MGK Global – Islamic Account

MGK Global offers Islamic swap-free trading for Muslim traders. 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.

MGK Global At a Glance

Overall Rating

4.7/5

Rated #255 of
Recommended FX Brokers

Minimum Deposit

–

Regulators

–

📱 Trading Desk

–

₿ Crypto

Yes

📈 Total Pairs

–

Islamic Account

Yes

 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

Open a Trading Account

Choose your quick section of our MGK Global below.

MGK Global Islamic Account – 10 key point quick overview:

1. MGK Global At a Glance
2. MGK Global Overview
3. What exactly is an Islamic Account?
4. Why is interest discouraged or prohibited by Sharia law?
5. What is MGK Global’s spread costs on an Islamic Account?
6. What other features does MGK Global’s Islamic Account have?
7. MGK Global Customer Reviews
8. MGK Global Pros and Cons
9. MGK Global Conclusion
10. Frequently Asked Questions

MGK Global Overview

MGK Global is an offshore broker based in Malaysia that was first established in 2015. MGK Global offers favorable trading conditions, which include high leverage, a low minimum deposit, and tight spreads.

Commission-free trading is available on the Normal Account, while the Speed Account has a commission of $7 per lot, which is average for the markets. All in all, these represent favorable pricing conditions, with no additional trading fees attached.

MGk Global offers relatively high leverage of 1:500, which is made possible by the broker’s regulatory status. Brokers regulated within the EU and by other large international financial regulators have seen their leverage ratios capped at a maximum of 1:30.

This is due to the fact that leverage, while a tool that can enhance potential profits, may also exacerbate trading losses, and so reputable regulatory organizations seek to protect traders from the potential risks of trading on high leverage.

MGK Global only has a minimum deposit requirement of $30 on the Normal Account, while the Speed and PAMM Accounts have no minimum deposit. This is an extremely affordable deposit condition which beats that of most other brokers in the industry today.

Spreads are very reasonable, averaging at 1.0 pip on the Normal Account and going as low as 0.1 pip on the Speed Account.

Unfortunately, MGK Global has a very limited product portfolio with which to enjoy these tight spreads, consisting only of Forex, shares and indices. Experienced traders seeking a broader asset range may be disappointed in this offering from MGK Global.

Nonetheless, pure Forex traders seeking only a slight addition to their trading portfolio will be more than satisfied with the currency pairs on offer, while being able to take advantage of the competitive trading conditions.

MGK Global offers an Islamic Account to traders of the Muslim faith, with swap-free conditions available. The Islamic Account can be opened for any of the live swap-rated options, and bears no additional charges.

MGK Global does not offer a sign-up bonus when opening an Islamic account, nor are there any further broker bonuses or trading bonuses on offer. Traders can however take advantage of attractive commissions to be made with the broker’s partnership program.

All in all, MGK Global offers a very competitive set of trading conditions, despite its limited asset portfolio.

Prospective traders should take note, however, that MGK Global operates under lax regulation from the Financial Services Authority of Labuan, Malaysia, while the broker’s offshore status will make it difficult for traders to find effective recourse for any potential losses or trading disputes.

Therefore, MGK Global’s competitive trading conditions, including its high leverage, should be taken up by traders with a high risk appetite.

What exactly is an 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 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?

What is MGK Global’s spread costs on an Islamic Account?

MGK Global’s Islamic Account has the same spread conditions as those found on the swap-rated accounts.

As such, Spreads are very competitive overall, averaging at 1.0 pips for the Normal Account and 0.1 pips on the Speed Account.

The Normal Account offers commission-free trading, while the Speed Account has commissions of $7 per round lot, which is average when compared to other brokers in the Forex market.

There are no additional fees or charges on the Islamic Account either.

What other features does MGK Global’s Islamic Account have?

The Islamic Account from MGK Global will give traders access to the following account conditions:

• Access to Metatrader 4 and MGK global’s proprietary trading platform
• Encrypted account security
• Easy-to-use for beginners and professionals alike
• Unlimited and powerful charts enabled to allow for in-depth market analysis
• Prices are not rerouted but come directly from the market
• No order limits the width to limit/reverse limit
• Stable trading environment

Overall Rating

4.7/5

Rated #255 of
Recommended FX Brokers

Minimum Deposit

–

Regulators

–

📱 Trading Desk

–

₿ Crypto

Yes

📈 Total Pairs

–

Islamic Account

Yes

 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

Open a Trading Account

MGK Global  Customer Reviews

Easy to use and navigate!

MGK Global Pros and Cons

MGK Global Conclusion

Overall, MGK Global offers Islamic swap-free trading for Muslim traders. 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.

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Frequently Asked Questions

Can traders from South Africa open a MGK Global Islamic account?

Yes, Muslim traders residing in South Africa can open a MGK Global Islamic account

Which platforms are supported by MGK Global Islamic account?

MGK Global supports the MetaTrader 4 and MGKCopyTrade platforms on the Islamic account

Are there any additional charges on the Islamic account?

No, there are no additional charges for Islamic MGK Global account

What is the overall rating for the MGK Global Islamic account out of 10?

According to our MGK Global review the overall rating for the account is 5/10

What are the deposit methods for the MGK Global Islamic account?

MGK Global offers the following deposit methods for the Islamic account: Wire transfer, Tether, Ethereum, Bitcoin, BXone and Bitwallet.