A Samtrade FX Islamic Account is offered by Samtrade FX. Traders need to submit a request to open an Islamic Account. This is the requirement on all the account types with Samtrade FX, except for the Standard Account.
Samtrade FX at a glance
| Broker's Name | Samtrade FX |
| 📍 Headquartered | Kingston, St Vincent, and the Grenadines |
| 📅 Year Founded | 2015 |
| ⚖️ Regulating Authorities | FCA and FINTRAC |
| 🌐 Countries not accepted for trade | United States |
| ☪️ Islamic account (swap-free) | Yes |
| 👍 Demo Account | Yes |
| 📊 Institutional Accounts | Yes |
| 📊 Managed Accounts | Yes |
| 📈 Maximum Leverage | 1: 200 |
| 💰 Minimum Deposit | $100 |
| 💳 Deposit Options | Visa, MasterCard, Tether (USDT) and Bank Wire Transfer |
| 💳 Withdrawal Options | Visa, MasterCard, Tether (USDT) and Bank Wire Transfer |
| 💻 Platform Types | MetaTrader4 |
| 📱 OS Compatibility | Desktop, Web, Windows, Linux, Mac, Android, and iOS |
| 📈 Tradable assets offered | Forex, Indices, Precious metals, Oil, CDFs, Cryptocurrencies and Commodities |
| 👨💼 Languages supported on Website | English, Dutch, Russian, Polish, German, Spanish, Netherlands, Portuguese, and French |
| 👥 Customer Support Languages | English, Mandarin and Chinese |
| 📆 Customer Service Hours | 24/5 |
Min Deposit
USD 10
Regulators
FCA, FINTRAC, FSA
Trading Platform
MT4
Crypto
Yes
Total Pairs
50+
Islamic Account
Yes
Trading Fees
Low
Account Activation
24 Hours
Samtrade FX Islamic account – 9 key points quick overview:
Samtrade FX Overview- What exactly is an Islamic Account?
- Which financial activities are restricted and prohibited by Sharia law?
- What are the steps involved in opening a Samtrade FX Islamic Account?
- What are Samtrade FX’ spread costs on an Islamic Account?
- What other features does Samtrade FX’ Islamic Account have?
- Samtrade FX Pros and Cons
- Conclusion
- FAQ’s
Samtrade FX Overview
Samtrade FX is a fairly new online trading brokerage that provides Forex Trading and other related services since 2015. The broker is incorporated in Saint Vincent and the Grenadines under registered number 25290 IBC 2019 by the Registrar of International Business Companies.
Samtrade FX also provides services in England and Wales, and in this jurisdiction, it is regulated and authorized by the Financial Conduct Authority (FCA). In New South Wales, Australia it operates with an AFS license and in Canada, it operates under the watchful eyes of the Financial Transactions and Reports Analysis Center of Canada (FINTRAC) as a Money Services Business (MSB).
In addition to this, Samtrade FX has a regional presence in Malaysia, Indonesia, Vietnam, Thailand, and the Philippines to provide an all-around, personalized service to its clients and partners. The broker has only one clear objective which is to provide traders with safe, easy, and low-cost access to foreign exchange markets.
The founders and partners of Samtrade FX are all traders themselves and have extensive trading experience in Forex and CFD. The broker strives to set the highest standards of client satisfaction and cater to the special needs of clients.
It specializes in the provision of online trading services for forex and CFDs to retail and institutional traders. It operates the STP/ECN brokerage model which can result in affordable, swift, and reliable access for online trading of global markets.
All trading is done on the preferred MetaTrader4 platform on financial instruments such as forex, CFDs, precious metals, oil, commodities, and cryptocurrencies. The broker offers its services to both retail and institutional clients in the jurisdictions it operates in. Clients of the United States are not accepted.
What exactly is an Islamic Account?
Many brokers have the option to open an Islamic Account and it is only available to clients that follow the Muslim faith. In most cases, it is not a standalone account, but a normal live account can be converted into an Islamic Account. However, some brokers do dedicate one account to being an Islamic or Swap Free account.
The Islamic Account offers certain features that are in line with the Sharia law, which prohibits the build-up of interest on funds deposited into the account. Transaction on an Islamic account must also be settled immediately, and this required that currencies must be transferred from one account to the other right after the transaction has been completed and therefore paid for in full.
Two key elements of ,Islamic law 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 the Sharia law. This type of interest is seen as both unjust and exploitive gains pertaining to trade or business.
Which financial activities are restricted and 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.
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. 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.
Margin deposits and interest – which involves the accrual of interest on funds that are deposited into the trading account, which is prohibited.
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.
What are the steps involved in opening a Samtrade FX Islamic Account?
Clients who want to open an Islamic Swap-Free account with Samtrade FX must contact customer services. This account is only offered to clients of Islamic faith, and it is subjected to the broker’s approval after the necessary proof has been provided.
Step 1 – Open an account
On the top right of the menu click on the “Open Live Account” option.
Step 2 – Choose your account type
From the given account types, the trader needs to choose the desired account type and fill in all the personal details
Step 3 – Switch to an Islamic account.
You can now once your account has been created contact the broker’s customer support center and request an Islamic account by providing the necessary proof.
What are Samtrade FX’ spread costs on an Islamic Account?
The spread costs and features on the Islamic Account are the same as the other live account types. Since clients must contact customer services if they want to open an Islamic Account, the features will only then be known.
It is not clear if any additional fees need to be paid by traders who have approved Islamic accounts.
What other features does Samtrade FX’ Islamic Account have?
Traders can expect the following additional features on the Islamic Account. There is a consistent zero rollover interest. Interest is not charged on contracts that are held for more than 24-hours. No additional rollover commissions will be charged when contracts are held open for longer than 24 hours.
Traders should be aware that the Islamic Account markets open on Sunday at 11 pm CET and close on Fridays at 11 pm CET.
Samtrade FX Pros and Cons
| ✔️ Pros | ❌ Cons |
| Floating spreads | Clients from the United States not accepted |
| Islamic Swap-free account offered | Fixed spread accounts not offered |
| Low minimum deposit required | Limited payment methods offered |
| MetaTrader4 offered | No e-payment options |
| No commission charges | |
| Regulated by FCA and FINTRAC | |
| Segregated client funds used |
Min Deposit
USD 10
Regulators
FCA, FINTRAC, FSA
Trading Platform
MT4
Crypto
Yes
Total Pairs
50+
Islamic Account
Yes
Trading Fees
Low
Account Activation
24 Hours
Conclusion
Overall, Samtrade FX does offer an Islamic account. The Islamic Account offers certain features that are in line with the Sharia law, which prohibits the build-up of interest on funds deposited into the account. Transaction on an Islamic account must also be settled immediately, and this required that currencies must be transferred from one account to the other right after the transaction has been completed and therefore paid for in full.
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FAQ’s
TRADING ENVIRONMENT
How many instruments can I trade with Samtrade FX?
You can trade in the following financial instruments:
- Forex
- Indices
- CFDs
- Precious Metals
- Oil
- Commodities
- Cryptocurrencies
Which platforms are supported by Samtrade FX?
MetaTrader4.
Does Samtrade FX offer leverage?
Yes. Maximum leverage of up to 1: 200 is offered.
What spreads can I expect with Samtrade FX?
You can expect spreads that start from 2.1 pips.
Does Samtrade FX charge commission?
No. Samtrade FX does not charge any commission.
Are there additional charges on the Islamic account?
This is not clear on Samtrade FX’ website.
Is Samtrade FX regulated?
Yes. Samtrade FX is regulated by FCA and FINTRAC.
Is Samtrade FX a recommended forex trading broker for experts and beginners?
Yes. Samtrade FX offers a trading environment for both beginners and expert traders.
What is the overall rating out of 10 for Samtrade FX?
7/10.
ACCOUNTS
What is the difference between a demo and a 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 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 Samtrade FX offer a demo account?
Yes. Samtrade FX does offer a demo account.
For how long is the demo account valid?
The demo account is valid for 30-days.
Does Samtrade FX offer the option of an Islamic Account?
Yes. Samtrade FX offers the option of an Islamic Account for traders of the Muslim faith.
Which live trading accounts does Samtrade FX offer?
Samtrade FX offers four live trading accounts namely, Standard Account, Profit STP Account, VIP Account and ECN Account.
What are the available deposit currencies for a live trading account?
USD.
DEPOSITS AND WITHDRAWALS
What is the minimum deposit for Samtrade FX?
$ 10.
How do I make a deposit and withdrawal with Samtrade FX?
- MasterCard
- Visa
- Tether (USDT)
- Bank Wire Transfer
Does Samtrade FX charge withdrawal fees?
No. Samtrade FX does not charge any withdrawal fees, however, clients should verify if any fees are charged by the financial institutions they use.
How long does it take to make a withdrawal?
This will depend on the payment method used. Bank wire transfers and credit and debit cards take between 1 – 4 days where Tether (USDT) takes up to 1 business day.
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