TigerWit does offer a Islamic account for Muslim faith traders. TigerWit’ Islamic account interest is not charged on contracts that are held for more than 24-hours. There is a consistent zero rollover interest.
TigerWit at a glance
| Broker's Name | TigerWit |
| 📍 Headquartered | London, UK |
| 📅 Year Founded | 2015 |
| ⚖️ Regulating Authorities | FCA, SCB |
| 🌐 Countries not accepted for trade | US, Canada, Japan, and any other country where CFD trading is prohibited. |
| ☪️ Islamic account (swap-free) | Yes |
| 👍 Demo Account | Yes |
| 📊 Institutional Accounts | Yes |
| 📊 Managed Accounts | Yes |
| 📈 Maximum Leverage | 1: 200 |
| 💰 Minimum Deposit | $ 50 (841 ZAR) |
| 💳 Deposit Options | Debit cards Credit cards Bank wire transfer Skrill Neteller BitPay |
| 💳 Withdrawal Options | Debit cards Credit cards Bank wire transfer Skrill Neteller BitPay |
| 💻 Platform Types | MetaTrader4 |
| 📈 Tradable assets offered | Forex Precious metals Crude oil and natural gas Cryptocurrencies CFDs Stocks |
| 📱 OS Compatibility | Desktop, Web, Android, and iOS devices |
| 👨💼 Languages supported on Website | English, Spanish, German, Dutch, Chinese, Arabic, French, Afrikaans, Harshen Hausa, Igbo, and Yoruba |
| 👥 Customer Support Languages | English, Spanish, German, Dutch, Chinese, Arabic, French, Afrikaans, Harshen Hausa, Igbo, and Yoruba |
| 📆 Customer Service Hours | 24/5 |
| 👉 Open a account | 👉 Open Account |
Overall Rating
4.7/5
Rated #263 of
Recommended FX Brokers
Minimum Deposit USD 50
Regulators FCA
MetaTrader 4
Yes
📈 Total Pairs
60
Islamic Account No
Trading Fees Low
24 Hours
TigerWit Islamic account – 9 key points quick overview:
TigerWit 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 TigerWit Islamic Account?
- What is TigerWit’ spread costs on an Islamic Account?
- What other features does TigerWit’s Islamic Account have?
- TigerWit Pros and Cons
- Conclusion
- Frequently Asked Questions
TigerWit Overview
TigerWit is a forex company registered in the United Kingdom. The company was founded in 2015 and headquarters in London. It also has offices in the Bahamas, Hong Kong and St Vincent and the Grenadines.
Although the company has only been in the trading environment for a couple of years, it has already registered over 250 000 traders and in 2018 alone, it generated more than $ 20 billion of trading volume.
TigerWit Ltd is registered in England and Wales and authorised and regulated by the Financial Conduct Authority (FCA). In addition, it is also regulated in the Bahamas by the Securities Commission of the Bahamas (SCB), in Hong Kong by the Securities and Futures Commission and TigerWit LLC is registered in St Vincent and the Grenadines.
The broker emphasizes building technology infrastructure for a superior trading experience and its trading system is built on and powered by blockchain. All transactions are recorded and verified on the blockchain-based distributed trading ledger. This creates a permanent record across the ecosystem for transparency, security, accountability, and trust.
The broker provides traders only the popular MetaTrader4 platform to trade with. Trading can be done in forex, crude oil, precious metals, CFDs and Stocks. TigerWit makes provision for retail traders as well as institutional clients and large companies such as investment banks.
Traders of the United States, Canada, Japan, and any other country where CFD trading is prohibited, are not accepted as clients with TigerWit.
What exactly is an Islamic Account?
An Islamic Account, as offered by several brokers, is not always a standalone account, although some brokers dedicate one account to being an Islamic or Swap Free account. It offers certain features that are in line with the Sharia law, which prohibits the accumulation of interest on funds deposited into the account.
Transactions on an Islamic Account must also be settled immediately. This requires that currencies should be transferred from one account to the other right after the transaction has been completed and paid for in full.
Two key elements of the 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.
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.
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.
What are the steps involved in opening a TigerWit Islamic Account?
Traders who qualify for an Islamic Account must first register for a live account before they can apply for the Islamic Account.
Unfortunately, the information on the broker’s website does not give much information on the opening of an Islamic Account. It is recommended that prospective clients contact customer care to ensure that they follow the correct procedure.
What is TigerWit’ spread costs on an Islamic Account?
This information is not available on TigerWit’s website. Muslim traders are advised to contact the support team to find out about fees like wider spreads, additional commissions, or administration fees.
What other features does TigerWit’s Islamic Account have?
When making use of the TigerWit’ 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, which allow for automated trading.
Direct execution on trades.
Traders would have the access to the same trading instruments and platform features as the other traders.
The same minimum deposit of $ 50 is required and a leverage of up to 1: 200 is offered.
There are no commission charges.
Base currencies accepted are GBP, EUR, and USD.
Before registering an account, traders should ensure that they contact the customer support team desk to find out more regarding any restrictions and/or limits.
Overall Rating
4.7/5
Rated #263 of
Recommended FX Brokers
Minimum Deposit USD 50
Regulators FCA
MetaTrader 4
Yes
📈 Total Pairs
60
Islamic Account No
Trading Fees Low
24 Hours
TigerWit Pros and Cons
| ✔️ Pros | ❌ Cons |
| Commission-free trading offered on variable spreads | A limited number of trading instruments |
| MetaTrader 4 offered | Base currencies limited to only three |
| MetaTrader4 offered | Clients from the United States, Canada and Japan are not accepted |
| Regulated through FCA and SCB | Limited payment methods |
| Segregated client funds used | No educational or research tools |
Conclusion
TigerWit does offer a Islamic account for Muslim faith traders. TigerWit’ Islamic account interest is not charged on contracts that are held for more than 24-hours. There is a consistent zero rollover interest.
Despite this, the broker is a regulated and reputable broker which offers its services and solutions to traders despite their trading needs, objectives, experience, or trading styles. Traders still have access to a wide range of markets, competitive trading conditions and powerful trading platforms.
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Frequently Asked Questions
TRADING ENVIRONMENT
How many instruments can I trade with TigerWit?
You can trade the following financial instruments:
- Forex
- Precious metals
- Crude oil and natural gas
- Cryptocurrencies
- CFDs
- Stocks
Which platforms are supported by TigerWit?
MetaTrader4.
Does TigerWit offer leverage?
Yes. Leverage of up to 1: 200 is offered for clients outside of the EU.
What spreads can I expect with TigerWit?
You can expect floating spreads that start from as low as 0 pips.
Does TigerWit charge commission?
Yes. Indices CFDs mostly attract a commission of $ 10 per lot. Commission of 20% of Profits once per month on Copy Trading Account, 0% on others.
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 from TigerWit’ website.
Is TigerWit regulated?
Yes. TigerWit is regulated by the Financial Conduct Authority (FCA) in the UK and the Securities Commission of the Bahamas (SCB).
Is TigerWit a recommended forex trading broker for experts and beginners?
Yes. TigerWit offers a trading environment for both beginners and expert traders.
What is the overall rating out of 10 for TigerWit?
7/10.
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