Yes, Tifia offers an Islamic account. Islamic Swap-Free accounts are only offered to clients of Islamic faith, and it is subjected to Tifia’s approval. A Start Account or ECN Classic Account must be opened before it can be converted into an Islamic account.
Tifia at a Glance
| Broker's Name | Tifia |
| 📍 Headquartered | Vanuatu |
| 📅 Year Founded | 2014 |
| ⚖️ Regulating Authorities | Vanuatu Financial Services Commission (VFSC) |
| 🌐 Countries not accepted for trade | United States, Canada, Israel, Belgium, Japan, Mauritius, and the Republic of Vanuatu |
| ☪️ Islamic Account (Swap Free) | Yes |
| 👍 Demo Account | Yes |
| 📊 Institutional Accounts | No |
| 📊 Managed Accounts | No |
| 📈 Maximum Leverage | 1:1000 |
| 💰 Minimum Deposit | $ 10 |
| 💳 Deposit Options | Visa MasterCard Skrill Neteller Perfect Money FasaPay Bitcoin transfer Local Deposit Bank Wire Transfer |
| 💳 Withdrawal Options | Visa MasterCard Skrill Neteller Perfect Money FasaPay Bitcoin transfer Local Deposit Bank Wire Transfer |
| 💻 Platform Types | MetaTrader 4, MetaTrader 5 |
| 📱 OS Compatibility | Windows, Web, Linux, Mac, Android, iOS |
| 📈 Tradable Assets | Forex, commodities, oil, and indices |
| 👨💼 Languages supported on Website | English, Spanish, Czech, Chinese, German, French, Italian, Polish, Portuguese, Romanian, Slovenian, Hindi, Hebrew, Arabic, Russian |
| 👥 Customer Support Languages | English, Spanish, Czech, Chinese, German, French, Italian, Polish, |
| 📆 Customer Service Hours | 24/5 |
Min Deposit
USD 10
Regulators
VFSC
Trading Platform
MT4, MT5
Crypto
No
Total Pairs
50+
Islamic Account
Yes
Trading Fees
Low
Account Activation
24 Hours
Tifia Keypoint Overview
- Tifia at a Glance
- Tifia Keypoint Overview
- Tifia 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 Tifia Islamic Account?
- What is Tifia’ spread costs on an Islamic Account?
- What other features does Tifia Islamic Account have?
- Tifia Pros and Cons
- Customer Reviews
- Conclusion
- FAQ
Tifia Overview
Tifia is an ECN/STP forex broker that headquarters in Vanuatu with offices in Thailand, Indonesia, Nigeria, and Pakistan. It is a fairly new broker and has been in operation since 2014.
⭐Dealings with Tifia is transparent and you get high-quality trading services and access to Tier-1 bank liquidity with the best prices and rapid execution.
🔥Tifia is strictly regulated and authorized by the Vanuatu Financial Services Commission (VFSC). On the website, Tifia ensures that all clients funds are kept in segregated accounts.
👍Vanuatu is an off-shore jurisdiction which means that Tifia is an off-shore broker and as such tends to have a less favourable reputation and potential traders should think carefully before investing with them.
⚖️However, on Tifia’s website, the broker states that it keeps client funds in separate accounts. This is to ensure the safety of traders’ funds under any force majeure circumstances by segregating a percentage of their investments. The funds can only be used by clients in trading activities.
🚀The broker offers traders trading in a limited amount of trading instruments across three live trading account types. This includes ECN trading with reliable trade execution speeds. Instruments to trade include forex, oil, metals, and indices.
💻Trading is done on the globally known and preferred MetaTrader 4 and MetaTrader 5 platform. Traders are also offered professional assistance, scalping and hedging.
🌐Customers from the United States, Canada, Israel, Belgium, Japan, Mauritius, and the Republic of Vanuatu are not accepted as clients at Tifia.
What exactly is an Islamic Account?
✔️An Islamic Account, for the greater part as offered by most brokers, is not a standalone account, although some brokers dedicate one account to being an Islamic or Swap Free account, in most cases, this is an option offered by especially Forex brokers.
Islamic Accounts are also provided by brokers who serve Middle Eastern clients along with clients from other jurisdictions and offers 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.
Two key elements of the Islamic law 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 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. |
| 🔎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. |
| ✅Short sales | which affects mostly shares and involves borrowing and subsequent sale of an asset, which is prohibited. |
What are the steps involved in opening a Tifia Islamic Account?
Islamic Swap-Free accounts are only offered to clients of Islamic faith, and it is subjected to Tifia’ approval.
Step 1 – Open the Tifia website
Select “open account” on the homepage. You will be redirected to a new page to start the application.
Step 2 – Choose the Account Type
Traders who are eligible for an Islamic Account must complete the live account application for a Start Account or an ECN Classic Account before they can apply to convert it to an Islamic Account.
Step 3 – Submit your application
Traders can complete the form by filling in all the required fields before continuing.
Step 4 – Verify your email
New applicants will receive an email asking them to confirm their email address. They will then be able to continue with the account registration.
Step 5 – Complete your account registration
Proof of ID and address must be submitted. An economic profile must also be completed. Once a live account has been registered, Muslim traders can apply to convert it to a Muslim account.
What is Tifia’ spread costs on an Islamic Account?
Traders can expect tight spreads starting from 2.2 pips on the Start Account type and1.1 pips on the ECN Classic Account type. Spreads will depend on the financial instrument, the time of day, and several other factors.
What other features does Tifia Islamic Account have?
🔑When making use of the Tifia’ Islamic account, traders can expect the following key features:
| Interest is not charged on contracts that are held for more than 24-hours. There is a consistent zero rollover interest. |
| There are no additional rollover commissions where contracts are held for longer than 24-hours. |
| Traders have access to Expert Advisors (EAs). |
| Direct execution on trades. |
| Features of the two live account types apply to the Islamic account. |
ℹ️ Traders should be aware that markets open on Sunday at 11 pm CET and close on Fridays at 11 pm CET. There may also be some restrictions and limits which apply to the Islamic Account.
Tifia Pros and Cons
| ✔️Pros | ❌Cons |
| Islamic Swap-free account offered | A limited number of trading instruments |
| Low minimum deposit required | Clients United States, Canada, Israel, Belgium, Japan, Mauritius, and the Republic of Vanuatu not accepted |
| MetaTrader 4 offered | No demo account |
| MetaTrader 5 offered | No educational tools offered |
| Regulated by VFSC | |
| Segregated client funds used |
Customer Reviews
Excellent broker
Excellent broker. I like Tifia ECN because it is reliable and transparent, and withdrawn without any problem and quickly, support is always available and they are professionals at the time of a problem, the interface is simple and manageable, for me the best broker I recommend Tifia ECN.
Good broker
Very funny to read reviews about “fake broker”. Our team has earned money with Tifia and got all withdrawals quick. We work more than 1 year in Tifia. This broker is in top 3 brokers that we use.
they need to improve on indices contract size mt5.
i put my trust in this because my cousin said that this is one of the trusted broker.
because i prefer using mt5 and trading with indicies i notice that the contract size for dow jone and sp500 is very high which is 100,usually the contract for indicies is usually 1 which mean with 1.00 volume/lots is equal to 1usd per point.usually with indicies people prefer earning profit by points and not pip.
and secondly,i make a demo account but i never knew how to log in on demo account since i did not get any email for the password to login into the demo account and the server is unknown.
Min Deposit
USD 10
Regulators
VFSC
Trading Platform
MT4, MT5
Crypto
No
Total Pairs
50+
Islamic Account
Yes
Trading Fees
Low
Account Activation
24 Hours
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Conclusion
Yes, Tifia offers an Islamic Swap-free account to its Muslim clients who follow Sharia law. A live Start Account or ECN Classic Account must be opened before traders can apply to convert it into an Islamic account. Customers with an Islamic trading account will not be charged overnight fees.
FAQ
TRADING ENVIRONMENT
How many instruments can I trade with Tifia?
You can trade the following financial instruments:
- Forex
- Commodities
- Oil
- Indices
Which platforms are supported by Tifia?
MetaTrader 4 and MetaTrader 5.
Does Tifia offer leverage?
Yes. Leverage of up to 1: 1000.
What spreads can I expect with Tifia?
Tifia offers different spreads on its various accounts. Average spreads start from 0.0 pips on the ECN Pro Account.
Does Tifia charge commission?
Tifia offers different spreads on its various accounts. Average spreads start from 0.0 pips on the ECN Pro Account.
Are there additional charges on the Islamic account?
Not that can be seen from Tifia’ website.
Is Tifia regulated?
Yes. Tifia is regulated by the Vanuatu Financial Services Commission VFSC.
Is Tifia a recommended forex trading broker for experts and beginners?
No. Tifia is not recommended for newcomers as they lack educational tools and a demo account. The broker seems to focus more on the professional trader.
What is the overall rating out of 10 for Tifia?
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 Tifia offer a demo account?
No.
For how long is the demo account valid?
Not applicable.
Does Tifia offer the option of an Islamic Account?
Yes. Tifia offers the option of an Islamic Account for traders of the Muslim faith.
Which live trading accounts does Tifia offer?
- The Start Account
- ECN Classic Account
- ECN Pro Account
What are the available deposit currencies for a live trading account?
EUR, USD, NGN, PLN, and GBP.
DEPOSITS AND WITHDRAWALS
What is the minimum deposit for Tifia?
$ 10.
How do I make a deposit and withdrawal with Tifia?
- Visa
- MasterCard
- Skrill
- Neteller
- Perfect Money
- FasaPay
- Bitcoin transfer
- Local deposit
- Bank Wire Transfer
Does Tifia charge withdrawal fees?
Yes. On Bank Wire withdrawal, a fee of $ 35 is charged, Visa and MasterCard, $ 4, Skrill and Neteller have a charge of between 1 and 2% and FasaPay and Perfect Money, 0.50%.
How long does it take to make a withdrawal?
This depends on the type of payment method used. Tifia states that all withdrawals take between 2 hours or five working days.
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