FXTM Islamic Account offers an Islamic account for Muslim faith traders, including a swap-free account.
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.
FXTM Islamic Account – A Key Point Overview
- ☑️Overview
- ☑️What exactly is an Islamic Account?
- ☑️Which financial activities are restricted and prohibited by Sharia law?
- ☑️How to enable the SWAP-Free on my trading account?
- ☑️How to open an FXTM Islamic Account
- ☑️FXTM At a Glance
- ☑️FXTM Customer Reviews
- ☑️Conclusion
- ☑️Frequently Asked Questions
Overview
- According to research in South Africa, ForexTime Limited (FXTM) was established in 2011 and is a global leader in online trading.
- It has become a well-known brand that brings opportunities to financial markets to international audiences, wherever they are, notwithstanding their economic ambitions.
- FXTM has a global network of offices and regulations in Europe, the Middle East, Africa, Asia, and Latin America, and more than two million clients in 150 countries have already started using its services.
What exactly is an Islamic Account?
- An Islamic Account, for the greater part, as offered by most brokers, 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.
- The other important feature of 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.
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.
- Margin deposits and interest – which involves the accrual of interest on funds that are deposited into the trading account, which is prohibited.
- 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.
- 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.
- Short sales – which affect mostly shares and involve borrowing and subsequent sale of an asset, 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 into such a contract.
How to enable the SWAP-Free on my trading account?
Step 1: Log in to your MyFXTM Dashboard
Step 2: Navigate to the “My accounts – Accounts overview” menu from the left-hand side.
Step 3: Click on the orange arrow next to “Deposit” and click “Enable SWAP Free”
Step 4: In the Pop-up window, click “Ok”.
How to open an FXTM Islamic Account
To convert the trading account into that of an FXTM Islamic Account, Muslim traders can follow these steps:
Step 1: Click on “Open Account”
- Look for the “Open Account” button on the top right corner of the page and click on it.
Step 2: Fill in the registration form.”
- Provide your Country.
Step 3: Fill in the registration form.”
- Provide your email, create your own password, and create an account.
Step 4: Verify your details through the FXTN OTP PIN.”
- Once completed, select the ‘Send PIN’ option to have an OTP sent to the mobile number provided, verifying the number.
- The OTP/PIN can be entered in the field provided. Once this is complete, traders can select ‘Register Now’ to complete the application.
Step 4: Submit Proof”
- If you are Muslim and look to trade SWAP-free, you can submit proof of your Islamic faith by filling out the contact form.
- A document that can serve as proof of Islamic faith is a certification from a recognized religious authority, such as an Islamic scholar, imam, or mosque.
FXTM At a Glance
| 🔎Broker |  |
| Company Information | |
| 📅Year Founded | 2011 |
| 🧑🏻💻Amount of staff | 700+ |
| 👩💻Amount of active traders | Over 3 million |
| 🌐Publicly Traded (Listed Company) | No |
| Regulation and Security | |
| 🛡️Regulation | FCA, FSCA, FSC |
| 🌎Country of regulation | UK, South Africa, Mauritius |
| 💻Account Segregation | Yes |
| 🪫Negative balance protection | Yes |
| 🔋Investor Protection Schemes | ICF (Investor Compensation Fund) |
| Account Types and Features | |
| 💳Institutional Accounts | Yes |
| 👨💼Managed Accounts | Yes (PAMM accounts) |
| 📇Minor account currencies | USD, EUR, GBP, AUD, ZAR |
| 💰Minimum Deposit | $200 / 3548 ZAR |
| Trading Conditions | |
| 🕞Average deposit/withdrawal processing time | 1-2 business days |
| 🪙Fund Withdrawal Fee | Varies by method |
| 📊Spreads from | 0.1 pips |
| 💸Commissions | From $4 per lot (on certain accounts) |
| 💱Number of base currencies supported | 7 |
| 🚀Swap Fees | Applicable |
| 📈Leverage | Up to 1:2000 |
| 📏Margin requirements | Varies based on leverage and asset |
| ☪️Islamic account (swap-free) | Yes |
| 💻Demo Account | Yes |
| ⌛Order Execution Time | 0.01 seconds |
| 📆VPS Hosting | Yes |
| Trading Instruments | |
| 🧾CFDs-Total Offered | 250+ |
| 🗠CFD Stock Indices | 11 |
| ⚖️CFD Commodities | 6 |
| 📜CFD Shares | 120+ |
| Deposits and Withdrawals | |
| 💳Deposit Options | Credit/Debit cards, Bank transfers, e-wallets (Skrill, Neteller, etc.) |
| 💵Withdrawal Options | Credit/Debit cards, Bank transfers, e-wallets (Skrill, Neteller, etc.) |
| Trading Platforms and Tools | |
| 💻Trading Platforms | MT4, MT5, FXTM Trader App |
| 👩💻OS Compatibility | Windows, macOS, Android, iOS |
| 🖥️Forex trading tools | Trading signals, VPS, economic calendar |
| Customer Support | |
| 🗣️Live chat availability | Yes |
| 📱Customer Support email address | [email protected] |
| 📞Customer Support Contact Number | +44 203 734 1071 |
| 👾Social media Platforms | Facebook, Twitter, Instagram, YouTube |
| 🗣️Languages supported on Website | 15+ |
| Educational Resources and Support | |
| 🖺Forex course | Yes |
| 🧏♀️Webinars | Yes |
| 📚Educational Resources | Articles, tutorials, videos, webinars |
| Partnerships and Programs | |
| 🪪Affiliate program? | Yes |
| 👨🏫Amount of partners | 3,000+ |
| 📋IB Program | Yes |
| 🪙Rebate program | Yes |
| 📝Sign up | 👉 Open Account |
FXTM Customer Reviews
- ForexTime has an overall attractive presence, which is proven by the feedback and rating given by many customer traders who applauded the business for having market-relevant spreads, speedy execution, and abundant educational resources.
- What many users find interesting about FXTM is that it offers various types of accounts that cater to different kinds of trades-or even beginners, as illustrated in user-friendly programs and demo account availability.
- However, issues have been raised by other traders, not least among them, excessive withdrawal fees and delays in processing funds at times.
| 🔍Aspect | 🔖Details |
| 🌟Overall Rating | 4.5/5 – Generally positive, with high marks for competitive spreads and platform reliability. |
| 👏Customer Satisfaction | Positive feedback for tailored account options and extensive educational resources for beginners. |
| 📞Customer Service | Responsive and multilingual support, though some users report occasional delays in issue resolution. |
Customers Ratings
| 🌐 Platform | 📝 Feedback Summary | ⭐ Rating |
 | has a mixed rating on the platform. Some users praise their fast execution, competitive spreads, and diverse range of assets. However, others have raised concerns about high fees, confusing withdrawal processes, and inconsistent customer support. | ⭐⭐⭐⭐☆ |
 | Mixed feedback some users appreciate the platform's features, while others express concerns about withdrawal processes and customer support. | ⭐⭐⭐☆☆ |
 | Reviewers praise FXTM's user-friendly platform, competitive spreads, and reliable customer support. However, some reviewers have complained about issues with account verification, withdrawal delays, and limited market analysis tools. | ⭐⭐⭐⭐☆ |
 | Generally positive users highlight the platform's user-friendliness and educational resources. | ⭐⭐⭐⭐⭐ |
 | Reviewers praise FXTM for its user-friendly platform, competitive spreads, and reliable customer support. However, some reviewers have raised concerns about trading conditions, account management, and the quality of educational resources. | ⭐⭐⭐☆☆ |
 | Mixed reviews some users commend the responsive customer service, while others note issues with withdrawal processes. | ⭐⭐⭐☆☆ |
Conclusion
ForexTime is an award-winning broker for a good reason. Whatever a client’s financial interests, they can provide trading solutions to suit.
FXTM offers the widest selection of instruments, platforms, account types, and resources to make the trading experience as convenient and efficient as possible.
FXTM is regulated by several financial authorities globally, including the top-tier Financial Conduct Authority (FCA), and its customer support gives fast and relevant answers.
You might also like:
FXTM Demo Account – Step by Step
Frequently Asked Questions
Does FXTM have the option of a swap-free Islamic Account?
Yes, there is a swap-free Islamic account option available on all account types, except MT5.
When are swaps calculated on the FXTM Islamic account?
Swaps are calculated between 23:59:45 – 00:00:00 (EET), from Monday to Friday.
Are there additional charges on the Islamic account?
No, but the Islamic Account option is not fixed; it is subject to a certain period within which it can be used, with the number of days depending on the financial instrument being traded.
Is MT4 halal or haram?
It can be used by Muslims for halal trading.
Which trading is best for Muslims?
It has been determined by Muslim scholars that forex trading is halal, as long as the trading adheres to several principles
Why is the SWAP-free option not available to me?
Muslim traders can opt for a swap-free account to adhere to Islamic principles. In conventional trading, swaps involve interest, which is prohibited in Islamic finance. A swap-free account eliminates interest-related charges, aligning with Sharia law that forbids usury. This accommodation allows Muslim traders to participate in the financial markets while adhering to their religious beliefs, promoting ethical and interest-free financial transactions. Swap-free accounts offer an inclusive option for individuals seeking to combine their faith with their trading activities.
Table of Contents
