Fondex offers an Islamic account 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.
Fondex at a Glance
| 🔎 Broker's Name | Fondex |
| 📍 Headquartered | Limassol, Cyprus |
| 📅 Year Founded | 2017 |
| ⚖️ Regulating Authorities | CySEC |
| 🌐 Countries not accepted for trade | United States, Canada, Korea, Iran, Belgium, Japan |
| ☪️ Islamic account (swap-free) | Yes |
| 👍 Demo Account | Yes |
| 📊 Institutional Accounts | No |
| 📊 Managed Accounts | No |
| 📈 Maximum Leverage | 1:30 |
| 💰 Minimum Deposit | None |
| 💳 Deposit Options | Debit & credit cards Bank transfer PayPal Neteller Skrill |
| 💳 Withdrawal Options | Debit & credit cards Bank transfer PayPal Neteller Skrill |
| 💻 Platform Types | Fondex cTrader |
| 📈 Tradable assets offered | Forex, stocks, commodities, indices, cryptocurrencies, ETFs |
| 📱 OS Compatibility | Windows, Mobile, Web, iPhone, iPad PC and Mac OS, mobile for Android and IOS |
| 👨💼 Languages supported on Website | Multilingual |
| 👥 Customer Support Languages | Multilingual |
| 📆 Customer Service Hours | 24/5 |
| 🚀 Open an Account | 👉 Click Here |
Min Deposit USD 0 Regulators CySEC Trading Platform Fondex cTrader Crypto Yes Total Pairs 80 Islamic Account Yes Trading Fees Low Account Activation 24 Hours
Choose your quick section of our Fondex Islamic Account below.
Fondex Islamic Account – 12 key points quick overview:
Fondex at a Glance- Fondex Islamic Account – 12 key points quick overview:
- Fondex Overview
- What exactly is an Islamic Account?
- Why is interest discouraged or prohibited by Sharia law?
- What are the steps involved in opening a Fondex Islamic Account?
- What are Fondex’s spread costs on an Islamic Account?
- What other features does the Fondex Islamic Account have?
- Fondex Customer Reviews
- Fondex Pros and Cons
- Conclusion
- Frequently Asked Questions
Here is our overview of the Fondex Islamic Account as well as the features that are offered, when opening a Swap Free Certified Muslim Trading Account.
Fondex Overview
Fondex is a Cyprus-based online Forex broker that was first established in 2017. Regulated by the Cyprus Securities and Exchange Commission (CySEC), Fondex offers an excellent trading environment for beginner and standard retail Forex traders.
As such, trading is conducted from one integrated Standard Account with no minimum deposit requirement, from which traders are granted access to the Fondex cTrader platform. This allows or advanced automated trading with a variety of features and tools. From this platform, traders are also able to access the advanced capabilities of Trading Central, which is a global leader in financial market research and investment analytics.
Combining standard technical analysis, chart analysis, and Japanese candlesticks, our Trading Central plugin enables you to make informed decisions in the moments that matter.
Using this platform, traders have access to a remarkable selection of over 1000 instruments which are offered at competitive rates, with tight spreads and low commissions. The account features raw spreads from 0.0 pips and offers active traders’ volume-based discounts on Forex, Energies & Metals.
Beginner traders are awarded excellent educational resources, which include comprehensive and detailed posts and articles on various relevant topics pertaining to Forex trading and trading in general.
Apart from the inbuilt analytics of the cTrader platform and Trading Central, Fondex also provides users with regularly updated market news in order to ensure comprehensive fundamental analysis.
Overall, Fondex is an excellent broker of choice for traders of all varieties and investment goals, ranging from beginner to advanced traders seeking competitive trading conditions coupled a feature-rich environment and excellent customer support.
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 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 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.
What are the steps involved in opening a Fondex Islamic Account?
To request an account with swap-free status, you will have to fill out the swap-free application form and send it to customer support, along with proof of Faith.
What are Fondex’s spread costs on an Islamic Account?
The Islamic account will have the same conditions as the Standard Account pertaining to the spread. As such, spreads start from 0.0 pips while average spreads on the EUR/USD and GBP/USD forex pairs are 0.28 and 0.71 pips, respectively.
What other features does the Fondex Islamic Account have?
Traders on the Islamic Account will have the same trade features as those on the Standard Account, which include the following:
ForexShares
Indices
Precious Metals
Energies
ETFs
Cryptocurrencies
No Minimum Deposit
Market, stop, limit, and stop-limit orders
Market Order on Open
Stop Loss and Take Profit orders
Trailing Stop Loss orders
One Cancels the Other
Time of The Day
Good till Day
Manual, Copy, and Automated Trading
Min Deposit USD 0 Regulators CySEC Trading Platform Fondex cTrader Crypto Yes Total Pairs 80 Islamic Account Yes Trading Fees Low Account Activation 24 Hours
Fondex Customer Reviews
Please take note, the following Customer Reviews are for Fondex.
This broker became better
Fondex recently became better…. they changed the approach to trading fees…. removed commissions…I’m not sure ’bout spreads but looks like they’ve got a bit wider since commissions were removed…that’s understandable though. pleased overall.
One of the best fx brokers for the ctrader.
It is really cool to have a broker which aimed ctrader trading platform as a primary because it is a very difficult task to find a ctrader broker with outstanding offers and a wide choice of assets.
At least I’m intrigued
I can’t say anything extraordinary about the broker because I have been trading with it for a bit more than a week. I haven’t tried to withdraw money but intend to do this soon. My main interest is to learn to use the depth of the market feature of cTrader. It’s not easier to use than indicators but I’m trying to do my best. The broker is nice.
Fondex Pros and Cons
| ✔️ Pros | ❌ Cons |
| Same spread conditions on Islamic account as on Standard Account | Swaps will still be charged on cryptocurrencies with the Islamic Account |
| Islamic account users are charged an administration fee for stocks | |
Conclusion
Fondex offers an Islamic account 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.
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Frequently Asked Questions
Trading environment
How many instruments can I trade with Fondex?
Over 1,000 trading assets are available at Fondex. The platform offers access to dozens of forex pairs, including majors, minors, and exotics.
Traders also have further access to 15 major global indices, and over 900 shares, plus metals, energies, cryptocurrencies, and ETFs.
Which platforms are supported by Fondex?
Fondex cTrader.
Does Fondex offer leverage?
Yes. Fondex leverage levels range from 1:2 up to 1:30. This is low compared to other brokers and limits the size of positions that traders can take.
However, this is to be expected as the broker is regulated by CySEC and will therefore adhere to leverage ratio restrictions as per EEA level restrictions.
What spreads can I expect with Fondex?
Spreads as well as the general pricing structure at Fondex are competitive. Spreads start from 0.0 pips while average spreads on the EUR/USD and GBP/USD forex pairs are 0.28 and 0.71 pips, respectively.
Does Fondex charge a commission?
Yes. Fondex has transparent commissions with $2.5 charged per $100k trading volume on FX, metals, and energies. A $1 charge is levied per side of 100 shares and ETFs, while users get zero commissions on indices and cryptocurrencies.
Are there additional charges on the Islamic account?
Yes. Islamic account users are charged an administration fee for stocks.
Is Fondex regulated?
Yes. Fondex is regulated by the Cypress Securities and Exchange Commission (CySEC).
Is Fondex a recommended forex trading broker for experts and beginners?
Yes. Fondex offers an excellent trading environment for both beginner and expert traders.
What is the overall rating out of 10 for Fondex?
9/10.
Accounts
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.
A demo account can be used for a variety of reasons including practice trading, testing trading strategies, exploring platforms and offers, and more.
Does Fondex offer a demo account?
Yes, Fondex offers a free demo account to all new traders.
For how long is the demo account valid?
The demo account does not appear to expire.
Does Fondex offer the option of an Islamic Account?
Yes. Fondex offers the option of an Islamic account.
What is the procedure for opening a Fondex Islamic account?
Fill out the broker’s swap-free application form and send the form + proof of Faith to customer support.
Which live trading accounts does Fondex offer?
Fondex offers one integrated Standard Account, as well as an Islamic swap-free account.
What are the available deposit currencies for a live trading account?
With regards to deposit currencies, Fondex accepts various currencies such as EUR, USD, GBP, CAD, CHF, RUB, AED, and many more. However, there are certain smaller currencies, such as ZAR/RAND, which are not accepted.
Deposits and withdrawals
What is the minimum deposit for Fondex?
With Fondex, there is no minimum deposit amount required to register for a broker account. This makes the broker accessible to traders of all levels and investment styles, particularly for beginner and smaller retail traders.
How do I make a deposit and withdrawal with Fondex?
Fondex has a broad selection of popular deposit methods, which consist of the following:
- Debit & credit cards
- Bank transfer
- PayPal
- Neteller
- Skrill
Does Fondex charge withdrawal fees?
No, but traders should note that their selected payment processor may charge a handling fee that is beyond the broker’s control.
How long does it take to make a withdrawal?
Withdrawal requests are processed by the Fondex team within 24 hours. The withdrawal completion depends on the payment provider that each client uses to complete the transfer.
PayPal is processed the fastest, offering instant withdrawals, while debit/credit cards, bank transfers, Skrill, and Neteller can all take up to 24 hours.
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