Yes, Vantage 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 a swap. The fee is not an interest and depends on the direction of the order.
Vantage Islamic Account - Key Point Overview
- ☑️Overview
- ☑️What exactly is a Vantage Islamic Account?
- ☑️Which financial activities are restricted and prohibited by Sharia law?
- ☑️What are the steps involved in opening a Vantage Islamic Account?
- ☑️What are Vantage spread costs on an Islamic Account?
- ☑️What other features does Vantage Islamic Account have?
- ☑️Vantage Markets at a Glance
- ☑️Pros and Cons
- ☑️Conclusion
- ☑️Frequently Asked Questions
Overview
- According to research in South Africa, Vantage was founded in 2009 as MXT Global by a specialized team with a background in finance, forex, and technology to create an environment for traders worldwide to pursue financial goals. With its head office in Sydney, Vantage Australia was designed primarily for an Australian audience but now offers its services globally.
- MXT Global was rebranded as Vantage Pty Ltd in 2015 and today 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).
What exactly is a Vantage 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 being 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 includes 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 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 may also require certain additional documents, apart from proof of identity and residential address, before approving an application for an Islamic account.
What are the Vantage spread costs on an Islamic Account?
To make up for money lost by not charging overnight fees, a broker like Vantage 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 the Vantage Islamic Account have?
When making use of the Vantage 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. |
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Vantage Markets at a Glance
| Broker's Name |  |
| 📍 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, Bissau, Russia, Crimea, Somalia, South Sudan, Sudan, Syria, Tunisia, Ukraine, United States of America, Venezuela, Yemen, Zimbabwe |
| ☪️ Islamic account (swap-free) | Yes |
| 👍 Demo Account | Yes |
| 📊 Institutional Accounts | Yes |
| 📊 Managed Accounts | Yes |
| 📈 Maximum Leverage | 500:1 |
| 💰 Minimum Deposit | $50 |
| 💳 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 |
| 📝Sign up | 👉 Open Account |
Customer Reviews
- Customer reviews for Vantage are generally positive, with many traders praising the platform for its reliability, competitive spreads, and user-friendly interface.
- Clients appreciate the fast execution speeds and the wide range of tradable assets, which include forex, indices, commodities, and cryptocurrencies.
- Beginners often highlight the ease of getting started, thanks to the intuitive setup and helpful educational resources, while more experienced traders value the advanced tools and integration with MetaTrader 4 and 5.
| 🔍Aspect | |
| 🌟Overall Rating | Trustpilot: 3.2/5 (based on 3,500+ reviews) Google Play & App Store: ~4.3/5 BrokersView: 5.1/10 Generally mixed ratings, with a majority positive but a notable percentage of critical reviews |
| 👏Customer Satisfaction | Pros: Many users praise the platform's ease of use, low spreads, and fast trade execution Cons: Some report issues with withdrawals, occasional delays, and concerns over account suspensions |
| 📞Customer Service | Offers 24/5 support via live chat, email, and phone Fast responses via live chat, average email response in 24 hours Mixed feedback: Some users find support helpful, others cite delays or unhelpful responses |
Customers Ratings
| 🌐 Platform | 📝 Feedback Summary | ⭐ Rating |
 | Mixed reviews with serious allegations, including fund withdrawal issues and account suspensions. Some users report satisfactory experiences, but concerns about transparency and fund security are prevalent. | ⭐⭐⭐☆☆ |
 | Predominantly negative reviews citing withdrawal problems and customer service issues. A few users noted competitive pricing. | ⭐⭐☆☆☆ |
 | Generally positive app ratings, with users appreciating the platform's functionality. However, some users have reported issues with withdrawals and customer support. | ⭐⭐⭐⭐☆ |
 | Mixed feedback: 56% of users rated 5 stars, while 25% gave 1 star. Positive comments highlight the platform's ease of use, whereas negative reviews focus on withdrawal delays and customer service concerns. | ⭐⭐⭐☆ |
Pros and Cons
| ✅Pros | ❌ Cons |
| Appealing to newer traders | No added value for experienced traders |
| ASIC-Regulated in Australia | Small range of tradable instruments |
Conclusion
Vantage 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 provides traders with competitive and comprehensive trading conditions, tailored to the needs of various traders regardless of their level of understanding and expertise.
You might also like:
Vantage Account TypesVantage Demo Account – Step by StepVantage Fees and SpreadsVantage Minimum Deposit Vantage Sign up BonusVantage Review
Frequently Asked Questions
Are there additional charges on the Islamic account?
Some brokers charge extra fees on Islamic accounts, which are either in wider spreads, additional commissions, or administration fees to make up for the money that they lose by 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.
Does Vantage offer an Islamic Account?
Yes. Find out more about the Vantage 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 the currency of a transaction.
Does VANTAGE charge withdrawal fees?
Vantage 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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