Yes, Vantage FX offers an Islamic account for Muslim faith traders including a swap-free account. The Islamic forex trading environment is ideal for traders following strict sharia law with a fixed fee instead of swap. The fee is not an interest and depends on the direction of the order.
Vantage FX at a Glance
| Broker's Name | Vantage FX |
| 📍 Headquartered | George Town, Cayman Islands/Australia |
| 📅 Year Founded | 2009 |
| ⚖️ Regulating Authorities | Cayman Islands Monetary Authority (CIMA), Securities Investment Business Law (SIBL), Australian Securities and Investments Commission (ASIC) |
| 🌐 Countries not accepted for trade | Afghanistan, Belarus, Burma, Burundi, British Columbia, (Canada), Central African Republic, Democratic Republic of the Congo, Egypt, Eritrea, Iran, Iraq, ISIL (Da’esh) & Al-Qaida, Lebanon, Japan, Libya, Mali, North Korea, Republic of Guinea, Republic of Guinea-Bissau, Russia, Crimea, Somalia, South Sudan, Sudan, Syria, Tunisia, Ukraine, United States of America, Venezuela, Yemen, and Zimbabwe |
| ☪️ Islamic account (swap-free) | Yes |
| 👍 Demo Account | Yes |
| 📊 Institutional Accounts | Yes |
| 📊 Managed Accounts | Yes |
| 📈 Maximum Leverage | 500:1 |
| 💰 Minimum Deposit | $200/R3 200 ZAR |
| 💳 Deposit Options | Bank Wire, VISA, MasterCard, BPAY, FasaPay, MobilePay, Neteller, Poli, Skrill, Transfer from Existing Broker, UnionPay |
| 💳 Withdrawal Options | Bank Wire, VISA, MasterCard, FasaPay, Neteller, Skrill, UnionPay |
| 💻 Platform Types | MT4, MT5 |
| 📱 OS Compatibility | PC, Mac, Android, iOS |
| 📈 Tradable assets offered | Currencies: (45+) Cryptocurrencies: (5+) Bitcoin, Litecoin, Ethereum CFD: (135+) Gold, Silver, Stock Indexes, Oil, Other Commodities |
| 👨💼 Languages supported on Website | English, French, German, Italian, Spanish, Vietnamese, Chinese, Arabic, Portuguese, Bahasa, and a few more |
| 👥 Customer Support Languages | Same as on website |
| 📆 Customer Service Hours | 24 hours per day, 5 days of the week |
| 📌Open an account | 👉 Click Here 👈 |
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Min Deposit USD 50 Regulators CIMA, SIBL, ASIC Trading Platform MT4, MT5 Crypto Yes Total Pairs 38 Islamic Account Yes Trading Fees Low Account Activation 24 Hours
Vantage FX Islamic Account – 8 Key Point Overview
- ✅Vantage FX Overview
- ✅What exactly is a Vantage FX Islamic Account?
- ✅Which financial activities are restricted and prohibited by Sharia law?
- ✅What are the steps involved in opening a Vantage FX Islamic Account?
- ✅What are Vantage FX spread costs on an Islamic Account?
- ✅What other features does Vantage FX’s Islamic Account have?
- Pros and Cons
- Frequently Asked Questions
Vantage FX Overview
👉 Vantage FX is a forex broker company in Australia.
👉 The broker provides traders with access to platforms that allow them to buy and sell foreign currencies. Retail currency traders use the broker to gain access to the 24-hour currency market for speculation purposes.
👉 The broker’s services are also provided for institutional clients and large companies such as investment banks.
👉 Vantage FX is based in Sydney. It was founded in 2009 as MXT Global and rebranded as Vantage FX Pty Ltd in 2015.
👉 Today Vantage FX is a member of Vantage Global Prime Pty Ltd, which holds an Australian Financial Services License (AFSL) with the Australian Securities and Investment Commission (ASIC).
👉 Although Vantage FX was designed for an Australian audience, it now offers its services globally. Being a Vantage FX client gives customers interbank grade RAW ECN spreads through STP execution.
👉 Vantage FX has accumulated several prestigious awards during its years of service to traders.
What exactly is a Vantage FX Islamic Account?
👉 Islamic accounts, known as swap-free accounts, are compliant with Sharia law because there is no swap or rollover interest on overnight positions, which is against the Muslim faith.
👉 Muslim clients can benefit from these same trading conditions and terms as regular trading account types, with the only difference having no swaps on trading instruments.
👉 A handling charge may however apply.
👉 An Islamic Account may be a standalone account or an account option offered on regular accounts.
👉 Islamic Accounts are often provided by brokers who serve Middle Eastern clients and offer features that are in line with Sharia law, which prohibits the accrual of interest on funds deposited into the account.
👉 Another 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 Islamic law that relate specifically to trading accounts, namely Riba and Gharar. Riba is a concept that refers to increasing or exceeding growth, which forbids interest credited from loans or deposits.
👉 Gharar is an Arabic word associated with uncertainty, deception, and risk, which in modern finance include futures and options contracts, which have dates of delivery in the future.
Which financial activities are restricted and prohibited by Sharia law?
👉 Due to the restrictions and prohibitions on Muslim traders when considering the intricate details involved with trading activities, the following may be affected or prohibited:
| ☪️ 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 are 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, are prohibited. |
| ☪️ Forward 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 Vantage FX Islamic Account?
📒 Traders who are eligible for an Islamic Account must complete the live account application and then state that they want to apply for the Islamic option. Vantage FX may also require certain additional documents, apart from proof of identity and residential address, before approving an application for an Islamic account.
What are Vantage FX spread costs on an Islamic Account?
👉 To make up for money lost by not charging overnight fees, a broker like Vantage FX usually charges extra fees on Islamic accounts – either in administration fees, wider spreads, or additional commissions.
👉 New Islamic traders should contact the broker’s customer service team to enquire about any special conditions or extra fees before joining, because it is often overlooked or not clearly indicated on the account features pages.
What other features does Vantage FX’s Islamic Account have?
👉 When making use of the Vantage FX Islamic account, traders can expect key features like the following:
| 📒 Interest is not charged on contracts that are held for more than 24-hours. |
| 📒 Accounts are activated with a required minimum deposit. |
| 📒 Some specific restrictions and limits may apply to the Islamic Account. |
Min Deposit USD 50 Regulators CIMA, SIBL, ASIC Trading Platform MT4, MT5 Crypto Yes Total Pairs 38 Islamic Account Yes Trading Fees Low Account Activation 24 Hours
Vantage FX Islamic Account Pros and Cons
| ✔️ Pros | ❌ Cons |
| Appealing to newer traders | No added value for experienced traders |
| ASIC-Regulated in Australia | Small range of tradable instruments |
| Attractive promotions offered | |
| Islamic Account can be opened | |
| Offers the ChartIQ platform | |
| Provides indemnity insurance | |
You might also like: Vantage FX Account Types Overview
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Conclusion
Vantage FX offers three flexible account types that accommodate all styles of trading and these accounts can also be used as demo accounts or Islamic accounts. Vantage FX provides traders with competitive and comprehensive trading conditions, tailored to the needs of various traders despite their level of understanding and expertise.
Frequently Asked Questions
TRADING ENVIRONMENT
How many instruments can I trade with VANTAGE FX?
You can trade several different instruments with VANTAGE FX, which include the following:
- Currencies: (45+)
- Cryptocurrencies: (5+) Bitcoin, Litecoin, Ethereum
- CFD: (135+) Gold, Silver, Stock Indexes, Oil, Other Commodities
Which platforms are supported by VANTAGE FX?
VANTAGE FX provides the following popular trading platforms:
- MetaTrader4
- MetaTrader5
- MyFXBook
- AutoTrade
- ZuluTrade
Does VANTAGE FX offer leverage?
Yes, VANTAGE FX offers maximum leverage of 1: 500.
What spreads can I expect with VANTAGE FX?
VANTAGE FX offers variable spreads, from 0.0 on its various accounts.
Does VANTAGE FX charge commission?
The Standard STP is commission-free, the Vantage FX PRO ECN account has $2.00 commission per standard FX lot, per side.
Are there additional charges on the Islamic account?
Some brokers charge extra fees on Islamic accounts – are either in wider spreads, additional commissions, or administration fees to make up for money that they lose with not charging overnight fees.
New Islamic traders should enquire about these special conditions or extra fees before joining, because it is often overlooked or not indicated on the account features pages.
Is VANTAGE FX regulated?
Yes, VANTAGE FX is regulated by Cayman Islands Monetary Authority (CIMA), Securities Investment Business Law (SIBL), Australian Securities and Investments Commission (ASIC).
Is VANTAGE FX a recommended forex trading broker for experts and beginners?
VANTAGE FX offers a fair-trading environment for all types of traders.
What is the overall rating out of 10 for VANTAGE FX?
7/10.
ACCOUNTS
What is the difference between a demo and a live trading account?
A demo account is offered by broker companies and funded with virtual money that enables a prospective customer to experiment with the company’s trading platforms and its features, before setting up a real account funded with the customer’s actual money.
Does VANTAGE FX offer a demo account?
Yes.
Can I convert my demo account to a live trading account with VANTAGE FX?
Not clear from the information on the company homepage.
Which live trading accounts does VANTAGE FX offer?
- Pro ECN Account
- Standard STP Account
- Raw ECN Account
- Islamic Account
Does Vantage FX offer an Islamic Account?
Yes. Find out more about the Vantage FX Islamic account here
What are the most popular forex pairs to trade with Islamic accounts?
EUR/GBP, GBP/AUD, GBP/NZD, GBP/USD, AUD/NZD and so forth.
Is forex trading halal in Islam?
Yes, it is.
Is Bitcoin Haram in Islam?
Cryptocurrency is very volatile and research has shown that Muslim traders would be reluctant to use cryptocurrency as currency of a transaction.
What are the available deposit currencies for a live trading account?
USD and more.
DEPOSITS AND WITHDRAWALS
What is the minimum deposit for VANTAGE FX?
$ 200.
How do you make a deposit and withdrawal with VANTAGE FX?
VANTAGE FX offers the following deposit and withdrawal methods:
- BankWire
- VISA
- MasterCard
- BPAY
- FasaPay
- MobilePay
- Neteller
- Poli
- Skrill
- Transfer from Existing Broker
- UnionPay
The same method as used to fund an account must usually be used to withdraw money and monies will be only refunded to accounts in the same name as the trading account.
Does VANTAGE FX charge withdrawal fees?
Vantage FX does not charge any internal fees for deposits or withdrawals.
How long does it take to make a withdrawal?
Withdrawals by means of certain methods may be processed within a day but depending on bank services it may take several days for the money to be available.
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