Yes, IFC Markets does offer a swap-free, Islamic account. You can request an Islamic account after you have opened an account. The Islamic forex trading environment is ideal for traders following strict sharia law with a fixed fee instead of a swap.
IFC Markets at a glance
| Broker's Name | IFC Markets |
| 🏛️ Headquarters | Cyprus |
| 📅 Year Founded | 2006 |
| ⚖️ Regulating Authorities | CySEC, BVI FSC |
| 🌐 Countries not accepted for trade | United States, Japan, Russia |
| ☪️ Islamic account (swap-free) | Yes |
| 📒 Demo Account | Yes |
| ✴️ Institutional Accounts | No |
| 👨🏼💼 Managed Accounts | No |
| ⬆️ Maximum Leverage | 1:400 |
| 💰 Minimum Deposit | 1 USD or 13.67 ZAR |
| 💳 Deposit Options | Bank Wire Transfer Perfect Money Credit/Debit Card TopChange Pay BitWallet WebMoney CashU WebMoney Vietnam Bitcoin Internal Transfer |
| 💳 Withdrawal Options | Bank Wire Transfer Perfect Money Credit/Debit Card TopChange Pay BitWallet WebMoney CashU WebMoney Vietnam Bitcoin Internal Transfer |
| 📊 Platform Types | NetTradeX, MetaTrader 4, MetaTrader 5 |
| 📶 OS Compatibility | Linux, MacOS, Windows, Android, iOS |
| 📈 Tradable assets offered | Forex Precious Metals CFDs Indices CFDs Commodity CFDs Commodity Futures CFDs Gold ETF CFDs Cryptocurrency CFDs Synthetic instruments |
| 💬 Languages supported on Website | Spanish, Korean, English, Czech, Indonesian, Vietnamese, Taiwan, Chinese, Arabic, Turkish, Brazil, Mexican, Russian, German, French, Italian, Portuguese, Japanese, Malay, Hindi, Thai |
| 💬 Customer Support Languages | Multilingual |
| ⏲️ Customer Service Hours | 24/6 |
| 🚀 Open an Account | 👉 Click Here |
Min Deposit
USD 1
Regulators
CySEC, BVI FSC, LFSA
Trading Platform
MT4, MT5, NetTradeX
Crypto
Yes
Total Pairs
50
Islamic Account
Yes
Trading Fees
Low
Account Activation
24 Hours
Choose your quick section of our IFC Markets Islamic Account below.
IFC Markets Islamic Account – 9 key points quick overview:
- ✔️IFC Markets Overview
- ✔️What exactly is an Islamic Account?
- ✔️Which financial activities are restricted and prohibited by Sharia law?
- What are the steps involved in opening an IFC Markets Islamic Account?
- What are IFC Markets’ spread costs on an Islamic Account?
- What other features does IFC Markets’ Islamic Account have?
- IFC Markets Pros and Cons
- IFC Markets Customer Reviews
- Frequently Asked Questions
Here is our overview of the IFC Markets Islamic Account as well as the pros and cons as well as features that are offered to traders.
IFC Markets Overview
Established in 2006, IFC Markets is a Market Maker and STP broker that offers traders from around the world comprehensive trading conditions. IFC Markets is a CFD and forex broker that is well-regulated and ensures client fund security through the segregation of funds.
IFC Markets is known for offering reasonable spreads, commission-free trading, and reliable trade execution. IFC Markets offers the trade in a variety of financial instruments through NetTradeX, MetaTrader 4, and MetaTrader 5, each with its own dynamic account types that offer traders the best possible trading conditions.
What exactly is an Islamic Account?
An Islamic, or swap-free, trading account is one that is allowed by Islamic Sharia law. These accounts are based on the Islamic principle where interest is not applied to positions that are held open for longer than a trading day after the trading day has concluded.
Islamic Accounts are provided by brokers who serve Middle Eastern clients along with clients from other jurisdictions and offer certain features that are in line with the 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.
There are two key elements of the Islamic law that relate specifically to trading accounts, these elements are:
➡️️ Riba
➡️️ 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 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.
➡️️ 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, and which is prohibited by the Sharia law.
➡️️ Short sales – which affects mostly shares and involves 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 such a contract.
What are the steps involved in opening an IFC Markets Islamic Account?
To apply for an IFC Markets Islamic Account, traders must first apply for any of the live trading accounts offered by IFC Markets, namely:
➡️️ NTTX – Standard Fixed and Floating
➡️️ NTTX – Beginner Fixed and Floating
➡️️ MT4 – Standard Fixed
➡️️ MT4 – Micro Fixed
➡️️ MT5 – Standard Floating
➡️️ MT5 – Micro Floating
Once traders have applied for their live trading account, they can navigate to the IFC Markets website and select “Islamic Accounts” from the “Trading” option. Traders can complete the request form by providing their First and Last Name, email address, user-selected password, country of residence, and mobile phone number.
What are IFC Markets’ spread costs on an Islamic Account?
This will depend on the type of account that traders choose to convert. Depending on the account type, traders can expect floating spreads from 0.4 pips and/or fixed spreads from 1.8 pips.
What other features does IFC Markets’ Islamic Account have?
The IFC Markets Islamic Account does not have additional charges and the features that traders can expect will depend on the type of account that they convert to the Islamic Option.
In addition, before converting the account, Muslim traders must note the following:
➡️️ Islamic status is assigned to all accounts that the trader has, existing and additional accounts that are opened.
➡️️ If the trader changes their trading account type to an Islamic Account, traders will not be able to retrieve their non-Islamic account.
➡️️ IFC Markets reserves the right to credit and/or debit SWAP to the accounts of the client prior to conversion to an Islamic Account.
➡️️ If traders misuse or abuse their Islamic Account, IFC Markets has the right to cancel the Islamic status along with crediting/debiting SWAPs for the corresponding period.
Min Deposit
USD 1
Regulators
CySEC, BVI FSC, LFSA
Trading Platform
MT4, MT5, NetTradeX
Crypto
Yes
Total Pairs
50
Islamic Account
Yes
Trading Fees
Low
Account Activation
24 Hours
IFC Markets Pros and Cons
| ✔️ Pros | ❌ Cons |
| Advanced proprietary trading platform supported | International operations regulation |
| Education center provided | Spreads are not the tightest |
| IFC Markets has strict regulation | There is no social trading network |
| Portfolio quoting methods offered | US clients not accepted |
| Synthetic instruments offered |
IFC Markets Customer Reviews
Just Perfect!
I came here for Autochartist — the way they have it on the open for free without login drove me to them!
Great for beginners and experts
IFCMarkets for me is the best broker…
IFCMarkets for me its the best broker out here and good for Canadian traders..they provide Instant Execution orders for trading and they provide fast withdraw which is the best for me! i like it guys ! keep on good working !
The best for everyone that like forex…
The best for everyone that like forex and like work with it.
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Frequently Asked Questions
Trading environment
How many instruments can I trade with IFC Markets?
You can trade more than 600 instruments spread across these asset classes:
- Forex
- Precious Metals CFDs
- Indices CFDs
- Commodity CFDs
- Commodity Futures CFDs
- Gold
- ETF CFDs
- Cryptocurrency CFDs
- Synthetic instruments
Which platforms are supported by IFC Markets?
- MetaTrader 4
- MetaTrader 5
- NetTradeX
Does IFC Markets offer leverage?
Yes, IFC Markets offers leverage from 1:1 up to 1:400.
What spreads can I expect with IFC Markets?
IFC Markets offers floating spreads from 0.4 pips and fixed spreads from 1.8 pips.
Does IFC Markets charge a commission?
No, IFC Markets offers commission-free trading.
Are there additional charges on the Islamic account?
No, there are no additional charges when Muslim traders convert their trading account to an Islamic Account.
Is IFC Markets regulated?
Yes, IFC Markets is regulated by CySEC and BVI FSC.
Is IFC Markets a recommended forex trading broker for experts and beginners?
Yes, IFC Markets is ideal for both beginners and expert traders.
What is the overall rating out of 10 for IFC Markets?
8/10.
Accounts
What is the difference between a demo and a live trading account?
A demo account offers traders a risk-free account where they can practice trading, test out strategies, or see what the broker has to offer.
Does IFC Markets offer a demo account?
Yes, IFC Markets offers three different demo accounts.
For how long is the demo account valid?
There is no predetermined expiration on the demo account.
Does IFC Markets offer the option of an Islamic Account?
Yes, IFC Markets offers the option of an Islamic Account.
Are there any spread costs on an Islamic Account with IFC Markets?
It depends on the type of account that you choose to convert. Depending on the account type, you can expect floating spreads from 0.4 pips and/or fixed spreads from 1.8 pips.
Which live trading accounts does IFC Markets offer?
- NTTX – Standard Fixed and Floating
- NTTX – Beginner Fixed and Floating
- MT4 – Standard Fixed
- MT4 – Micro Fixed
- MT5 – Standard Floating
- MT5 – Micro Floating
What are the available deposit currencies for a live trading account?
- USD
- EUR
- JPY
- uBTC (only on the NTTX Account)
Deposits and withdrawals
What is the minimum deposit for IFC Markets?
IFC Markets has a minimum deposit of 1 USD, 1 EUR, 100 JPY, or 13.67 ZAR.
How do I make a deposit and withdrawal with IFC Markets?
- Bank Wire Transfer
- Perfect Money
- Credit/Debit Card
- TopChange Pay
- BitWallet
- WebMoney
- CashU
- WebMoney Vietnam
- Bitcoin
- Internal Transfer
Does IFC Markets charge withdrawal fees?
Yes, IFC Markets charges the following withdrawal fees:
- Bank Wire Transfer – 25 USD, 25 EUR, 2 500 JPY, or 342 ZAR.
- Perfect Money – 0.5%
- Credit/Debit Card – 2% as well as 7.5 USD, 6 EUR, 1 500 JPY, or 103 ZAR.
- BitWallet – 100 JPY per transaction and 824 JPY for withdrawal to a local bank account.
- WebMoney – 0.8% with a maximum of 50 USD (684 ZAR).
- WebMoney Vietnam – 0.8% with a minimum of 500 VND and a maximum of 1 000 000 VND.
- Bitcoin – 500 uBTC or 0.0005 BTC.
How long does it take to make a withdrawal?
This will depend on the payment method as some reflect instantly while others may take a few business days.
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