ThinkMarkets offers Islamic swap-free trading on 2 trading account levels. Standard account and ThinkMarkets Zero account. ThinkMarkets offers an Islamic swap-free option to all applicable trading accounts created by clients in non-Islamic countries.
ThinkMarkets at a glance
| 🏛️Brokers name | ThinkMarkets |
| 📍 Headquarters | Australia, UK |
| 📅 Year founded | 2010 |
| ⚖️ Regulating authorities | ASIC, FCA, FSCA, FSA, CySEC, JFSA |
| 🗺️ Countries not accepted for trade | US, Russia, Canada |
| 💰 Minimum deposit | No Minimum deposit |
| 🛍️ Tradable assets offered | Forex Commodities Indices Shares & ETFs Cryptocurrencies Precious metals CFDs Futures |
| 📊 Trading accounts available | Standard, Think Zero |
| 📒 Demo account | Yes |
| ☪️ Islamic account (swap-free) | Yes |
| 🔣 Maximum leverage | 1:500 |
| ➕Deposit options | OZOW Bankwire / EFT Credit / Debit cards Skrill |
| ➖Withdrawal options | OZOW Bankwire / EFT Credit / Debit cards Skrill |
| 📊 Platform(s) provided | MT4, MT5, ThinkTrader |
| 📶 OS compatibility | PC, Mac, Android, and IOS devices |
| 💬Languages supported on the website | English as well as multiple other languages |
| 💬Customer support languages | English as well as multiple other languages |
| ⏲️Customer service hours | 24/7 |
| * Cryptocurrency CFDs are not offered to retail clients in the UK | |
| 📌 Open an account | 👉 Click Here 👈 |
Min Deposit USD 0 Regulators FCA, FSCA, ASIC, CySEC, JFSA Trading Platform MT4, MT5, ThinkTrader Crypto Yes Total Pairs 0 Islamic Account Yes Trading Fees Low Account Activation 24 Hours Derivative products are leveraged products and can result in losses that exceed initial deposits.
ThinkMarkets Islamic account review- 8 Key Point Overview
- ✅ThinkMarkets Islamic account review- 9 Key Point Overview
- ✅ThinkMarkets Islamic account Pros and Cons
- ✅ThinkMarkets 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 ThinkMarkets Islamic Account?
- What are ThinkMarkets’ spread costs on an Islamic Account?
- Frequently asked questions
ThinkMarkets Islamic account Pros and Cons
| ✔️ Pros | ❌ Cons |
|---|---|
| Regulated and authorized by ASIC, FCA, FSCA, FSA, CySEC, JFSA | Commissions charged on the ThinkZero account |
| Tightest possible spreads | No US clients allowed |
| Makes provision for beginner traders | |
| PAMM and MAM accounts available | |
| ThinkMarkets offer both MT4 and MT5 platforms which are accessible via web browser | |
👉 Risk Warning: Derivative products are leveraged products and can result in losses that exceed initial deposits. Please ensure you fully understand the risks and take care to manage your exposure and seek independent advice if necessary. It’s important for you to consider relevant legal documents before you decide whether or not to acquire any of our products.
👉 Regarding any additional charges such as commissions and admin fees for clients wishing to sign up for this account type, please visit the ThinkMarkets page on Islamic accounts: https://www.thinkmarkets.com/ar/trading-platforms/accounts/islamic account/
ThinkMarkets Overview
👉 According to research in South Africa, ThinkMarkets is a London-based premium and multi-asset online brokerage firm that was established in 2010. Although its headquarters are based in London, there are offices in the Asia-Pacific, Middle East, North Africa, Europe, and South America.
👉ThinkMarkets is a leading provider of trading in Forex and CFDs using only the latest technology and providing competitive pricing along with trading conditions and execution at some of the fastest speeds.
👉 Initially, ThinkMarkets was introduced in New Zealand as ThinkForex and due to the rapid expansion program along with substantial demand, the brand name ThinkMarkets was taken by the company.
👉 After the rebranding, ThinkMarkets moved their global headquarters to London as well as Melbourne. ThinkMarkets has a general offering to retail clients and apart from this, numerous investment and partnership programs were also launched by the company.
👉 Not only does ThinkMarkets provide the opportunity for trade in financial markets, but ThinkMarkets also provides investment opportunities in the expertise of a Money Manager by using accounts such as PAMM and MAM.
What exactly is an Islamic Account?
👉 An Islamic, or swap-free, a trading account is one that is allowed by Islamic Sharia law. These accounts are based on the Islamic principle where interest is not applied to positions that 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 offer 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 of 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 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?
👉 Due to the restrictions and certain prohibitions placed on Muslim traders when considering the intricate details involved with trading activities, the following 6 activities are 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 that 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, 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 ThinkMarkets Islamic Account?
👉 The process involved with converting a ThinkMarkets Islamic Account starts with registering either of the two live trading accounts that ThinkMarkets offers, either a Standard or a ThinkZero Account, depending on the trading needs and objectives of traders.
👉 Once the trading account has been approved, traders can contact ThinkMarkets customer support to request an account conversion. Traders must note that ThinkMarkets can accept or deny a request without providing any prior reason and traders may have to provide proof of their religion before their request is approved.
👉 This is to ensure that the account is not misused or abused by traders. If misuse or abuse is noticed, ThinkMarkets reserves the right to terminate the account and to take further action.
What are ThinkMarkets’ spread costs on an Islamic Account?
💳 The spreads that traders can expect will depend on the account type that traders convert in addition to the financial instrument that is being traded.
ThinkMarkets Islamic account (Sharia-compliant)
📃 Muslim traders can trade online while still in compliance with Sharia law.
📃 These accounts do not earn swaps or interest on the products which are held in the account, but there is a weekly administrative fee that is charged on positions that are held for seven days or more.
📃 Overnight positions do not have swap/rollover charges.
📃 Spreads from 0 for FX and Gold in combination with ThinkZero accounts.
📃 There are no hidden trading fees.
📃 Access is provided to a library that contains trading tools and guides.
👉 ThinkMarkets also offers traders a demo account option to be used for training purposes. Virtual funds are used to trade in a risk-free, simulated trading environment. Demo accounts for the MT4/MT5 will expire after 90 days of inactivity, so please make sure you use the platform periodically.
💳 Traders can convert either the Standard or the ThinkZero account and can expect the following spreads:
ThinkMarkets standard
| 💰 No minimum deposit |
| 💳 Forex spreads from 0.4 pips, average forex spreads around 1.2 pips. Spreads on metals start from 25 cents and CFDs from 0.4 pips and CFDs from 0.4 points |
| 📉 Maximum leverage is 1:500, EU and UK residents are restricted to 1:30 |
| 💰 No commission charged |
| 💰 $0 / ZAR R0 minimum operating balance |
| 📉 Lot size of 1.0 or 100k |
| 📈 Access to maximum leverage of 1:500 depending on the jurisdiction |
| 📈 Maximum tradable size 50 lots |
| 📊 Use of ThinkTrader, MT4, and MT5 as the trading platform |
| 📍 Free VPS services |
| ☎ 24/7 live support |
ThinkMarkets Zero account features
| 💰 The minimum operating balance is $500 / ZAR R8000 |
| 💳 Forex spreads from 0.0 pips, average forex spreads around 1.1 pips, 6 cents on metals, and from 0.9 pips on CFDs without commission charges |
| 📉 Maximum leverage of up to 1:500, EU and UK residents are restricted to 1:30 |
| 💰 Commissions of $3.50 / ZAR R56 are charged per side when trading |
| 📈 Maximum tradable size 100 lots, with XAU/USD and XAG/USD remaining on a maximum of 10 lots |
| 📉 No stop loss / take profit level |
| 📊 Server locations LD5 and HK4 |
| 📊 Trading platforms MT4 and MT5 |
| ☎ 24/7 live support |
| 📉 VPS access |
| 💻 Account manager |
Min Deposit USD 0 Regulators FCA, FSCA, ASIC, CySEC, JFSA Trading Platform MT4, MT5, ThinkTrader Crypto Yes Total Pairs 0 Islamic Account Yes Trading Fees Low Account Activation 24 Hours Derivative products are leveraged products and can result in losses that exceed initial deposits.
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Conclusion
ThinkMarkets has a superior and vast offering in comparison to its peers. This includes not only technology but reliability, expert customer service, and fair pricing.
The layout is user-friendly and even beginner traders will not get lost in finding their way around the website and accessing educational tools to start trading.
You can trade major, minor and exotic forex pairs with no minimum deposit requirement for a Standard account and just $500 for a ThinkZero account, which is equivalent to ZAR R8000 at the time of writing and up to 500:1 leverage.
Frequently Asked Questions
Does ThinkMarkets offer the option of an Islamic Account?
Yes, ThinkMarkets does offer Muslim traders the option of an Islamic Account.
Is ZAR currency available on ThinkMarkets Islamic account?
No, as of 2nd December 2019 ZAR currency is no longer available on this account.
Are there additional charges on the ThinkMarkets Islamic account?
A weekly administration fee is charged on swap-free accounts for warehousing of other positions.
Is ThinkMarkets regulated?
Yes. ThinkMarkets is regulated by ASIC, FCA, FSCA, FSA, CySEC, and JFSA.
Is ThinkMarkets a recommended forex trading broker for experts and beginners?
Yes. ThinkMarkets caters to both beginners and experts.
What is the overall rating out of 10 for ThinkMarkets?
8/10.
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