Infinox delivers swap-free trading Islamic accounts for Muslim faith trades on STP account & ECN account. Infinox accounts are ideal as they align with the Islamic Muslim faith and incur no swaps or interest charges on overnight positions.
Infinox at a glance
| Broker's Name | Infinox |
| 🏛️ Headquarters | United Kingdom |
| 📅 Year Founded | 2009 |
| ⚖️ Regulating Authorities | FCA, SEB, FSC, FSCA |
| 📌 SCB, | Registration Number SIA F-188 |
| 📌 FSC, | License Number GB20025832 |
| 📌 FSCA | Registration Number 501057 |
| 🌐 Countries not accepted for trade | United States and Belgium |
| ☪️ Islamic account (swap-free) | Yes |
| 📒 Demo Account | Yes |
| ✴️ Institutional Accounts | Yes |
| 👨🏼💼 Managed Accounts | No |
| ⬆️ Maximum Leverage | 1:500 |
| 💰 Minimum Deposit | No minimum deposit requirement |
| 🌐 Spreads | From 0.2 pips |
| 🌐 Commission | On trades - yes |
| 🌐 Fees | No funding fees |
| 📊 Accounts | STP / ECN / Individual / Joint / Corporate accounts |
| 💳 Deposit Options | Wire Transfer Credit/Debit Card Skrill, and Neteller |
| 💳 Withdrawal Options | Wire Transfer Credit/Debit Card Skrill, and Neteller |
| 📊 Platform Types | MetaTrader 4, MetaTrader 5, CQG Desktop |
| 📶 OS Compatibility | Web browsers, Windows, MacOS, Linux, Android, iPhone, tablets, iPads |
| 📈 Tradable assets offered | Forex, indices, commodities, and CFDs on equities and futures. |
| 💬 Languages supported on Website | English, Italian, Portuguese, Simplified and Traditional Chinese, Arabic |
| 💬 Customer Support Languages | Multi-lingual |
| ⏲️ Customer Service Hours | 24/5 |
Min Deposit USD 1 Regulators SCB, FSC, FSCA Trading Platform MT4, MT5, CQG Crypto No Total Pairs 0 Islamic Account Yes Trading Fees Low Account Activation 24 Hours
Infinox Review – 9 key points quick overview:
Infinox at a glance- Infinox 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 Infinox Islamic Account?
- What is Infinox’s spread costs on an Islamic Account?
- What other features does Infinox’s Islamic Account have?
- Infinox Pros and Cons
- Frequently Asked Questions
Infinox Overview
Infinox has been in operation since 2009 and is a well-established broker based in the United Kingdom, with regulation via the FCA and authorization through the following entities:
- The Financial Sector Conduct Authority (FSCA) under the license number 50506.
- The Security Commission of the Bahamas (SCB) under the license number SIA-F188.
- The Financial Services Commission (FSC) under the license number GB20025832.
Infinox caters to retail traders along with both institutional and professional traders by offering comprehensive trading solutions and services to traders from around the world. Infinox offers flexible and dynamic account types, both MetaTrader 4 and 5 along with the CGQ Desktop trading platform, through which trades can be executed seamlessly.
Traders also have the benefit of a variety of trading styles as well as strategies that can be used including hedging, scalping, auto-trading, and others.
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 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 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 which 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.
| 💠Financial Activities restricted & prohibited by Sharia law | 📈 RoboMarkets |
| Overnight rollovers | 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 |
| Margin deposits and interest | the accrual of interest on funds that are deposited into the trading account |
| Loans | when followers of the Sharia law have funds transferred by either a bank or other financial institution and it involves interest terms |
| Trading on margin | stocks that are traded on margin result in the trader being liable for paying interest |
| Short sales | affects mostly shares and involves borrowing and subsequent sale of an asset |
| Forward sales | 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 Infinox Islamic Account?
1. Step 1 – Register an account
To open an account is quick and easy. Make your way to the website and select the “Open trading account” or “Register” tabs
Traders who are eligible for an Islamic Account must complete the live account application and then state that they want to apply for the Islamic option.
2. Step 2 – Complete your information
Complete your relevant information in the fields required and select “next” and select the option indicating you would like a swap-free Islamic account.
3. Step 3 – Provide personal information
This account option is only available to Muslim traders who follow the Sharia law and thus, the approval for such an account may depend on whether the trader can prove their faith. This is to ensure that the account type is not abused or misused.
Traders must acknowledge that Infinox reserves the right to terminate an Islamic Account if it is found that the account option is being abused.
Min Deposit USD 1 Regulators SCB, FSC, FSCA Trading Platform MT4, MT5, CQG Crypto No Total Pairs 0 Islamic Account Yes Trading Fees Low Account Activation 24 Hours
What is Infinox’s spread costs on an Islamic Account?
- The spreads that traders can expect when trading with Infinox will depend on the account type that traders choose. The STP account offers spreads that start from 0.9 pips while the ECN account features spreads from 0.2 pips.
- When compared to other brokers, these spreads are much wider than what others are offering, with some brokers offering tight and raw spreads from 0.0 pips.
What other features does Infinox’s Islamic Account have?
- Access to either MetaTrader 4 or MetaTrader 5 through which trades can be executed.
- Access to leverage of up to 1:500.
- Microlot trading supported, minimum trade size of 0.01 lots.
Traders who use the STP Account have the benefit of commission-free trading while the ECN Account attracts commissions from 7.5 USD, 5 GBP, or 5 EUR which are charged on trades. It is not clear whether these commissions are per side or per lot traded.
In addition, there is no indication of whether Infinox may charge additional costs on the Islamic Account. Traders must verify the possibility of wider spreads and/or additional commissions with the broker before registering a live trading account with Infinox.
Infinox Pros and Cons
| ✔️ Pros | ❌ Cons |
| Demo account and Islamic option offered | Commissions are not the lowest |
| Member of FSCA | No US or Belgium clients allowed |
| Powerful trading platforms supported | Spreads are not the tightest |
| Retail, institutional, and professional accounts offered | Trading instruments are limited |
| Variable spreads offered | |
| Well-regulated |
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Frequently Asked Questions
What spreads can I expect with Infinox?
Infinox’s spreads start from 0.2 pips on the ECN Account.
Does Infinox charge commission?
Commissions of 7.5 USD, 5.00 EUR, or 5 GBP are charged on trades.
Are there additional charges on the Islamic account?
No, there is no indication of whether Infinox charges any additional costs on the Islamic Accounts. However, traders must verify this information with the broker before registering a live trading account.
Is Infinox a recommended forex trading broker for experts and beginners?
Yes. Infinox caters for both beginners and experts.
What is the overall rating out of 10 for Infinox?
7/10.
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