FX Flat offers Islamic Swap-free trading on its trading account. FX Flat 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) | 200 EUR / R3200 ZAR |
| 🚀 Open an Account | 👉 Click Here |
Min Deposit
200 EUR
Regulators
BaFin
Trading Platform
MT4, MT5, Trader WorkStation
Crypto
Yes
Total Pairs
0
Islamic Account
Yes
Trading Fees
Low
Account Activation
24 Hours
FX Flat Islamic Account – 9 key point quick overview:
FX Flat Overview- What exactly is an Islamic Account?
- Which financial activities are restricted and prohibited by Sharia law?
- What are the steps involved in opening an FX Flat Islamic Account?
- What are FX Flat spread costs on an Islamic Account?
- FX Flat At a Glance
- FX Flat Pro and cons
- FX Flat Conclusion
- Frequently Asked Questions
FX Flat Overview
FXFlat is an established German Market Maker broker established in 1997.
Trading instruments include forex, CFDs, futures, and cryptocurrencies on the MetaTrader 4, MetaTrader 5, and Trader WorkStation platforms. The company holds a regulatory license with the Federal Agency for Financial Services Supervision (BaFin) in Germany.
The broker offers a variety of funding methods, from bank transfers to PayPal.
Safety includes the fact that data cannot be accessed by anyone else since all information exchanged between client computers and FXFlat servers are encrypted for both the MetaTrader and TWS platforms. Also, traders can set smartphone SMS verification at the login stage and extra layers of security when you log in to WebTrader, MetaTrader or TWS, by applying two-factor authentication.
FXFlat offers a broad selection of educational resources, including a newsletter, YouTube videos and webinars, though many of these resources are only available in German.
FXFlat is an Introducing Broker of Interactive Brokers for the Trader Workstation account.
FXFlat offers several account types, including MetaTrader Standard Accounts and Professional Accounts, TWS platform Standard Accounts and Professional Accounts, Corporate Accounts, and Islamic Accounts.
What exactly is an 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 the Sharia law, which prohibits the accrual of interest on funds deposited into the account.
Another important feature on 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, 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?
| 💠Financial Activities restricted & prohibited by Sharia law | 📈FX Flat |
| 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 an FX Flat Islamic Account?
1. Step 1: Access Live Account
Traders who are eligible for an Islamic Account must complete the live account application and then state that they want to apply for the Islamic option. FX Flat may also require certain additional documents, apart from proof of identity and residential address, before approving an application for an Islamic account.
What are FX Flat’ spread costs on an Islamic Account?
To make up for money lost by not charging overnight fees, a broker like FX Flat usually charge extra fees on Islamic accounts – either in administration fees, wider spreads, or additional commissions.
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.
FX Flat At a Glance
| Broker's Name | FX Flat |
| 🏛️ Headquartered | Germany |
| 👋 Regulating Authorities | Federal Agency for Financial Services Supervision (BaFin) in Germany. |
| 🏦 Accounts | Standard Account |
| Countries not accepted for trade | Accept clients from most countries |
| 📅 Year Founded | 1997/2015 |
| ☪️ Islamic account (swap-free) | Yes |
| 💹 Sign up Bonus | No |
| 👍 Demo Account | Yes |
| 📊 Institutional Accounts | Yes |
| 📊 Managed Accounts | Yes |
| 📈 Maximum Leverage | For retail traders up to 1:30, for pro traders up to 1:200. |
| 💰 Minimum Deposit | MetaTrader account 200 EUR / R 3200 ZAR and TWS account 2 000 EUR / R 32000 ZAR |
| 💳 Deposit Options | Credit Card, Giropay, PayPal, Skrill, Sofort, Visa |
| 💳 Withdrawal Options | Credit Card, Giropay, PayPal, Skrill, Sofort, Visa |
| 💻 Platform Types | MetaTrader 4, MetaTrader 5 and Trader WorkStation |
| 📱 OS Compatibility | Mac, Windows, Linux, Web, Mobile Android, iPhone, iPad |
| 📈 Tradable assets offered | Forex, CFDs, indices, shares, commodities, cryptocurrencies, futures, ETFs |
| 👨💼 Languages supported on Website | English, Indonesian, Malay, Vietnamese, Thai, and Chinese. |
| 👥 Customer Support Languages | English, German |
| 📆 Customer Service Language | English, German |
| 📆 Customer Service Hours | 24/5 |
| 🔎 Open an Account | 👉 Click Here |
FX Flat Pro and cons
| ✔️ Pros | ❌ Cons |
| Trades on sophisticated platforms | No USA traders |
| Socially responsible broker | Only support German and English |
| Regulated in Germany by the BaFin | Most articles, webinars and training videos are in German |
| Various trading tools and apps | Restricted leverage |
| Properly regulated by BaFin | Further deposits must be more than €50 |
| Additional tools and add-ons | Minimum deposit amount not of the lowest |
| Several deposit methods can be used | No bonuses |
| Islamic Account can be opened | Not a variety of accounts available |
| Variety of instruments | Demo account only valid for 30 days |
| Demo accounts available | Videos and webinars only in German |
| Comprehensive and competitive trading conditions despite lack of bonuses and rewards | Not the most competitive spreads |
| MetaTrader 4 and 5, plus Trader WorkStation | Not the lowest spreads sheets when compared to other brokers |
FX Flat Conclusion
Overall, FX Flat offers Islamic Swap-free trading on its trading account. FX Flat 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 FXFlat?
Yes, Islamic trading is available on the FXFlat Standard Swap-free account.
What instruments can I trade with the FXFlat Standard Swap-free account?
Instruments for trading include all major asset classes and financial instruments including Stocks and Options, Futures and Bonds, Commodities, ETFs, Currencies, Forex and CFDs.
Does FXFlat incur swaps or interest charges on overnight positions?
No swaps or interest charges on overnight positions apply.
Which trading platforms are supported by FXFlat?
FXFlat supports the popular MT4 and MT5 platforms as well as Trader WorkStation.
What is the OS compatibility of FXFlat?
OS compatibility include: Web, Windows, Mac, Linux, iPone, iPad and Mobile Android.
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