An Orbex 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 with a fixed fee instead of swap. The fee is not an interest and depends on the direction of the order.
Orbex at a glance
| Broker's Name | Orbex |
| 📍 Headquartered | Orbex Holding LTD is based in Cyprus and Orbex Global LTD in Mauritius |
| 📅 Year Founded | 2011 |
| ⚖️ Regulating Authorities | CySEC, FSC |
| 🌐 Countries not accepted for trade | United States |
| ☪️ Islamic account (swap-free) | Yes |
| 👍 Demo Account | Yes |
| 📊 Institutional Accounts | Yes |
| 📊 Managed Accounts | Yes |
| 📈 Maximum Leverage | 1:500 |
| 💰 Minimum Deposit | $200 |
| 💳 Deposit Options | Credit and debit cards, bank wires, Skrill, Neteller, WebMoney, Fasapay, K-Net and Klarna |
| 💳 Withdrawal Options | Credit and debit cards, bank wires, Skrill, Neteller, WebMoney, Fasapay, K-Net and Klarna |
| 💻 Platform Types | MetaTrader 4 |
| 📱 OS Compatibility | Mac, Windows, Linux, Web, Mobile Android, iPhone, iPad |
| 📈 Tradable assets offered | Forex, Energies, Precious Metals, Cash Indices |
| 👨💼 Languages supported on Website | English, Spanish, Bengali, German, Polish, Italian, Arabic, Japanese, Vietnamese, Russian and more |
| 👥 Customer Support Languages | English, Spanish, Arabic, German, Japanese, Chinese, Russian, Greek, Polish, Other |
| 📆 Customer Service Hours | 24/5 |
Min Deposit USD 200 Regulators CySEC, FSC Trading Platform MT4 Crypto No Total Pairs 50+ Islamic Account Yes Trading Fees Low Account Activation 24 Hours
Choose your quick section of our Orbex Islamic Account below.
Orbex Islamic Account – 8 key points quick overview:
- ✔️Orbex Overview
- ✔️What exactly is an Islamic Account?
- ✔️Which financial activities are restricted and prohibited by Sharia law?
- What are the steps involved in opening an Orbex Islamic Account?
- What are Orbex’ spread costs on an Islamic Account?
- What other features does Orbex’ Islamic Account have?
- Orbex Pros and Cons
- Frequently Asked Questions
Here is our overview of the Orbex Islamic Account as well as the features that are offered, when opening a Swap Free Certified Muslim Trading Account.
Orbex Overview
Orbex is a forex broker company in Cyprus. The broker provides traders with access to one or more platforms that will allow them to buy and sell foreign currencies. Forex brokers are also known as retail or currency trading brokers. Retail currency traders in turn use these broker companies to gain access to the 24-hour currency market for speculation purposes.
Forex broker services can also be provided for institutional clients and large companies such as investment banks.
Orbex Holding LTD, known in the industry as Orbex, was founded in 2011 and based in Cyprus while Orbex Global LTD is based in Mauritius.
Orbex offers the standard MT4 trading platform to its clients and since partnering with TradeWorks, it also provides a third-party automated trading tool for new traders.
Orbex is secured for online trading and transactions, with all data being backed up and protected in a highly secure encrypted technological environment. All information provided by or on behalf of clients and employees is treated with strict confidence and is only disclosed by a formal notice in accordance with regulations.
Orbex has accumulated several awards during its years of service to traders, including that of Best forex broker in 2019, Best trading education provider in 2018 and 2016, Best Analysis Provider in 2016 and Best Affiliate Program Atozforex in 2016.
Th broker has good educational resources for new traders and their research options are sufficient too.
Orbex offers several types of accounts – a Starter Account, Fixed Spread Account, Premium Account, Ultimate Account and Swap-free or Islamic account.
What exactly is an Islamic Account?
Islamic accounts, known as swap-free accounts, are compliant with the Sharia law because there is no swap or rollover interest on overnight positions, which is against the Muslim faith.
Muslim clients can benefit from these same trading conditions and terms as regular trading account types, with the only difference having no swaps on trading instruments.
A handling charge may however apply.
An Islamic Account may be a standalone account or an account option offered on regular accounts.
Islamic Accounts are often provided by brokers who serve Middle Eastern clients and offer features that are in line with the Sharia law, which prohibits the accrual of interest on funds deposited into the account.
Another 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, namely Riba and Gharar. Riba is a concept that refers to increasing or exceeding growth, which forbids interest credited from loans or deposits.
Gharar is an Arabic word associated with uncertainty, deception, and risk, which in modern finance include futures and options contracts, which have dates of delivery in the future.
Which financial activities are restricted and prohibited by Sharia law?
Due to the restrictions and prohibitions on Muslim traders when considering the intricate details involved with trading activities, the following may be affected or prohibited:
️ Overnight rollovers, because it involves the receiving of swap points on positions that are held open for longer after the trading day has concluded at the New York close at 17:00 EST, as is prohibited by the Sharia law.
️ Margin deposits and interest, because it involves the accrual of interest on funds which are deposited into the trading account, which is prohibited.
️ Loans is prohibited by the Sharia law as per the element of Riba. Followers of the Sharia law is prohibited from having funds transferred by either a bank or other financial institution and involving interest.
️ Trading on margin results in a trader being liable for paying interest, which also amounts to Riba and is prohibited by Sharia law, as money is borrowed from the broker to buy or sell such equities.
️ Short sales, which affects mostly shares and involves borrowing and subsequent sale of an asset, is prohibited.
️ Forward sales. The trading of futures contracts 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 an Orbex Islamic Account?
Traders who are eligible for an Islamic Account must complete the live account application and then state that they want to apply for the Islamic option. Orbex may also require certain additional documents, apart from proof of identity and residential address, before approving an application for an Islamic account.
What are Orbex’ spread costs on an Islamic Account?
To make up for money lost by not charging overnight fees, a broker like Orbex usually charge extra fees on Islamic accounts – either in administration fees, wider spreads, or additional commissions.
What other features does Orbex’ Islamic Account have?
When making use of the Orbex Islamic account, traders can expect key features like the following:
️ Interest is not charged on contracts that are held for more than 24-hours.
️ Some specific restrictions and limits may apply to the Islamic Account.
️ Traders have an opportunity to hold their positions for an unlimited amount of time on certain trading conditions.
️ Only a client providing sufficient proof of religion will be granted a Swap Free Orbex Forex Trading Account.
️ A client misusing the swap-free facility for profit by holding floating positions for a prolonged period must close their floating positions immediately or be forced to close the account immediately.
️ Non-Muslim forex traders are not eligible for Swap Free accounts.
Min Deposit USD 200 Regulators CySEC, FSC Trading Platform MT4 Crypto No Total Pairs 50+ Islamic Account Yes Trading Fees Low Account Activation 24 Hours
Orbex Pros and Cons
| ✔️ Pros | ❌ Cons |
| Access to Trading Central and Strategize | High fees |
| Good educational offerings | Offshore broker |
| Islamic Account can be opened | Only MT4 platform |
| Several account options |
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Frequently Asked Questions
Trading environment
How many instruments can I trade with Orbex?
You can trade several different instruments with Orbex, which include the following:
- Forex
- Energies
- Precious Metals
- Cash Indices
Which platforms are supported by Orbex?
Orbex provides the popular trading platform MetaTrader 4.
Does Orbex offer leverage?
Yes, Orbex offers a maximum leverage of up to 1: 500.
What spreads can I expect with Orbex?
Orbex offers spreads from 0 pips.
Does Orbex charge commission?
Some accounts offer commission-free trading and some offer commission-based trading.
Are there additional charges on the Islamic account?
Orbex does offer an Islamic Account. Some brokers charge extra fees on Islamic accounts – are either in wider spreads, additional commissions, or administration fees to make up for money that they lose with not charging overnight fees.
Is Orbex regulated and by whom?
Orbex is regulated by CySEC and the FSC.
Is Orbex a recommended forex trading broker for experts and beginners?
Orbex offers a fair-trading environment for most types of traders. Its asset selection however may be more suitable for less-advanced traders.
What is the overall rating out of 10 for Orbex?
6/10.
Accounts
What is the difference between a demo and live trading account?
A demo account as is offered by broker companies like Orbex is usually funded with virtual money and gives a prospective customer the opportunity to experiment with the company’s trading platforms and its features, before setting up a real account which needs to be funded with the customers own real money.
Does Orbex offer a demo account?
Yes.
How long is the demo account valid?
With the Orbex demo account, a trader has a 30-day trial with unlimited access to market research and analysis.
Which live trading accounts does Orbex offer?
- Starter Account
- Fixed Spread Account
- Premium Account
- Ultimate Account
- Swap-free or Islamic account.
Does Orbex offer an Islamic Account?
Yes, an islamic Account is offered as an option on the general account types.
What are the available deposit currencies for a live trading account?
USD.
Deposits and withdrawals
What is the minimum deposit required to open an account with Orbex?
$ 200.
How do you make a deposit and withdraw money with Orbex?
Orbex offers the following deposit and withdrawal methods:
- Credit and debit cards
- Bank wires
- Skrill
- Neteller
- WebMoney
- Fasapay
- K-Net
- Klarna
The same method that was used to fund an account must normally be used to withdraw money. Also, monies will usually only be refunded to accounts in the same name as the trading account.
How long does it take to make a withdrawal?
Withdrawals usually takes up to 24 hours except for credit or debit cards and wire transfers which may take 3 to 5 business days.
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