NumberOne CM does offer a Islamic account that is allowed by the Sharia law. The spreads that traders can expect from the NumberOne CM Islamic Account is 1.2 pips EUR/USD.
NumberOne CM at a glance
| Broker's Name | NumberOne CM |
| 📍 Headquartered | Vanuatu |
| 📅 Year Founded | 2018 |
| ⚖️ Regulating Authorities | VFSC |
| 🌐 Countries not accepted for trade | United States |
| ☪️ Islamic account (swap-free) | Yes |
| 👍 Demo Account | Yes |
| 📊 Institutional Accounts | No |
| 📊 Managed Accounts | No |
| 📈 Maximum Leverage | 1:1000 |
| 💰 Minimum Deposit | $5 (73 ZAR) |
| 💳 Deposit Options | Credit/Debit Card FasaPay China UnionPay Perfect Money Bitcoin Litecoin Ethereum Bitcoin Cash Dogecoin WebMoney E-payments Association QIWI Wallet OK Pay Bank Wire Transfer Bank Wire (China, Indonesia, Malaysia, Thailand, Vietnam) N1CM Prepaid Card |
| 💳 Withdrawal Options | Credit/Debit Card FasaPay China UnionPay Perfect Money Bitcoin Litecoin Ethereum Bitcoin Cash Dogecoin WebMoney E-payments Association QIWI Wallet OK Pay Bank Wire Transfer Bank Wire (China, Indonesia, Malaysia, Thailand, Vietnam) N1CM Prepaid Card |
| 💻 Platform Types | MetaTrader 4, MetaTrader 5 |
| 📈 Tradable assets offered | Forex Commodities Indices Stocks |
| 📱 OS Compatibility | Web, desktop, mobile |
| 👨💼 Languages supported on Website | English, French, Russian, Turkish, Thai, Chinese |
| 👥 Customer Support Languages | Multilingual |
| 📆 Customer Service Hours | 24/5 |
| 👉 Open a account | 👉 Open Account |
Overall Rating
4.7/5
Rated #257 of
Recommended FX Brokers
Minimum Deposit USD 5
Regulators –
MetaTrader 4, MetaTrader 5
Yes
📈 Total Pairs
–
Islamic Account No
Trading Fees Low
24 Hours
NumberOne CM Islamic account – 9 key points quick overview:
NumberOne CM Overview- What exactly is an Islamic Account?
- Why is interest discouraged or prohibited by Sharia law?
- What are the steps involved in opening a NumberOne CM Islamic Account?
- What is NumberOne CM’s spread costs on an Islamic Account?
- What other features does NumberOne CM’s Islamic Account have?
- NumberOne CM Pros and Cons
- Conclusion
- Frequently Asked Questions
NumberOne CM Overview
NumberOne CM is an ECN broker that provides CFD and Forex instruments that can be traded through MetaTrader 4 and MetaTrader 5, the leading trading platforms in the world.
Established in 2017, NumberOne CM offers both beginner and professional traders with competitive trading conditions and flexible trading solutions. Even though NumberOne CM offers a limited range of financial instruments spread across forex, commodities, indices, and stocks, the broker is known for offering superior education, dedicated customer service, and flexible trading accounts.
Traders can choose between three dynamic accounts and Muslim traders are given the advantage of converting their Standard Account into that of an Islamic Account, exempting them from overnight fees.
The educational resources, tools, and material that NumberOne CM offers is spread across several topics, with several video lessons covering each of these topics. The education provided is not only intended for beginners but can also be used by more advanced traders.
NumberOne CM is transparent where trading and non-trading fees are concerned and there are no additional charges on the Islamic Account, providing Muslim traders with additional benefits.
What exactly is an Islamic Account?
An Islamic, or swap-free, trading account is one that is allowed by the Islamic Sharia law. These accounts are based on the Islamic principle where interest is not applied to positions which 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 an 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?
Due to the restrictions and certain prohibitions placed on Muslim traders when considering the intricate details involved with trading activities, the following is affected greatly:
Overnight rollovers – which involve the 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 which is prohibited by the Sharia law.
Margin deposits and interest – which involves the accrual of interest on funds which are deposited into the trading account, which is prohibited.
Loans – when followers of the Sharia law have funds transferred by either a bank or other financial institution and it involves interest terms, this is prohibited by the Sharia law as per the key element, Riba.
Trading on margin – stocks that are traded on margin result in the trader being liable for paying interest, which amounts to Riba, as money is borrowed from the broker to buy or sell such equities, and which is prohibited by the Sharia law.
Short sales – which affects mostly shares and involves borrowing and subsequent sale of an asset, which is prohibited.
Forward sales – which 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 NumberOne CM Islamic Account?
To register for an Islamic Account, Muslim traders must first complete the full registration for a Standard Account. This may include that traders have to complete the “Know Your Customer” or KYC procedure where traders provide proof of their identity and proof of residence.
Once the live account of the trader has been approved, they can submit the request to have their Standard Account converted to an Islamic Account.
What is NumberOne CM’s spread costs on an Islamic Account?
The spreads that traders can expect from the NumberOne CM Islamic Account is 1.2 pips EUR/USD.
What other features does NumberOne CM’s Islamic Account have?
Minimum deposit of $10 (146 ZAR) and no maximum deposit
Variable spreads from 1.2 pips EUR/USD
Commission-free trading
Flexible leverage up to a maximum ratio of 1:1000
Minimum trade volume from 0.01 lots
Maximum trade volume of 50 lots
Trade execution in less than 1 second
Between market and instant execution
5-digit pricing
Stop-out level of 30%
Margin call of 100%
0 pip stop and limit levels
Access to forex majors and minors, metals, indices, energies, and CFDs
Base account currency – USD
Access to MetaTrader 4 and MetaTrader 5 on web, desktop, and mobile
Overall Rating
4.7/5
Rated #257 of
Recommended FX Brokers
Minimum Deposit USD 5
Regulators –
MetaTrader 4, MetaTrader 5
Yes
📈 Total Pairs
–
Islamic Account No
Trading Fees Low
24 Hours
NumberOne CM Pros and Cons
| ✔️ Pros | ❌ Cons |
| Regulated | Offshore broker |
| Flexible funding methods | Spreads are not the tightest |
| Range of deposit currencies supported | Limited range of tradable financial instruments |
| MetaTrader 4 and MetaTrader 5 offered | Deposit and withdrawal fees charged |
| Islamic Account option offered on the Standard Account | Cryptocurrency trading not supported |
| Demo Account offered |
Conclusion
NumberOne CM does offer a Islamic account that is allowed by the Sharia law. The spreads that traders can expect from the NumberOne CM Islamic Account is 1.2 pips EUR/USD.
Riba is the prohibition of generating money from money, which in this case specifically refers to an 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.
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Frequently Asked Questions
TRADING ENVIRONMENT
How many instruments can I trade with NumberOne CM?
You can trade a variety of instruments over these asset classes:
- Forex
- Commodities
- Indices
- Stocks
Which platforms are supported by NumberOne CM?
- MetaTrader 4
- MetaTrader 5
Does NumberOne CM offer leverage?
Yes, NumberOne CM offers leverage up to a maximum of 1:1000. Leverage depends on the financial instrument being traded and the equity of the trading account. Higher equity will mean lower leverage ratios and vice versa.
What spreads can I expect with NumberOne CM?
You can expect spreads from 1.2 pips EUR/USD.
Does NumberOne CM charge commission?
Yes, NumberOne CM charges commissions from $5 (73 ZAR) per lot.
Are there additional charges on the Islamic account?
No, there are no additional charges indicated for the Islamic Account.
Is NumberOne CM regulated and by whom?
NumberOne CM is regulated by VFSC in Vanuatu.
Is NumberOne CM a recommended forex trading broker for experts and beginners?
Yes, NumberOne CM is recommended for experts and beginners.
What is the overall rating out of 10 for NumberOne CM?
5/10.
ACCOUNTS
What is the difference between a demo and live trading account?
A demo account is a practice, risk-free account which uses virtual funds while the actual capital of a trader is at risk with a live trading account.
Does NumberOne CM offer a demo account?
Yes, NumberOne CM offers a demo account.
How long is the demo account valid?
Demo accounts are typically offered for 30-days.
Which live trading accounts does NumberOne CM offer?
NumberOne CM offers the following live trading accounts:
- Cent Account
- Standard Account
- ECN Account
Does NumberOne CM offer an Islamic Account?
Yes, NumberOne CM offers an Islamic Account option on the Standard Account.
What are the available deposit currencies for a live trading account?
Deposits can be made in any of the following:
- USD
- EUR
- IDR
- CNY
- RUB
- MYR
- THB
- VND
DEPOSITS AND WITHDRAWALS
What is the minimum deposit required to open an account with NumberOne CM?
$5 (73 ZAR).
How do you make a deposit and withdraw money with NumberOne CM?
- Credit/Debit Card
- FasaPay
- China UnionPay
- Perfect Money
- Bitcoin
- Litecoin
- Ethereum
- Bitcoin Cash
- Dogecoin
- WebMoney
- E-payments Association
- QIWI Wallet
- OK Pay
- Bank Wire Transfer
- Bank Wire (China, Indonesia, Malaysia, Thailand, Vietnam)
- N1CM Prepaid Card
Does NumberOne CM charge withdrawal fees?
Yes, NumberOne CM charges the following withdrawal fees:
- Credit/Debit Card – a fee of 2.5% and an additional $7.5 (109 ZAR) or €6 (103 ZAR)
- FasaPay – 0.5% of the transaction
- China UnionPay – 1% with a minimum 6 CNY (14 ZAR)
- Perfect Money – 0.5% of the transaction
- WebMoney – 0.8% of the transaction
- QIWI Wallet – 0.5% of the transaction
- Bank Wire Transfer – 50 EUR (860 ZAR)
- OK Pay – 2% of the transaction
How long does it take to make a withdrawal?
Withdrawals with NumberOne CM will depend on the withdrawal method that traders use. According to the official NumberOne CM website, withdrawals take between 1 hour and 8 hours.
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