TusarFX only offers the option to convert a Premium Account into an Islamic Account.TusarFX spreads that Muslim traders can expect on the Islamic Account start from 1.1 pip with a 5-digit price feed.
TusarFX at a Glance
| 🔎 Broker's Name | TUSARFX |
| 📍 Headquartered | St Vincent and the Grenadines |
| 📅 Year Founded | 2014 |
| ⚖️ Regulating Authorities | None |
| 🌐 Countries not accepted for trade | United States, Canada, and Japan |
| ☪️ Islamic account (swap-free) | Yes |
| 👍 Demo Account | Yes |
| 📊 Institutional Accounts | No |
| 📊 Managed Accounts | No |
| 📈 Maximum Leverage | 1: 500 |
| 💰 Minimum Deposit | $ 1 / R 16,52 |
| 💳 Deposit Options | Bank Wire Transfer and Perfect Money |
| 💳 Withdrawal Options | Bank Wire Transfer and Perfect Money |
| 💻 Platform Types | MetaTrader4 |
| 📱 OS Compatibility | Windows, Android, iOS, Web browsers |
| 📈 Tradable assets offered | Forex and metals |
| 👨💼 Languages supported on Website | English, Russian, Indonesian, Chinese, Malay, and Thai |
| 👥 Customer Support Languages | English, Russian, Indonesian, Chinese, Malay, and Thai |
| 📆 Customer Service Hours | 24/5 |
| 🚀 Open an Account | 👉 Click Here |
Overall Rating
4.5/5
Rated #599 of
Recommended FX Brokers
Minimum Deposit USD 1
Regulators Not Regulated
Meta Trader 4
Yes
📈 Total Pairs
30
Islamic Account No
Trading Fees Low
24 Hours
TusarFX Islamic Account – 12 key points quick overview:
TusarFX at a Glance- TusarFX Islamic Account – 12 key points quick overview:
- TusarFX Overview
- What exactly is a TusarFX Islamic Account?
- Which financial activities are restricted and prohibited by Sharia law?
- What are the steps involved in opening a TusarFX Islamic Account?
- What are TusarFX’s spread costs on an Islamic Account?
- What other features does TusarFX’s Islamic Account have?
- TusarFX Customer Reviews
- TusarFX Pros and Cons
- Conclusion
- Frequently Asked Questions
TusarFX Overview
TusarFX is owned and operated by TXCL Ltd., which is a brokerage incorporated in St. Kitts and Nevis, a Caribbean offshore territory.
Being an offshore company, TusarFX has no regulatory authorities keeping a watchful eye on the broker. This could pose a problem and traders are warned to proceed with caution if intending to trade through TusarFX.
These territories’ local governments only regulate banks, not forex or CFD brokers. Traders must also hire a local and licensed lawyer and deposit a cash bond with the court if they are bringing an action against a company incorporated in St. Kitts and Nevis.
The broker offers trading in forex and metals through the popular, user-friendly, and highly customizable MetaTrader4 platform on desktop, windows, web, and mobile devices.
Despite being an offshore company, TusarFX offers competitive trading conditions, a range of educational materials, and various live account types.
Customers from the US, Canada, Japan, and any UN-sanctioned countries, are not accepted as clients with TusarFX.
What exactly is a TusarFX Islamic Account?
An Islamic Account, as offered by most brokers, is not a standalone account. Some broker does, however, dedicate one account to being an Islamic or Swap Free account. This is mostly offered by Forex brokers.
Islamic Accounts are also provided by brokers who serve Middle Eastern clients along with clients from other jurisdictions and offer certain features that are in line with 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 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 prohibitions placed on Muslim traders when considering the intricate details involved with trading activities, the following 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.
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.
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.
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.
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 TusarFX Islamic Account?
TusarFX only offers the option to convert a Premium Account into an Islamic Account. Traders who wish to convert their live trading account into an Islamic Account must first complete the process of registering for a Premium Account.
As soon as traders have submitted their information and uploaded the supporting documents to prove their identity and residential address, and the account has been approved, traders can submit a request to convert it into an Islamic Account.
Once the request for conversion has been approved, traders can proceed to use their Islamic Accounts to trade in either forex or metals.
What are TusarFX’s spread costs on an Islamic Account?
The spreads that Muslim traders can expect on the Islamic Account start from 1.1 pip with a 5-digit price feed.
What other features does TusarFX’s Islamic Account have?
When making use of the TusarFX Islamic account, traders can expect the following key features:
Minimum deposit – From $ 1
Maximum deposit – $ 10 000
Trading platform – MetsTrader4
Margin call/Stop out – Level of 60% and 40%
Maximum leverage- 1: 500
Spread – Starting from 1.1 pips with a 5-digit price feed
Micro lot trading – From 0.01 lots
Commission – Charges of 1.6 pips per standard lot
Traders should take note that markets open on Sundays 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 customer support desk to find out more regarding such restrictions and/or limits.
TusarFX Customer Reviews
The broker has everything! From mobile platforms to automated trading. From binary to forex trading on standard or ECN accounts. I was very impressed after receiving a 50% bonus on my deposit. I would say more, their payout on options is up to 90% which is the highest payout you can find among other brokers. It’s introducing a broker, but I think TusarFX offers innovative solutions and really responsible back office. For funny things, I got a birthday present from TusarFX, which was very nice;)
TusarFX is a very good forex broker and as a sister company then for me, there is fix rate for USD so I can trade without problem in currency floating in my country
Cool company! Easy (and quick) transfer of money to and fro, an enormous number of financial instruments: not only forex but Gold, Silver, and Binary options. And the trading platform is impressive – a lot of technical indicators, and a user-friendly interface. Haven’t seen anything better.
TusarFX Pros and Cons
| ✔️ Pros | ❌ Cons |
| Commission-free trading on three of four account types | Clients from the US, Canada, and Japan, and any UN-sanctioned countries, are not accepted |
| Demo account offered | Clients from the US, Canada, and Japan, and any UN-sanctioned countries, are not accepted |
| Islamic Account offered | Higher commission charges on the Islamic Account |
| MetaTrader4 offered | Limited account currencies |
| Some educational tools offered | Limited payment methods |
| A variety of account types offered | Limited research tools |
| Very low minimum deposit required | Not regulated - off-shore company |
| Very low minimum deposit requirement | Only one live account type can be converted to an Islamic Account |
| Only trading on two trading assets offered |
Conclusion
Overall, TusarFX only offers the option to convert a Premium Account into an Islamic Account.TusarFX spreads that Muslim traders can expect on the Islamic Account start from 1.1 pip with a 5-digit price feed.
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Frequently Asked Questions
TRADING ENVIRONMENT
How many instruments can I trade with TusarFX?
You can only trade in Forex and Metals.
Does TusarFX charge commission?
Yes. Commissions are only charged on the Premium Account of 0.6 per standard lot traded. The Premium Islamic Account will be subjected to commissions of 1.6 pips per standard lot traded
Are there additional charges on the Islamic account?
Yes. There are higher commissions charged on the Islamic Account of 1.6 pips per standard lot traded.
Does TusarFX offer the option of an Islamic Account?
Yes. TusarFX offers the option of an Islamic Account that can be converted from the Premium Account.
What is the overall rating out of 10 for TusarFX?
3/10.
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