Yes, a JFX Corporation 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.
JFX Corporation at a glance
| 🔍 Brokers Name | JFX Corporation |
| 📍 Headquartered | Cyprus |
| 📅 Year Founded | 2011 |
| 🏛 Regulating Authorities | CySEC, MiFID, BaFin, CNMV, FCA, ACP |
| 🌐 Countries not accepted for trade | United States |
| ☪️️ Islamic Account (Swap Free) | Yes |
| 📒 Demo Account | Yes |
| 💻 Institutional Accounts | No |
| 💻 Managed Accounts | Yes |
| 📊 Maximum Leverage | 1:500 |
| 💰 Minimum Deposit | $2000 |
| ZAR | R32 000 ZAR |
| 💳 Deposit Options | Wire Transfer, Skrill, WebMoney, NETELLER, Credit card, Debit card |
| 💳 Withdrawal Options | Wire Transfer, Skrill, WebMoney, NETELLER, Credit card, Debit card |
| 📉 Platform Types | MetaTrader 4, JFX Trader, JFX FXBridge, Mobile Trader, JFX Pro Trader, PAMM |
| 📲 OS Compatibility | Mac, Windows, Linux, Web, Mobile Android, iPhone, iPad |
| 📊 Tradable Assets | 60+ currency pairs, including the most popular ones such as the EUR/GBP, USD/EUR, GBP/USD and more, Gold and Silver. |
| 🌐 Languages supported | German, Spanish, Portuguese, Italian, French, Russian, Turkish, Arabic, Japanese, Korean |
| ☎ Customer Service Hours | 24 hours a day /5 days a week |
Min Deposit
USD 2000
Regulators
CySEC, BaFIN, CNMV, FCA, ACP, MiFID
Trading Platform
MT4, JFX Trader, JFX FXBridge, Mobile Trader, JFX Pro Trader, PAMM
Crypto
No
Total Pairs
60+
Islamic Account
Yes
Trading Fees
Low
Account Activation
24 Hours
JFX Corporation Islamic Account Revealed – A Key 11-Point Quick Overview
- ✅JFX Corporation at a glance
- ✅JFX Corporation Overview
- ✅What exactly is an Islamic Account?
- Which financial activities are restricted and prohibited by Sharia law?
- What are the steps involved in opening a JFX Corporation Islamic Account?
- What are JFX Corporation’s spread costs on an Islamic Account?
- What other features does JFX Corporation’s Islamic Account have?
- JFX Corporation Pros and Cons
- JFX Corporation Customer Reviews
- Conclusion
- Frequently Asked Questions
JFX Corporation Overview
JFX Corporation is a Forex broker that was registered in 2011 and is operating from Cyprus. JFX Corporation was established by experienced financial market professionals with an innovative vision to deliver retail forex traders the finest brokerage services possible.
The broker is regulated in Cyprus by the Cyprus Securities and Exchange Commission (CySEC). They are also regulated in Germany by the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin), regulated in Spain by the Comisión Nacional del Mercado de Valores (CNMV), regulated in the United Kingdom by the Financial Conduct Authority (FCA) and regulated in France by the L’Autorité de Contróle Prudentiel (ACP).
JFX Corporation also follows the European Union directive on financial markets (MiFID) and prides itself on being transparent and having high ethical business principles as a foundation. Clients’ money is kept in separate accounts from that of the broker itself and the Investment Compensation Fund protects those accounts. JFX does not accept US traders.
The JFX conditions of trade are excellent and offer a choice that is secure and in noted for very narrow spreads, especially for ECN accounts. The typical spread on EUR/USD varies between 0 and 0.4 pips. Nine large banks provide liquidity to its system, so investors always receive the best possible offers.
The platforms provided by JFX are MetaTrader 4 (MT4) and its own corporate JFX Trader and JFX ProTrader. JFX does not offer deposits or welcome bonuses but offers a competitive rebate program, in which entrepreneurs can earn money each time they make a trade.
The main advantages of JFX are that traders can select between two types of pricing models, can use any of several trading platforms, and take part in a unique rebate program that earns them profit for every trade they execute.
What exactly is an Islamic Account?
Islamic accounts, known as swap-free accounts, are compliant with Sharia law because there is no swap or rollover interest on overnight positions, which is against the Muslim faith. Muslim clients can benefit from these same trading conditions and terms as regular trading account types, with the only difference having no swaps on trading instruments.
| JFX Corporation Islamic Account: | Swap 🆓 |
| Strict Sharia law | |
| Transactions are settled immediately | |
| $2000 Minimum Deposit |
A handling charge may however apply. An Islamic Account may be a standalone account or an account option offered on regular accounts. Islamic Accounts are often provided by brokers who serve Middle Eastern clients and offer features that are in line with Sharia law, which prohibits the accrual of interest on funds deposited into the account.
Another 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, namely Riba and Gharar. Riba is a concept that refers to increasing or exceeding growth, which forbids interest credited from loans or deposits. Gharar is an Arabic word associated with uncertainty, deception, and risk, which in modern finance include futures and options contracts, which have dates of delivery in the future.
| Riba |
| Gharar |
Which financial activities are restricted and prohibited by Sharia law?
Due to the restrictions and prohibitions on Muslim traders when considering the intricate details involved with trading activities, the following may be affected or prohibited:
| 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 a JFX Corporation Islamic Account?
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. JFX Corporation may also require certain additional documents, apart from proof of identity and residential address, before approving an application for an Islamic account.
Follow these steps to open a live Islamic account:
Step 1 – Fill in your Personal information to start trading
The first step requires traders to fill out the JFX ID Application form with their Names, Phone numbers, date of birth, personal information, and email addresses in order to gain access to the JFX platform.
Step 2 – Search for JFX App
Step 3 – Download the MetaTrader – MT4 App.
Step 4 – Contact the JFX Coporation support team for the swap-free option
What are JFX Corporation’s spread costs on an Islamic Account?
To make up for money lost by not charging overnight fees, a broker like JFX Corporation usually charges extra fees on Islamic accounts – either in administration fees, wider spreads, or additional commissions. New Islamic traders should contact the broker’s customer service team to enquire about any special conditions or extra fees before joining.
What other features does JFX Corporation’s Islamic Account have?
When making use of the JFX Corporation Islamic account, traders can expect key features like the following:
▶ Interest is not charged on contracts that are held for more than 24-hours.
▶ Accounts are activated with a required minimum deposit.
▶ Some specific restrictions and limits may apply to the Islamic Account.
JFX Corporation Pros and Cons
| ✔ PROS | ❌ CONS |
| Broker is well regulated | Minimum deposit of $2000 is exceedingly high |
| Competitive spreads are offered | Not enough education for novice traders |
| Islamic accounts can be opened | Research is not specified on website |
| Six different platforms for trading | Website is not user-friendly |
| Variety of accounts available |
JFX Corporation Customer Reviews
Great service
very good service, it’s a smart way to invest money and generate a side income, even if you don’t know how to trade, which was my case. I definitely would recommend it. – Andre
Must Join
I double my investment in 6 months, with excellent customer service! Good CFD trading – Monre
No Sign-up bonus or Partnership program on the website
I enjoy the opportunities to earn an income through Partnership programs offered by forex brokers, disappointed that JFX Corporation does not have any reward or partnership programs on offer – Ben
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Min Deposit
USD 2000
Regulators
CySEC, BaFIN, CNMV, FCA, ACP, MiFID
Trading Platform
MT4, JFX Trader, JFX FXBridge, Mobile Trader, JFX Pro Trader, PAMM
Crypto
No
Total Pairs
60+
Islamic Account
Yes
Trading Fees
Low
Account Activation
24 Hours
Conclusion
JFX Corporation can be described as a company that allows traders to do their job by using MetaTrader 4, JFX Trader, JFX FXBridge, Mobile Trader, JFX ProTrader, and PAMM. They are one of the few brokers that offer access to six different types of platforms. They also offer a demo account. Overall, an excellent choice for traders, but would not recommend this broker for novice traders as the website is not user-friendly.
Frequently Asked Questions
Are Muslim traders from South Africa allowed to open a trading account with JFX Corporation?
Yes, JFX Corporation is accessible to Muslim traders in South Africa.
How many instruments can I trade with the JFX Corporation Islamic account?
You can trade several different instruments with JFX Corporation, which include the following:
- 60+ currency pairs, including the most popular ones such as the EUR/GBP, USD/EUR, GBP/USD, and more
- Gold
- Silver
Which platforms are supported by the JFX Corporation Islamic account?
JFX Corporation provides the following popular trading platforms:
- MetaTrader 4
- JFX Trader
- JFX FXBridge
- Mobile Trader
- JFX Pro Trader
- PAMM
Does JFX Corporation offer leverage on the Islamic account?
Yes, JFX Corporation offers a maximum leverage of up to 1: 500.
What spreads can I expect with the JFX Corporation Islamic account?
JFX Corporation offers spreads from 0 and 0.4 pips.
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