts | Small amount of tradeable financial instruments |
| No additional charges on the Islamic account | Accounts are not multi-currency |
Exness Customer Reviews
- Exness, as expected, has attracted very positive customer reviews and ratings, reflecting its goal of making the trading experience as reliable and user-friendly as possible.
- A number of traders tout its speedy and seamless withdrawal, narrow spreads, and 24-hour customer service.
- The easiest use is in the mobile application of the platform, which is tremendously commended for its access and functions.
| Aspect | Feedback | Rating (Out of 5) |
| 💸Withdrawal Process | Fast, transparent, and reliable. | ⭐⭐⭐⭐⭐ |
| 📉Spreads and Costs | Competitive and well-suited for various trading strategies. | ⭐⭐⭐⭐ |
| 📞Customer Support | 24/7 availability and multilingual support praised by users. | ⭐⭐⭐⭐⭐ |
| 👍Ease of Use | User-friendly interface, especially on the mobile app. | ⭐⭐⭐⭐⭐ |
| 👥Account Options | Wide range of account types catering to different trading needs. | ⭐⭐⭐⭐ |
| ⚙️Technical Performance | Occasional issues reported by some users. | ⭐⭐⭐ |
| 🌍Global Accessibility | Multilingual support but limited features in specific regions. | ⭐⭐⭐⭐ |
| 🏆Overall Reputation | Trusted broker with a solid track record among traders. | ⭐⭐⭐⭐ |
Customers Ratings
| 🌐 Platform | 📝 Feedback Summary | ⭐ Rating |
 | Generally positive feedback Users appreciate competitive spreads Favorable high leverage options Wide variety of trading instruments available | ⭐⭐⭐⭐⭐ |
 | Some users praise the broker's customer service and trading features. Others report concerns with fund withdrawals and unexpected account closures. | ⭐⭐⭐☆☆ |
 | Reviewers praise Exness for its fast and reliable trading platform. Competitive spreads, and excellent customer support. | ⭐⭐⭐⭐☆ |
 | Users highlight the platform's user-friendly interface. Efficient customer support. | ⭐⭐⭐⭐⭐ |
 | Some users praised their user-friendly platform, competitive spreads, and reliable customer support. Others expressed dissatisfaction with the broker's withdrawal policies, high fees, and limited educational resources. | ⭐⭐⭐☆☆ |
 | Users praise the broker's reliability, competitive spreads, and prompt customer service. | ⭐⭐⭐⭐⭐ |
🏆10 Best Forex Brokers in South Africa
| Rank | Broker | Broker Review | Regulators | Minimum Deposit | Visit Broker |
|---|---|---|---|---|---|
| 🥇 |  | Read Review | ASIC, FSA, CBI, BVI, FSCA, FRSA, CySEC, ISA, JFSA | $100 | Visit Now |
| 🥈 |  | Read Review | FSCA, FCA, DFSA, FSA, CMA | $0 | Visit Now |
| 🥉 |  | Read Review | CySEC, IFSC, DFSA, FCA | $5 | Visit Now |
| 4 |  | Read Review | ASIC, CySEC, FSA, SCB | $0 | Visit Now |
| 5 |  | Read Review | FSA, FSCA | $250 | Visit Now |
| 6 |  | Read Review | FSA, FSC, FSCA, ASIC, CMA | $20 | Visit Now |
| 7 |  | Read Review | FSC, FSCA | $50 | Visit Now |
| 8 |  | Read Review | ASIC, CySEC, FSCA, FSA, FSC, CMA | $100 | Visit Now |
| 9 |  | Read Review | CySEC, MWALI, FSCA | $25 | Visit Now |
| 10 |  | Read Review | FSA, CySEC, FSCA, FSC | $10 | Visit Now |
Can South Africans benefit from an Exness Islamic account?
Yes, South African traders can benefit from the Exness Islamic (swap-free) account, particularly those who want to trade without paying overnight interest. The Islamic account removes swap or rollover fees on eligible instruments, which helps traders hold positions overnight while remaining compliant with Islamic finance principles. For traders in South Africa, this account offers the same trading conditions as regular Exness accounts, including access to platforms like MetaTrader 4 and MetaTrader 5, competitive spreads, and a wide range of instruments such as forex, commodities, and cryptocurrencies.
Conclusion
Exness provides an Islamic account to Muslim traders who follow Sharia law strictly. 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.
You might also like:
Exness Account TypesExness Demo Account – Step by StepExness Fees and SpreadsExness Minimum DepositExness Sign up Bonus
Frequently Asked Questions
Does Exness have the option of an Islamic Account?
Yes, Exness offers Islamic account options on both Standard Swap-free and Extended Swap-free levels. These accounts are designed to comply with Shariah law by eliminating overnight swap fees on selected instruments, making them suitable for Muslim traders.
Are there any additional charges on the Islamic account?
No, Exness does not impose additional charges on its Islamic account. The broker ensures that Muslim traders can trade without interest or hidden fees, keeping the account fully compliant with Islamic financial principles and fair trading conditions.
Which platforms are available on the Exness Islamic account?
Exness Islamic account holders can access both MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms. These platforms offer powerful trading tools, charting capabilities, and automated trading options, making them ideal for both beginner and advanced traders.
Can I trade cryptocurrencies with an Exness Islamic account?
Yes, Exness allows cryptocurrency trading on its Islamic accounts. Traders can access a range of popular crypto assets without incurring swap fees, making it possible to trade digital currencies while remaining compliant with Islamic finance rules.
Is Exness regulated by the FSCA?
Yes, Exness is regulated by the Financial Sector Conduct Authority (FSCA) of South Africa. It is also licensed by other reputable regulators, including CySEC, FCA, CBCS, FSA, and FSC, ensuring a high level of trust and transparency.
Who can apply for an Exness Islamic account?
Muslim traders who follow Shariah law can apply for an Exness Islamic account. The broker provides swap-free trading conditions to ensure compliance with Islamic finance principles, allowing traders to participate in forex and CFD markets without paying or receiving interest.
How can I activate an Exness Islamic account?
To activate an Exness Islamic account, traders need to open a standard trading account and request swap-free status through the Exness personal area or customer support. Once approved, eligible instruments will automatically be traded without overnight swap charges.
What instruments are available on the Exness Islamic account?
Exness Islamic accounts allow trading across various instruments, including major and minor forex pairs, commodities like gold and oil, indices, cryptocurrencies, and selected stocks. Availability may vary depending on the account type and trading platform chosen.
Does the Exness Islamic account support high leverage?
Yes, Exness Islamic accounts provide access to flexible leverage options, similar to standard accounts. Depending on the trader’s equity and regulatory conditions, leverage can be very high, allowing traders to increase their market exposure while maintaining swap-free trading.
Is the Exness Islamic account suitable for beginners?
Yes, the Exness Islamic account can be suitable for beginners who require swap-free trading conditions. Combined with user-friendly platforms, educational resources, and flexible account options, it allows new traders to participate in financial markets while respecting Islamic finance guidelines.
You Might Also Like
Recommended brokers
