Fusion Markets Islamic Account

Overall, Fusion Markets offers Islamic swap-free trading on 2 retail trading accounts Zero Account and Classic Account. Fusion Markets offers extended swap-free status by default to all applicable trading accounts created by clients in non-Islamic countries.

Fusion Markets Islamic Account Review – 9 key point quick overview:

1. ☑️ Fusion Markets At a Glance
2. ☑️ Fusion Markets Overview
3. ☑️ What exactly is an Islamic Account?
4. ☑️ Which financial activities are restricted and prohibited by Sharia law?
5. ☑️ What are the steps involved in opening a Fusion Markets Islamic Account?
6. ☑️ What are Fusion Markets’ spread costs on an Islamic Account?
7. ☑️ What other features does Fusion Markets’ Islamic Account have?
8. ☑️ Fusion Markets Pros and Cons
9. ☑️ Frequently asked questions

Fusion Markets At a Glance

Overall Rating

• 4.3/5

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OPEN AN ACCOUNT

Min Deposit

USD 0

Regulators

ASIC, VFSC

Trading Platform

MT4

Crypto

Yes

Total Pairs

0

Islamic Account

Yes

Trading Fees

Low

Account Activation

24 Hours

Fusion Markets Overview

Australia-based Fusion Markets Pty Ltd was founded by a group of seasoned currency traders. Its founders have over 50 years of expertise between them and have made it their mission to streamline and reduce the cost of trading on the financial markets.

Fusion Markets is trustworthy in terms of security because it is licensed and regulated as a securities dealer by the Australian Securities and Investments Commission (ASIC).

The applicants for these licenses must meet stringent requirements in order to be considered, such as maintaining a minimum capital of one million AUD and agreeing to provide frequent reports allowing for third-party audits.

Fusion Markets welcomes investors of all skill levels and financial means with a diverse selection of financial products, constant support, and a cutting-edge trading platform.

Fusion Markets provides access to both MetaTrader 4 and MetaTrader 5.  Trading software market leader MT4 needs a little introduction. Strong charting, efficient tools, many timelines, and complete customization get high marks from users of all skill levels.

Among the numerous reasons why MT4 is the preferred platform, its automated trading bots, also known as Expert Advisors, receive a lot of praise.

MT5 is an improved version of the MT4 platform that allows traders to trade in a wide variety of assets in addition to currency.

There is also built-in VPSs, full EA (Expert Advisors) capability with the programming language MQL5, 21 timeframes, advanced pending orders, 80+ technical analysis objects, and a deep market (Virtual Private Servers).

There are many benefits to signing up with Fusion Markets. Their dedication to minimizing overhead is clear from the fact that they provide spreads as low as 0 pips (Zero accounts) and no commissions at all (Classic account).

There are a number of trading platforms available, no deposit fees, and a wide range of assets to choose from at this brokerage, which is duly regulated by the ASIC and VFSC.

This is one of the better options for those looking for a cheap broker who offers a wide range of services.

What exactly is an Islamic Account?

An Islamic Account, for the greater part as offered by most brokers, is not a standalone account, although some brokers dedicate one account to being an Islamic or Swap Free account, in most cases, this is an option offered by especially Forex brokers.

Islamic Accounts are also provided by brokers who serve Middle Eastern clients along with clients from other jurisdictions and offer certain features that are in line with the Sharia law, which prohibits the accrual of interest on funds deposited into the account.

The other 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 Islamic law that relate specifically to trading accounts, these elements are:

• Riba
• 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 the 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?

Due to the restrictions and certain prohibitions placed on Muslim traders when considering the intricate details involved with trading activities, the following is affected greatly:

• Overnight rollovers – which involve the 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 which is prohibited by the Sharia law.
• Margin deposits and interest – which involves the accrual of interest on funds that are deposited into the trading account, which is prohibited.
• Loans – when followers of the Sharia law have funds transferred by either a bank or other financial institution and it involves interest terms, this is prohibited by the Sharia law as per the key element, Riba.
• Trading on margin – stocks that are traded on margin result in the trader being liable for paying interest, which amounts to Riba, as money is borrowed from the broker to buy or sell such equities, which is prohibited by the Sharia law.
• Short sales – which affects mostly shares and involves borrowing and subsequent sale of an asset, which is prohibited.
• Forward sales – which 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 into such a contract.

What are the steps involved in opening a Fusion Markets Islamic Account?

To open a Swap-Free Account, you will first have to open a swap-rated account with Fusion Markets. You can open either a Zero Account or a Classic Account. Following this, you can contact your account manager to have your account changed to the swap-free version.

Note that you will be required to submit supporting documents to prove your status as an Islamic trader.

What are Fusion Markets’ spread costs on an Islamic Account?

The swap-free account from Fusion Markets has an average spread of 1.4 pips for the EUR/USD currency pair.

What other features does Fusion Markets’ Islamic Account have?

Fusion Markets’ no-interest, swap-free accounts give you access to over 60 of the most widely traded Forex pairs and indices at the broker’s industry-leading low rates. Whenever a trade remains open for more than 7 days, the admin charge is assessed. When a trade is closed 13 days after it was opened, the administrative fee is only assessed once.

Fusion Markets Pros and Cons

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Frequently asked questions

Trading environment

How many instruments can I trade with Fusion Markets?

Fusion Markets provides the following assets and instruments:

• Forex (90+ currency pairs available)
• Equity indices (CFDs on major indices)
• Energy (crude oil, brent oil, and natural gas)
• Share CFDs (100+ of the largest USA companies)
• Commodities (coffee, wheat, cocoa, sugar, etc.)
• Precious metals (gold, silver, platinum, zinc, copper, and more)
• Cryptocurrencies (Bitcoin, Bitcoin Cash, Ethereum, Litecoin, Stellar, EOS, Polkadot, Chainlink and more)

Which platforms are supported by Fusion Markets?

Fusion Markets provides MetaTrader 4  and 5

Does Fusion Markets offer leverage?

Yes. The maximum leverage is 1:500

What spreads can I expect with Fusion Markets?

Fusion Markets offers minimum spreads of 0.00 on a number of popular currency pairs

Does Fusion Markets charge a commission?

Yes, Fusion Markets charges a commission of $4.50 AU on some assets

Are there additional charges on the Islamic account?

No, there are no additional charges on the Islamic Account

Are Fusion Markets regulated?

Yes, Fusion Markets is regulated by ASIC and the VFSC

Is Fusion Markets a recommended forex trading broker for experts and beginners?

Yes. Fusion Markets caters to both beginners and experts.

What is the overall rating out of 10 for Fusion Markets?

8/10.

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 of 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 Fusion Markets offer a demo account?

Yes.

For how long is the demo account valid?

The demo account is available for 30 days

Does Fusion Markets offer the option of an Islamic Account?

Yes

Which live trading accounts does Fusion Markets offer?

Fusion Markets offers the Zero Account and the Classic Account

What are the available deposit currencies for a live trading account?

• USD
• AUD
• THB
• EUR
• JPY
• CAD
• GBP
• SGD

Deposits and withdrawals

What is the minimum deposit for Fusion Markets?

Fusion Markets has a minimum deposit of $100

How do I make a deposit and withdrawal with Fusion Markets?

Deposits with Fusion Markets can be made with Mastercard, Visa, Sticpay, Neteller, Skrill, FasaPay, and Local transfers

Does Fusion Markets charge withdrawal fees?

No, Fusion Markets does not charge withdrawal fees

How long does it take to make a withdrawal?

Most withdrawals are instant, but bank transfers can take 1-3 days