FXGlory Islamic Account

FXGlory does offer a Islamic account for Muslim faith traders. All of FXGlory’s available accounts is swap-free which makes them Islamic friendly. The Islamic forex trading environment is ideal for traders following strict sharia law with a fixed fee instead of swap.

FX Glory at a glance

Overall Rating

• 3.5/5

Read Review

OPEN AN ACCOUNT

Min Deposit

USD 1

Regulators

Not Regulated

Trading Platform

MT4, WebTrader

Crypto

Yes

Total Pairs

50+

Islamic Account

Yes

Trading Fees

Low

Account Activation

24 Hours

Choose your quick section of our FXGlory Islamic Account below.

FX Glory Islamic account – 10 key points quick overview:

1. FX Glory Overview
2. What exactly is an FX Glory Islamic Account?
3. Which financial activities are restricted and prohibited by Sharia law?
4. What are the steps involved in opening an FX Glory Islamic Account?
5. What is FX Glory’ spread costs on an Islamic Account?
6. What other features does FX Glory’ Islamic Account have?
7. FX Glory Pros and Cons
8. FX Glory Customer Reviews
9. Conclusion
10. Frequently Asked Questions

Here is our overview of the FXGlory Islamic Account as well as the pros and cons as well as features that are offered to traders.

FX Glory Overview

FX Glory is an offshore broker that was founded in 2011. FX Glory Group Ltd is headquartered in Dubai but only registered offshore in Saint Vincent and the Grenadines.

The broker gives clients access to trading in forex and commodities. It does not hold a license from a respected regulatory body, which is a concern the safety of client funds cannot be guaranteed and limited legal channels will be available should one experience withdrawal issues or scam problems.

While headquartered in Dubai, FX Glory has offices in several locations, including Malaysia, Cyprus, Spain, and the United Kingdom. The broker also recently opened an office in Saint Vincent and the Grenadines.

The company was formed by a team of financial specialists, pursuing the provision of a better online trading experience with high leverage, zero commissions and rapid executions with use of the MetaTrader 4 trading platform and a WebTrader alternative.

FX Glory users have access to a handful of tradeable instruments, including 34 major, minor, and exotic forex pairs such as the GBP/USD and EUR/USD, popular cryptocurrency brands including Bitcoin and Ethereum, as well as oil and precious metals. In 2018, the broker stopped offering binary options trading and no stocks or indices are also available to trade.

FX Glory however provides a variety of additional features to support clients with making informed trading decisions. These features and tools include a knowledge base with articles and educational content, Forex news and market analysis, a glossary of trading terms and a margin calculator.

The educational content may though be primarily aimed at more experienced traders. FX Glory offers FX Glory offers four account types: Standard Accounts, Premium Accounts, VIP Accounts, CIP Accounts, and Islamic Accounts. Minimum deposits range from $1 to $50,000and all accounts offer zero commissions and instant executions.

What exactly is an FX Glory Islamic Account?

Islamic accounts, known as swap-free accounts, are compliant with the 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 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?

Due to the restrictions and prohibitions on Muslim traders when considering the intricate details involved with trading activities, the following may be affected or prohibited:

Overnight rollovers, because it involves the receiving of swap points on positions that are held open for longer after the trading day has concluded at the New York close at 17:00 EST, as is prohibited by the Sharia law.

Margin deposits and interest, because it involves the accrual of interest on funds which are deposited into the trading account, which is prohibited.

Loans is prohibited by the Sharia law as per the element of Riba. Followers of the Sharia law is prohibited from having funds transferred by either a bank or other financial institution and involving interest.

Trading on margin results in a trader being liable for paying interest, which also amounts to Riba and is prohibited by Sharia law, as money is borrowed from the broker to buy or sell such equities. Short sales, which affects mostly shares and involves borrowing and subsequent sale of an asset, is prohibited.

What are the steps involved in opening an FX Glory Islamic Account?

Traders who are eligible for an Islamic Account must probably complete the live account application and then state that they want to apply for the Islamic option. FX Glory may also require certain additional documents, apart from proof of identity and residential address, before approving an application for an Islamic account.

What is FX Glory’ spread costs on an Islamic Account?

To make up for money lost by not charging overnight fees, a broker like FX Glory 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 FX Glory’ Islamic Account have?

When making use of the FX Glory Islamic account, traders can expect key features like the following:

When trading on the Swap-free account with any currency pair, a trader does not gain or lose any amount regardless of the position volume.

Even keeping the trade open for a long time, a trader can be sure that only the exchange rate will affect the trade outcome.

Overall Rating

• 3.5/5

Read Review

OPEN AN ACCOUNT

Min Deposit

USD 1

Regulators

Not Regulated

Trading Platform

MT4, WebTrader

Crypto

Yes

Total Pairs

50+

Islamic Account

Yes

Trading Fees

Low

Account Activation

24 Hours

FX Glory Pros and Cons

FX Glory Customer Reviews

FxGlory Is A Good broker

I love FxGlory I’ve been using this broker for close to a year now and so far it’s been a good experience for me I make quick profits withdrawal regularly and the customer services is extremely helpful

super forex broker

fxglory is a super broker.nice support ,no commision in trading low speard in forex and oil trading.the only bad thing i see in here is it is taking more spread in metals trading.as a conclution fxglory is the best.also my favorite is 50% tradeable bonus.

Good trading strategy platform

Conclusion

Overall, can FX Glory be summarized has a reliable broker with good customer support.

FXGlory does offer a Islamic account for Muslim faith traders. All of FXGlory’s available accounts is swap-free which makes them Islamic friendly. 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.

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Frequently Asked Questions

Can Muslim traders from South Africa open a trading account with FXGlory?

Yes, Muslim traders from South Africa are eligible to open a FXGlory Islamic account

Which instruments can be traded with the FXGlory Islamic account?

Tradable instruments with this account include  Currency pairs, Precious metals and Oil

Which platforms are available on the FXGlory Islamic account?

Available platforms are Metatrader 4 and Web Trader

What types of order executions can I expect with a FXGlory Islamic account?

Our FXGlory review reveals that instant and market order types apply to all FXGlory account types

Will I have to pay commission on deposits made to my FXGlory Islamic account?

No, FXGlory states that no commissions on deposits apply to all their different account types.