FP Markets Islamic Account offers an Islamic swap and interest-free trading account. Ideal for traders who, due to their religious beliefs, are unable to earn or pay interest. The Islamic forex trading environment is ideal for traders following strict Sharia law with a fixed fee instead of a swap.
Min Deposit
USD 100
Regulators
ASIC, CySEC, FSCA, CMA
Trading Platform
MT4, MT5, Iress Trader, cTrader
Crypto
Yes
Total Pairs
70+
Islamic Account
Yes
Trading Fees
Low
Account Activation
24 Hours
FP Markets Islamic Account – 10 key points quick overview:
- ☑️Overview
- ☑️FP Markets at a Glance
- ☑️What exactly is an FP Markets Islamic Account?
- ☑️Why is interest discouraged or prohibited by Sharia law?
- ☑️How to open an FP Markets Islamic Account step by step
- ☑️What are FP Markets’ spread costs on an Islamic Account?
- ☑️What other features does FP Markets’ Islamic Account have?
- ☑️Customers Review
- ☑️Pros and Cons
- ☑️Frequently Asked Questions
Here is our overview of the FP Markets Islamic Account as well as the features that are offered, for Islamic traders. FP Markets covers bank withdrawal fees.
Overview
FP Markets is a long-established Australian broker with an operational history dating back to 2005. Regulated by both ASIC and CySEC, FP Markets has cemented itself as a veritable industry leader offering a variety of tailored options to suit several trading needs.
Traders can choose between several platform-linked account types with competitive trading conditions that include tight spreads and low commissions, while trading is facilitated on the industry-leading MetaTrader suite, as well as on the highly advanced Iress trader.
The broker offers excellent, multilingual customer support, and a safe and secure trading environment with segregated client accounts and its participation in a client compensation scheme.
Traders can open an account for as little as $100, and trade a range of assets including Forex, cryptocurrencies, share CFDs, Indices, Commodities, and Precious Metals in a supportive and feature-rich trading environment.
FP Markets At a Glance
| Company Information | |
| 📅Year Founded | 2005 |
| 🧑🏻💻Amount of staff | 274 |
| 👩💻Amount of active traders | Over 200,000 |
| 🌐Publicly Traded (Listed Company) | No |
| Regulation and Security | |
| 🛡️Regulation | ASIC, CySEC, FSCA, FSA, FSC, CMA |
| 🌎Country of regulation | Australia, Cyprus |
| 💻Account Segregation | Yes |
| 🪫Negative balance protection | Yes |
| 🔋Investor Protection Schemes | Yes |
| Account Types and Features | |
| ➕Accounts | Standard, Raw ECN, and VIP accounts available |
| 💳Institutional Accounts | Yes, tailored solutions for institutional clients |
| 👨💼Managed Accounts | Yes, offered through third-party managed account services |
| 📇Minor account currencies | USD, EUR, GBP, AUD, JPY, and others |
| 💰Minimum Deposit | $100 / R1806 |
| Trading Conditions | |
| 🕞Average deposit/withdrawal processing time | Deposits are typically processed instantly; withdrawals usually within 1-2 business days |
| 🪙Fund Withdrawal Fee | Generally no fees for withdrawals; may vary based on method |
| 📊Spreads from | Spreads start from 0.0 pips on Raw ECN accounts |
| 💸Commissions | From $3.5 per side per lot on Raw ECN accounts |
| 💱Number of base currencies supported | Over 10 base currencies including USD, EUR, GBP, AUD, JPY, and others |
| 🚀Swap Fees | Swap fees apply; may vary depending on the position and account type |
| 📈Leverage | Up to 1:500 depending on the account type and instrument |
| 📏Margin requirements | typically 0.2% - 1% |
| ☪️Islamic account (swap-free) | Yes |
| 💻Demo Account | Yes |
| ⌛Order Execution Time | Typically 40-50 milliseconds on Raw ECN accounts |
| 📆VPS Hosting | Yes |
| Trading Instruments | |
| 🧾CFDs-Total Offered | Over 1,000 CFDs across various asset classes |
| 🗠CFD Stock Indices | Yes,Major global indices including S&P 500, NASDAQ, FTSE 100, DAX, and more |
| ⚖️CFD Commodities | Yes, Includes commodities such as Gold, Silver, Oil, Natural Gas, and more |
| 📜CFD Shares | Yes, A wide range of global stocks from major markets including US, UK, EU, and Asia |
| Deposits and Withdrawals | |
| 💳Deposit Options | Credit/Debit Cards, Bank Transfers, PayPal, Skrill, Neteller, and other e-wallets |
| 💵Withdrawal Options | Bank Transfers, Credit/Debit Cards, PayPal, Skrill, Neteller, and other e-wallets |
| Trading Platforms and Tools | |
| 💻Trading Platforms | MetaTrader 4 (MT4), MetaTrader 5 (MT5), IRESS, cTrader, WebTrader and TradingView |
| 👩💻OS Compatibility | Windows, Mac (via emulation), Android, iOS |
| 🖥️Forex trading tools | Yes |
| Customer Support | |
| 🗣️Live chat availability | Yes, available 24/7 |
| 📱Customer Support email address | support@fpmarkets.com |
| 📞Customer Support Contact Number | +61 2 8252 6800 (Australia) or +44 20 8068 0760 (UK) |
| 👾Social media Platforms | Facebook, Twitter, Instagram |
| 🗣️Languages supported on Website | English, Chinese, Arabic, and other major languages |
| Educational Resources and Support | |
| 🖺Forex course | Yes |
| 🧏♀️Webinars | Yes |
| 📚Educational Resources | Yes |
| Partnerships and Programs | |
| 🪪Affiliate program? | Yes |
| 👨🏫Amount of partners | Over 100,000 affiliates |
| 📋IB Program | Yes |
| 🏃♂️➡️Do they sponsor any notable events or teams? | Yes |
| 🪙Rebate program | Yes |
| 👉Open Account | Open Account |
What exactly is an FP Markets Islamic Account?
To better understand Islamic forex trading, it is important first to 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 towards the borrower.
How to open an FP Markets Islamic Account step-by-step
Traders can open an Islamic Account with the following steps:
Step 1 – Open a trading account
Open a MetaTrader 4 or MetaTrader 5 (MT4/MT5) trading account.
Step 2 – Request Islamic Account
Email the account number to onboardingsc@fpmarkets.com and request for it to be converted to Islamic
Step 3 – Wait for a confirmation
Wait for a confirmation from our Onboarding team
What are FP Markets’ spread costs on an Islamic Account?
The Islamic Standard Account has spreads that start from 1.0 pips, while the Islamic Raw Account has spreads that start from 0.0 pips and commissions of USD 3 per 100,000.
What other features does FP Markets’ Islamic Account have?
️ Zero interest/swap charges on selected pairs.
️ Similar trading conditions, services, and features as FP Markets trading accounts; the only difference being the elimination of non-Sharia compliant interest charges.
️ Stable, secure, and intuitive leading trading platforms with no re-quotes, nor any hidden charges.
️ Fast execution under 40 milliseconds.
️ Free and unlimited access to MetaTrader 4 and MetaTrader 5 trading platforms including WebTrader, and Android and iOS platforms.
️ Compatible with a variety of trading strategies including Scalping, Swing Trading, and Day trading.
Min Deposit
USD 100
Regulators
ASIC, CySEC, FSCA, CMA
Trading Platform
MT4, MT5, Iress Trader, cTrader
Crypto
Yes
Total Pairs
70+
Islamic Account
Yes
Trading Fees
Low
Account Activation
24 Hours
Customer Reviews
🥇 Amazing Broker!
FP Markets is a fantastic brokerage firm. What distinguishes them is their precision, speed in withdrawing funds, and persistence in assisting clients. Their responsive customer service team gives accurate information and real-time solutions. One of their distinctive aspects is their honest approach, which offers the same way for deposit and withdrawal operations, which sets them apart from other brokers in the field. – Mia Mkhize
🥈 Great Support.
Thanks to Christos, I had a fantastic experience with FP Markets’ live chat service. He not only comprehended my questions but also provided thoughtful and accurate responses. It is reassuring to have such qualified assistance at my disposal. – Grace Dlamini
🥉 Very Happy!
FP Markets responded quickly to my request. My account had been under review for four days, and when I called customer service, Monica helped me get it approved in five minutes. I cannot thank FP Markets enough – their advice has made me a pleased trader. – Joshua Kruger
Pros and Cons
| ✔️ Pros | ❌ Cons |
| Easy Islamic Account opening process | Swap-free status on Islamic Account only available for 5 days of the week |
| No additional fees on Islamic Account | |
| Similar trading conditions on Islamic Account |
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Frequently Asked Questions
Are there additional charges on the Islamic account?
No, there are no additional charges on the FP Markets Islamic account.
What are FP Markets’ spread costs on an Islamic Account?
The Islamic Standard Account spreads start from 1.0 pips, while the Islamic Raw Account spreads start from 0.0 pips.
Are FP Markets regulated?
Yes. FP Markets Pty Ltd is fully regulated by the Australian Securities and Investments Commission (ASIC) operating under Australian Financial Services License (AFSL) number 286354.
The broker is also regulated by the Cyprus Securities and Exchange Commission (CySEC) with license number 371/18.
Is FP Markets a recommended forex trading broker for experts and beginners?
Yes. FP Markets offers an excellent trading environment for both beginner and expert traders.
For how long is the demo account valid?
The demo account is available for 30 days.
Which live trading accounts does FP Markets offer?
You can choose between a Standard or Raw account in the MetaTrader platforms. Alternatively, you can open a Standard, Platinum, or Premier account in the Iress platforms.
What are the available deposit currencies for a live trading account?
FP Markets offers multiple funding currencies for our accounts which include AUD, USD, EUR, GBP, SGD, HKD, NZD, CHF, JPY, and CAD.
What is the minimum deposit for FP Markets?
The minimum deposit amount required to open a broker account with FP Markets is $100 or equivalent. This is a standard minimum deposit amount when compared to most brokers in the industry and should present a low barrier of entry to new traders.
How do I make a deposit and withdrawal with FP Markets?
FP Markets offers over 10 flexible funding options. Available methods include credit and debit cards, bank transfer, BPay, Poli, PayPal, Neteller, Skrill, PayTrust, Ngan Luong, FasaPay, Online Pay, and Broker to Broker.
Does FP Markets charge withdrawal fees?
Yes, the broker does charge withdrawal fees on certain payment methods, which are as follows:
- A$10 for international bank wire
- $18 for Online Pay
- 1,000 VND + 1% for Ngan Luong
- A$25 for international broker-to-broker transfers
- Neteller charges 2%, Skrill 1%, FasaPay 0.5%, PayTrust 1.5% and PayPal 2%
How long does it take to make a withdrawal?
This will depend on the withdrawal method chosen. E-wallet withdrawals are instant, while bank wire transfers can take up to three business days.
Traders should allow for up to ten days to process international bank withdrawals.
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