IQ Option offers Islamic swap-free trading on selected trading account levels. IQ Option offers Extended Swap-free status by default to all applicable trading accounts created by clients in non-Islamic countries. Open an Islamic, Swap-Free account via Customer Support Assistance.
| 🔎 Broker's Name | 🥇 IQ Option |
| 💰 Minimum Deposit | $10 USD / R160 ZAR |
| ☪️ Islamic account (swap-free) | ✔️ Yes |
| 👍 Demo Account | ✔️ Yes |
| 💳 Deposit Options | Debit/Credit Card Bank Wire Transfer Bank Transfers |
| 💳 Withdrawal Options | Debit/Credit Card Bank Wire Transfer Bank Transfers |
| 🚀 Open an Account | 👉 Click Here |
Please Note: This material is not intended for viewers from EEA countries. Binary options are not promoted or sold to retail EEA traders
IQ Option Islamic, Swap-Free Account – 5 Key Point Quick Overview
- ✅ IQ Option Islamic, Swap-Free Account
- ✅ What is an Islamic Account – Explained
- IQ Option Pros and Cons
- Conclusion
- Frequently Asked Questions
Min Deposit
USD 10
Trading Platform
Proprietary Platform
Crypto
Yes
Account Activation
24 Hours
Total Pairs
0
Islamic Account
Yes
Trading Fees
Low
General Risk Warning: The financial products offered by the company carry a high level of risk and can result in the loss of all your funds. You should never invest money that you cannot afford to lose
IQ Option Islamic, Swap-Free Account
IQ Option does offer an Islamic, Swap-Free account option. In order to register for the Islamic, Swap-Free account the applicant must contact IQ Option Customer Support for assistance.
| 🔎 IQ Option Account | 🥇 IQ Islamic, Swap-Free Account |
| 📈 Interest | None |
| 📊 Spreads | None |
| 🤝 Market Transparency | Full |
| 🚀 Open an Account | 👉 Click Here |
What is an Islamic Account – Explained
An Islamic, Swap-Free trading account is a trading account that is allowed by Islamic Sharia law. Islamic, Swap-Free 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.
An 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 in full.
There are two key elements of 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.
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
This involves 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
This involves the accrual of interest on funds that are deposited into the trading account, which is prohibited.
Loans
Followers of 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 Sharia law.
Short Sales
Affects mostly shares and involves borrowing and subsequent sale of an asset, which is prohibited.
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.
Min Deposit
USD 10
Trading Platform
Proprietary Platform
Crypto
Yes
Account Activation
24 Hours
Total Pairs
0
Islamic Account
Yes
Trading Fees
Low
General Risk Warning: The financial products offered by the company carry a high level of risk and can result in the loss of all your funds. You should never invest money that you cannot afford to lose
IQ Option Pros and Cons
| ✅ Pros | ❌ Cons |
| Excellent Interface | Country Restrictions |
| Easy and fast account opening | Inactivity Fee Charged |
| Variety of Options | Derivates Only |
Conclusion
Overall, IQ Option offers Islamic swap-free trading on selected trading accounts levels and accounts can be created by clients in non-Islamic countries via Customer Support Assistance.
You might also like: IQ Option Account Types – Step by Step
You might also like: IQ Option Demo Account
You might also like: IQ Option Fees and Spreads
You might also like: IQ Option Minimum Deposit
You might also like: IQ Option Sign up Bonus
Frequently Asked Questions
Is IQ Option Halal or Haram?
IQ Option is Halal in that they offer Islamic trading accounts for traders of the Muslim faith who want to trade in accordance with Sharia law.
Are there additional charges on the Islamic account?
No, there are no additional charges indicated on the IQ Option Islamic account
Top 4 Brokers
