Opteck Islamic Account

Our Opteck Islamic Account Revealed:

• ✔️Opteck Overview
• ✔️What exactly is an Islamic Account?
• ✔️Why is interest discouraged or prohibited by Sharia law?
• What are the steps involved in opening a Opteck Islamic Account?
• What is Opteck’s spread costs on an Islamic Account?
• What other features does Opteck’s Islamic Account have?
• Pros and Cons
• OPTECK AT A GLANCE

Opteck Overview

Opteck is a CFD and forex broker which was founded in 2011 by a team of professionals who sought to provide flexible and comprehensive trading solutions to traders from around the world.

When trading with Opteck, traders can expect access to a range of tradable financial instruments spread across these asset classes:

• CFDs on forex
• Stocks
• Commodities
• Indices

As part of its comprehensive trading solutions and services, Opteck offers traders with a range of useful trading tools, market analysis, and a choice in dynamic, flexible trading accounts which are designed to meet the trading needs and objectives of both beginner and professional traders.

The account types that Opteck offers traders are:

• Basic Account
• Bronze Account
• Silver Account
• Gold Account
• Platinum Account
• Black Account

Each of these accounts has its own set of features which is catered towards a specific trading level. Traders have the option to register any of these accounts, except the more premium accounts such as the Platinum and Black Accounts, as a demo account.

There is also the option for Muslim traders to convert their trading account into that of an Islamic Account, subjected to approval by Opteck.

Opteck offers traders with the use of its proprietary platform which was designed to provide updated market prices without delay in addition to a range of versatile features. Traders are provided with tradable prices obtained from several reputable providers with low latency and minimal slippage.

The trading platform that Opteck offers can be used across different devices from web and mobile, to various desktops which ensures seamless account integration. This gives traders the freedom to trade wherever they are in the world and giving them access to a plethora of trading opportunities.

What exactly is an Islamic Account?

An Islamic, or swap-free, trading account is one which 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 the 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?

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 Opteck Islamic Account?

Traders who trade with Opteck have the option to convert their live trading account into that of an Islamic Account. To be able to do this, traders must first complete the live account registration. During this, traders must provide personal, financial, and trading information and traders must provide proof of their identity and residence to confirm the information they provided.

Once the trading account has been registered successfully, traders can submit the request for conversion by completing the form and submitting it to Opteck customer care.

Traders must note that Opteck reserves the right to approve or decline a request for conversion. In addition, Opteck also reserves the right to cancel an Islamic Account if it is being misused or abused.

What is Opteck’s spread costs on an Islamic Account?

The spreads that traders can expect with Opteck start from 0.03 pips EUR/USD, which is competitive when compared with that charged by other brokers.

What other features does Opteck’s Islamic Account have?

The features that traders can expect from their Opteck Islamic Account will depend on the type of account that they convert to an Islamic Account. However, despite the account type, there are some standard features that traders can expect, including:

• Access to the education centre
• Daily Market review provided
• 24 hours a day, 6 days a week
• Access to PRO Webinars
• Competitive spreads charged
• Traders can expect to receive price alerts via SMS or Email

Pros and Cons

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FAQ

TRADING ENVIRONMENT

How many instruments can I trade with Opteck?

You can trade the following financial instruments:

• CFDs on forex
• Stocks
• Commodities
• Indices

Which platforms are supported by Opteck?

Opteck Web Trader.

Does Opteck offer leverage?

Yes, Opteck has a maximum of 1:400.

What spreads can I expect with Opteck?

You can expect variable spreads from 0.03 pips EUR/USD.

Does Opteck charge commission?

No, Opteck does not charge commission on trades.

Are there additional charges on the Islamic account?

Not that can be seen on Opteck’s website. Traders must verify this information with the broker as it is not stated on the website.

Is Opteck regulated?

Yes. Opteck is regulated by CySEC and IFSC.

Is Opteck a recommended forex trading broker for experts and beginners?

Yes. Opteck caters for both beginners and experts.

What is the overall rating out of 10 for Opteck?

6/10.

ACCOUNTS

What is the difference between a demo and live trading account?

A demo account offers the use of virtual funds instead of actual capital. This allows for risk-free trading as well as exploring of both the broker’s offer and the trading platform.

A demo account can be used for a variety of reasons including practice trading, testing trading strategies, exploring platforms and offers, and more.

Does Opteck offer a demo account?

Yes, Opteck offers traders with a demo account.

For how long is the demo account valid?

The demo account is valid for 30 days.

Does Opteck offer the option of an Islamic Account?

Yes, Opteck offers the option for an Islamic Account.

Which live trading accounts does Opteck offer?

• Basic Account
• Bronze Account
• Silver Account
• Gold Account
• Platinum Account
• Black Account

What are the available deposit currencies for a live trading account?

• EUR
• USD
• AUD

DEPOSITS AND WITHDRAWALS

What is the minimum deposit for Opteck?

Opteck has a minimum deposit of $250 (3 705 ZAR).

How do I make a deposit and withdrawal with Opteck?

• Credit/Debit card
• Bank Wire Transfer
• Skrill
• Neteller
• Western Union

Does Opteck charge withdrawal fees?

Yes, Opteck does charge a 3.5% withdrawal fee except for Platinum and Black first withdrawals, but other financial institutions costs could also apply.

How long does it take to make a withdrawal?

This will depend on the payment method used. It can take between 30 minutes up to a few working days.