Yes, a Markets.com 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 with a fixed fee instead of swap. The fee is not an interest and depends on the direction of the order.
Markets.com at a glance
| Broker's Name | Markets.com |
| 🏛️ Headquartered | British Virgin Islands, Cyprus, United Kingdom, Australia |
| 📅 Year Founded | 2008 |
| ⚖️ Regulating Authorities | FSCA, ,FCA, ASIC, CySEC, FSC |
| 🌐 Countries not accepted for trade | Russian Federation, Brazil, Japan, United States, Canada, Belgium, Israel, Turkey, New Zealand, Syria, Iran, Iraq, Hong Kong, Puerto Rico, Singapore, India, , Bahamas, Botswana, China, China, Ethiopia, Ghana, North Korea, Northern Mariana Islands, Pakistan, Panama, Serbia, Sri Lanka, Trinidad & Tobago, Tunisia, Turkey, US Virgin Islands, Vanuatu, Yemen, Taiwan. |
| ☪️ Islamic account (swap-free) | Yes |
| 👍 Demo Account | Yes |
| 📊 Institutional Accounts | No |
| 📊 Managed Accounts | Yes |
| 📈 Maximum Leverage | 1:300 |
| 💰 Minimum Deposit | $100 / 1 600 ZAR |
| 💳 Deposit Options | Bank Transfer, Credit/Debit card, Skrill, Neteller, PayPal |
| 💳 Withdrawal Options | Bank Transfer, Credit/Debit card, Skrill, Neteller, PayPal |
| 💻 Platform Types | MetaTrader 4, MetaTrader 5, Markets.com proprietary platform |
| 📱 OS Compatibility | Windows, Mobile, Web, iPhone, iPad PC and Mac OS, mobile for Android and IOS |
| 📈 Tradable assets offered | Forex, shares & ETFs, blends, *crypto, bonds, commodities, indices, metals and energy |
| 👨💼 Languages supported on Website | English, Spanish, Arabic, , Danish, Dutch, French, German, Italian, Portuguese |
| 👥 Customer Support Languages | English, Spanish, Arabic, , Afrikaans, Bulgarian, French, German, Greek, Italian, Portuguese |
| 📆 Customer Service Hours | 24/5 |
| 📌Open an account | 👉Click Here |
| *Crypto CFDs are not offered to retail clients in the UK |
Min Deposit
USD 100
Regulators
CySEC, FSCA, ASIC, FCA, FSC
Trading Platform
MT4, MT5, Proprietary Platform
Crypto
Yes
Total Pairs
0
Islamic Account
Yes
Trading Fees
Low
Account Activation
24 Hours
Markets.com Islamic Account Revealed – A Key 10 Point Overview
- ✅Markets.com Overview
- ✅What exactly is a Markets.com Islamic Account?
- ✅Why is interest discouraged or prohibited by Sharia law?
- ✅What are the steps involved in opening a Markets.com Islamic Account?
- ✅What are Markets.com’s spread costs on an Islamic Account?
- ✅What other features does Markets.com’s Islamic Account have?
- Markets.com Islamic Account Pros and Cons
- Markets.com at a glance
- Conclusion
- Frequently Asked Questions
👉 Here is our overview of the Markets.com Islamic Account as well as the pros and cons as well as features that are offered to traders.
Markets.com Overview
👉 Markets.com is a well-regarded Forex trading broker based in The British Virgin Islands. While the broker is regulated by the offshore Financial Services Commission (“FSC”), Markets.com has a strong track record of sound business dealings and the provision of a secure trading environment.
👉 Markets.com has primarily differentiated itself with its two popular proprietary trading platforms, called Marketsx and Marketsi. Both of these platforms have excellent, customizable trading features, including a strategy builder and live market feeds for comprehensive fundamental analysis.
👉 A swap-free account is available to Islamic traders and is a rollover-free version of the standard retail account from Markets.com. Using this account, traders have access to the broker’s impressive range of over 8000 instruments available under a wide asset portfolio.
👉 There are no additional costs on the Islamic Account, and users will have access to the same low spreads and commissions, as well as excellent customer service.
👉 In terms of the spread offering from Markets.com, these are offered on a variable market-led basis, and so can change depending on market price and the time of day. The commission is only charged on stock CFDs, while Forex trading on the Islamic account is offered commission-free.
👉 As a further benefit, the Islamic Account from Markets.com comes with negative balance protection. This feature allows for an automated adjustment of the account balance to zero should it become negative after a stop-out. As such, the broker will always bring your account back to zero at no extra cost, ensuring that you never lose more than your initial deposit.
👉 There are a variety of excellent trading features that will aid both advanced and beginner traders. Advanced traders will enjoy the investment Strategy Builder, Real-Time Execution Stats, as well as the Share Dealing feature. Beginner traders have access to an excellent learning center available directly from the Markets.com website. This free educational area provides live-stream services, market news, in-depth analysis, and learner FAQs.
👉 Finally, a comprehensive demo account will allow traders to test out the trading conditions available in the Islamic Account, with full access to the Markets.com trading platforms and customer service. All in all, Markets.com provides an excellent trading environment suitable for beginner and advanced traders. While most offshore brokers are known for their lax regulation, traders can enjoy Markets.com’s strong track record of sound trading delivery and excellent customer service for a reliable trading experience.
What exactly is a Markets.com Islamic Account?
👉 In order to better understand Islamic forex trading, it is important to first gain an insight into the guiding principles of Islamic finance. To this end, Islamic finance differs significantly from conventional finance in that it is guided by a set of ethics rather than by a purely profit motive. As such, two principles guide Islamic finance as below:
☪️️ The first principle is a risk-sharing philosophy between the lender and borrower. According to Islamic principles, interest is unethical, as it guarantees a reward for the lender, while the borrower must incur all the risk. This, according to Islamic finance, can lead to exploitative practices.
☪️️ The second principle is that financial activity must promote social and economic wellbeing. The purpose of finance in Islam is to promote happiness and contentment in this earthly life. Finance is just one part of life and society.
👉 With these guiding principles, the fundamental feature of Islamic finance is to encourage socio-economic justice. It is for this reason that interest (or riba) is prohibited. Excessive risk (or gharar) is also prohibited, as is excessive gambling or speculation.
Why is interest discouraged or prohibited by Sharia law?
Interest is any pre-agreed fee paid over and above the principal amount, whether it is a personal or commercial loan. Charging interest, according to Sharia law, or making money from money, is unlawful. The major reasons for its condemnation include:
| ☪️️ Riba promotes negative growth. It may increase money quantitatively, but essentially, there is no primal progression in social wealth. |
| ☪️️ Riba disgraces the human spirit. It effectively promotes a culture that places undue significance on that which is monetary, while disregarding that which is human. |
| ☪️️ Riba is essentially seen as the unlawful acquisition of property. |
| ☪️️ When entrenched, Riba corrupts society. |
| ☪️️ Riba is, for all intents and purposes, unjust. While it creates money for the lender, it is extremely oppressive towards the borrower. |
What are the steps involved in opening a Markets.com Islamic Account?
📃 Traders who, due to the observance of their religious beliefs, cannot receive or pay interest, can apply for a swap-free account by completing and submitting an application form.
📃 This application form is provided by Markets.com at your request from the Accounts Department. A request to render the Account as Swap-Free will only be made due to the client’s religious beliefs and for no other reason whatsoever. Markets.com does reserve the right to refuse to accept the request of a client to designate their Account as a Swap Free Account. Furthermore, if the broker finds that the trader is acting outside of the bounds of the swap-free account, it reserves the right to terminate the account.
What are Markets.com’s spread costs on an Islamic Account?
💰 The Islamic Account will have the same trading conditions as that of the swap-rated retail account. As such, Markets.com offers very competitive spreads. Major currency pairs like the EUR/USD and the GBP/USD average at 0.7 pips
💰 In terms of commissions, only a small fee is charged on certain stock CFDs. Forex trading is offered commission-free.
What other features does Markets.com’s Islamic Account have?
| 🟢 The Islamic Account will bear all of the same features as on the swap-rated Retail Account, with access to the same trading platforms, trading conditions, and trading features. |
| 🟢 Traders will have access to over 8000 instruments, and technical tools that give you an overview of the prices and patterns affecting stocks, so you can make your own predictions. Furthermore, sentiment tools provide insight into what experts really think about specific assets. |
| 🟢 Traders can get the very latest financial news as it happens, live on XRay, and dedicated streaming channels. They also have access to interactive expert-led questions directly, with answers and insight on everything that pertains to the latest market developments. |
| 🟢 Islamic Account traders will also have access to all four of the broker’s trading platforms, for a comprehensive choice of trading tools. |
| 🟢 There are two proprietary platforms to choose from, namely Marketsx and Marketsi. Marketsx provides fast execution, thousands of assets, and sentiment-based trading tools. |
| 🟢 Marketsi offers a customizable strategy builder, along with innovative tools and market insights, while the first three months’ use of the platform is available for free. As such, Marketsi is well-regarded in the trading community for its feature-rich trading experience. |
| 🟢 Finally, Islamic Account holders can also choose to trade using the ever-popular MetaTrader 4 and MetaTrader 5 platforms, two industry standards favored by millions of retail traders around the world. |
Markets.com Islamic Account Pros and Cons
| ✔️ Pros | ❌ Cons |
| Islamic Account has no extra costs | Islamic version not available on the professional account |
Min Deposit
USD 100
Regulators
CySEC, FSCA, ASIC, FCA, FSC
Trading Platform
MT4, MT5, Proprietary Platform
Crypto
Yes
Total Pairs
0
Islamic Account
Yes
Trading Fees
Low
Account Activation
24 Hours
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Conclusion
Markets.com is a well-regulated brokerage in five jurisdictions and a member of FTSE250-listed gaming software company Playtech PLC.
A swap-free account is available to Islamic traders and is a rollover-free version of the standard retail account from Markets.com. Using this account, traders have access to the broker’s impressive range of over 8000 instruments available under a wide asset portfolio.
The company’s platform is cleanly designed, easy to use, and includes a respectable offering of features, including integrated research, market analysis, webinars, and educational videos.
Disclaimer
High-Risk Investment Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Please read the full Risk Disclosure Statement which gives you a more detailed explanation of the risks involved.
The value of shares as well as other CFD instruments can fall as well as rise, which could mean that you get back less than you originally put in. Please ensure you fully understand the risks involved and manage your exposure. Past performance is no guarantee of future results.
Depending on the country of your citizenship or permanent residence, the company may be required under the applicable local laws, rules, and regulations to offer you certain additional protection mechanisms or impose additional restrictions on your trading. You must carefully review our Investment Services Agreement for the details of such protections or restrictions that may apply to you.
The company does establish accounts for residents of certain jurisdictions including Japan, Canada, Belgium, and the USA. For further details please see the Investment Services Agreement. Safecap Investments Limited is a subsidiary of Playtech PLC, a company traded on the London Stock Exchange’s Main Market and a constituent of the FTSE 250 index, according to research in South Africa.
Frequently Asked Questions
Does Markets.com have an Islamic account?
Yes, an Islamic swap-free account is available for Muslim traders following strict Sharia law with a fixed fee instead of a swap.
Can the fixed fee in the Islamic swap-free account be considered an interest?
No, the fixed fee cannot be considered interest and solely depends on the direction of the order.
Are there additional charges on the Islamic account?
No additional charges apply to the Markets.com Islamic account.
Which platforms are supported by Markets.com?
MetaTrader 4, MetaTrader 5, and Markets.com proprietary platform
Does Markets.com offer leverage?
Yes, Markets.com offers varying leverage ratios depending on your jurisdiction. Traders in the EU will have a maximum leverage of 1:30, while traders elsewhere can access a maximum leverage of 1:300. This higher leverage is also available to professional traders.
What spreads can I expect with Markets.com?
Markets.com offers very competitive spreads. Major currency pairs like the EUR/USD and the GBP/USD average at 0.7 pips..
Does Markets.com charge commission?
Yes, only a small fee is charged on certain stock CFDs. Forex trading is offered commission-free.
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