No, a FinoTrade Islamic account is no longer 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 swap. The fee is not an interest and depends on the direction of the order.
FinoTrade at a glance
| 🔍 Broker's Name | Finotrade |
| 🏛 Headquartered | London, UK |
| 📅 Year Founded | 2007 |
| 🏛 Regulating Authorities | The Financial Conduct Authority (FCA) |
| 🌐 Countries not accepted for trade | None listed |
| ☪️️ Islamic Account (Swap Free) | Yes |
| 📒 Demo Account | Yes |
| 📒 Institutional Accounts | Yes |
| 💻 Managed Accounts | Yes |
| 📊 Leverage | 1:30 |
| 💰 Minimum Deposit | $1000 |
| ZAR | R16 000 ZAR |
| 💳 Withdrawal Options | Safe Charge, Union Pay, Wire transfers |
| 💻 Platform Types | MetaTrader 4 |
| 📲 OS Compatibility | PC and Mac OS, mobile for Android and IOS |
| 📊 Tradable Assets | Forex, indices, and commodities |
| 🌐 Languages supported | English, Spanish, Italian, French |
| ☎ Customer Service Hours | 24/5 |
Min Deposit
USD 1,000
Regulators
FCA
Trading Platform
MT4
Crypto
No
Total Pairs
0
Islamic Account
Yes
Trading Fees
Low
Account Activation
24 Hours
Choose your quick section of our FinoTrade Islamic Account below.
FinoTrade Islamic Account Revealed – A Key 10 Point Quick Overview
- ✅FinoTrade at a glance
- ✅FinoTrade Overview
- ✅What exactly is an FinoTrade Islamic Account?
- Why is interest discouraged or prohibited by Sharia law?
- What are the steps involved in opening a FinoTrade Account?
- What is FinoTrade’s spread costs on an Islamic Account?
- FinoTrade Pros and Cons
- FinoTrade Customer Reviews
- Conclusion
- Frequently Asked Questions
Here is our overview of the FinoTrade Islamic Account as well as the pros and cons as well as features that are offered to traders.
FinoTrade Overview
FinoTrade is an FCA-regulated UK broker headquartered in London that was established in 2007 to provide brokerage services to retail and institutional clients and trades under Finotec Limited. FinoTrade provides traders with access to three popular asset classes, namely Forex, indices, and commodities, which can be traded on the popular MetaTrader 4 platform.
Unfortunately, FinoTrade does not publish its spread list or commission structure, so there is no information available regarding at what price these instruments can be traded. FinoTrade offers a good range of account options, but they come with an extremely high minimum deposit. Many beginner retail traders may find this too high as an initial investment.
It is greatly encouraged that beginner and advanced prospective traders alike first open a demo account with FinoTrade to better assess the broker’s trading conditions before signing up for a live trading account.
What exactly is a FinoTrade Islamic Account?
| ☪️️ Islamic account: | no stand alone account offered |
| Swap 🆓 | |
| Transactions are settled immediately |
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 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 wellbeing. 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. There are two key elements of the Islamic law that relate specifically to trading accounts, these elements are:
| Riba |
| Gharar |
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. |
| disgraces the human spirit. It effectively promotes a culture that places undue significance on that which is monetary, while disregarding that which is human. | |
| is essentially seen as the unlawful acquisition of property. | |
| When entrenched, Riba corrupts society. | |
| for all intents and purposes, unjust. While it creates money for the lender, it is extremely oppressive towards the borrower. |
What are the steps involved in opening a FinoTrade Account?
FinoTrade customers will be required to first open the swap-rated account of their choosing. As such, clients can choose between the Finotec Individual and Corporate account and enquire if the Islamic account is still on offer.
Because FinoTrade is a subsidiary of Finotec, the following steps can be taken to open an account with the brokers:
🟢 Step 1 – Navigate to Finotec’s website and select “open an account”
Navigate to the open account area on the Finotec website. This can be accessed by clicking on the open account button at the bottom of the landing page
🟢 Step 2 – Fill out the Application Form
The second step in the account registration process requires traders to provide their email address
🟢 Step 3 – Select and fill in a secure password for trading
🟢 Step 4 – Choose account type
Traders must select the account or service of choice between an Individual or Corporate trading account , managed account, an IB Program or asset manager option.
🟢 Step 5 – Fill in the assessment based on personal information
Traders will be directed to the next step where they must provide: the country of residence, taxes as well as a traders nationality.
🟢 Step 6 – Fill out the amount of FX/CFD leveraged instruments traded in the last quarter
🟢 Step 7 – Provide the size of your liquid Net Worth
🟢 Step 8 – Select the account leverage option
🟢 Step 9 – Application notification
The last step in the account registration process will provide traders with the application outcome of approval or failure
What is FinoTrade’s spread costs on an Islamic Account?
The Islamic Account will have the same spread as that of the swap-rated account, as well as all the other conditions. That said, the broker does not publish its spread list or commission structure, so that clients will have to contact the FinoTrade customer support team for a detailed breakdown of the costs.
FinoTrade Pros and Cons
| ✔️ Pros | ❌ Cons |
| High deposit security | Fee structure not published by broker |
FinoTrade Customer Reviews
Good customer support
Finotrade gives the best support service so I will trade easily . thank you FinoTrade . I feel very fortunate to be part of this unique broker – Ben
No specified account offerings…
Great website with service offerings, more detail is required for live/trading options.. – pamela
Affiliate and IB program on website
I enjoy the opportunities to earn an income through IB and White label programs offered by forex brokers – Dan
Min Deposit
USD 1,000
Regulators
FCA
Trading Platform
MT4
Crypto
No
Total Pairs
0
Islamic Account
Yes
Trading Fees
Low
Account Activation
24 Hours
Conclusion
Overall, Finotrade would be a good choice for high-volume traders and investors of a bigger size. The broker makes is clear about its strive for lower costs and tailored solutions with the opportunity to choose either fixed, variable or war spread with commission charges. It is a reliable company due to its FCA license and the customized solutions they do offer. Finotrade is a UK forex brokerage that offers access to the forex and CFD market through the MetaTrader4 platform.
The broker is part of the Finotec Group and operates TopWellCG, DragonGain (a brand of Finotec Trading UK Limited, which targets mainly Japanese investors), CSI-FX, Sky Clearing, Ballistic Markets, 121 Clearing, and Noa Prime. The main advantage of Finotrade over many of its competitors, is the fact that it holds a license from UK’s FCA.
FCA applies several requirements to licensed entities, which guarantees the security of their client’s funds.
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Frequently Asked Questions
Are Muslim traders from South Africa allowed to open a trading account with FinoTrade?
FinoTrade’s website was no longer in existence at the time of writing, South African Muslim traders can query the availability from its support team and parent company Finotec.
Are there additional charges on the FinoTrade Islamic account?
No additional charges on Finotrade Islamic account
How many instruments can I trade with FinoTrade Islamic account?
Finotrade provides traders with access to 34 major, minor, and exotic currency pairs, including EUR/GBP and USD/TRY, 11 CFD indices such as NASDAQ and FTSE 100, plus popular commodities including gold and oil.
Though a broad selection of currency pairs, the broker is limited in its offering of overall asset classes.traders should enquire on the availability of the Islamic account through FinoTrade.
What spreads costs apply to FinoTrade Islamic account?
The spread list from FinoTrade is not published on the broker’s website, nor is there any indication of the type of expected commissions, or whether commission-free trading is even available.
As such, this is concerning from a regulated broker, particularly considering the high minimum deposit of $1000.
Does FinoTrade charge commission on the Islamic account?
FinoTrade does not indicate whether commission is charged.
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