FXGT does offer a Islamic account for Muslm faith traders. 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.
FXGT at a glance
| 🔍 Broker's Name | FXGT |
| 📍 Headquartered | Aurora Drive, Liberty Life Building 21, Office 125, 1st Floor Umhlanga, 4301 Kwa-Zulu Natal South Africa |
| 📅 Year Founded | 2019 |
| ⚖️ Regulating Authorities | FSA-Seychelles, South Africa’s Financial Sector Conduct Authority (FSCA) |
| 🌐 Countries not accepted for trade | USA, Canada, Iran, North Korea, and Russia |
| ☪️ Islamic account (swap-free) | Yes |
| 👍 Demo Account | Yes |
| 📊 Institutional Accounts | Yes |
| 📊 Managed Accounts | Yes |
| 🚀 Sign up bonus | Yes |
| 📈 Maximum Leverage | 1: 500 |
| 💰 Minimum Deposit | $5 |
| 💳 Deposit Options | Visa, MasterCard, BankWire, eWallets like Skrill and Neteller |
| 💳 Withdrawal Options | Visa, MasterCard, BankWire, eWallets like Skrill and Neteller |
| 💻 Platform Types | MT5, MT4 |
| 📱 OS Compatibility | Mac, Windows, Web, Mobile Android, iPhone, iPad |
| 📈 Tradable assets offered | Forex, Crypto, Precious Metals and Energies, Equity Indices, Stocks, Cryptocurrencies |
| 👨💼 Languages supported on Website | English |
| 👥 Customer Support Languages | English |
| 📆 Customer Service Hours | 24/7 |
| 👉 Open a account | Click Here |
Min Deposit USD 5 Regulators SFSA, FSCA, CySec* Trading Platform MT4, MT5 Crypto Yes *FXGT.com has a CySec license, but it is only valid for institutional clients. Total Pairs 0 Islamic Account Yes Trading Fees Low Account Activation 24 Hours
Choose your quick section of our FXGT Islamic Account below.
FXGT Islamic account – 10 key points quick overview:
FXGT Overview- What exactly is an FXGT Islamic Account?
- Which financial activities are restricted and prohibited by Sharia law?
- What are the steps involved in opening an FXGT Islamic Account?
- What is FXGT spread costs on an Islamic Account?
- What other features does FXGT Islamic Account have?
- FXGT Pros and Cons
- FXGT Customer Reviews
- Conclusion
- Frequently Asked Questions
Here is our overview of the FXGT Islamic Account as well as the features that are offered, when opening a Swap Free Certified Muslim Trading Account.
FXGT Overview
FXGT is a forex broker proudly part of the digital transformation of currency markets and the adoption of cryptocurrencies. FXGT is operated by 360 Degrees Markets Ltd., which is a registered company in Seychelles, with headquarters in Victoria, Mahe, Seychelles.
The broker provides clients with digital tools, traditional and tailored trading pairs for an exceptional trading experience while striving to offer the best trading conditions possible. 360 Degrees Markets Ltd is regulated by The Seychelles Financial Services Authority.
The broker holds clients’ funds separately in creditworthy and highly rated financial institutions, where it is always segregated from the company’s own funds and 100% available for clients.
The relevant regulatory requirements oblige the broker to meet strict capital ratios and ensure that clients’ funds remain intact. In addition, the broker must always have enough capital to tackle any type of risk that may arise.
FXGT must report to the regulator on a quarterly basis and a detailed audit report must be submitted once a year by a reputable independent auditor. In addition to the above, FXGT has also implemented Liability Insurance to safeguard their clients for up to EUR 1 000 000. FXGT clients can trade with the ease and mobility of the MT5 platform, the most advanced platform available.
What exactly is an FXGT 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.
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 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?
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 that are deposited into the trading account, which is prohibited.
Loans is prohibited by Sharia law as per the element of Riba. Followers of the Sharia law are prohibited from having funds transferred by either a bank or other financial institution and involving interest.
Trading on margin results in a trader is 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.
Forward sales are affected. The trading of futures contracts 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 FXGT Islamic Account?
Traders who are eligible for an Islamic Account must first open a normal trading account and then send a request to support@fxgt.com or open a ticket through their secure area (Clients’ Portal) to request a swap-free trading account.
FXGT may also require certain additional documents, apart from proof of identity and residential address, before approving an application for an Islamic account.
FXGT swap-free accounts must always be requested on the grounds of religious beliefs only. Exotic and Cryptocurrency pairs are excluded from swap-free accounts and will be credited or debited as per the normal swap.
What is FXGT spread costs on an Islamic Account?
To make up for money lost by not charging overnight fees, a broker like FXGT 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 FXGT Islamic Account have?
When making use of the FXGT 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.
Min Deposit USD 5 Regulators SFSA, FSCA, CySec* Trading Platform MT4, MT5 Crypto Yes *FXGT.com has a CySec license, but it is only valid for institutional clients. Total Pairs 0 Islamic Account Yes Trading Fees Low Account Activation 24 Hours
FXGT Pros and Cons
| ✔️ Pros | ❌ Cons |
| Fair trading conditions | Limited account options |
| Islamic Account can be opened | No proper research tools |
| Low deposit requirements | Offshore broker and regulation |
| MT5 provided as trading platform |
FXGT Customer Reviews
This is my first time to crypto…
This is my first time to crypto trading. Already benefitted from that platform. Recommend for beginners.
Simple
Simple. Extensive. Transparent and User Friendly. That’s what my review is 5 stars
I loved the website since I began…
I loved the website since I began trading. From educational material to the starting guide everything was great. I faced a problem during the payout. Had to wait days till I get it.
Conclusion
FXGT does offer a Islamic account for Muslm faith traders. 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
Does FXGT offer an account for Muslim traders?
Yes, a FXGT Islamic trading account is available for Muslim traders who adheres to Sharia law.
Which instruments can be traded with the FXGT Islamic account?
Instruments that can be traded with the FXGT Islamic account include FX Majors, FX Minors, Exotics
CFD Indices, Metals, Energies CFD Cryptos, GTi12 Index.
Which trading platform is available for the FXGT Islamic account?
The Metatrader5 platform is available for the FXGT Islamic account.
What is the maximum leverage for the FXGT Islamic account?
The maximum leverage for the FXGT Islamic account is 1:500.
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