Overall, SmartFX offers Islamic swap-free trading on 1 retail trading account namely their Smart Account. SmartFX offers extended swap-free status by default to all applicable trading accounts created by clients in non-Islamic countries.
SmartFX at a glance
| 🔍 Broker's Name | SmartFX |
| 📍 Headquartered | Port Vila, Vanuatu |
| 📅 Year Founded | 2018 |
| ⚖️ Regulating Authorities | VFSC |
| 🌐 Countries not accepted for trade | US |
| ☪️ Islamic account (swap-free) | Yes |
| 👍 Demo Account | Yes |
| 📊 Institutional Accounts | Yes |
| 📊 Managed Accounts | No |
| 📈 Maximum Leverage | 1:400 |
| 💰 Minimum Deposit | R8500 ZAR / $500 |
| ➕ Deposit Options | Visa, MasterCard, American Express, Skrill, Neteller, STICPAY, Bank Wire Transfers through the National Bank of Vanuatu and Local bank in Dubai. |
| ➖ Withdrawal Options | Visa, MasterCard, American Express, Skrill, Neteller, STICPAY, Bank Wire Transfers through the National Bank of Vanuatu and Local bank in Dubai. |
| 💻 Platform Types | MT5 |
| 📱 OS Compatibility | Web browsers, Windows, Android, iOS |
| 📈 Tradable assets offered | Forex, CFD indices, CFD equities, Futures, Commodities, and Stocks |
| 👨💼 Languages supported on Website | English |
| 👥 Customer Support Languages | English, Japanese and Chinese |
| ☎️ Customer Service Hours | 24/5 |
Overall Rating
4.6/5
Rated #534 of
Recommended FX Brokers
Minimum Deposit 
Regulators 📈 Total Pairs
Islamic Account 
Trading Fees
SmartFX Islamic Account Review – 9 Key Points Quick Overview
- ☑️ SmartFX at a glance
- ☑️ SmartFX Islamic account Pros and Cons
- ☑️ SmartFX 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 SmartFX Islamic Account?
- ☑️ What are SmartFX’s spread costs on an Islamic Account?
- ☑️ What other features does SmartFX’s Islamic Account have?
- ☑️ Frequently asked questions
SmartFX Islamic account Pros and Cons
| ✔️ Pros | ❌ Cons |
| Offers competitive trading conditions | Only one live account type offered |
| Regulated through Vanuatu Financial Services Commission | Clients from the United States are not accepted |
| MetaTrader5 offered | Not transparent where fees and spreads are concerned |
| Offers a demo account | Spreads are not fixed |
| Swap-free trading offered | Limited offering of educational tools |
| No commission charges | Limited offering of research tools |
SmartFX Overview
SmartFX is an online regulated Forex and CFD broker that is based in Port Vila, Vanuatu, and has been in operation since 2018. It also has offices in Dubai, UAE.
SmartFX is owned and operated by Smart Securities and Commodities Limited and is regulated by Vanuatu Financial Services Commission (VFSC) with registration number 40491.
The broker upholds strict standards to make trading environments safe and provide each client with the finest, individually tailored trading circumstances. With the help of its Daily Market Analysis, the broker provides its clients with the most up-to-date market insights each day, assisting Forex traders in acquiring the knowledge and skills necessary to trade effectively and responsibly.
SmartFX offers various trading options that include currency pairs, commodities, CFD indices, CFD equities, futures, and stocks. SmartFX offers a simple trading solution with one Smart Account and MetaTrader5 as the only trading platform.
Traders from the United States are not accepted but it allows traders from various other countries, such as the United Kingdom, Canada, Australia, Thailand, South Africa, India, Singapore, Hong Kong, France, Norway, Germany, Italy, Sweden, Denmark, United Arab Emirates, Saudi Arabia, Qatar, Kuwait, Luxembourg, and most other countries.
What exactly is an Islamic Account?
Although some brokers do designate one account as an Islamic or Swap Free account, an Islamic Account, which is provided by the majority of brokers, is not a stand-alone account. This is typically a choice provided by forex brokers.
Brokers who service Middle Eastern consumers, as well as clients from other countries, may also offer Islamic Accounts, which have several features that are compliant with Sharia law, which forbids the accrual of interest on money deposited into the account.
Another crucial aspect of an Islamic account is that transactions must be finalized straight away, necessitating the transfer of money from one account to another as soon as the transaction is finished and fully paid for.
There are two key elements of 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 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.
Which financial activities are restricted and prohibited by Sharia law?
| 🔍 Financial Activities restricted by Sharia law | ℹ️ Description |
| ☪️ 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 |
Due to the restrictions and certain prohibitions placed on Muslim traders when considering the intricate details involved with trading activities, the above activities are restricted by Sharia law.
What are the steps involved in opening a SmartFX Islamic Account?
It is not entirely clear how to open an Islamic Swap-Free account on the SmartFX website, nonetheless, this sort of account is often only provided to customers who practice Islam and is contingent upon SmartFX’s permission.
If potential customers are interested in opening this kind of account, they should get in touch with customer care to find out how the process works and what steps they need to take. The broker does conduct business in the Middle East given that it has offices in Dubai, which is evidence that it works with customers that adhere to the Islamic faith.
What are SmartFX’s spread costs on an Islamic Account?
This information is not available on the broker’s website and is most probably only available for traders who have approved Islamic accounts.
What other features does SmartFX’s Islamic Account have?
When making use of the SmartFX Islamic account, traders can expect that interest is not charged on contracts that are held for more than 24 hours. There is a consistent zero rollover interest or swap.
There are also no additional rollover commissions where contracts are held for longer than 24 hours. Traders have access to Expert Advisors, which allow for automated trading and there is direct execution of trades.
Traders should take note that markets open on Sunday at 11 pm CET and close on Fridays at 11 pm CET. In addition, there may be some restrictions and limits which apply to the Islamic Account.
You might also like: SmartFX Review
You might also like: SmartFX Account Types Overview
You might also like: SmartFX Demo Account – Step by Step
You might also like: SmartFX Fees and Spreads
You might also like: SmartFX Minimum Deposit
You might also like: SmartFX Sign-up Bonus
You might also like: SmartFX Withdrawal Process
Frequently asked questions
Trading environment
How many instruments can I trade with SmartFX?
You can trade the following financial instruments, namely Forex, CFD indices, CFD equities, Futures, Commodities, and Stocks.
Which platforms are supported by SmartFX?
MetaTrader5.
Does SmartFX offer leverage?
Yes. Leverage of up to 1: 400.
What spreads can I expect with SmartFX?
The broker’s website doesn’t list spreads, but reviews say it starts at 2.4 pips.
Does SmartFX charge a commission?
No. SmartFX does not charge any commission on any trades. It is unclear whether Islamic account holders are subjected to the same commission charges. Traders must verify this information with the broker as it is not stated on the website.
Are there additional charges on the Islamic account?
Not that can be seen on SmartFX’s website.
Is SmartFX regulated?
Yes, SmartFX is regulated by Vanuatu Financial Services Commission (VFSC).
Is SmartFX a recommended forex trading broker for experts and beginners?
Yes. SmartFX caters to beginners and specialists, but only offers MT5 as a trading platform.
What is the overall rating out of 10 for SmartFX?
5/10.
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 SmartFX offer a demo account?
Yes. The broker does offer a demo account that has the same features as the live account.
For how long is the demo account valid?
The demo account can be used for an unlimited time.
Does SmartFX offer the option of an Islamic Account?
Yes. SmartFX offers the option of an Islamic Account for traders of the Muslim faith.
Which live trading accounts does SmartFX offer?
SmartFX offers only one individual live account type, namely the MT5 Smart Account.
What are the available deposit currencies for a live trading account?
USD, EUR, GBP, JPY, and RUB, but this depends on the payment method you use.
Deposits and withdrawals
What is the minimum deposit for SmartFX?
This is not clear on the broker’s website but appears to be $ 500 according to other reviews.
How do I make a deposit and withdrawal with SmartFX?
- Visa
- MasterCard
- American Express
- Skrill
- Neteller
- STICPAY
- Bank Wire Transfers through the National Bank of Vanuatu and Local bank in Dubai
Does SmartFX charge withdrawal fees?
No. SmartFX does not charge any withdrawal fees. Traders may be subjected to transaction fees that are charged by their bank.
How long does it take to make a withdrawal?
It is usually instant and will reflect into your account within 1 to 3 hours, with the exception of wire transfers which will only reflect into your account within 2 to 5 working days.
Top 4 Brokers
