FXGiants offers Islamic Swap-free trading on its trading account. FXGiants incur 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 | 🥇 Swap-Free Account |
| 💰 CFD Instruments | Currency pairs, metals, indices, oil |
| 📈 Spreads | Variable, ECN-spread, fixed |
| 💵 Minimum Deposit (USD/ZAR) | $100 USD / R1600 ZAR |
| 🚀 Open an Account | 👉 Click Here |
Min Deposit
USD 100
Regulators
FCA, ASIC
Trading Platform
MT4
Crypto
No
Total Pairs
0
Islamic Account
Yes
Trading Fees
Low
Account Activation
24 Hours
FXGiants Islamic Account – 10 key point quick overview:
FXGiants 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 FXGiants Islamic Account?
- What is FXGiants’ spread costs on an Islamic Account?
- What other features does FXGiants’ Islamic Account have?
- FXGiants At a Glance
- FXGiants Pro and cons
- FXGiants Conclusion
- Frequently Asked Questions
FXGiants Overview
FXGiants is a forex and CFD broker and a brand name of Notesco UK Limited, which is regulated by the Financial Conduct Authority (FCA) with head office in London. It is a trading name of Notesco Pty Limited, which is licensed by the Australian Securities and Investment Commission (ASIC).
FXGiants is also a trading name of Notesco SVG Limited, which is not regulated. A client’s trading branch will depend on his registered location.
All entities of the FXGiants group offer the MT4 platform, and clients can download the software onto PC or use the convenience of MT4 WebTrader. Personal Multi-Account Manager (PMAM) services are also available and allow traders to manage several portfolios and an unlimited number of MT4 accounts.
Global FXGiants clients can also register for the AutoTrade platform, a copy trading platform that allows users to follow successful investors and copy their orders automatically.
FXGiants traders can connect their account to the broker’s VPS, which is available free of charge for clients depositing and maintaining at least $5 000 in their accounts.
FXGiants offers several real accounts depending on a client’s intended strategy, including accounts featuring Live Floating Spread, Live Fixed Spread, and Live Zero Fixed Spread, where the latter incurs commission in exchange for spreads from 0 pips. STP/ECN solutions include the STP/ECN No Commissions, STP/ECN Absolute Zero, and STP/ECN Zero Spread types, the last of which also charges a commission for variable spreads starting from 0 pips.
FXGiants offers over 300 tradeable instruments across a wide range of assets.
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.
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 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?
| 💠Financial Activities restricted & prohibited by Sharia law | 📈FXGiants |
| 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 FXGiants Islamic Account?
1. Step 1: Register 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. FXGiants may also require certain additional documents, apart from proof of identity and residential address, before approving an application for an Islamic account.
What is FXGiants’ spread costs on an Islamic Account?
To make up for money lost by not charging overnight fees, a broker like FXGiants usually charges 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.
What other features does FXGiants’ Islamic Account have?
When making use of the FXGiants 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.
FXGiants At a Glance
| Broker's Name | FXGiants |
| 🏛️ Headquartered | London, UK |
| 👋 Regulating Authorities | FCA and ASIC |
| 📎FCA | registration number 51491 |
| 🏦 Accounts | Live Floating Spread; Live Fixed Spread, Live Zero Fixed Spread; STP/ECN No Commision; STP/ECN Zero Spread; STP/ECN Absolute Zero |
| Countries not accepted for trade | Cuba, Iran, North Korea, Sudan, Syrian Arab Republic and the United State |
| 📅 Year Founded | 2015 |
| ☪️ Islamic account (swap-free) | No |
| 💹 Sign up Bonus | Yes |
| 👍 Demo Account | Yes |
| 📊 Institutional Accounts | Yes |
| 📊 Managed Accounts | No |
| 📈 Maximum Leverage | 1:50 |
| 💰 Minimum Deposit | $100 USD / R1600 ZAR |
| 💳 Deposit Options | Visa card, Bank Wire Transfer, Skrill, Neteller, UnionPay |
| 💳 Withdrawal Options | Visa card, Bank Wire Transfer, Skrill, Neteller, UnionPay |
| 💻 Platform Types | MetaTrader4 |
| 📱 OS Compatibility | Mac, Microsoft Windows, Android, iPhone, iPad, Web, Desktop |
| 📈 Tradable assets offered | CFD trading on over 200 assets including forex, spot metals, indices, commodities, stocks, shares, and futures |
| 👨💼 Languages supported on Website | English, Indonesian, Malay, Vietnamese, Thai, and Chinese. |
| 👥 Customer Support Languages | English, Czech, Vietnamese, Spanish, mandarin, Japanese, Indonesian, Malay, and Italian. |
| 📆 Customer Service Language | English and Spanish |
| 📆 Customer Service Hours | 24/5 |
| 🔎 Open an Account | 👉 Click Here |
FXGiants Pro and cons
| ✔️ Pros | ❌ Cons |
| Regulated by FCA and ASIC | Little educational tools |
| Demo accounts | No research tools |
| Variety of spreads on the different account types | Bonuses are not withdrawable |
| A no-deposit bonus allows new customers to start trading without depositing money | Does not offer binary options or cryptocurrency |
| Choice of trading accounts | Inactivity fees and commissions charged |
| Regulation by multiple financial authorities | Limited additional trading tools |
| Islamic Account can be opened | Narrow choice of platforms |
| Zero spreads on some account types | Inactivity fees charged |
| Commissions charged on some accounts | Lack of peripheral content |
| VPS and AutoTrade service | |
| Demo accounts available on some account types | |
| Zero spreads on some account types | |
| Mobile platform | |
| MetaTrader4 |
FXGiants Conclusion
Overall, FXGiants offers Islamic Swap-free trading on its trading account. FXGiants incur 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 Muslim Faith.
Min Deposit
USD 100
Regulators
FCA, ASIC
Trading Platform
MT4
Crypto
No
Total Pairs
0
Islamic Account
Yes
Trading Fees
Low
Account Activation
24 Hours
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Frequently Asked Questions
Are Muslim traders from South Africa allowed to open an Islamic account with FXGiants?
Yes, Mulsim traders from South Africa are allowed to open a FX Giants Islamic account
Can I expect spreads with the FXGiants Islamic account?
No spread costs apply. A broker like FXGiants usually make up for the money lost by not charging overnight fees, by charging extra fees on Islamic accounts – These fees can either be administration fees, additional commissions or wider spreads.
What is the cost of opening the FX Giants Islamic account?
The cost of opening a FXGiants Islamic account is a minimum deposit requirement of $100 USD / R1600 ZAR.
Does the Islamic account incur interest charges on overnight positions?
No the FXGiants Islamic account does not incur swap-fees or interest charges on positions held overnight.
Which platforms are supported by FXGiants?
FXGiants provides the following popular trading platforms: MetaTrader 4
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