OctaFX Islamic Account is offered on 2 trading account levels. OctaFX MT4 Swap-free and OctaFX MT5 Swap-free. OctaFX offers an OctaFX Swap-Free account option by default to all applicable trading accounts created by clients in non-Islamic countries.
Min Deposit USD 25 Regulators CySEC, MISA, FSCA and FSC Trading Platform MT4, MT5, OctaTrader Crypto Yes Total Pairs 52 Islamic Account Yes Trading Fees No Account Activation 24 Hours
OctaFX Islamic Account – 9 Key Points Quick Overview
- ☑️OctaFX at a Glance
- ☑️Overview
- ☑️Octa Islamic Account
- ☑️How to open an Octa Islamic Account – Step-by-Step Guide
- ☑️OctaFX Trading Platforms
- ☑️Customers Reviews
- ☑️Pros and Cons
- ☑️Conclusion
- ☑️Frequently Asked Questions
Octa at a Glance
| Company Information | |
| 📅Year Founded | 2011 |
| Current CEO | Darrell E. Johnson |
| Founder/s | Georgios D. Pantzis |
| 🧑🏻💻Amount of staff | 694 |
| 👩💻Amount of active traders | Over 1,000,000 |
| 🌐Publicly Traded (Listed Company) | No |
| Regulation and Security | |
| 🛡️Regulation | CySEC, MWALI, FSCA |
| 🌎Country of regulation | Cyprus, Union of the Comoros, South Africa |
| 💻Account Segregation | Yes |
| 🪫Negative balance protection | Yes |
| Two-step Authentication | Yes |
| Stop-loss Instrument | Yes |
| 🔋Investor Protection Schemes | Yes |
| Account Types and Features | |
| ➕Accounts | OctaTrader Account, MT4, MT5 |
| 💳Institutional Accounts | No |
| 👨💼Managed Accounts | No |
| 📇Minor account currencies | USD, EUR |
| 💰Minimum Deposit | $25 / R447 |
| Trading Conditions | |
| 🕞Average deposit/withdrawal processing time | 1-3 business days |
| 🪙Fund Withdrawal Fee | No |
| 📊Spreads from | 0.6 pips |
| 💸Commissions | None |
| 💱Number of base currencies supported | 2 (USD, EUR) |
| 🚀Swap Fees | Yes |
| 📈Leverage | Up to 1:1000 |
| 📏Margin requirements | margin requirement of 50% |
| ☪️Islamic account (swap-free) | Yes |
| 💻Demo Account | Yes |
| ⌛Order Execution Time | In seconds |
| 📆VPS Hosting | Yes |
| Trading Instruments | |
| 🧾CFDs-Total Offered | Over 277 |
| 🗠CFD Stock Indices | Yes |
| ⚖️CFD Commodities | Yes |
| 📜CFD Shares | Yes |
| Trading Indices with GP | Yes |
| Trading Stocks with GP | Yes |
| Swap on trading board | Yes |
| Deposits and Withdrawals | |
| 💳Deposit Options | credit cards, debit cards, bank transfers, e-wallets (like Skrill, Neteller), and cryptocurrency |
| 💵Withdrawal Options | The same as deposit options |
| Trading Platforms and Tools | |
| 💻Trading Platforms | OctaTrader, MetaTrader 4, MetaTrader 5 |
| 👩💻OS Compatibility | Web, Mobile (iOS and Android) |
| 🖥️Forex trading tools | Yes |
| Customer Support | |
| 🗣️Live chat availability | Yes, available 24/7 |
| 📱Customer Support email address | support@octafx.com |
| 📞Customer Support Contact Number | N/A |
| 👾Social media Platforms | Facebook, Twitter, Instagram |
| 🗣️Languages supported on Website | English, Arabic, Chinese, Indonesian, Malay, Thai, and Vietnamese |
| Educational Resources and Support | |
| 🖺Forex course | Yes |
| 🧏♀️Webinars | Yes |
| 📚Educational Resources | Yes |
| Partnerships and Programs | |
| 🪪Affiliate program? | Yes |
| 👨🏫Amount of partners | Over 4,600 |
| 📋IB Program | Yes |
| 🏃♂️➡️Do they sponsor any notable events or teams? | Yes |
| 🪙Rebate program | Yes |
| Commission Fee | None on most accounts |
| Social Platforms | |
| Official Facebook Page | Yes |
| Official Twitter Page | yes |
| Official Youtube Channel | yes |
| Official Linkedin Page | yes |
| Official Instagram Page | yes |
| Official Website address | yes |
| South African Trader Specific Information | |
| Does Octa Accept South African Traders? | Yes |
| Is Octa regulated by the South African regulatory body (FSCA)? | Yes |
| Does Octa offer an Affiliate Program for South African Traders? | Yes |
| Does Octa allow opening trading accounts in ZAR (South African Rand)? | Yes |
| 👉Open Account | Open Account |
Overview
OctaFX is a Forex Broker that offers Forex ECN Trading, as well as CFD trading on Indices, Metals, and Cryptocurrencies across both the MT4 and MT5 trading platforms. OctaFX offers a wide range of trading accounts and access to copy trading, and bonus promotions, plus a wide range of research tools.
OctaFX Islamic Account
To better understand Islamic forex trading, it is important to first gain an insight into the guiding principles of Islamic finance.
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 well-being. 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.
How to Open an Octa Islamic Account – Step-by-Step Guide
Opening an OctaFX account is a straightforward process that only involves a few steps. To open a trading account, please, follow the step-by-step instructions.
Take Note: To open an Octa Islamic Forex Trading Account – The same steps are followed.
Step 1: “Open Account”
Visit the Octa official website.
Locate and click the “Start HALAL Trading” button on the website’s main page.
Step 2: Sign Up
- Fill in the required fields, such as your name, email address, and phone number.
- Choose between a real and a demo account based on your trading preferences.
- You will shortly receive an email from Octa with a confirmation link for your email address. To proceed, click on this link.
- To finish setting up your account, follow the on-screen prompts.
- Deposit at least 460 ZAR ($25) to activate your real account.
- After funding your account, you can begin trading Forex and CFDs with Octa’s extensive trading tools and features.
Step 3: Make a Deposit.
The account holder can now make their first deposit and the account has been successfully created.
Min Deposit USD 25 Regulators CySEC, MISA, FSCA and FSC Trading Platform MT4, MT5, OctaTrader Crypto Yes Total Pairs 52 Islamic Account Yes Trading Fees No Account Activation 24 Hours
OctaFX Trading Platforms
MetaTrader 4 Overview
The MT4 trading platform is available on the Web, Desktop, Android, and iOS.
| ✅Pros | ❌Cons |
| Parent company is publicly traded: Gain Capital Holdings Inc. | Stock CFD fees are high |
| Fees are low | Limited product portfolio |
| Variety of currency pairs | Not for beginners |
MetaTrader 5 Overview
The MT5 trading platform is available on the Web, Desktop, Android, and iOS.
| ✅Pros | ❌Cons |
| Excellent Interface | Country Restrictions |
Customer Reviews
🥇 Strong Choice!
Octa has been operating powerfully, particularly in transaction services. The addition of an indicator table, such as the MACD, beside the trade chart, on the other hand, would improve the overall experience. – Mia Jacobs
🥈 Highly Recommend
Octa is a highly recommended product. It combines excellent customer support with a fantastic trading experience, making it the clear choice for traders, particularly newbies. – Benjamin Dlamini
🥉 Low Spreads
Octa provides traders with the necessary flexibility while keeping low spreads and a transparent trading environment. It is a must-have option for any trader. – Aaron Van Zyl
Pros and Cons
| ✅ Pros | ❌ Cons |
| Regulated by SVGFSA | Limited assets |
| Unlimited demo account | Low Crypto coverage |
| Advanced technology | No VPS |
| Forex and CFDs offered | No education tools on Forex |
| More than 80 pairs to trade | No clients from USA, Canada, Belgium, or others outside EU |
Conclusion
OctaFX Islamic Account is a Forex trading account allowed by the Shariah principle where there is no interest applied for an overnight position.
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Frequently Asked Questions
Is Forex Trading Halal or Haram?
Forex Trading itself is considered Halal. “Haram” enters when aspects of trading such as the accruing of interest (Riba) or the reckless side of gambling without a trading strategy take place.
Why is Interest (Riba) forbidden in Islam?
Islamic finance takes a more ethical approach. In Islam, interest is seen to be unethical as it only rewards the lender, while the borrower incurs all risk.
What Makes a Forex Account Islamic?
Islamic Forex Trading Accounts are trading accounts for Muslim clients who are unable to earn or pay interest due to their religious beliefs.
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