One Financial Markets 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. The fee is not an interest and depends on the direction of the order.
One Financial Markets at a glance
| 🔍 Brokers Name | One Financial Markets |
| 📍 Headquartered | London, UK |
| 📅 Year Founded | 2007 |
| 🏛 Regulating Authorities | Financial Conduct Authority (FCA), Financial Sector Conduct Authority (FSCA) |
| 🌐 Countries not accepted for trade | United States, Belgium, Poland |
| ☪️️ Islamic Account (Swap Free) | Yes |
| 📒 Demo Account | Yes |
| 💻 Institutional Accounts | Yes |
| 💻 Managed Accounts | No |
| 📊 Maximum Leverage | 1:400 |
| 💰 Minimum Deposit | $250 |
| ZAR | R4 000 ZAR |
| 💳 Deposit Options | Credit Card Debit Cards Bank Transfers Remittance via UAE exchange e-payments Neteller Skrill. |
| 💳 Withdrawal Options | Credit Card Debit Cards Bank Transfers Remittance via UAE exchange e-payments Neteller Skrill. |
| 📉 Platform Types | MetaTrader 4 MetaTrader 5 |
| 📲 OS Compatibility | Web browsers, Windows, Linux, MacOS, Android, iOS |
| 📊 Tradable Assets | Forex Bullion Indices Commodities Energy Cryptocurrencies Shares |
| 🌐 Languages supported | English, Arabic, Spanish |
| ☎ Customer Service Hours | 24 hours a day /5 days a week. |
Min Deposit
USD 250
Regulators
FCA, DFIC, FSCA
Trading Platform
MT4, MT5
Crypto
Yes
Total Pairs
0
Islamic Account
Yes
Trading Fees
Low
Account Activation
24 Hours
One Financial Markets Islamic Account Revealed – A Key 11-Point Quick Overview
- ✅One Financial Markets at a glance
- ✅One Financial Markets Overview
- ✅What exactly is a One Financial Markets Islamic Account?
- Why is interest discouraged or prohibited by Sharia law?
- What are the steps involved in opening a One Financial Markets Islamic Account?
- What are One Financial Markets’ spread costs on an Islamic Account?
- What other features does One Financial Markets’ Islamic Account have?
- One Financial MarketsPros and Cons
- One Financial Markets Customer Reviews
- Conclusion
- Frequently Asked Questions
One Financial Markets Overview
One Financial Markets is a UK-based STP and ECN broker which has been in operation since 2007, with offices in the Middle East, Europe, South America as well as Central and Southeast Asia. One Financial Markets is well-regulated by the Financial Conduct Authority (FCA) and the Financial Sector Conduct Authority (FSCA) in providing trading solutions and services.
With One Financial Markets, traders are provided with access to a large range of tradable assets which are spread across several markets. These can be traded through the popular and reputable MetaTrader 4 and MetaTrader 5, available on desktop, mobile, and web. While One Financial Markets offers its services to most traders around the globe, those from the United States, Belgium, or Poland. There are also some broker features and products which may not be available to traders from specific countries as a result of legal restrictions.
Both the FCA and FSCA help to protect investors by implementing strict rules that help to provide a safe, well-regulated regulatory framework to which financial service providers must abide. One of these is that all client funds must be kept in segregated accounts, away from the broker account.
These funds are only intended for trading activities by the trader and may not be used for any operational purposes. One Financial Markets is well-known for offering traders a range of helpful trading tools such as access to Trading Central, One Indicator Series, and an economic calendar highlighting any financial events that may impact the trader’s trading activity.
There is also a range of educational tools, materials, and resources that traders can use when trading with One Financial Markets including a trading academy which is a module-based learning program, and a comprehensive, detailed trading glossary.
What exactly is a One Financial Markets 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 that are held open for longer than a trading day after the trading day has concluded. Islamic Accounts offer 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 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, these elements are:
| Riba |
| 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 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 are affected greatly:
| Margin deposits and interest: | which involves the accrual of interest on funds that are deposited into the trading account, which is prohibited. |
| 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. |
| Short sales: | which affects mostly shares and involves borrowing and subsequent sale of an asset, 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. |
| 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. |
| 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, which is prohibited by the Sharia law. |
What are the steps involved in opening a One Financial Markets Islamic Account?
To convert a live trading account to that an Islamic Account, traders must first complete the registration for either a Standard or Professional Account. Once traders have completed the online application and completed the Know Your Client procedure, they can request that their account be converted.
Traders must note that all Islamic Account conversions are subjected to approval by One Financial Markets. One Financial Markets also reserves the right to decline a request for conversion along with canceling an Islamic Account if it is being abused or misused.
Step 1 – Visit the official One Financial Markets website and select the option to register a Islamic account.
Navigate to the official One Financial Markets website and select the blue “Live account” banner from the homepage.
Step 2 – One Financial Markets Online Application
A new page will load, and traders will be provided with the features of the One Financial Markets live account process. Traders can scroll down to the application form which requires the trader’s country of residence, title, first and last name, and email address,
Traders can select whether they wish to receive marketing emails before selecting “Start application now”.
Step 3 – Contact One Financial Support team for the swap option
Traders must note that the Professional Account has qualifying criteria which must be met before traders can be considered Professional traders.
What are One Financial Markets’ spread costs on an Islamic Account?
Traders can expect variable spreads from 0.7 pips EUR/USD. Traders must note that as a result of commission-free trading, spreads are marked-up.
What other features does One Financial Markets’ Islamic Account have?
Traders must also note that there are some restrictions and limits which apply to the Islamic Account, especially where trading hours are concerned. Before Muslim traders decide to convert their live trading account, they must contact the Middle Eastern support desk to verify the terms and conditions associated with the Islamic Account.
The specific account features that traders can expect with their Islamic accounts will depend on the account that traders convert. Some typical features that traders can expect include the following:
| 💳 Minimum deposit requirement of $250 (4 000 ZAR) after which the account will be activated |
| 📉 Spreads are competitive depending on the financial instrument, time of day, and several other factors |
| 📍 Direct execution of trades through the STP model |
| 📉 Zero-interest is charged on contracts that are held for longer than 24 hours with a consistent zero-rollover interest |
| 📉 Zero additional rollover commissions when contracts are held for longer than 24 hours |
| 📍 Access to both mini and micro-lots |
| 💻 Access to Expert Advisors, or EAs, which allow for automated trading |
One Financial MarketsPros and Cons
| ✔ PROS | ❌ CONS |
| Well-regulated | High minimum deposit |
| MetaTrader 4 and MetaTrader 5 supported | Spreads are marked-up |
| Range of funding methods | Social trading is not supported |
| Trading central offered | Daily Market Analysis not given |
One Financial Markets Customer Reviews
Good customer support
One Financial Markets gives the best support service so far. I feel very fortunate to be part of a Multilingual broker – Andre
Great account offerings…
Great website with service offerings, and good detail on live trading options.. – Fred
Partnership Program on the website – Check it out
I enjoy the opportunities to earn an income through Partnership programs offered by forex brokers – Parker
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Conclusion
Overall, One Financial Markets has gained a great reputation for its excellence and is a popular, well-known broker in the middle east and Asia. The broker is a reliable company with professional and tailored trading services offered to their traders. For those who are seeking good opportunities to start and need proper education, One Financial Markets would be a good partner to investigate.
In the event of assistance, the company’s customer support team is ready to help along with its advanced and competitive trading conditions suitable for a variety of traders.
Min Deposit
USD 250
Regulators
FCA, DFIC, FSCA
Trading Platform
MT4, MT5
Crypto
Yes
Total Pairs
0
Islamic Account
Yes
Trading Fees
Low
Account Activation
24 Hours
Frequently Asked Questions
Are Muslim traders from South Africa allowed to open a trading account with One Financial Markets?
Muslim traders from South Africa are not offered the option of opening a professional swap-free account with One Financial Markets.
How many instruments can I trade with One Financial Markets Islamic Account?
You can trade the following financial instruments:
- Forex
- Bullion
- Indices
- Commodities
- Energy
- Cryptocurrencies
- Shares
Does One Financial Markets offer leverage on the Islamic account?
One Financial Markets offers maximum leverage of 1:30 for Retail clients and 1:400 for Professional clients.
What spreads can I expect with the One Financial Markets Islamic account?
You can expect spreads that start from 0.7 pips EUR/USD.
Are there additional charges on the One Financial Markets Islamic account?
No, there are no additional charges on the Islamic Account. However, there may be certain limits and restrictions which apply to this account option.
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