NordFX 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 a swap. The fee is not an interest and depends on the direction of the order.
NordFX At a Glance
| 🔎Broker | Nord FX |
| Company Information | |
| 📅 Year Founded | 2008 |
| 🏛️ Headquarters | St. Lucia |
| 🧑🏻💻 Amount of Staff | 150+ |
| 👩💻 Amount of Active Traders | 1.2 million+ |
| 🌐 Publicly Traded (Listed Company) | No |
| Regulation and Security | |
| 🛡️ Regulation | Saint Lucia with Registration Number 2023-00470 |
| 🌎 Country of Regulation | Saint Lucia |
| 💻 Account Segregation | Yes |
| 🪫 Negative Balance Protection | Yes |
| 🔋 Investor Protection Schemes | Yes (only in certain jurisdictions) |
| Account Types and Features | |
| ➕ Accounts | MT4 Pro, MT4 Zero, MT5 Pro and MT5 Zero |
| 💳 Institutional Accounts | Yes |
| 👨💼 Managed Accounts | Yes (PAMM, RAMM) |
| 📇 Minor Account Currencies | USD, EUR, JPY, BTC |
| 💰 Minimum Deposit | $10 |
| Trading Conditions | |
| 🕞 Deposit/Withdrawal Processing | Instant deposits, withdrawals within 1-3 business days |
| 🪙 Fund Withdrawal Fee | Varies by method |
| 📊 Spreads From | 0.0 pips (Pro, Zero accounts) |
| 💸 Commissions | $3.50 per lot (Zero Account) |
| 💱 Number of Base Currencies | 4 (USD, EUR, BTC, ETH) |
| 🚀 Swap Fees | Yes, but swap-free available |
| 📈 Leverage | Up to 1:1000 |
| 📏 Margin Requirements | Varies based on asset and account type |
| ☪️ Islamic Account (Swap-Free) | Yes |
| 💻 Demo Account | Yes |
| ⌛ Order Execution Time | 0.5 seconds average |
| 📆 VPS Hosting | Yes |
| Trading Instruments | |
| 🧾 CFDs - Total Offered | 40+ (CFDs, Commodities, Metals, Stocks, Oil, Gold and Indices, Crypto) |
| 🗠 CFD Stock Indices | 11+ |
| ⚖️ CFD Commodities | 4 |
| 📜 CFD Shares | 100+ |
| Deposits and Withdrawals | |
| 💳 Deposit Options | Bank Transfer, Visa, MasterCard, Skrill, Neteller, Crypto |
| 💵 Withdrawal Options | Bank Transfer, Visa, MasterCard, Skrill, Neteller, Crypto |
| Trading Platforms/Tools | |
| 💻 Trading Platforms | MetaTrader 4, MetaTrader 5, MetaTrader Multiterminal |
| 👩💻 OS Compatibility | Windows, Mac, iOS, Android |
| 🖥️ Forex Trading Tools | Trading signals, AutoChartist, Economic Calendar, VPS |
| Customer Support | |
| 🗣️ Live Chat Availability | Yes (24/5) |
| 📱 Customer Support Email | support@nordfx.com |
| 📞 Customer Support Contact Number | +44 20 8638 6688 |
| 👾 Social Media Platforms | Facebook, Twitter, Instagram, LinkedIn |
| 🗣️ Languages Supported | English, Russian, Spanish, Chinese, Arabic, more |
| Educational Resources and Support | |
| 🖺 Forex Course | Yes (available on the website) |
| 🧏♀️ Webinars | Yes |
| 📚 Educational Resources | Videos, Tutorials, Market Analysis |
| Partnerships and Programs | |
| 🪪 Affiliate Program? | Yes |
| 👨🏫 Amount of Partners | 30,000+ |
| 📋 IB Program | Yes |
| 🚀 Sponsorship | No |
| 🪙 Rebate Program | Yes |
| 👉Open Account | Open Account |
Min Deposit
USD 10
Regulators
Saint Lucia
Trading Platform
MT4, MT5, MetaTrader Multiterminal
Crypto
Yes
Total Pairs
30+
Islamic Account
Yes
Trading Fees
Low
Account Activation
24 Hours
Choose your quick section of our NordFX below.
NordFX Islamic Account – 11 key point quick overview:
NordFX At a Glance- NordFX Overview
- What exactly is an Islamic Account?
- Why is interest discouraged or prohibited by Sharia law?
- What are the steps involved in opening a NordFX Islamic Account?
- What is NordFX’s spread costs on an Islamic Account?
- What other features does NordFX’s Islamic Account have?
- NordFX Customer Reviews
- NordFX Pros and Cons
- NordFX Conclusion
- Frequently Asked Questions
NordFX Overview
Established in 2008, NordFX is a well-regulated STP, ECN, and NDD broker which is regulated and authorized by CySEC and Vanuatu in offering the trade-in more than 170 financial instruments spread across:
- Forex
- Commodities (CFDs)
- Stocks (CFDs)
- Cryptocurrencies
NordFX offers its 1.2 million+ traders competitive trading conditions, the use of MetaTrader 4, and a variety of useful trading tools that they can use to make the best possible trading decisions.
NordFX also offers traders an investment fund which is divided between Pro-Industry Fund, Pro-TECH Fund, and the Pro-Expert Fund, the difference in each being the shares offered from different companies.
Investors can start their investment into this from $1,000 and choose an investment term from 3 months up to a year.
NordFX also offers professional traders and money managers Percentage Allocation Money Management (PAMM) services, providing them with the option to have their funds allocated in a desired proportion to the qualified managers of their choice.
NordFX provides traders with a large range of trading tools including an economic calendar, trading signals, discounted VPS (for eligible clients), trading calculators, and more.
Traders also have a choice between four different account types and there is also the option for a demo account. Muslim traders who follow the Sharia law also have the option of converting their trading account into that of an Islamic Account.
What exactly is an Islamic Account?
An Islamic, or swap-free, trading account is one that is allowed by Islamic Sharia law. These accounts are based on the Islamic principle where interest is not applied to positions that are held open for longer than a trading day after the trading day has concluded.
Islamic Accounts are provided by brokers who serve Middle Eastern clients along with clients from other jurisdictions and offers certain features that are in line with the Sharia law, which prohibits the accrual of interest on funds deposited into the account.
The other 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 Islamic law that relate specifically to trading accounts, these elements are:
- Riba, and
- Gharar
Riba is the prohibition of generating money from money, which in this case specifically refers to interest, which is not allowed according to the Sharia law. This type of interest is seen as both unjust and exploitive gains pertaining to trade or business.
Why is interest discouraged or prohibited by Sharia law?
| 💠Financial Activities restricted & prohibited by Sharia law | 📈 NordFX |
| Overnight rollovers | 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 |
| Margin deposits and interest | the accrual of interest on funds that are deposited into the trading account |
| Loans | when followers of the Sharia law have funds transferred by either a bank or other financial institution and it involves interest terms |
| Trading on margin | stocks that are traded on margin result in the trader being liable for paying interest |
| Short sales | affects mostly shares and involves borrowing and subsequent sale of an asset |
| Forward sales | 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 |
What are the steps involved in opening a NordFX Islamic Account?
1. Step 1 –Register a live account and request conversion
To convert a live account into an Islamic Account, traders must first sign up for a live account, complete the comprehensive registration process, and go through the “Know Your Client” or KYC process which verifies the identity and proof of residence of the trader, validating their account. Once traders have received feedback that their trading account has been approved, they can fund their account with the minimum investment needed, depending on the account type that they registered, and submit a request to NordFX customer support to convert their account.
What is NordFX’s spread costs on an Islamic Account?
The spreads that traders can expect from NordFX start from 0.1 pips on major forex pairs such as EUR/USD.
What other features does NordFX’s Islamic Account have?
The features that traders can expect from their Islamic Account will depend on the live account that they choose to convert. Some typical features that traders can expect include:
- Access to more than 170 instruments that can be traded
- Access to MetaTrader 4 mobile, desktop, and web
- Leverage from 1:1 up to 1:30 for retail clients
- Leverage from 1:1 up to 1:200 for professional clients
- Minimum trade size of 0.01 lot on forex, CFD commodities, and cryptocurrencies, and 1 lot on CFD shares
- Commission from between $3 (44 ZAR) and $9 (131 ZAR) per side
- Limit and stop levels are not guaranteed
- Customer support is available 24/5
- The option of registering an account with either USD, EUR, or GBP as the base account currency
- Spreads which start from 0.1 pips on major pairs
- A financing fee of 0.175% applied to CFDs on equities
NordFX Customer Reviews
14 Years of Legacy in Forex Broking…
14 Years of Legacy in Forex Broking Business. NordFx is one of the prominent player in Fx Broking Industry with prompt payouts
The easiest platform to trade
The easiest platform to trade. The deposit and withdrawal are quickly procced. Good customer support as well. The staff is very professional and friendly.
I am trading for the last three years in…
I am trading for last three years in the market but so far now Nordfx is the best broker that i find. The spreads are competitive and the customer support team is best.
NordFX Pros and Cons
| ✔️ Pros | ❌ Cons |
| High leverage | High spreads on the Fix Account |
| Variety of account types | NordFX does not provide a sign-up bonus to new traders |
| Variety of trading assets | There are no other bonuses given to either new or existing traders |
| Demo account offered | There are no rewards for loyal customers |
NordFX Conclusion
Overall, NordFX 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.
You might also like: NordFX Account Types
You might also like: NordFX Demo Account
You might also like: NordFX Fees and Spreads
You might also like: NordFX Minimum Deposit
You might also like: NordFX Sign up Bonus
Min Deposit
USD 10
Regulators
Saint Lucia
Trading Platform
MT4, MT5, MetaTrader Multiterminal
Crypto
Yes
Total Pairs
30+
Islamic Account
Yes
Trading Fees
Low
Account Activation
24 Hours
Frequently Asked Questions
How many instruments can I trade with NordFX?
You can trade more than 170 financial instruments from these asset classes: Forex, Commodities (CFDs), Stocks (CFDs), Cryptocurrencies
Which platforms are supported by NordFX?
NordFX only offers the use of MetaTrader 4 over the web, desktop, and mobile.
Does NordFX charge a commission?
Yes, NordFX charges a commission of $9 (131 ZAR) on the Bronze Account and $3 (44 ZAR) on the Premium Account.
Are there additional charges on the Islamic account?
No, there are no additional charges indicated for the Islamic Account.
Is NordFX regulated and by whom?
Yes, NordFX is regulated by CySEC in Cyprus and VFSC in Vanuatu.
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