House of Borse offers a Islamic account for Muslim 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.
House of Borse at a glance
| Broker's Name | House of Borse |
| 🏛️ Headquarters | London, England |
| 📅 Year Founded | 2001 |
| ⚖️ Regulating Authorities | FCA |
| 🌐 Countries not accepted for trade | United States |
| ☪️ Islamic account (swap-free) | Yes |
| 📒 Demo Account | Yes |
| ✴️ Institutional Accounts | Yes |
| 👨🏼💼 Managed Accounts | Yes |
| 📈 Maximum Leverage | 1:30/1:100 for professionals |
| 💰 Minimum Deposit | $5000/R80 000 ZAR |
| ➕Deposit Options | Bank wire Credit cards Debit cards |
| ➖Withdrawal Options | Bank wire Credit cards Debit cards |
| 💰 Sign up bonus | No |
| 📊 Platform Types | Bank wire Credit cards Debit cards |
| 📈 Tradable assets offered | Forex, indices, commodities, equities |
| 📈 Spreads | from zero-pip(ECN) and from 0.4 pips(GBPUSD and EURGBP) |
| 📱 OS Compatibility | Windows, Mobile, Web, iPhone, iPad PC and Mac OS, mobile for Android and IOS |
| 💬 Languages supported on Website | Multilingual |
| 💬 Customer Support Languages | Multilingual |
| ⏲️ Customer Service Hours | 24/5 |
| 👉 Open a account | 👉 Click Here |
Min Deposit USD 5000 Regulators FCA Trading Platform MT4, MT5, FIX API Crypto No Total Pairs 60 Islamic Account Yes Trading Fees Low Account Activation 24 Hours
Choose your quick section of our House of Borse Islamic Account below.
House of Borse Islamic account – 9 key points quick overview:
Overview- What exactly is an Islamic Account?
- Why is interest discouraged or prohibited by Sharia law?
- What are the steps involved in opening a House of Borse Islamic Account?
- What is House of Borse’s spread costs on an Islamic Account?
- What other features does House of Borse’s Islamic Account have?
- House of Borse Pros and Cons
- Conclusion
- Frequently Asked Questions
Here is our overview of the House of Borse Islamic Account as well as the pros and cons as well as features that are offered to traders.
Overview
House of Borse is an FCA-regulated Forex broker which is headquartered in London, England. First established in 2001, the broker has grown into an industry leader that is well positioned to cater for advanced and professional clients.
The broker offers access to over 200 trading instruments on the MetaTrader 4 and MetaTrader 5 platforms, all of which is provided through three tailored accounts. The minimum deposit required to open an account is $5000.
House of Borse works to create an attractive trading environment enhanced by competitive pricing and cutting trading features, which include FIX API, which is ideal for sophisticated traders seeking low latency trading as well as the most control over their automated trading strategies.
Overall, House of Borse provides an excellent trading environment for advanced and professional traders, who will benefit from the broker’s feature-rich offering and competitive pricing.
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 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 towards the borrower.
What are the steps involved in opening a House of Borse Islamic Account?
Traders who wish to open an interest-free account with House of Borse can apply directly to the broker’s customer support team.
A consultant will guide you through the process of setting up your Islamic Account. To this end, you may be required to submit supporting documentation as proof of your religious status.
What is House of Borse’s spread costs on an Islamic Account?
The Islamic Account will bear the same spread costs as those on the swap-rated accounts.
As such, competitive zero-pip spreads are available on major currency pairs under the ECN pricing model. Spreads on leading pairs, such as the GBPUSD and EURGBP, start at 0.4 pips. Dynamic spreads are updated in real-time in the MT4 and MT5 platforms.
What other features does House of Borse’s Islamic Account have?
The House of Borse Islamic Account allows traders to access the MetaTrader suite of trading platforms, which will grant them access to the following features:
| ➡️️ Live streaming prices. |
| ➡️️ 3 different chart types in 9 different timeframes. |
| ➡️️ Fully customisable interface. |
| ➡️️ Over 30 pre-installed technical indicators. |
| ➡️️ Ability to develop your own technical indicators and market analysis tools, using the MQL programming language. |
| ➡️️ All data between client terminal and platform server is always encrypted. |
| ➡️️ The platform also supports the use of RSA digital signature. |
| ➡️️ One click trading. |
| ➡️️ Trade from charts. |
| ➡️️ Multi Asset Trading – Trade on FX, commodities, and Indices. |
| ➡️️ Various order types supported - Market Order, Pending Order, Stop Loss and Take Profit. |
Min Deposit USD 5000 Regulators FCA Trading Platform MT4, MT5, FIX API Crypto No Total Pairs 60 Islamic Account Yes Trading Fees Low Account Activation 24 Hours
House of Borse Pros and Cons
| ✔️ Pros | ❌ Cons |
| No additional costs on Islamic Account | Swap-free status only available on certain currency pairs |
Conclusion
Yes, a House of Borse 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 swap. The fee is not an interest and depends on the direction of the order.
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Frequently Asked Questions
Trading environment
How many instruments can I trade with House of Borse?
House of Borse provides traders with access to over 200 financial instruments in the following markets:
- Forex – 60+ forex pairs; majors, minors, and exotics, including EUR/USD, USD/JPY, and EUR/GBP.
- Equities – Company stocks including Google, Apple, Facebook, and Amazon.
- Indices – Global cash and futures indices including the UK100 and US30.
- Commodities – Including gold, silver, and energies.
Which platforms are supported by House of Borse?
MetaTrader 4 and MetaTrader 5.
Does House of Borse offer leverage?
Yes. Maximum leverage is capped at 1:30 in line with ESMA regulations for retail traders, but the broker does provide leverage up to 1:100 for professional traders.
What spreads can I expect with House of Borse?
House of Borse has competitive zero-pip spreads available on major currency pairs under the ECN pricing model. Spreads on leading pairs, such as the GBPUSD and EURGBP, start at 0.4 pips. Dynamic spreads are updated in real-time in the MT4 and MT5 platforms.
Does House of Borse charge commission?
Yes. The broker charges variable trade-based commissions from $4 per $100,000 traded with Silver accounts to a $3 commission in Platinum accounts. Commission charges drop with increased trading volumes.
Are there additional charges on the Islamic account?
No.
Is House of Borse regulated?
Yes. House of Borse is regulated by the Financial Conduct Authority (FCA).
Is House of Borse a recommended forex trading broker for experts and beginners?
No. House of Borse is positioned more towards advanced and professional traders due to the high minimum deposit.
What is the overall rating out of 10 for House of Borse?
8/10.
Accounts
What is the difference between a demo and 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 House of Borse offer a demo account?
Yes, House of Borse offers a free demo account to all new traders.
For how long is the demo account valid?
The demo account from House of Borse does not appear to expire.
Does House of Borse offer the option of an Islamic Account?
Yes. Find out more about House of Borse Islamic account here.
How do you open an Islamic account with House of Borse?
Contact the brokers’ customer support where a consultant will guide you through the application process.
Which live trading accounts does House of Borse offer?
House of Borse offers several accounts depending on trading volumes:
- Silver Trader
- Gold Trader
- Platinum Trader
What are the available deposit currencies for a live trading account?
House of Borse accepts USD, EUR, and GBP. 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 House of Borse?
The minimum deposit amount required to open a broker account with House of Borse is $5000. This is a high minimum deposit when compared to many other brokers in the industry, with most deposit requirements averaging between $10 and $500.
How do I make a deposit and withdrawal with House of Borse?
House of Borse has an extremely limited selection of deposit methods, which consist of bank wire transfers, credit cards and debit cards. It is likely that the broker relies on these transaction methods due to the higher deposit amounts required to open and maintain a trading account.
Does House of Borse charge withdrawal fees?
There is a 3% handling fee charged on credit and debit card transactions. More information can be found directly on the broker’s website.
How long does it take to make a withdrawal?
All withdrawal requests will be processed within two business days if received by House of Borse before 11am UK time on any business day.
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