Yes, a Forex.ee Islamic account for Muslim faith traders including a swap-free account is offered. 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.
Forex.ee at a glance
| 🔍 Broker | Forex.ee |
| 📍 Headquartered | St. Vincent and the Grenadines, Kingstown |
| 📅 Year Founded | 1998 |
| 🏛 Regulating Authorities | The Ministry of Economic Affairs in Estonia |
| 🌐 Countries not accepted for trade | The United States |
| ☪️️ Islamic Account (Swap Free) | Yes |
| 📒 Demo Account | Yes |
| 📒 Institutional Accounts | Yes |
| 💻 Managed Accounts | No |
| 📊 Maximum Leverage | 1:500 |
| 💳 Minimum Deposit | $50 USD |
| ZAR | R800 ZAR |
| 💳 Deposit/Withdrawal Options | Visa, Mastercard, Bank transfer, Skrill, WebMoney, Neteller, Perfectmoney, Qiwi Wallet, FasaPay, Bitcoin, Bitcoin cash, Litecoin, Ethereum, Union pay |
| 💻 Platform Types | MetaTrader 4 |
| 📲 OS Compatibility | Yes, mobile and PC |
| 📊 Tradable Assets | Forex Currency pairs, CFDs, Cryptocurrencies, Commodities, and Indices |
| 🌐 Languages supported | Russian, German, Spanish, Malaysian, Indonesian, Chinese, Polish, Arabic, and English |
| ☎ Customer Service Hours | 24 hours a day /6 days a week |
Min Deposit
USD 50
Regulators
MEAE
Trading Platform
MT4
Crypto
Yes
Total Pairs
0
Islamic Account
Yes
Trading Fees
Low
Account Activation
24 Hours
Choose your quick section of our Forex.ee Islamic Account below.
Forex.ee Islamic Account Revealed – A Key 11 Point Quick Overview
- ✅Forexee at a glance
- ✅Forex.ee Overview
- ✅What exactly is an Islamic Account?
- Why is interest discouraged or prohibited by Sharia law?
- What are the steps involved in opening a Forex.ee Islamic Account?
- What are Forex.ee’s spread costs on an Islamic Account?
- What other features does Forex.ee’s Islamic Account have?
- Forex.ee Pros and Cons
- Forex.ee Customer Reviews
- Conclusion
- Frequently Asked Questions
Here is our overview of the Forex.ee Islamic Account as well as the pros and cons as well as features that are offered to traders.
Forex.ee Overview
Forex.ee is originally an Estonian Forex broker that is presently headquartered in St Vincent and the Grenadines and regulated offshore. The broker offers access to a wide variety of popular asset classes, including Forex Currency pairs, CFDs, Cryptocurrencies, Commodities, and Indices.
Trading is facilitated on the industry-leading MetaTrader 4 platform, which is the most popular trading platform due to its multiple easy-to-use trading tools. The software was introduced in 2005 and since then has been greatly improved by developers of MetaQuotes Software.
Traders are further offered several useful trading tools by Forex.ee, which include Level2 Plugins, margin and pip value calculators, commission calculators, and regularly updated currency exchange rates. Forex.ee’s standout feature is the access to its ECN trading environment. ECN (Electronic Communications Network) is an order processing system that excludes conflicts of interest between a broker and clients.
Traders can select from various live account options, a comprehensive demo account, and an Islamic account which provides swap-free conditions for traders of the Muslim faith. Furthermore, PAMM accounts are available for money managers for specially adapted trading conditions.
With STP technology (Straight-Through Processing), all orders are transferred directly to the liquidity providers and can be seen on the platform by other traders. Thus, trading with the use of ECN/STP technology is performed in such a way that all orders are placed in the common liquidity pool, which allows selecting orders of the matching instrument, price, and volume for automatic ultra-fast execution.
Forex.ee provides a competitive trading environment with excellent pricing and fast execution. Potential traders should however keep in mind that the broker is still licensed offshore and therefore client deposit security cannot be fully guaranteed.
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:
| ☪️️ Islamic account: | no stand alone account offered |
| Swap 🆓 | |
| Transactions are settled immediately |
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.
| 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 Forex.ee Islamic Account?
To open an Islamic Account with Forex.ee traders will have to contact the broker’s account department to apply directly for a swap-free version of their preferred swap-rated account. Traders will likely be required to provide supporting documents to prove their religious status. Added to this, you can also expect the following procedures as outlined below.
Opening an account with Forex.ee will require the following procedures:
| Forex.ee will ask you for the minimum identification information |
| Forex.ee will record your identification information, the verification methods, and their results |
| Forex.ee will also compare your identification information with government and third party-provided lists of suspected terrorists |
Step 1 – Navigate to the Forex.ee website
Navigate to the open live account section on the Forex.ee website. This can be found at the top of the landing page
Step 2 – Forex.ee account registration page
Here you will find a link to the registration page. Fill out the required details, including your email address, and contact details
Step 3 – Forexe.ee log in details
Save the generated login and password and click Finish. Your account has been successfully registered and you can start trading
Step 4 – Contact the Forexe.ee support team for conversion to a swap-free account.
What are Forex.ee’s spread costs on an Islamic Account?
The spread costs and other trading conditions on the Islamic Account will be the same as that for all other swap-rated accounts. As such, Forex.ee has variable spreads depending on the account type which average at around 0.5 pips. On the STP account commissions are built into the spread.
For other accounts commission starts at 3.5 units of the base currency per 1 lot. All account types have a minimum lot of 0.01.
What other features does Forex.ee’s Islamic Account have?
Forex.ee provides Swap-free accounts for Muslim clients. In Islamic accounts, no SWAP fee will be charged or added when your open positions are rolled over the night or weekend. Otherwise, Islamic accounts’ trading conditions are the same as regular ECN or STP accounts.
| ☪️️ Islamic account: | Strict Sharia law |
| Swap 🆓 | |
| MetaTrader4 platform | |
| Transactions are settled immediately |
Traders will be charged an additional commission for overnight positions on STP and ECN Islamic accounts. The commission equals SWAP. When using MT4 a trader may enable Expert Advisors. This is a program feature designed for analyzing trading processes and providing the trader with necessary data to increase profit.
Traders on the Islamic Account will be granted access to the MetaTrader 4 platform. MT4 has a wide range of technical indicators and graphic objects to set in a chart window. It allows traders to monitor market changes, perform technical analyses and develop trading strategies of their own. Also, MT4 has an option of one-click trading right in the chart window.
EA may be modified according to the requirements of a particular trader using a simple programming language MQL4. Furthermore, traders will also have access to the One Click Level2 plugin tool. This will afford traders the following features:
| ▶ Open and close positions with one mouse click |
| ▶ Create pending orders |
| ▶ Set order volume |
| ▶ Set stop loss and take profit levels |
| ▶ Have access to the market depth (level2) |
Forex.ee Pros and Cons
| ✔️ Pros | ❌ Cons |
| Islamic Account has same spread conditions as other accounts | Additional commission on Islamic Account |
Forex.ee Customer Reviews
Forex.ee has a large selection of commodities
Forex.ee has a large selection of commodities in its asset list. If you’re into commodities trade, this brokerage firm is a great choice! – Anton
Forex.ee offers various rebates
Forex.ee seems to offer a $15 welcome bonus along with extra bonuses for ECN and STP traders. In my opinion, they are good offerings. – Bernice
I enjoy the opportunity given by forex brokers to earn an income for referrals through IB and Affiliate programs, filled in my application waiting to see how profitable it can be – Dow
Min Deposit
USD 50
Regulators
MEAE
Trading Platform
MT4
Crypto
Yes
Total Pairs
0
Islamic Account
Yes
Trading Fees
Low
Account Activation
24 Hours
Conclusion
Forex.ee can be described as a broker which has created a profitable trading environment for clients. Traders are provided with the immensely popular MetaTrader 4 platform through which trades can be executed. Forex.ee has over 10 years of experience in the forex industry however, the broker could benefit from better regulation.
You might also like: Forex.ee Review
You might also like: Forex.ee Account Types Overview
You might also like: Forex.ee Demo Account – Step by Step
You might also like: Forex.ee Fees and Spreads
You might also like: Forex.ee Minimum Deposit
You might also like: Forex.ee Sign up Bonus
Frequently Asked Questions
Are Muslim traders from South Africa allowed to open a trading account with Forex.ee?
Forex.ee offers swap-free accounts to Muslim traders in South Africa
How many instruments can I trade with Forex.ee Islamic account?
Forex.ee offers a good variety of assets and instruments, and covers the following asset classes:
- Forex Currency pairs
- CFDs
- Cryptocurrencies
- Commodities, and
- Indices
Does Forex.ee offer leverage on the Islamic account?
Yes. Forex.ee offers a maximum leverage ratio of 1:500, which is higher than that offered by many other brokers in the industry.
Does spread costs apply to Forex.ee?
Yes, Forex.ee spread costs apply depending on type of account chosen, Forex.ee has variable spreads depending on the account type which average at around 0.5 pips.
Does Forex.ee charge a commission on the Islamic account?
Yes, Forex.ee charges commission on the STP account commissions are built into the spread. For other accounts commission starts at 3.5 units of the base currency per 1 lot. All account types have a minimum lot of 0.01.
Top 4 Brokers
