A MultiBank Exchange Group 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 a swap.
MultiBank Exchange at a Glance
| 🔎 Broker's Name | MultiBank Exchange Group |
| 📍 Headquartered | California, USA/ Hong Kong (SAR) |
| 📅 Year Founded | 2005 |
| ⚖️ Regulating Authorities | ASIC, BAFIN, CNMV, FMA, DFSA, TFG, HKCE, AUSTRAC, VFSC, CIMA. |
| 🌐 Countries not accepted for trade | The United States and Hong Kong |
| ☪️ Islamic account (swap-free) | Yes |
| 👍 Demo Account | Yes |
| 📊 Institutional Accounts | Yes |
| 📊 Managed Accounts | Yes |
| 📈 Maximum Leverage | 500:1 |
| 💰 Minimum Deposit | $50/R752 |
| 💳 Deposit Options | BankWire, Credit/debit cards, Skrill, Neteller, PayTrust, PerfectMoney, Help2pay, Ngang Luong, Payment Asia. |
| 💳 Withdrawal Options | BankWire, Credit/debit cards, Skrill, Neteller, PayTrust, PerfectMoney, Help2pay, Ngang Luong, Payment Asia. |
| 💻 Platform Types | Maximus MT4, MultiBank Pro MT4 and ECN Pro MT4 |
| 📱 OS Compatibility | Mobile APP: Apple, Google, Android Desktop: Windows Web Trading: Chrome, Firefox, IE, Safari |
| 📈 Tradable assets offered | Forex, Metals, Shares, Indices, Commodities |
| 👨💼 Languages supported on Website | Spanish, Arabic, Italian, German, Japanese, Chinese, Russian, Malay, Polish |
| 👥 Customer Support Languages | Spanish, Arabic, Italian, German, Japanese, Chinese, Russian, Malay, Polish |
| 📆 Customer Service Hours | 24 hours, 5 days per week. It is not transparent what time and in which time zone the customer service is available. |
| 👉 Open a account | 👉 Click Here |
Min Deposit
USD 50
Regulators
ASIC, BAFIN, CNMV, FMA, DFSA, TFG, HKCE, AUSTRAC, VFSC, CIMA
Trading Platform
MT4, MT5
Crypto
Yes
Total Pairs
55+
Islamic Account
Yes
Trading Fees
Low
Account Activation
24 Hours
Choose your quick section of our MultiBank Exchange Group Islamic Account below.
MultiBank Exchange Islamic account – 10 key points quick overview:
MultiBank Exchange Islamic account – 11 key points quick overview:- MultiBank Exchange Overview
- What exactly is a MultiBank Exchange Islamic Account?
- Which financial activities are restricted and prohibited by Sharia law?
- What are the steps involved in opening a MultiBank Exchange Group Islamic Account?
- What are MultiBank Exchange Group’s spread costs on an Islamic Account?
- What other features does MultiBank Exchange Group’s Islamic Account have?
- MultiBank Exchange Pros and Cons
- Conclusion
- Frequently Asked Questions
Here is our overview of the MultiBank Exchange Group Islamic Account as well as the features that are offered, when opening a Swap Free Certified Muslim Trading Account.
MultiBank Exchange Overview
MultiBank Exchange Group is a forex broker that was established in 2005 in California and since then became a large global financial institution with a paid-up capital of over $322 million.
MultiBank Exchange is the trading name of MultiBank Forex Exchange Corporation incorporated in California, USA and MultiBankFX is the trading name of MultiBank FX International Corporation (BVI).
As Forex and CFDs Broker, MultiBank is regulated in six jurisdictions and has offices in 25 countries. MultiBank Exchange Group is licensed and regulated worldwide through relevant authorities including ASIC in Australia, BaFin in Germany, FMA in Austria, CNMV in Spain, FSC in the BVI, and CIMA in the Caymans.
MEXFintech is in Hong Kong, while MEX Group Worldwide maintains offices in Hong Kong, MEX Asset Management (Austria) GmbH, Beijing, Tianjin, Hangzhou, and Ho Chi Minh City.
Apart from the vast regulatory obligations of MultiBank Exchange Group, the company operates with negative balance protection that safeguards clients from losses. Their clients can trade with total confidence and enjoy complete security of funds because of segregated accounts and favorable trading conditions.
The company offers its customers direct trading access to banks and exchanges through a set of advanced trading platforms and delivers it services to more than 280 000 retail and institutional customers in more than 90 countries.
MultiBank Exchange Group uses award-winning trading technology, liquidity provision, and brokerage services. Its 24-hour customer service is available in more than 10 languages via the company website.
The broker offers tight pricing for online financial products, including forex, metals, shares, indices, commodities, and cryptocurrencies CFDs. Traders have access to more than 1 000 assets which can be traded with a maximum leverage of 1:500.
What exactly is a MultiBank Exchange Islamic Account?
Islamic accounts, known as swap-free accounts, are compliant with the 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.
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 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 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.
| 🌐 Account | MultiBank Exchange Group Islamic Account |
| 💰 Minimum Deposit | $50/R750 ZAR |
| 💻 Platform Types | MetaTrader 4 and MetaTrader 5 |
| 👉 Open a account | 👉 Click Here |
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 that 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 is 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 affect mostly shares and involve 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 such a contract.
What are the steps involved in opening a MultiBank Exchange Group 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. MultiBank Exchange Group may also require certain additional documents, apart from proof of identity and residential address, before approving an application for an Islamic account.
What are MultiBank Exchange Group’s spread costs on an Islamic Account?
To make up for money lost by not charging overnight fees, a broker like MultiBank Exchange Group 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, because it is often overlooked or not clearly indicated on the account features pages.
MultiBank’s Islamic Accounts (also known as ‘Swap Free Accounts’) do not swap or rollover interest on overnight positions, which is against the Islamic faith.
What other features does MultiBank Exchange Group’s Islamic Account have?
When making use of the MultiBank Exchange Group Islamic account, traders can expect key features like the following:
Interest is not charged on contracts that are held for more than 24 hours.
Trade in the international market in accordance with the Muslim religion.
No interest/ swap charges on overnight positions.
Accounts are activated with a required minimum deposit.
Some specific restrictions and limits may apply to the Islamic Account.
Min Deposit USD 50 Regulators ASIC, BAFIN, CNMV, FMA, DFSA, TFG, HKCE, AUSTRAC, VFSC, CIMA Trading Platform MT4, MT5 Crypto Yes Total Pairs 55+ Islamic Account Yes Trading Fees Low Account Activation 24 Hours
MultiBank Exchange Pros and Cons
| ✔️ Pros | ❌ Cons |
| Fast and easy account opening process | Inadequate educational means |
| Free deposits and withdrawals | Limited product range available |
| Islamic Account can be opened | No 24/7 support |
| Multiple payment options | Only basic research options available |
| Well regulated |
Conclusion
A MultiBank Exchange Group 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 a swap. The fee is not an interest and depends on the direction of the order.
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Frequently Asked Questions
Trading environment
Does MultiBank Exchange Group charge a commission?
A Commission of $3 per lot may be charged.
Are there additional charges on the Islamic account?
MultiBank Exchange Group does offer an Islamic Account. The broker may charge extra fees on Islamic accounts – either in wider spreads, additional commissions, or administration fees to make up for money that they lose by not charging overnight fees.
Is MultiBank Exchange Group regulated and by whom?
MultiBank Exchange Group is regulated by FSC, ASIC, BaFin, FMA, CNMV, and CIMA.
Is MultiBank Exchange Group a recommended forex trading broker for experts and beginners?
MultiBank Exchange Group offers a fair-trading environment for most types of traders.
What is the overall rating out of 10 for MultiBank Exchange Group?
The overall rating is 7/10.
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