Fullerton Markets offers Islamic Swap-free trading on its trading account. Fullerton Markets incurs no swaps or interest charges on overnight positions. Swap-Free status is primarily activated upon request by the trader. This account selection is ideal for traders with Islamic Muslin Faith.
| 🔎 Account | 🥇 Standard Swap-Free Account |
| 💰 CFD Instruments | Currency pairs, metals, indices, oil |
| 📈 Spreads | Floating, ECN-spread, fixed |
| 💵 Minimum Deposit (USD/ZAR) | $100 USD / R1600 ZAR |
| 🚀 Open an Account | 👉 Click Here |
Min Deposit
USD 100
Regulators
Not Regulated
Trading Platform
MT4
Crypto
No
Total Pairs
0
Islamic Account
Yes
Trading Fees
Low
Account Activation
24 Hours
Fullerton Markets Islamic Account – 9 key points quick overview:
Fullerton Markets Overview- What exactly is an Islamic Account?
- Which financial activities are restricted and prohibited by Sharia law?
- What are the steps involved in opening a Fullerton Markets Islamic Account?
- What other features does Fullerton Markets’ Islamic Account have?
- Fullerton Markets at a Glance
- Fullerton Markets Pro and cons
- Fullerton Markets Conclusion
- Frequently Asked Questions
Fullerton Markets Overview
Fullerton Markets was established in 2015 in New Zealand and is a forex broker listed on NASDAQ due to its partnership with tier-one banks and Equinix.
The broker trades under the Fullerton Market brand and was originally regulated by The Financial Markets Authority (FMA) in New Zealand. The present CEO, Mario Singh launched the company as a straight-through processing (STP) broker.
Three years later, all business of Fullerton Markets Ltd (FML) operating from New Zealand was transferred to a newly founded offshore company, Fullerton Markets International Limited (FMIL).
It was then registered in Kingston, Saint Vincent, and the Grenadines and is now self-regulated. Although the broker is self-regulated it gives the assurance that all client funds are kept in segregated accounts and that it is also protected through Fullerton Custodian, Professional Indemnity, and Crime Insurance.
Fullerton Markets offers only one live account type to trade with on the globally known and popular Meta Trader 4 and MetaTrader 5. It also provides an in-house mobile platform, PipProfit! which provides regular market news, event information, and trading data. Although it is seen as a platform it cannot be used for trading.
Trading with Fullerton Markets is only offered currency pairs and CFDs on indices and crude oil. Users also have access to educational resources which include market analysis and economic insights.
Customers from Iran, Cuba, Sudan, Syria, and North Korea are not accepted as clients at Fullerton Markets.
What exactly is an Islamic Account?
As offered by most forex brokers, an Islamic Account is not a standalone account. Some brokers do dedicate one account to being an Islamic or Swap Free account.
These types of accounts are usually offered by brokers who serve the Middle East together with clients from other jurisdictions. It offers specific features on this account which is in line with Sharia law. This law specifically prohibits the accrual of interest on funds deposited into the account.
Transactions of the Islamic Account must also be settled immediately which requires that currencies be transferred from one account to another directly after the transaction has been concluded and paid for in full.
There are two key elements of Islamic law that relate specifically to trading accounts, these elements are, Riba, and Gharar.
Riba is the prohibition of generating money from money, which in this case specifically refers to an interest, which is not allowed according to Sharia law. This type of interest is seen as both unjust and exploitive gains pertaining to trade or business.
Which financial activities are restricted and prohibited by Sharia law?
| 💠Financial Activities restricted & prohibited by Sharia law | 📈Fullerton Markets |
| Overnight rollovers | incurrence or receiving of swap points on positions that are held open for longer after the trading day has concluded at the New York close at 5 PM EST |
| Margin deposits and interest | the accrual of interest on funds that are deposited into the trading account |
| Loans | when followers of the Sharia law have funds transferred by either a bank or other financial institution and it involves interest terms |
| Trading on margin | stocks that are traded on margin result in the trader being liable for paying interest |
| Short sales | affects mostly shares and involves borrowing and subsequent sale of an asset |
| Forward sales | affects forward contracts as well as the trading of futures contracts which 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 Fullerton Markets Islamic Account?
1. Step 1 – Register an account
Before opening an Islamic Account with Fullerton Markets clients much provide proof that they are indeed followers of the Muslim faith. They need to receive approval from the broker first. A request can be submitted through the Fullerton Suite, which is located at the top left-hand corner of the Fullerton site. Your request will be reviewed, and you will receive a reply within 1 to 2 business days.
What other features does Fullerton Markets’ Islamic Account have?
| 🔎 Fullerton Markets Islamic Account Features | |
| Direct execution on trades. | There are no additional rollover commissions where contracts are held for longer than 24-hours. |
| Interest is not charged on contracts that are held for more than 24-hours | there is a consistent zero rollover interest. |
| Traders have access to Expert Advisors, which allow for automated trading. | |
Fullerton Markets at a Glance
| Broker's Name | Fullerton Markets |
| 🏛️ Headquartered | Kingstown, St Vincent and the Grenadines |
| 👋 Regulating Authorities | Not regulated |
| 🏦 Accounts | Standard Live Account |
| 📅 Year Founded | 2015 |
| 🌐 Countries not accepted for trade | Iran, Cuba, Sudan, Syria and North Korea. |
| ☪️ Islamic account (swap-free) | Yes |
| 💹 Sign up Bonus | No |
| 👍 Demo Account | Yes |
| 📊 Institutional Accounts | Yes |
| 📊 Managed Accounts | Yes |
| 📈 Maximum Leverage | 1:500 |
| 💰 Minimum Deposit | $100 USD / R1600 ZAR |
| 💳 Deposit Options | Mastercard, Visa, Sticpay, Neteller, Skrill, FasaPay, Local transfers (for Malaysia, Vietnam, Thailand, Indonesia, Philippines, China, Singapore) |
| 💳 Withdrawal Options | Mastercard, Visa, Sticpay, Neteller, Skrill, FasaPay, Local transfers (for Malaysia, Vietnam, Thailand, Indonesia, Philippines, China, Singapore) |
| 💻 Platform Types | MetaTrader 4 |
| 📱 OS Compatibility | Web, desktop, Smartphones, iPad, tablet |
| 📈 Tradable assets offered | Forex, metals, indices, and crude oil |
| 👨💼 Languages supported on Website | English, Indonesian, Malay, Vietnamese, Thai, and Chinese. |
| 👥 Customer Support Languages | Not indicated |
| 📆 Customer Service Language | English, Indonesian, Malay, Vietnamese, Thai, and Chinese. |
| 📆 Customer Service Hours | 24/5 |
| 🔎 Open an Account | 👉 Click Here |
Fullerton Markets Pro and cons
| ✔️Pros | ❌ Cons |
| MetaTrader4 | Not authorized |
| Educational tools offered | Only one live account type |
| Demo and swap free accounts | No research tools |
| Loyal customers are rewarded to various promotions | No deposit bonus not offered |
| Demo account sign-up fully digital | No Referral bonus offered |
| MetaTrader 4 and MetaTrader 5 offered | No sign-up, welcome or deposit bonus |
| Sign-up completed in minutes | Demo account expires after 30-days |
| Demo account offered | Clients from Iran, Cuba, Sudan, Syria, and North Korea not accepted |
| Islamic/Swap-free account offered | Does not offer fixed spreads |
| Offers commission-free trading on variable spreads | Offers a limited number of trading instruments |
| Offers trading on MetaTrader 4 and MetaTrader 5 | Only offers one live account type |
| Segregated client funds | Self-regulated as it is an offshore company |
| Competitive trading conditions | Only one live account type offered |
| Islamic Account/Swap-free provided for Muslim traders | Spreads are not the tightest |
| Low commissions charged on forex trading | |
| No deposit fees or withdrawal fees charged | |
| Transparent fee schedule | |
| Zero commissions charged on variable spreads | |
Fullerton Markets Conclusion
Overall, Fullerton Markets provides Islamic Swap-free trading. Fullerton Markets incurs no swaps or interest charges on overnight positions. Swap-Free status is primarily activated upon request by the trader. This account selection is ideal for traders with Islamic Muslin Faith.
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Frequently Asked Questions
Are Muslim traders from South Africa allowed to open a trading account with Fullerton Markets?
Yes, Muslim traders from South Africa are allowed to open an Islamic trading account with Fullerton Markets.
How do I open a Fullerton Markets Islamic account?
To open an Islamic account traders have to login to the Fullerton Suite and submit a request after which the request will be reviewed by the broker and a reply should be received within 1-2 business days.
Does interest apply to contracts that are held for 24+ hours?
Fullerton Markets does not apply interest to contracts held for more than 24 hours.
Does rollover commission apply to contracts that are held for 24+ hours?
Fullerton Markets does not apply rollover commission to contracts held for more than 24 hours.
Do you have access to Expert Advisors on the Fullerton Markets Islamic account?
Yes, access to Expert advisors which allows for automated trading is available
