TradersHome offers an Islamic account for Muslim faith traders including a swap-free account is offered. The Islamic forex trading environment is ideal for traders following strict sharia law.
TradersHome at a glance
| Broker's Name | TradersHome |
| 🏛️ Headquarters | Kingston, St Vincent, and the Grenadines |
| 📅 Year Founded | 2018 |
| ⚖️ Regulating Authorities | None |
| 🌐 Countries not accepted for trade | The United States and some other countries |
| ☪️ Islamic account (swap-free) | Yes |
| 📒 Demo Account | No |
| ✴️ Institutional Accounts | Yes |
| 👨🏼💼 Managed Accounts | Yes |
| ⬆️ Maximum Leverage | 1:400 |
| 💰 Minimum Deposit | $250 |
| 💳 Deposit Options | Credit Card Debit Card Skrill Neteller Wire Transfer, WebMoney Western Union |
| 💳 Withdrawal Options | Credit Card Debit Card Skrill Neteller Wire Transfer, WebMoney Western Union |
| 📊 Platform Types | TH Trader |
| 📶 OS Compatibility | Windows, Linux, MacOS, Android, iOS |
| 📈 Tradable assets offered | Forex Stocks Derivatives Commodities Indices Spot metals |
| 💬 Languages supported on Website | English, French, Russian, Arabic and Italian |
| 💬 Customer Support Languages | English, French, Russian, Arabic and Italian |
| ⏲️ Customer Service Hours | 24 hours a day /5 days a week |
| 📌 Open an account | 👉 Click Here 👈 |
Overall Rating
4.7/5
Rated #264 of
Recommended FX Brokers
Minimum Deposit USD 100
Regulators Not Regulated
MetaTrader 5
Yes
📈 Total Pairs
8
Islamic Account No
Trading Fees Low
24 Hours
TradersHome Islamic Account Revealed – 11 Key Points Quick Overview
- ✅TradersHome at a glance
- ✅TradersHome Overview
- ✅What exactly is a TradersHome Islamic Account?
- Which financial activities are restricted and prohibited by Sharia law?
- What are the steps involved in opening a TradersHome Islamic Account?
- What are TradersHome’s spread costs on an Islamic Account?
- What other features does TradersHome’s Islamic Account have?
- TradersHome Pros and Cons
- TradersHome Customer Reviews
- Conclusion
- Frequently Asked Questions
TradersHome Overview
According to research in South Africa, TradersHome is an offshore broker that is based in St Vincent and the Grenadines. TradersHome has been in operation since 2018. Since the broker is being operative from Kingstown, St. Vincent, and the Grenadines, the broker is not suitably authorized or regulated by a reputable company. This makes it a risk to trade with.
TradersHome provides traders with access to the MetaTrader5 platform where they can trade in more than 250 financial assets such as forex, stocks, derivatives, commodities, indices, and spot metals. Although TradersHome is a fairly young company in the industry, it has already made a name for itself and managed to gain a large loyal user base.
TradersHome renders its services globally and makes use of the latest trading technologies. They offer six different live account types, as well as many trading tools and elements, which give investors a wide range of options to choose from. Customers from the United States and some other countries are not accepted as clients at TradersHome.
What exactly is a TradersHome Islamic Account?
TradersHome offers Muslim traders the option of converting three of the live account types into an Islamic Account, namely the Starter Account, Premium Account, and Pro Account. With this account type, Muslim traders are not charged or credited with swaps or overnight fees when trading positions are kept open for longer after the trading day has concluded.
| ☪️ TradersHome Islamic Live Accounts | Starter Account |
| Premuim Account | |
| Pro Account |
Islamic Swap-free accounts are subjected to TradersHome’s approval. Interested clients can register for a live account and submit a request to convert it into an Islamic account. The purpose of an Islamic Account is that it caters specifically to Muslim traders who follow the Sharia law. The law prevents its followers from paying any type of interest, such as overnight fees, which is seen as wasteful or exploitive.
| 💳 Minimim Deposit | $2 500 |
| Strict Sharia Law | ☑ |
| Open an account | 👉 Click Here |
Overnight fees are charged should traders hold positions open for longer after the trading day has concluded and this type of account allows exemption from such fees or interest, should they hold positions open for longer. TradersHome offers an Islamic Account to Muslim traders who follow Sharia law. Traders should first register for one of the three account types, namely Starter Account, Premium Account, and Pro Account on which there is an option to open an Islamic account.
Most of the features indicated on the Islamic account is the same as the normal live account such as minimum deposit, spreads, and more. More information on the opening of an Islamic account and its features traders can be obtained from customer services. Traders who are interested in registering for an Islamic account are advised to contact TradersHome customer support to verify the details of the account as conditions may have changed from the time of writing. These changes are as per the broker’s discretion and/or changes in market conditions.
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 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 bans placed on Muslim traders according to the Sharia law, when considering the intricate details involved with trading activities, the following are affected:
| ☪️️ | |
| Overnight rollovers | because it involves the receiving of swap points on positions that are held open for longer after the trading day has concluded at the New York close at 17:00 EST, as is prohibited by the Sharia law |
| Margin deposits and interest | because it involves the accrual of interest on funds that are deposited into the trading account, which is prohibited. |
| Loans | are prohibited by the Sharia law as per the element of Riba. Followers of the Sharia law is prohibited from having funds transferred by either a bank or other financial institution and involving interest |
| Trading on margin | results in a trader being liable for paying interest, which also amounts to Riba and is prohibited by Sharia law, as money is borrowed from the broker to buy or sell such equities. |
| Short sales | which affects mostly shares and involves borrowing and subsequent sale of an asset, is prohibited |
| Forwards sales | are affected. The trading of futures contracts 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 TradersHome Islamic Account?
Islamic Swap-Free accounts are only offered to clients that follow the Muslim faith and it is subjected to TradersHome’s approval. Traders who qualify for an Islamic Account can only do so on three of the live account types offered by TradersHome, namely the Starter Account, Premium Account, and Pro Account.
Traders must complete registration for one of these accounts first before they can apply to convert it into an Islamic Account. There may also be certain documents, apart from proof of identity and residential address, that TradersHome may require before approving an application for an Islamic account.
Follow these steps to open a TradersHome Islamic account:
Step 1 – Go to the TradersHome official website
Click on the “Register” button at the top of the landing page to start the process in registering a TradersHome account.
Step 2 –TradersHome Account Application
Begin the TradersHome account application process by filling in your Name, Surname, Country of residence, email, and Telephone number.
fill in the referral if you wish.
Step 3 –Select & Agree to the TraderHome Terms and Conditions
Click “submit registration ” to register an account and receive the TradersHome log-in details through the email account provided.
Step 4 –Contact the TradersHome Support Team for Swap free account approval.
What are TradersHome’s spread costs on an Islamic Account?
This information is only available for traders who have approved Islamic accounts. Muslim traders are advised to contact the support team to find out about fees like wider spreads, additional commissions, or administration fees.
Forex Brokers that provide this type of trading need to compensate for their services by charging commissions on forex trades.
What other features does TradersHome’s Islamic Account have?
When making use of the TradersHome 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 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. Before registering an account, traders should ensure that they contact the Middle Eastern support desk to find out more regarding such restrictions and/or limits.
TradersHome Pros and Cons
| ✔️ PROS | ❌ CONS |
| Islamic Account offered | Clients from the United States not accepted |
| TH platform offered | Fixed spread accounts not offered |
| No deposit or withdrawal fees charged | No clarity on trading conditions offered |
| Offers a variety of live account types | No demo account offered |
| Reliable payment methods | No MetaTrader4 |
| Trading in over 250 trading instruments | Off-shore regulation |
TradersHome Customer Reviews
Good Broker
TradersHome is a regulated FX broker.. – Gabby
TradersHome
TradersHome hosts a good website that is easily accessible and user-friendly, not many rebates are offered- William
TradersHome Affiliate Program
I enjoy the opportunities to earn an income through IB programs offered by forex brokers, perhaps this could be considered in future offerings – Su
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You might also like: TradersHome Demo Account
You might also like: TradersHome Minimum Deposit
You might also like: TradersHome Account Types
Overall Rating
4.7/5
Rated #264 of
Recommended FX Brokers
Minimum Deposit USD 100
Regulators Not Regulated
MetaTrader 5
Yes
📈 Total Pairs
8
Islamic Account No
Trading Fees Low
24 Hours
Conclusion
Overall, TradersHome is a young broker that offers an ECN no dealing desk model. It offers trading in over 250 financial instruments on the Metatrader5 platform. Traders have a choice between six account types including some accounts offered to Muslim traders. It offers a variety of payment methods.
Unfortunately, the broker is an offshore broker registered in St Vincent and the Grenadines and this makes it an unsafe and risky broker to trade with. TradersHome gathered a strong customer base and a large daily trading volume and has strong customer service available 24 hours a day. The TradersHome website is available in several languages.
Frequently Asked Questions
How many instruments can I trade with TradersHome Islamic Account?
You can trade the following financial instruments: Forex, Stocks, Derivatives, Commodities, Indices, Spot metals
Are Muslim traders from South Africa allowed to open a trading account with TradersHome?
Yes, TradersHome gives Muslim traders from South Africa the opportunity to open an account.
Which platforms are supported by TradersHome Islamic Account?
Tradershome offers the TH trader platform.
Does TradersHome offer leverage on the Islamic Account?
Yes. Leverage of up to 1: 400.
Is the TradersHome Islamic Account a standalone account?
No. TradersHome offers traders the swap-free option on three live account types namely, the Starter, Pro, and Premium accounts.
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