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 at the Glance
| 🔎 Broker's Name | FXOpen |
| 📍 Headquartered | UK, Australia, Nevis, and Saint Kitts |
| 📅 Year Founded | 2005 |
| ⚖️ Regulating Authorities | FCA, ASIC |
| 🌐 Countries not accepted for trade | United Stated |
| ☪️ Islamic account (swap-free) | Yes |
| 👍 Demo Account | Yes |
| 📊 Institutional Accounts | Yes |
| 📊 Managed Accounts | Yes |
| 📈 Maximum Leverage | 1:500 |
| 💰 Minimum Deposit | $1/R14.95 |
| 💳 Deposit Options | Credit cards Debit cards Walao! Pay Local Wire Transfers (or Skrill) Local Deposits Alfa-Click China UnionPay Bank Wire Transfer, and more |
| 💳 Withdrawal Options | Credit cards Debit cards Walao! Pay Local Wire Transfers (or Skrill) Local Deposits Alfa-Click China UnionPay Bank Wire Transfer, and more |
| 💻 Platform Types | MetaTrader 4, MetaTrader 5 |
| 📱 OS Compatibility | Web browsers, Windows, MacOS, Linux, Android, iPhone, tablets, iPads |
| 📈 Tradable assets offered | Forex, Gold, Silver, CFDs, Indices, Cryptocurrencies |
| 👨💼 Languages supported on Website | English, French, German, Russian, Spanish, and more. |
| 👥 Customer Support Languages | Multilingual |
| 📆 Customer Service Hours | 24/5 |
| 👉 Open a account | 👉 Open Account |
Min Deposit USD 1 Regulators ASIC Trading Platform MT4, MT5 Crypto Yes Total Pairs 4 Islamic Account Yes Trading Fees Low Account Activation 24 Hours
Choose your short section of our FXOpen Islamic Account below.
FXOpen Islamic Account – 12 key points quick overview:
FXOpen at the Glance- FXOpen Islamic Account – 12 key points quick overview:
- FXOpen 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?
- What are FXOpen’s spread costs on an Islamic Account?
- What other features does FXOpen’s Islamic Account have?
- FXOpen Customer Reviews
- FXOpen Pros and Cons
- Conclusion
- Frequently Asked Questions
Here is our overview of the FXOpen Islamic Account as well as the features that are offered, when opening a Swap Free Certified Muslim Trading Account.
FXOpen Overview
FXOpen is an established forex broker founded in 2005. It has headquarters in the UK, Australia, Saint Kitts, and Nevis.
This ECN and STP broker falls under the strict regulations and authorization of ASIC and FCA. It was one of the first online brokers established and remains one of the most reputable brokers.
It offers some of the best, competitive trading conditions, with low spreads, low commissions, and fast trade execution.
The services of FXOpen are offered to both retail and institutional investors and it caters to their trading needs and objectives through comprehensive and tailored trading conditions and trading solutions.
In addition to the various live account types on offer it also offers PAMM accounts.
Trading can be done on the MetaTrader 4 and MetaTrader 5 platforms on a variety of instruments such as Forex, Gold, Silver, CFDs, Indices, and Cryptocurrencies.
Customers from the United States are not accepted as clients.
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 especially 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.
There are two key elements of Islamic law that relate specifically to trading accounts, these elements are:
Riba, and
Gharar
Riba is the prohibition of generating money from money, which in this case specifically refers to an interest, which is not allowed according to the Sharia law. This type of interest is seen as both unjust and exploitive gains pertaining to trade or business.
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 affected greatly:
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 the 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.
Forward sales – which affects forward contracts as well as the trading of futures contracts which 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.
Short sales – which affects mostly shares and involves borrowing and subsequent sale of an asset, 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:
Step 1 – Complete the online application
To start the process, navigate to the FXOpen website and click on ‘Sign Up’ at the top of the page.
Step 2 – Upload further information
Traders are prompted to complete a short online form, which is easy and hassle-free. Verify their email address and provide proof of identity and residential address.
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.
What are FXOpen’s spread costs on an Islamic Account?
FXOpen’s spreads start from 0.0 pips on the ECN Account.
Seeing that the Islamic Account is not provided as a standalone account, Muslim traders are not exempted from normal trading conditions such as spreads that do not generate interest, and thus Muslim traders are still subjected to such trading fees.
With FXOpen, Muslim traders have the option to convert the STP, ECN, and Micro account into a Swap-free account.
What other features does FXOpen’s Islamic Account have?
The following trading conditions and features apply to these account types:
STP Account: minimum deposit from $10/R144 ZAR, commission-free trading, floating spreads, leverage up to 1:500.
ECN Account: minimum deposit of $100/R1445 ZAR, commission charges from $15/R216 ZAR, floating spreads from 0.0 pips, and leverage up to 1:500.
Micro Account – minimum deposit from $1/R14 ZAR, commission-free trading, floating spreads, leverage up to 1:500.
In addition, the following features apply to all Islamic accounts:
Market and instant execution on trades depending on the account type.
Micro-lot trading is available from 0.01 lots.
Access to all financial instruments on both the STP and ECN accounts, and 28 Forex pairs along with gold and silver on the micro account.
Ability to use hedging and EAs.
Scalping, news trading, phone dealing, and market depth are available on the STP and ECN accounts.
Traders should take note that markets open on Sundays at 11 pm CET and close on Fridays at 11 pm CET. In addition, there may be some restrictions and limits which apply to the Islamic Account.
Min Deposit USD 1 Regulators ASIC Trading Platform MT4, MT5 Crypto Yes Total Pairs 4 Islamic Account Yes Trading Fees Low Account Activation 24 Hours
FXOpen Customer Reviews
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Excellent service allround.
Excellent service allround.
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Very good support team
No issues look
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Whenever I had an issue I could always contact either the live chat or submit a ticket and have it quickly resolved.
FXOpen 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 |
| Tight spreads offered | |
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 Review
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Frequently Asked Questions
Trading environment
How many instruments can I trade with FXOpen?
You can trade the following financial instruments:
- Forex
- Gold
- Silver
- CFDs
- Indices
- Cryptocurrencies
Which platforms are supported by FXOpen?
MetaTrader 4, MetaTrader 5, FXOpen Tick Trader.
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.
Does FXOpen charge commission?
Yes. Commissions start from $15 charged to the ECN account.
Is FXOpen regulated?
No. FXOpen is regulated by ASIC and FCA.
Is FXOpen a recommended forex trading broker for experts and beginners?
Yes. FXOpen offers a trading environment for both beginners and expert traders.
What is the overall rating out of 10 for FXOpen?
7/10.
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 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 FXOpen offer a demo account?
Yes.
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.
Deposits and withdrawals
What is the minimum deposit for FXOpen?
$1.
How do I make a deposit and withdrawal with FXOpen?
- Credit/Debit Cards
- Walao! Pay
- Alfa-Click
- China UnionPay
- Local Wire Transfers (or Skrill)
- Local Deposits
- Bank Wire Transfer, and many more
Does FXOpen charge withdrawal fees?
Yes.
- Credit/Debit Cards – 2.5% or USD/EUR 3.5 and RUB 50.
- Walao! Pay – 2% or a minimum TBH 20 for Thailand, 2% or minimum MYR for Malaysia, 2% or IDR 5,000 for Indonesia, and 2% or VND 10,000 for Vietnam.
- Local Bank Transfers via Skrill – 1% or maximum $0.68.
- PayPal – 2%.
- China UnionPay – 3.5% but not less than 3 CNY (RMB).
- WebMoney – USD/EUR 0.8% or maximum $50/€50.
- Perfect Money – 0.5%.
- QIWI Wallet – 1% for RUB and USD.
- Yandex Money – 1%.
- FasaPay – 0.5% minimum $0.1 or 100 IDRapply.
- Bank Wire Transfer – From 15 EUR, 45 USD, 1,500 RUB, 35 GBP, 45 CHF/ 65 AUD/ 5,000 JPY.
How long does it take to make a withdrawal?
This will depend on the method through which withdrawals are made along with the process involved and it can take between one and several business days.
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