Kot4x does not offer an Islamic account for Muslim traders. 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.
Kot4X at a glance
| Broker's Name | KOT4x Broker |
| 🏛️ Headquarters | Kingstown, Saint Vincent and Grenadines |
| 📅 Year Founded | 2019 |
| ⚖️ Regulating Authorities | Not regulated |
| 🌐 Countries not accepted for trade | Bahamas, Botswana, Cambodia, Congo, DRC, Cuba, Ethiopia, Ghana, Iran, Iraq, Japan, Lebanon, Libya, Malta, Myanmar, North Korea, Pakistan, Panama, Somalia, Sri Lanka, Sudan, Syrian Arab Republic, Trinidad and Tobago, Tunisia, Vietnam, Yemen, Zimbabwe. |
| ☪️ Islamic account (swap-free) | Yes |
| 📒 Demo Account | Yes |
| ✴️ Institutional Accounts | Yes |
| 👨🏼💼 Managed Accounts | No |
| ⬆️ Maximum Leverage | 1:500 |
| 👉 Sign Up Bonus | Yes |
| 💰 Minimum Deposit | $25 (Mini Pairs) |
| 💳 Spread | 0.8 pips |
| 💳 Deposit Options | Bitcoin, Instacoins, credit cards |
| 💳 Withdrawal Options | Bitcoin, credit cards |
| 📊 Platform Types | MT4, WebTrader |
| 📶 OS Compatibility | Mac, Windows, Linux, Web, Mobile Android, iPhone, iPad. |
| 📈 Tradable assets offered | Currency pairs, indices, commodities, metals, stocks, cryptocurrencies |
| 💬 Languages supported on Website | English only |
| 💬 Customer Support Languages | English only |
| ⏲️ Customer Service Hours | 24/7 |
| 🔎 Open an Account | 👉 Click Here |
Min Deposit
USD 25
Regulators
Not Regulated
Trading Platform
MT4, WebTrader
Crypto
Yes
Total Pairs
55
Islamic Account
No
Trading Fees
Low
Account Activation
24 Hours
Kot4X Islamic Account – 6 key point quick overview:
- Kot4X Overview
- What exactly is an Islamic Account?
- Which financial activities are restricted and prohibited by Sharia law?
- Kot4X Pros and Cons
- Conclusion
- FAQ’s
Kot4X Overview
The Kings of Transparency (KOT4x Broker) is a forex broker firm that was founded in 2019 and is based in Kingstown, Saint Vincent & Grenadines.
KOT4x Broker is an unregulated forex broker that provides four account types, ECN/STP trading, and the MT4 forex trading platform for trading Contracts for Differences (CFDs) such as Forex, cryptocurrency, stocks, and commodities.
Because the broker offers a wide selection of markets for the majority of its account types, the brokerage website KOT4x.com may be utilised by traders of all levels. KOT4x forex traders may pick from over 250 trading products offered as CFDs, including forex, stocks, indices, commodities, and cryptocurrencies.
KOT4x features minimal minimum deposits and reasonable commissions, but it also has flaws such as a lack of regulation, poor customer support, and complicated account withdrawal and deposit processes, particularly with bitcoin.
Although KOT4x Broker is highly rated by certain clients in personal evaluations on review websites, no information regarding any accolades obtained by them is available on the KOT4x Broker homepage or elsewhere.
KOT4x Broker offers four different account types: PRO Pairs, VAR Pairs, Standard Pairs, and Mini Pairs, as well as the option for an Islamic Account. These account kinds differ primarily in terms of fee structure and spreads, with each ideal for a particular sort of trader.
What exactly is an Islamic Account?
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. 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 the Sharia law, which prohibits the accrual of interest on funds deposited into the account.
Another 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, 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.
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:
️ Overnight rollovers, because it involves the receiving of swap points on positions that are held open for longer after the trading day has concluded at the New York close at 17:00 EST, as is prohibited by the Sharia law.
️ Margin deposits and interest, because it involves the accrual of interest on funds which are deposited into the trading account, which is prohibited.
️ Loans is prohibited by the Sharia law as per the element of Riba. Followers of the Sharia law is prohibited from having funds transferred by either a bank or other financial institution and involving interest.
️ Trading on margin results in a trader being liable for paying interest, which also amounts to Riba and is prohibited by Sharia law, as money is borrowed from the broker to buy or sell such equities.
️ Short sales, which affects mostly shares and involves borrowing and subsequent sale of an asset, is prohibited.
️ Forward sales are affected. The trading of futures contracts involves the buying and selling of contracts at a future date according to a price agreed upon on the day of entering into such a contract.
Kot4X Pros and Cons
| ✔️ Pros | ❌ Cons |
| High leverage can be used | Only way to get passive income is to participate in an affiliate program |
| Provides the MT4 terminal in mobile, desktop, and web versions. | No analytics, training, or tools useful to a trader |
| Precise spreads offered | No proprietary services for copying transactions |
| Demo accounts can be used |
Min Deposit
USD 25
Regulators
Not Regulated
Trading Platform
MT4, WebTrader
Crypto
Yes
Total Pairs
55
Islamic Account
No
Trading Fees
Low
Account Activation
24 Hours
Conclusion
Overall, Kot4X does not offer an Islamic account for Muslim traders or traders who followed the Shaira law. 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.
You might also like: Kot4X Account Types
You might also like: Kot4X Demo Account
You might also like: Kot4X Fees and Spreads
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You might also like: Kot4X Review
FAQ’s
TRADING ENVIRONMENT
How many instruments can I trade with KOT4x Broker?
You can trade several different instruments with KOT4x Broker, which include the following:
- Currencies
- Cryptocurrencies
- CFD: Gold, Silver, Other Precious Metals, Stocks, Stock Indexes, Oil, Other Commodities
Which platforms are supported by KOT4x Broker?
KOT4x Broker provides the popular MT4trading platform
Does KOT4x Broker offer leverage?
Yes, KOT4x Broker offers a maximum leverage of up to 1: 500
What spreads can I expect with KOT4x Broker?
KOT4x Broker offers different spreads on its various accounts, starting at 0.4 pips.
Does KOT4x Broker charge commission?
Yes, more information on commissions will become available after opening an account.
Are there additional charges on the Islamic account?
Kot4X does offer an Islamic Account. Some brokers charge extra fees on Islamic accounts – are either in wider spreads, additional commissions, or administration fees to make up for money that they lose with not charging overnight fees. New Islamic traders should enquire about these special conditions or extra fees before joining, because it is often overlooked or not indicated on the account features pages.
Is KOT4x Broker regulated and by whom?
KOT4x Broker is not regulated.
Is KOT4x Broker a recommended forex trading broker for experts and beginners?
KOT4x Broker offers a fair trading environment for most types of traders.
What is the overall rating out of 10 for KOT4x Broker?
5/10
ACCOUNTS
What is the difference between a demo and live trading account?
A demo account as is offered by broker companies like KOT4x Broker is usually funded with virtual money and gives a prospective customer the opportunity to experiment with the company’s trading platforms and its features.
Does KOT4x Broker offer a demo account?
Yes
How long is the demo account valid?
The demo account can be used by beginners.
Which live trading accounts does KOT4x Broker offer?
- Mini Pairs Account
- Standard Pairs Account
- PRO Pairs Account
- VAR Pairs Account
Does KOT4x Broker offer an Islamic Account
Yes.
What are the available deposit currencies for a live trading account?
BTC, EUR, USD, GBP, CAD, AUD
DEPOSITS AND WITHDRAWALS
What is the minimum deposit required to open an account with KOT4x Broker?
$25 (Mini Pairs)
How do you make a deposit and withdraw money with KOT4x Broker?
KOT4x Broker offers the following deposit and withdrawal methods:
- Bitcoin
- Litecoin
- USDT (Tether/ERC20)
- Ripple
- Ethereum
- Dogecoin
- Debit/Credit Card via 3rd Party Providers
Does KOT4x Broker charge withdrawal fees?
No, but network fees would apply when withdrawing via Bitcoin.
How long does it take to make a withdrawal?
KOT4x aims to process withdrawal requests within 24 hours. Once Bitcoin withdrawals are processed, you are required to have 3-6 confirmations on the Blockchain before the funds will be available in your BTC wallet, which takes between 1-3 hours.
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