FXOpen 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.
FXOpen Islamic Account – key points, quick overview:
- ☑️Overview
- ☑️What exactly is an FXOpen Islamic Account?
- ☑️Which financial activities are restricted and prohibited by Sharia law?
- ☑️What are the steps involved in opening an FXOpen Islamic Account?
- ☑️How to Open an FXOpen Account step by step
- ☑️FXOpen at a Glance
- ☑️Customer Reviews
- ☑️Pros and Cons
- ☑️Conclusion
- ☑️Frequently Asked Questions
Overview
- According to research in South Africa, FXOpen was founded as an educational center offering courses in the field of technical analysis and financial markets.
- It became a brokerage company in 2005 with an aim to satisfy the growing need for fair and transparent trading conditions.
- FXOpen was the first Forex broker to offer its clients ECN trading via the MetaTrader4 terminal, along with FXOpen’s unique proprietary price aggregating technology, where you can benefit from the industry’s most competitive spreads and low trading commissions.
- The ECN Model gives traders access to the Interbank market, and clients receive real-time quotes from the industry’s largest liquidity providers.
- Apart from the general offering to trade Forex, the company continued to set the pace with its latest technologies, and in 2014, it offered Bitcoin trading.
- Forex competitions are held regularly by the broker that assists in learning, as well as offers opportunities to gain valuable prizes.
- Today, the broker is a trusted partner to more than 1,000,000 customers from around 100 countries.
- FXOpen maintains its mission to provide clients with professional services in trading, analytics, and excellent customer support.
What exactly is an FXOpen Islamic Account?
- An Islamic Account is not a standalone account, although some brokers dedicate one account to being an Islamic or swap-free account. In most cases, this is an option offered by Forex brokers.
- Islamic Accounts are also provided by brokers who serve Middle Eastern clients, along with clients from other jurisdictions, and offer certain features that are in line with Sharia law, which prohibits the accrual of interest on funds deposited into the account.
- Another important feature of an Islamic Account is that transactions must be settled immediately. This requires that currencies be transferred from one account to the other right after the transaction has been completed and therefore paid for in full.
Which financial activities are restricted and prohibited by Sharia law?
Due to the restrictions and certain prohibitions placed on Muslim traders when considering the intricate details involved with trading activities, the following is greatly affected:
Overnight rollovers – which involve the 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- which is prohibited by Sharia law.
Trading on margin – stocks that are traded on margin result in the trader being liable for paying interest, which amounts to Riba, as money is borrowed from the broker to buy or sell such equities, which is prohibited by the Sharia law.
Loans – when followers of the Sharia law have funds transferred by either a bank or other financial institution, and it involves interest terms, this is prohibited by the Sharia law as per the key element, Riba.
Margin deposits and interest – which involves the accrual of interest on funds that are deposited into the trading account, which is prohibited.
What are the steps involved in opening an FXOpen Islamic Account?
With FXOpen, traders first must register for a live account before converting it into an Islamic Account. To do so, Muslim traders can follow these steps:
How to Open an FXOpen Account step by step
Step 1 – Complete the online application
- It starts by visiting the official website of FXOpen.Once you are on the site, look for an option in the banner, “Try a free demo account.” We request that you click that.
- Then, you will be routed to a new page with a simple account registration form. You need to fill it up and remember the credentials. Then click on ‘Submit.’
Step 2 – Upload further information
- The eKYC verification will begin then. The representatives of the company will call you for all the documents. Now, you need to submit address proof, identity proof, and income proof.
- Once the representatives approve the submitted documents, you need to download the trading platform, which you will get from the website.
Step 3 –Verification email
- Log in to your email to view the verification email that was sent, and click on the embedded link to verify your account.
Step 4 –Start trading
- You can then log into the account and start virtual trading.
- Once the process has been completed, you will see the registration data for your new trading account.
- To be able to start trading on a live account, add funds to your trading account via any available payment systems in My FXOpen and install MetaTrader or use Web Trader.
- FXOpen also provides the opportunity to open a free FXOpen Demo account.
- This allows you to trade and experience real market conditions, without the risk of losing real money as you operate with virtual money.
- As soon as the verification has been done by the broker, the account will be approved for funding, and trading can commence
- Only then can the Muslim client request the conversion of the live account into an Islamic account and start trading.
🏆 10 Best Forex Brokers in South Africa
| Rank | Broker | Broker Review | Regulators | Minimum Deposit | Visit Broker |
|---|---|---|---|---|---|
| 🥇 |  | Read Review | ASIC, FSA, CBI, BVI, FSCA, FRSA, CySEC, ISA, JFSA | $100 |  |
| 🥈 |  | Read Review | FSCA, FCA, DFSA, FSA, CMA | $0 | |
| 🥉 |  | Read Review | CySEC, MWALI, FSCA | $25 | |
| 4 |  | Read Review | ASIC, CySEC, FSA, SCB | $200 | |
| 5 |  | Read Review | FSA, FSCA | $250 | |
| 6 |  | Read Review | FSA, FSC, FSCA, ASIC, CMA | $20 | |
| 7 |  | Read Review | FSC, FSCA | $50 | |
| 8 |  | Read Review | ASIC, CySEC, FSCA, FSA, FSC, CMA | $100 | |
| 9 |  | Read Review | ASIC, CySEC, IFSC, DFSA, FCA | $5 | |
| 10 |  | Read Review | FSA, CySEC, FSCA, FSC | $10 | |
FXOpen at a Glance
Customer Reviews
- Customer reviews for FXOpen are generally positive, highlighting the broker’s reliable trade execution, competitive spreads, and variety of account types catering to different trading styles.
- Many users appreciate the availability of MetaTrader platforms and the addition of TickTrader for advanced strategies.
- Traders commend FXOpen’s transparency in fees and strong regulatory oversight, which builds trust.
- The customer support team is often described as responsive and helpful, though a few users mention occasional delays during peak hours.
- Crypto traders also value the 24/7 trading access.
- Overall, FXOpen is viewed as a trustworthy and versatile broker for both beginners and professionals.
Customers Ratings
| 🌐 Platform | 📝 Feedback Summary | ⭐ Rating |
 | Positive reviews on trade execution and spreads; some concerns about withdrawal times. | 4.2 / 5 |
 | Mixed feedback; praised for customer support but occasional complaints about slippage. | 3.8 / 5 |
 | Generally favorable; users appreciate the educational tools and platform stability. | 4.0 / 5 |
 | Mostly positive with good remarks on ease of use and account types. | 4.3 / 5 |
 | Some users report excellent service, others note delayed responses. | 3.9 / 5 |
 | Strong ratings for transparency and execution speed; some negative reviews on support. | 4.1 / 5 |
Pros and Cons
| ✅ Pros | ❌ Cons |
| Commissions are low | Fixed spread accounts not offered |
| ECN model used | Limited financial instruments |
| Free VPS access | No clients from the US accepted |
| MetaTrader 4 offered | Restricted leverage for EU-clients |
Conclusion
FXOpen 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.
You might also like:
FXOpen Demo Account – Step by Step
Frequently Asked Questions
Does FXOpen offer leverage?
Yes. Leverage of up to 1: 500.
What spreads can I expect with FXOpen?
You can expect spreads that start from 0.0 pips on the ECN account.
Is FXOpen a recommended forex trading broker for experts and beginners?
Yes. FXOpen offers a trading environment for both beginner and expert traders.
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 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.
For how long is the demo account valid?
The demo account is valid for 30 days.
Does FXOpen offer the option of an Islamic Account?
Yes. The option for opening an Islamic account is available on the STP, ECN, and Micro Account.
Are there additional charges on the FXOpen Islamic account?
Not that can be seen from FXOpen’s website.
Which live trading accounts does FXOpen offer?
FXOpen offers Micro, STP, ECN, and Crypto accounts.
What are the available deposit currencies for a live trading account?
EUR, USD, GBP, AUD, CHF, JPY, and RUB.
Table of Contents
