FXDD offers an Islamic account for Muslim faith traders including a swap-free account. The Islamic forex trading environment is ideal for traders following strict sharia law with a fixed fee instead of a swap. The fee is not an interest and depends on the direction of the order
FXDD at glance
| Broker's Name | FXDD |
| 📍 Headquartered | Malta |
| 📅 Year Founded | 2002 |
| ⚖️ Regulating Authorities | MFSA, FSC, LFSA, SBS |
| 🌐 Countries not accepted for trade | United States, American Samoa, Angola, Belarus, Bermuda, Burundi, Cameroon, Central African Republic, Chad, Congo, Congo, Democratic Republic of the, Cuba, Equatorial Guinea, Gabon, Iran (Islamic Republic of), Korea (Democratic People's Republic of), Lebanon, Libya, Marshall Islands, Puerto Rico, Russian Federation, Sao Tome and Principe, Sudan, Syrian Arab Republic, Venezuela (Bolivarian Republic of), Virgin Islands (U.S.), Yemen, Zimbabwe |
| ☪️ Islamic account (swap-free) | Yes |
| 👍 Demo Account | Yes |
| 📊 Institutional Accounts | Yes |
| 📊 Managed Accounts | Yes |
| 📈 Maximum Leverage | 1:30* *1:30 applies for EU citizens Leverage can go up to 100:1 depending on traders' jurisdiction |
| 💰 Minimum Deposit | $1 |
| 💳 Deposit Options | Credit cards Bank wires Neteller Skrill Zotapay Crypto & more depending on the region |
| 💳 Withdrawal Options | Credit cards Bank wires Neteller Skrill Zotapay Crypto & more depending on the region |
| 💻 Platform Types | MetaTrader 4, MetaTrader 5, FXDD WebTrader OS Compatibility Windows, Mobile, Web, iPhone, iPad |
| 📈 Tradable assets offered | Forex, stock, commodities, indices, On-Exchange Stocks & ETFs, Futures |
| 📱 OS Compatibility | PC and Mac OS, mobile for Android and IOS |
| 👨💼 Languages supported on Website | Multilingual |
| 👥 Customer Support Languages | Multilingual |
| 📆 Customer Service Hours | 24/5 |
Min Deposit USD 0 Regulators FSC, MFSA, LFSA, SBS Trading Platform MT4, MT5, WebTrader, FXDD Mobile Crypto Yes Total Pairs 90+ Islamic Account Yes Trading Fees Low Account Activation 24 Hours
An FXDD 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.
Choose your quick section of our FXDD Islamic Account below.
FXDD Islamic Account – 7 key points quick overview:
- ✔️What exactly is an Islamic Account?
- ✔️Why is interest discouraged or prohibited by Sharia law?
- ✔️What are the steps involved in opening an FXDD Islamic Account?
- What are FXDD’s spread costs on an Islamic Account?
- What other features does FXDD’s Islamic Account have?
- FXDD Pros and Cons
- Frequently Asked Questions
Here is our overview of the FXDD Islamic Account as well as the features that are offered, when opening a Swap Free Certified Muslim Trading Account.
Overview
FXDD is a leading online Forex broker that has been in operation for 12 years. The broker differentiates itself by offering excellent customer support, technological advantages, and competitive trading conditions. The broker is headquartered and regulated in Malta by the Malta Financial Services Authority (MFSA), which places the broker under the regulatory directives of the Markets in the Financial Instruments Directive of the EU.
As such, the broker can offer clients a secure and regulated trading environment, with access to broad-based liquidity and stable, fast ECN execution.
➡️️ Traders have access to a comprehensive list of asset classes, which include the following:
➡️️ Forex – 67 major currency pairs including EUR/USD, USD/JPY, and GBP/AUD.
➡️️ Company stocks – including Facebook, Apple, and Amazon.
➡️️ Commodities – including gold, silver, and energies.
➡️️ Indices – including the UK100 and GE.
These assets can be traded with tight spreads that start as low as 0.3 pips and competitive commissions, while traders are also granted access to the full MetaTrader platform suite for advanced trading features. Furthermore, copy traders can take advantage of excellent automated trading through ZuluTrade, while professional clients can open a corporate account for an enhanced and catered trading environment.
Retail traders can open an account for as little as $1, making FXDD an extremely affordable option that nonetheless does not skimp on trade features and customer support. Overall, traders prefer FXDD for its tight spreads, fast reliable ECN execution, regulated environment, and user-friendly trading environment.
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:
➡️️ 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.
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.
What are the steps involved in opening an FXDD Islamic Account?
Opening an Islamic Account with FXDD will consist of the same registration process as that for opening any other account, which will include the following steps:
Step 1 – Open up the FXDD website
Navigate to the online registration portal on the broker’s website.
Step 2 – choose your account
Choose your preferred account type.
Step 3 – Upload your documents
You will need a government-issued photo ID and a proof of address document issued within the last 6 months. Furthermore, you will be required to verify your identity and documents through the broker’s online verification tool available to the client during the onboarding process. Traders applying for an Islamic Account may also need to submit supporting documents to prove their religious status.
What are FXDD’s spread costs on an Islamic Account?
The FXDD Islamic Account will have the same spread costs like those for the swap-rated accounts.
As such, the spreads will vary depending on the account type and on the instrument or currency pair being traded, but are very tight, starting as low as 0.3 pips on USDJPY and 0.7 pips on EUR/USD.
What other features does FXDD’s Islamic Account have?
The Islamic Account will have the same trade features as those of the Standard and ECN accounts, which include the following:
➡️️ Guaranteed 0 slippage on entry orders.
➡️️ Fill-or-kill execution with no partial fills.
➡️️ No commissions.
➡️️ Price improvements available on limit orders.
Min Deposit USD 0 Regulators FSC, MFSA, LFSA, SBS Trading Platform MT4, MT5, WebTrader, FXDD Mobile Crypto Yes Total Pairs 90+ Islamic Account Yes Trading Fees Low Account Activation 24 Hours
FXDD Pros and Cons
| ✔️ Pros | ❌ Cons |
| Extremely low minimum deposit | High fees are charged on wire transfers |
| No deposit fees | Limited number of accepted deposit currencies |
| No withdrawal fees on e-wallets |
You might also like: FXDD Review
You might also like: FXDD Account Types Overview
You might also like: FXDD Demo Account – Step by Step
You might also like: FXDD Fees and Spreads
You might also like: FXDD Minimum Deposit
You might also like: FXDD Sign up Bonus
Frequently Asked Questions
Trading environment
How many instruments can I trade with FXDD?
FXDD offers traders access to the following asset classes:
- Forex – 67 major currency pairs including EUR/USD, USD/JPY, and GBP/AUD.
- Company stocks – including Facebook, Apple, and Amazon.
- Commodities – including gold, silver, and energies.
- Indices – including the UK100 and GER30.
Which platforms are supported by FXDD?
MetaTrader 4, MetaTrader 5, FXDD WebTrader.
Does FXDD offer leverage?
Yes. FXDD offers the following leverage ratios per asset class:
- Forex – 1:30
- Commodities – 1:20
- Indices – 1:20
- Stocks – 1:5
What spreads can I expect with FXDD?
FXDD Trading Ltd offers competitive forex spreads as low as 0.3 pips on USDJPY and 0.7 pips on EUR/USD.
Does FXDD charge a commission?
Yes, FXDD commissions are dependent on your account. The broker charges no commission on trades using the Standard account; however, commissions are charged on ECN accounts.
Are there additional charges on the Islamic account?
No.
Is FXDD regulated?
Yes. FXDD is regulated by the Malta Financial Services Authority (MFSA).
Is FXDD a recommended forex trading broker for experts and beginners?
Yes. FXDD offers an excellent trading environment for both beginner and expert traders.
What is the overall rating out of 10 for FXDD?
8/10.
Accounts
What is the difference between a demo and 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 FXDD offer a demo account?
Yes, FXDD offers a free demo account to all new traders.
For how long is the demo account valid?
A demo account is good for 90 days, beginning the first day of sign-up. On the 90th day, your account will become inactive.
If you require additional time before opening a live account, you may register for more than one demo account on either of the broker’s platforms.
Also, you may contact customer support to request an extension for a demo account.
Does FXDD offer the option of an Islamic Account?
Yes. Everything you need to know about FXDD Islamic account here.
Are there any spread costs on an Islamic Account?
The FXDD Islamic Account has the same spread costs as those for the swap-rated accounts.
Which live trading accounts does FXDD offer?
FXDD offers three different account types:
- Mini
- Micro
- Standard
What are the available deposit currencies for a live trading account?
FXDD accepts deposits in USD, EUR, GBP, JPY, CHF and BTC. Traders depositing in smaller currencies, such as ZAR/Rand, will incur conversion fees.
Deposits and withdrawals
What is the minimum deposit for FXDD?
The minimum deposit amount required to open a broker account with FXDD is £1/$1. This is an extremely low minimum deposit amount and should present no barrier of entry to new traders.
How do I make a deposit and withdrawal with FXDD?
FXDD offers a fairly limited though popular list of accepted deposit methods, which include the following:
- Credit cards
- Bank wires
- Neteller
- Skrill
- PayPal
- ClickandBuy
Does FXDD charge withdrawal fees?
For withdrawals made through wire transfer, FXDD will cover the costs of the first withdrawal per client each calendar month.
Additional redemptions from any of the client’s accounts during the same calendar month will result in a $40 charge per redemption. Minimum redemption amount for wires is $100. If the redemption amount is less than $100 there will be an additional $25 fee charged.
All other payment process will not incur withdrawal fees.
How long does it take to make a withdrawal?
To withdraw profits, clients must complete a funds withdrawal redemption form. Redemption requests require 24-48 hours to process.
Top 4 Brokers
