FXGM Islamic Account

FXGM does not offer a Islamic account for Muslim Faith traders. The Islamic forex trading environment is ideal for traders following strict sharia law with a fixed fee instead of swap.

FXGM at a glance

Overall Rating

• 3.4/5

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OPEN AN ACCOUNT

Min Deposit

USD 200

Regulators

CySEC, MiFID

Trading Platform

PROfit, WebPROfit, Mobiel PROfit

Crypto

Yes

Total Pairs

0

Islamic Account

No

Trading Fees

Low

Account Activation

24 Hours

Choose your quick section of our FXGM Islamic Account below.

FXGM Islamic account – 6 key points quick overview:

1. FXGM Overview
2. What exactly is an Islamic Account?
3. Which financial activities are restricted and prohibited by Sharia law?
4. Pros and Cons
5. Conclusion
6. Frequently Asked Questions

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

FXGM Overview

FXGM is a global online broker and registered brand name of Depaho Ltd. that offers forex, CFD, stocks, commodities, indices, and cryptocurrency.

FXGM was founded in 2006 and is in Nicosia, Cyprus. The company is registered as a Cyprus Investment Firm (CIF) under the Cyprus Securities and Exchange Commission, CySec. Depaho Ltd. operates in accordance with the Markets in Financial Instruments Directive (MiFID) of the European Union, which provides a harmonized regulatory environment for investment services across the European Economic Area (EEA).

FXGM is also licensed by the South Africa Financial Sector Conduct Authority (FSCA). FXGM encrypts and password-protects all personal data stored electronically and uses firewalls and authentication systems to prevent unauthorised access. Since 2025, the company delivers services to EU states, South Africa, Switzerland, and Ukraine. Depaho has a branch in Malaga, Spain, too.

The broker offers its own-brand PROfit platform as both a web-based and mobile app but other platforms such as MT4 are not provided. The global FXGM entity offers an impressive range of asset classes and tight spreads across many of these asset classes.

FXGM does not offer a demo account, only a so-called ‘live demo environment’ in which traders can enjoy the First Protected Positions tool for thirty days. This returns any losses for the first five (ZA) or ten (global) trades and users can keep any profits.

FXGM offers comprehensive research resources and trading tools including an economic calendar, financial news articles, and informational pages. FXGM Global offers six account types as well as the option to open an Islamic or swap free account.

What exactly is an 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.

Pros and Cons

Conclusion

FXGM does not offer a Islamic account for Muslim Faith traders. The Islamic forex trading environment is ideal for traders following strict sharia law with a fixed fee instead of swap.

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Frequently Asked Questions

Trading environment

How many instruments can I trade with FXGM?

You can trade several different instruments with FXGM, which include the following:

• Currencies: (40+)
• Cryptocurrencies: (5+) Bitcoin, Litecoin, Ethereum
• CFD: (160+) Gold, Silver, Stocks, Stock Indexes, Oil, Other Commodities

Which platforms are supported by FXGM?

FXGM provides the following popular trading platforms:

• PROfit
• WebPROfit
• Mobile PROfit

Does FXGM offer leverage?

Yes, FXGM offers a maximum leverage of up to 1: 200.

What spreads can I expect with FXGM?

FXGM offers spreads from 0,3 pips.

Does FXGM charge commission?

No commission is charged.

Are there additional charges on the Islamic account?

FXGM does offer an Islamic Account. Some brokers charge extra fees on Islamic accounts – are either in wider spreads, additional commissions, or administration fees to make up for money that they lose with not charging overnight fees.

New Islamic traders should enquire about these special conditions or extra fees before joining, because it is often overlooked or not indicated on the account features pages.

Is FXGM regulated and by whom?

FXGM is regulated by CySEC, MiFID, FCA and BaFin.

Is FXGM a recommended forex trading broker for experts and beginners?

FXGM offers a fair-trading environment for most types of traders.

What is the overall rating out of 10 for FXGM?

7/10.

Accounts

What is the difference between a demo and live trading account?

A demo account as is offered by broker companies like FXGM is usually funded with virtual money and gives a prospective customer the opportunity to experiment with the company’s trading platforms and its features, before setting up a real account which needs to be funded with the customers own real money.

Does FXGM offer a demo account?

No, not a demo account that can be used without depositing own money.

How long is the demo account valid?

FXGM does not offer a demo account but advertises a ‘live demo environment’ in which new traders can enjoy the First Protected Positions tool for thirty days. This tool returns any losses for the first five (ZA) or ten (global) trades and users can keep any profits. It does however require an initial investment to begin trading.

Which live trading accounts does FXGM offer?

• Basic Account
• Discovery Account
• Silver Account
• Gold Account
• Diamond Account
• VIP Account

Does FXGM offer an Islamic Account?

Yes.

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

USD, EUR, GBP.

Deposits and withdrawals

What is the minimum deposit required to open an account with FXGM?

$ 200.

How do you make a deposit and withdraw money with FXGM?

FXGM offers the following deposit and withdrawal methods:

• Credit Card
• Mastercard
• Neteller
• PayPal
• Skrill
• Visa

The same method that was used to fund an account must normally be used to withdraw money. Also, monies will usually only be refunded to accounts in the same name as the trading account.

Does FXGM charge withdrawal fees?

FXGM withdrawal fees varies according to payment method.

How long does it take to make a withdrawal?

Withdrawals on FXGM are processed within one business day but must be done via the initial deposit method. The time to receive the funds depends on the selected payment method.