A RoboMarkets 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.
RoboMarkets at a glance
| Broker's Name | RoboMarkets |
| 📍 Headquartered | Limassol, Cyprus |
| 📅 Year Founded | 2012 |
| ⚖️ Regulating Authorities | CySEC |
| 📌CySEC No | |
| 🌐 Countries not accepted for trade | all countries outside EEA |
| ☪️ Islamic account (swap-free) | Yes |
| 👍 Demo Account | Yes |
| 📊 Institutional Accounts | Yes |
| 📊 Managed Accounts | Yes |
| 📈 Maximum Leverage | 1:30 |
| 🌐 Spreads | Floating from 0 points |
| 🌐 Commission | 0% Commission for trading stock |
| 🌐 Fees | 0.8% |
| 📊 Accounts | Prime Account, ECN Account, R Stock Traders Account, ProCent Account, Pro Account |
| 📎 Bonus | Yes |
| 💰 Minimum Deposit | $100 / R 1600 ZAR |
| 💳 Deposit Options | Bank payments, PayPal, Skrill, FasaPay, Neteller, Boleto, Visa and Mastercard |
| 💳 Withdrawal Options | Bank payments, PayPal,Skrill, FasaPay, Neteller, Boleto, Visa and Mastercard |
| 💻 Platform Types | MetaTrader 4, MetaTrader 5, R Trader |
| 📱 OS Compatibility | Windows, Mobile, Web, iPhone, iPad PC and Mac OS, mobile for Android and IOS |
| 📈 Tradable assets offered | Forex, Stocks, Indices, ETF, Commodities, Metals, Energies |
| 👨💼 Languages supported on Website | Multilingual |
| 👥 Customer Support Languages | Multilingual |
| 📆 Customer Service Hours | 24/5 |
Min Deposit USD 100 Regulators CySEC Trading Platform MT4, MT5, R Trader Total Pairs 0 Islamic Account Yes Trading Fees Low Account Activation 24 Hours
RoboMarkets Review – 9 key points quick overview:
RoboMarkets at a glance- RoboMarkets Overview
- What exactly is an Islamic Account?
- Why is interest discouraged or prohibited by Sharia law?
- What are the steps involved in opening a RoboMarkets Islamic Account?
- What is RoboMarkets’ spread costs on an Islamic Account?
- What other features does RoboMarkets’ Islamic Account have?
- RoboMarkets Pros and Cons
- Frequently Asked Questions
RoboMarkets Overview
- RoboMarkets is a Cyprus-based Forex broker that was first established in 2012. Since then, the broker has managed to grow into a leading online Forex broker, with clients of all trading profiles from around the world.
- The broker has a wide range of tailored trading accounts, all of which can be opened for a minimum deposit of $100, granting access to trading on to Currencies, Commodities, Indices, and Stocks.
- The broker also offers a wide variety of popular and feature-rich trading platforms, consisting of the market-leading MetaTrader 4 and MetaTrader 5, as well as R Trader.
- MetaTrader 4 classic terminal is still an unquestionable leader among retail traders. It has all features and tools that are necessary for both beginners and experienced traders of the financial market. Moreover, the terminal includes embedded functionality and opportunities, which are typical only for MQL platforms.
- MetaTrader 5 features netting and hedging systems, Market Depth, and segregation of orders and transactions. Using MQL5, a specialized programming environment, you can create, optimize, and test trading robots by yourself.
- Finally, multi-asset terminal R Trader combines innovative technologies and a classic design taken to a completely new level. No more unnecessary software and updates – get access to all global financial markets via a web terminal in a familiar web browser.
- As such, RoboMarkets is a well-regulated broker that provides traders with a secure trading environment, tight spreads and competitive commissions, and advanced trading features.
What exactly is an Islamic Account?
To better understand Islamic forex trading, it is important to first gain an insight into the guiding principles of Islamic finance.
To this end, Islamic finance differs significantly from conventional finance in that it is guided by a set of ethics rather than by 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 wellbeing. 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.
Why is interest discouraged or prohibited by Sharia law?
Interest is any pre-agreed fee paid over and above the principal amount, whether it is a personal or commercial loan. Charging interest, according to Sharia law, or making money from money, is unlawful. The major reasons for its condemnation include:
- Riba promotes negative growth. It may increase money quantitatively, but there is no primal progression in social wealth.
- Riba disgraces the human spirit. It effectively promotes a culture that places undue significance on that which is monetary, while disregarding that which is human.
- Riba is seen as the unlawful acquisition of property.
- When entrenched, Riba corrupts society.
- Riba is, for all intents and purposes, unjust. While it creates money for the lender, it is extremely oppressive towards the borrower.
| 💠Financial Activities restricted & prohibited by Sharia law | 📈 RoboMarkets |
| Overnight rollovers | 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 |
| Margin deposits and interest | the accrual of interest on funds that are deposited into the trading account |
| Loans | when followers of the Sharia law have funds transferred by either a bank or other financial institution and it involves interest terms |
| Trading on margin | stocks that are traded on margin result in the trader being liable for paying interest |
| Short sales | affects mostly shares and involves borrowing and subsequent sale of an asset |
| Forward sales | 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 RoboMarkets Islamic Account?
1. Step 1 – Register an account
To open a live trading account, you first need to open a swap-rated account with the broker for the MetaTrader platform.
2. Step 2 – Convert to Swap-Free status
Once this account has been opened, you can apply to the broker’s live support team to have the account converted to swap-free status.
3. Step 3 – Process completed on specific accounts
Applicants should note that swap-free accounts are only available for cent and standard MetaTrader4-based accounts, as well as for Pro-Affiliate accounts.
What is RoboMarkets’ spread costs on an Islamic Account?
When you change your account type to Swap-Free, all other trading conditions remain intact, and the overnight commission depends only on the instrument and the number of open lots.
As such, RoboMarkets offers extremely competitive spreads that start from 0.0 pips floating on all three of the Prime, ECN, and R Trader accounts.
What other features does RoboMarkets’ Islamic Account have?
Traders on the Islamic Account will have access to the MetaTrader 4 platform, with the following trading features available to them:
- 3 types of order execution.
- 50 ready-to-use indicators for technical analysis.
- Basic tools for graphic analysis.
- Opportunity to program your own trading robot.
Min Deposit USD 100 Regulators CySEC Trading Platform MT4, MT5, R Trader Total Pairs 0 Islamic Account Yes Trading Fees Low Account Activation 24 Hours
RoboMarkets Pros and Cons
| ✔️ Pros | ❌ Cons |
| Attractive affiliates program | Bonuses only available to professional clients |
| Access to all tools and platforms | 90 days trial |
| $100 on all account types | It goes higher up to $10.000 if you want to trade US Stocks Pro |
| Stocks offered in a good number; Available as real and CFDs | Some other brokers may provide a wider number of stocks and even lower commission |
| Good service offered through a proprietary platform | Social features are a little limited |
| They have won dozens of awards over the years | Service is not available outside the EU |
| The broker provides a very high level of security for your funds | Number of currency pairs is quite limited compared to other brokers’ offer |
| Raw spreads on ECN and Prime accounts |
You might also like: RoboMarkets Review
You might also like: RoboMarkets Account Types Overview
You might also like: RoboMarkets Demo Account – Step by Step
You might also like: RoboMarkets Fees and Spreads
You might also like: RoboMarkets Minimum Deposit
You might also like: RoboMarkets Sign up Bonus
Frequently Asked Questions
Does RoboMarkets have an Islamic account?
Yes, the Islamic account option is available for traders of the Muslim faith.
What are the spread costs on RoboMarkets Islamic account?
The Islamic account is not a standalone account. Spreads apply as follows: ECN Pro- Prime & R Trader Account: 0.0 pips and on the Pro Standard- and Pro-Cent Account: 1.3 pips.
What are the features of the Islamic account?
RoboMarkets Islamic account features incl: Leverage up to 1:30 (retail clients) & 1:500 (professionals), Powerful trading platforms, Tight floating spreads, Low commissions, Micro-lot trading, Many base currency options.
What is the overall rating out of 10 for RoboMarkets?
9/10.
Top 4 Brokers
