A FxGrow 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 a swap. The fee is not an interest and depends on the direction of the order.
FxGrow at a glance
| Broker's Name | FxGrow |
| 📍 Headquartered | Limassol, Cyprus |
| 📅 Year Founded | 2008 |
| ⚖️ Regulating Authorities | CySEC |
| 🌐 Countries not accepted for trade | United States and Australia |
| ☪️ Islamic account (swap-free) | Yes |
| 👍 Demo Account | Yes |
| 📊 Institutional Accounts | No |
| 📊 Managed Accounts | No |
| 📈 Maximum Leverage | 1:30 |
| 💰 Minimum Deposit | $100 |
| 💳 Deposit Options | Bank wire, Credit cards, Debit cards, Neteller, Skrill, CashU, OKPay, WebMoney |
| 💳 Withdrawal Options | Bank wire, Credit cards, Debit cards, Neteller, Skrill, CashU, OKPay, WebMoney |
| 💻 Platform Types | MetaTrader 5, Windows, Mobile, Web, iPhone, iPad |
| 📱 OS Compatibility | PC and Mac OS, mobile for Android and IOS |
| 📈 Tradable assets offered | Forex, stock, commodities, indices |
| 👨💼 Languages supported on Website | Multilingual |
| 👥 Customer Support Languages | Multilingual |
| 📆 Customer Service Hours | 24/5 |
| Open a naccount | 👉 Click Here |
Min Deposit USD 100 Regulators CySEC Trading Platform MT4, MT5 Crypto Yes Total Pairs 61+ Islamic Account Yes Trading Fees Low Account Activation 24 Hours
Choose your quick section of our FxGrow Islamic Account below.
FxGrow Islamic Account – 8 key points quick overview:
- ✔️FxGrow at a glance
- ✔️Overview
- ✔️What exactly is an Islamic Account?
- Why is interest discouraged or prohibited by Sharia law?
- What are the steps involved in opening an FxGrow Islamic Account?
- What is FxGrow’s spread costs on an Islamic Account?
- What other features does FXGROW’s Islamic Account have?
- Pros and Cons
Here is our overview of the FxGrow Islamic Account as well as the features that are offered, when opening a Swap Free Certified Muslim Trading Account.
Overview
FxGrow is a Cyprus-based online Forex broker that was first established in 2008 to provide traders with a fair and transparent trading environment and competitive trading conditions. The broker is exceptionally well-regulated by the Cyprus Securities and Exchange Commission (CySEC) and offers several client protection measures, including the storing of client funds in segregated accounts with top-tier banks.
FxGrow offers various instruments and asset classes, including over 61 currency pairs across majors, minors, and exotics, over 34 CFDs on futures (currencies, indices, and commodities), 17 cash indices and commodities, plus 7 metals and energies.
All of these can be traded on the MetaTrader 5 platform, which is a leading trading software option, and provided on three different types of ECN accounts for ultra-fast execution and broad liquidity. Trading is competitive, with spreads starting as low as 1.1 pips in the standard ECN account and 0.2 pips in the ECN Plus and Elite accounts across currency pairs such as EUR/USD. Gold spreads are around 0.22.
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 to the borrower.
What are the steps involved in opening a FxGrow Islamic Account?
To open an Islamic Account, you will first need to open a swap-rated trading account. This will consist of the following steps:
Step 1 – Navigate to the Account registration portal.
➡️️ Complete the registration form online.
➡️️ Submit the required documentation.
➡️️ To verify your profile with FxGrow you are required to provide the broker with: Both sides of your ID/Driving license or your passport + recent (not older than 6 months) Proof of address: Bank statement/Utility bill/any governmental confirmation of your address.
Upon acceptance of your account registration, you can apply directly to the broker’s client support team for an Islamic Account to be set up. As soon as the broker’s Back Office receives your request, your trading account will be granted a swap-free status and you will be notified by email accordingly.
Please note that FxGrow reserves the right to revoke the swap-free status granted to any real trading account in the event of any form of abuse.
What are FxGrow’s spread costs on an Islamic Account?
The spread costs on the FxGrow Islamic Account will be the same as those on the swap-rated accounts.
As such, spreads are variable starting from 0.1 for ECN Plus and ECN VIP accounts and 1.2 for ECN accounts.
What other features does FXGROW’s Islamic Account have?
The Islamic Account will have the same features as those on the swap-rated accounts. As such, all clients will have access to the following features:
➡️️ ECN accounts
➡️️ Regulated by CySEC
➡️️ Commission-free trading
➡️️ Access to Trading Central
➡️️ Negative balance protection
➡️️ 80 built-in technical indicators and analytical objects, plus custom indicators
➡️️ Real-time information including quotes, account summary, P&L,
➡️️ 21-time intervals to analyze short-term and long-term trends
➡️️ Ability to use Experts Advisors for automated trading
➡️️ Up to 100 charts can be opened simultaneously
➡️️ Multiple order types and execution modes
➡️️ Direct news feed
Min Deposit USD 100 Regulators CySEC Trading Platform MT4, MT5 Crypto Yes Total Pairs 61+ Islamic Account Yes Trading Fees Low Account Activation 24 Hours
FxGrow Pros and Cons
| ✔️ Pros | ❌ Cons |
| No additional charge on Islamic Account | More lengthy account application for Islamic Account |
Conclusion
FxGrow does offer traders the option to open an Islamic account. FxGrow offers 3 different account types, the ECN account, ECN-PLUS account, and the ECN-ELITE account. FxGrow Account Types vary according to what traders require.
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Frequently Asked Questions
Trading environment
How many instruments can I trade with FxGrow?
FxGrow offers various instruments and asset classes, including over 61 currency pairs across majors, minors, and exotics, over 34 CFDs on futures (currencies, indices, and commodities), 17 cash indices and commodities, plus 7 metals and energies.
Which platforms are supported by FxGrow?
MetaTrader 5.
Does FxGrow offer leverage?
Yes. FxGrow offers a maximum retail ratio of 1:30 on FX majors, 1:20 on minors, gold, and indices, and 1:10 on silver, commodities, and energies.
What spreads can I expect with FxGrow?
FxGrow offers variable spreads from 1.1 pips in the standard ECN account and 0.2 pips in the ECN Plus and Elite accounts across currency pairs such as EUR/USD. Gold spreads are around 0.22.
Does FxGrow charge commission?
Yes. Commissions are charged at 8 per lot in the Plus account and 6 per lot in the Elite account. FxGrow charges 0.6 USD on FX & Metals (per 1 Mini lot per side) and 0.12 USD on CFDs (per 1 lot per side).
Are there additional charges on the Islamic account?
No.
Is FxGrow regulated?
Yes. FXGROW is regulated by the Cypress Securities and Exchange Commission (CySEC).
Is FxGrow a recommended forex trading broker for experts and beginners?
Yes. FxGrow offers an excellent trading environment for both beginner and expert traders.
What is the overall rating out of 10 for FxGrow?
8/10.
Accounts
What is the difference between a demo and a 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 FxGrow offer a demo account?
Yes, FxGrow offers a free demo account to all new traders.
For how long is the demo account valid?
The broker does not provide this information. However, most demo accounts are valid for 30 days.
Does FxGrow offer the option of an Islamic Account?
Yes. Here is everything you need to know about the FxGrow Islamic account.
What are the spread costs on a FxGrow Islamic Account?
It will be the same as those on the swap-rated accounts. Spreads on the Islamic account start from 0.1 for ECN Plus and ECN VIP accounts and 1.2 for ECN accounts.
Which live trading accounts does FxGrow offer?
FxGrow offers 3 ECN accounts: ECN, ECN-Plus and ECN-Elite.
What are the available deposit currencies for a live trading account?
FxGrow accepts US dollars, EUR, and PNL. This is a limited selection, and traders depositing in smaller currencies, such as ZAR/Rand, will incur conversion fees.
Deposits and withdrawals
What is the minimum deposit for FxGrow?
The minimum deposit amount required to open a broker account with FxGrow is $100 for the standard ECN Account.
To open an ECN-plus or ECN-Elite account, traders will have to make a minimum deposit of $1000, which will grant them access to more benefits, including tighter spreads.
How do I make a deposit and withdrawal with FxGrow?
FxGrow offers a limited, though the popular selection of accepted deposit methods, which consist of the following options:
- Bank wire
- credit cards
- debit cards
- Neteller
- Skrill
- CashU
- OKPay
- WebMoney
Does FxGrow charge withdrawal fees?
FxGrow does not charge deposit or withdrawal fees, however, your selected payment processor may charge a handling fee that is beyond the broker’s control.
How long does it take to make a withdrawal?
Withdrawals are instant if they are requested during normal working hours via credit card and E-wallet. Deposit and withdrawal via wire transfer take between 3 to 5 business working days.
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