Yes, an INGOT Brokers 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. The fee is not an interest and depends on the direction of the order.
INGOT Brokers at a glance
| 🔍 Brokers Name | INGOT Brokers |
| 📍 Headquartered | Saint Vincent and the Grenadines, Australia |
| 📅 Year Founded | 2006 |
| 🏛 Regulating Authorities | SVG Financial Services Authority the Australian Securities and Investment Commission (ASIC) |
| 🌐 Countries not accepted for trade | United States |
| ☪️️ Islamic Account (Swap Free) | Yes |
| 📒 Demo Account | Yes |
| 💻 Institutional Accounts | Yes |
| 💻 Managed Accounts | No |
| 📊 Maximum Leverage | 1:500 |
| 💳 Minimum Deposit | $100 USD |
| ZAR | R1 600 ZAR |
| 💳 Deposit/ Withdrawal Options | Bank Wire Transfer Skrill Neteller Bitcoin Wallet Ethereum Wallet Credit/Debit Card |
| 💻 Platform Types | MetaTrader 4 and MetaTrader 5 |
| 📲 OS Compatibility | Windows, Linux, MacOS, Android, iOS |
| 📊 Tradable Assets | Commodities Stocks Indices ETFs Forex Cryptocurrencies |
| 🌐 Languages supported | Multilingual |
| ☎ Customer Service Hours | 24 hours a day /6 days a week |
Min Deposit
USD 100
Regulators
SVG FSA, ASIC
Trading Platform
MT4, MT5
Crypto
Yes
Total Pairs
0
Islamic Account
Yes
Trading Fees
Low
Account Activation
24 Hours
INGOT Islamic Account Revealed – A Key 11 Point Quick Overview
- ✅INGOT Brokers at a glance
- ✅INGOT Brokers 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 INGOT Brokers Islamic Account?
- What is INGOT Brokers’ spread costs on an Islamic Account?
- What other features does INGOT Brokers’ Islamic Account have?
- INGOT Brokers Pros and Cons
- INGOT Brokers Customer Reviews
- Final Thoughts
- Frequently Asked Questions
INGOT Brokers Overview
INGOT Brokers was established in 2006 and is based in Saint Vincent, Grenadines, and Australia. INGOT Brokers has over 15 years of experience in the various financial markets, offering traders from around the world endless trading opportunities on one innovative platform.
INGOT Brokers is known for offering the trade-in of more than 1 000 financial instruments spread across several asset classes. These can be traded through the advanced, user-friendly, and sophisticated MetaTrader 4 and MetaTrader 5 trading platforms.
In addition, when trading with INGOT Brokers, traders are given access to a variety of educational material, trading tools, and a dedicated and professional customer support team. Traders also have a choice between dynamic account types, each tailormade to suit the needs of different traders.
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.
| ☪️️ INGOT Brokers Islamic Account | 100 USD (R1 600 ZAR) |
| Sharia law | |
| Swap 🆓 | |
| Transactions are settled immediately |
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 on 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 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 are affected greatly:
| Margin deposits and interest: | which involves the accrual of interest on funds that are deposited into the trading account, which is prohibited. |
| 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. |
| Short sales: | which affects mostly shares and involves borrowing and subsequent sale of an asset, 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. |
| 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. |
| 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. |
What are the steps involved in opening an INGOT Brokers Islamic Account?
To convert the Professional Account into that of an Islamic Account, traders must complete their live trading account registration, verify, and approve their account, and submit a request to INGOT Brokers customer support for the conversion. Setting up an Islamic account with INGOT Brokers is an easy and straightforward process that consists of the following steps:
Step 1 – Navigate to the INGOT Brokers’ official website
Select “Start Trading” from the homepage to proceed to the application process.
Step 2 – INGOT Online Application
An online application will load, and the trader can provide their First Name, Last Name, email address, country of residence, mobile number, and a user-selected password.
Select the account that you wish to choose, as well as the preferred trading platform. Lastly, traders can read the declaration at the bottom and tick the box to indicate that it is understood and accepted before selecting “Register”.
Step 3 – Access the INGOT Broker Trading Account
Next, traders will be able to use the live account login number provided on the Trader’s dashboard along with their user-selected password. Alternatively, traders can use their chosen platform’s web trader for easy access to their new live account.
Step 4 – Contact the INGOT Broker support team to convert to a swap-free account
What are INGOT Brokers’ spread costs on an Islamic Account?
The spreads that traders can expect from the INGOT Islamic Account will reflect that of the Professional Account. Traders can expect variable spreads that start from 1 pip when they use the Islamic Account. The spreads will, however, depend on the financial instrument being traded along with the market conditions on the day of trading.
What other features does INGOT Brokers’ Islamic Account have?
The only live trading account that traders can convert is the Professional Account. Once converted, traders can expect the following unique features that will reflect on their INGOT Brokers Islamic Account:
| Features: | 💳 Minimum deposit of 100 USD (1 600 ZAR) |
| 💳 Variable spreads that start from 1 pip | |
| 📈 Access to spot metals, spot energies, spot indices, Cryptocurrency CFDs, and spot forex | |
| 📈 The ability to trade micro-lots from 0.01 | |
| 📊 Leverage up to a maximum of 1:500 | |
| 🔍 The ability to use Expert Advisors and the hedging trading strategy | |
| 📍 Negative balance protection is automatically applied to the account | |
| 🔴 Stop-out level of 25% |
Traders who convert their account to an Islamic Account must, however, take note that there is a grace period of 5 days during which they can keep their positions open free of charge. Once this 5-day grace period is exceeded, Islamic Account holders will be subjected to a storage charge per lot per day that they keep open.
The storage charges that traders can expect are as follows:
| 5 day grace period |
| $5 (80 ZAR) per lot per night |
INGOT Brokers Pros and Cons
| ✔ PROS | ❌ CONS |
| Demo Account option offered | Additional storage charges on the Islamic Professional Account |
| Educational resources offered | Daily Market analysis not provided |
| Islamic Account conversion offered | Limited payment methods |
| MetaTrader 4 and MetaTrader 5 supported | Social trading is not supported |
| More than 1 000 tradable financial instruments | US clients are not accepted |
| Range of trading tools | |
| Well-regulated by reputable entities |
INGOT Brokers Customer Reviews
Good customer support
INGOT Brokers gives the best support service so far. I feel very fortunate to be part of a Multilingual broker – Bob
Great account offerings…
Great website with service offerings, good detail on live/trading options.. – Eunice
Affiliate and IB program on the website – Check it out
I enjoy the opportunities to earn an income through IB and White label programs offered by forex brokers – Dominique
Final Thoughts
Overall, INGOT Brokers has a good track record of providing innovative tools and market instruments to traders worldwide. It is well-known for its ultra-fast order execution while delivering competitive spreads and commission. The company’s wide selection of account types is impressive with so many benefits and features to choose from.
As INGOT Brokers is regulated by the Australian Securities and Investment Commission and complies with certain rules and regulations, it is safe to say that this broker would be a great choice for traders of all experience levels and trading styles.
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Min Deposit
USD 100
Regulators
SVG FSA, ASIC
Trading Platform
MT4, MT5
Crypto
Yes
Total Pairs
0
Islamic Account
Yes
Trading Fees
Low
Account Activation
24 Hours
Frequently Asked Questions
Are Muslim traders from South Africa allowed to open a trading account with INGOT Brokers?
Muslim traders from South Africa are offered the option of opening a professional swap-free account with INGOT Brokers.
Do spread costs apply to an INGOT Brokers Islamic account?
INGOT Brokers apply spread costs to the Islamic accounts
How many instruments can I trade with INGOT Brokers Islamic account?
You can trade more than 1 000 financial instruments spread across:
- Commodities
- Stocks
- Indices
- ETFs
- Forex
- Cryptocurrencies
Does INGOT Brokers offer leverage on the Islamic account?
Yes, INGOT Brokers offers leverage up to a maximum of 1:500.
Are there additional charges on the Islamic account?
Yes, the Islamic Account has a grace period of 5 days during which positions can be held free of charge. Once this grace period expires, traders are subjected to storage fees per lot per night ranging from between 10 USD (160 ZAR) and 15 USD (250 ZAR).
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