The Freshforex Islamic account offers an Islamic Account to traders of the Muslim faith, which can be opened as a swap-free version of any of the three swap-rated accounts with the same access to all the trading conditions, tools, and features.
Freshforex at a Glance
| 🔎 Broker's Name | FreshForex |
| 📍 Headquartered | Saint Vincent and the Grenadines. |
| 📅 Year Founded | 2004 |
| ⚖️ Regulating Authorities | No reputable license |
| 🌐 Countries not accepted for trade | United States, Spain, the UK, and North Korea |
| ☪️ Islamic account (swap-free) | Yes |
| 👍 Demo Account | Yes |
| 📊 Institutional Accounts | Yes |
| 📊 Managed Accounts | Yes |
| 📈 Maximum Leverage | 1: 2000 |
| 💰 Minimum Deposit | $10 / R170 ZAR |
| 💳 Deposit Options | - Cards: Visa/Mastercard, P2P cards, and others. - Crypto: Bitcoin, Ethereum, Litecoin, Ripple, Bitcoin Cash, Tether TRC20, Zcash, USD Coin, Tether ERC20, and others. - E-wallets: PerfectMoney, AdvCash, WebMoney, and others. - National systems: M-Pesa, EazzyPay, Airtel Money, Tigo Pesa, OnlineNaira, Banks of Malaysia, Banks of Indonesia, Banks of Vietnam, Banks of the Philippines, Banks of Thailand, Banks of Nigeria, and more! - Local depositors — all over the world! |
| 💳 Withdrawal Options | - Cards: Visa/Mastercard, P2P cards, and others. - Crypto: Bitcoin, Ethereum, Litecoin, Ripple, Bitcoin Cash, Tether TRC20, Zcash, USD Coin, Tether ERC20, and others. - E-wallets: PerfectMoney, AdvCash, WebMoney, and others. - National systems: M-Pesa, EazzyPay, Airtel Money, Tigo Pesa, OnlineNaira, Banks of Malaysia, Banks of Indonesia, Banks of Vietnam, Banks of the Philippines, Banks of Thailand, Banks of Nigeria, and more! - Local depositors — all over the world! |
| 💻 Platform Types | MetaTrader 4, MetaTrader 5, |
| 📱 OS Compatibility | Mac, Windows, Linux, Web, Mobile Android, iPhone, iPad |
| 📈 Tradable assets offered | 270+ instruments: Indices (NASDAQ 100, DAX30, S&P500, and more) BTCUSD, ETHUSD, BNBUSD, and 70+ cryptocurrencies Precious metals, oil, and gas (over 15 contracts) 50+ FX instruments 115+ corporate stocks, ETF |
| 👨💼 Languages supported on Website | Russian, Portuguese, Vietnamese, Indonesian, Thai, Kazakh, Ukranian, Uzbek, Azerbaijani, Tajik, Spanish, English, German, Chinese, Arabic, Italian. |
| 👥 Customer Support Languages | Russian, English |
| 📆 Customer Service Hours | 24/5 |
| 🚀 Open an Account | 👉 Open Account |
Min Deposit
USD 10
Regulators
Not Regulated
Trading Platform
MT4, MT5
Crypto
Yes
Total Pairs
50+
Islamic Account
Yes
Trading Fees
Low
Account Activation
24 Hours
Choose your quick section of our Freshforex Islamic Account below.
Freshforex Islamic Account – 12 key points quick overview:
Freshforex at a Glance- Freshforex Islamic Account – 12 key points quick overview:
- Freshforex Overview
- What exactly is a Freshforex Islamic Account?
- Which financial activities are restricted and prohibited by Sharia law?
- What are the steps involved in opening a freshforex Islamic Account?
- What are FreshForex’s spread costs on an Islamic Account?
- What other features does FreshForex’s Islamic Account have?
- Freshforex Customer Reviews
- Freshforex Pros and Cons
- Conclusion
- Frequently Asked Questions
Here is our overview of the Freshforex Islamic Account as well as the pros and cons as well as features that are offered to traders.
Freshforex Overview
FreshForex is a Russian forex broker company that provides traders with access to platforms that allow them to buy and sell foreign currencies. Forex brokers use this broker to gain access to the 24-hour currency market for speculation purposes.
Forex broker services are also provided for institutional clients and large companies such as investment banks.
FreshForex was founded in 2004 and is now headquartered in Kingstown in St. Vincent and the Grenadines. FreshForex is owned by Real Capital, a reputable company that has been active in the financial services world for many years.
FreshForex mainly offers its services to Russian and Asian residents but gained considerable influence on the forex scene in the whole European Union and even the world.
FreshForex claims to have been voted into the top-ten list of the best brokers operating in the Russian Federation twice and was recognized as the best broker in Asia where they were awarded for excellent trading conditions, partner programs, and support services.
FreshForex is reflected to be equally suitable for both beginners and more advanced traders in the business.
In the world of forex broker companies being honored with awards from esteemed organizations or publications, count much for the company’s reputation and FreshForex mentions several awards on its website, including the following:
Opening of the year – IAFT Awards 2012
Best affiliate program – Russian Affiliate Congress & Expo 2012
Top 10 brokers – Interfax 2014
Best Asian broker – Shanghai Forex Expo 2015
Top 10 brokers – Interfax 2015
Best ECN broker – KROUFR 2015
Dynamic Development – IAFT Awards 2015
Best client support – MasterForex-V 2015
Best Trading Experience – Fxdailyinfo 2016
What exactly is a Freshforex Islamic Account?
Islamic accounts, known as swap-free accounts, are compliant with Sharia law because there is no swap or rollover interest on overnight positions, which is against the Muslim faith.
Muslim clients can benefit from these same trading conditions and terms as regular trading account types, with the only difference having no swaps on trading instruments.
A handling charge may however apply.
An Islamic Account may be a standalone account or an account option offered on regular accounts.
Islamic Accounts are often provided by brokers who serve Middle Eastern clients and offer features that are in line with Sharia law, which prohibits the accrual of interest on funds deposited into the account.
Another important feature of an Islamic Account is that transactions must be settled immediately, requiring that currencies be transferred from one account to the other right after the transaction has been completed and therefore paid for in full.
There are two key elements of the Islamic law that relate specifically to trading accounts, namely Riba and Gharar. Riba is a concept that refers to increasing or exceeding growth, which forbids interest credited from loans or deposits.
Gharar is an Arabic word associated with uncertainty, deception, and risk, which in modern finance include futures and options contracts, which have dates of delivery in the future.
Which financial activities are restricted and prohibited by Sharia law?
Due to the restrictions and prohibitions on Muslim traders when considering the intricate details involved with trading activities, the following may be affected or prohibited:
Overnight rollovers, because it involves the receiving of swap points on positions that are held open for longer after the trading day has concluded at the New York close at 17:00 EST, as is prohibited by the Sharia law.
Margin deposits and interest, because it involves the accrual of interest on funds that are deposited into the trading account, which is prohibited.
Loans are prohibited by Sharia law as per the element of Riba. Followers of the Sharia law are prohibited from having funds transferred by either a bank or other financial institution and involving interest.
Trading on margin results in a trader is liable for paying interest, which also amounts to Riba and is prohibited by Sharia law, as money is borrowed from the broker to buy or sell such equities.
Short sales, which affect mostly shares and involve borrowing and subsequent sale of an asset, are prohibited.
Forward sales are affected. The trading of futures contracts involves the buying and selling of contracts at a future date according to a price agreed upon on the day of entering such a contract.
What are the steps involved in opening a Freshforex Islamic Account?
Opening an Islamic Account with Freshforex is a fully digital process that will consist of the following steps:
Step 1 – Open Your Account
- Open and fund a new Freshforex trading account
Step 2 – Fill out the form
FreshForex may also require certain additional documents, apart from proof of identity and residential address, before approving an application for an Islamic account.
Min Deposit
USD 10
Regulators
Not Regulated
Trading Platform
MT4, MT5
Crypto
Yes
Total Pairs
50+
Islamic Account
Yes
Trading Fees
Low
Account Activation
24 Hours
What are FreshForex’s spread costs on an Islamic Account?
To make up for money lost by not charging overnight fees, a broker like FreshForex usually charges extra fees on Islamic accounts – either in administration fees, wider spreads, or additional commissions. A FreshForex Islamic account has a fixed commission of $5 per lot.
New Islamic traders should contact the broker’s customer service team to enquire about any special conditions or extra fees before joining, because it is often overlooked or not clearly indicated on the account features pages.
What other features does FreshForex’s Islamic Account have?
When making use of the FreshForex Islamic account, traders can expect key features like the following:
Interest is not charged on contracts that are held for more than 24 hours.
Accounts are activated with a required minimum deposit.
Some specific restrictions and limits may apply to the Islamic Account.
Freshforex Customer Reviews
I thought it was useful when they…
I thought it was useful when they already provided the advertising materials and all we had to do was upload them on our websites.
They provide fantastic partnership…
They provide fantastic partnership conditions, good compensation from each enticed client, and excellent assistance.
This firm has never treated me…
This firm has never treated me unfairly. The withdrawals went well, the spread never widened, and the customer service was quite helpful during my transaction… So far, I’ve had no issues with this firm.
A fantastic collaboration scheme with…
A fantastic collaboration scheme with numerous advantages. Because there are no targets with this application, you can work whenever and wherever you like.
Freshforex Pros and Cons
| ✔️ Pros | ❌ Cons |
| Bonuses and promotions are offered | Extra commission of $5 per lot charged on Islamic accounts. |
| Copy trading is available | Limited product list |
| MT4 and MT5 trading platforms provided. Mobile app makes trading easily available | Offshore broker Not regulated by reputable authority |
| Islamic Account can be opened | Unclear website |
Conclusion
Freshforex offers an Islamic Account to traders of the Muslim faith, which can be opened as a swap-free version of any of the three swap-rated accounts with the same access to all the trading conditions, tools, and features.
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Frequently Asked Questions
Can traders from South Africa open a FreshForex Islamic account?
Yes, Muslim traders from South Africa can open a Freshforex Islamic account.
Are there additional charges on the Islamic account?
A FreshForex Islamic account has a fixed commission of $5 per lot.
Does spread cost apply to a FreshForex Islamic account?
FreshForex is not a spread betting broker, so spread betting fees will not apply.
What spreads can I expect with the FreshForex Islamic account?
FreshForex Spreads are fixed with the Classic account at 2 pips for the EUR/USD and 3 pips for the GBP/USD. With the Market Pro account spreads are floating, starting at 1.3 pips for the EUR/USD.
Does FreshForex charge commission?
The commission is charged with the ECN account, starting from 0.0030% for forex.
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