Windsor Brokers does offer a Islamic account for Muslim faith traders with a fixed fee instead of a swap. The fee is not an interest and depends on the direction of the order. Windsor Brokers is considered low-risk, with an overall Trust Score of 88 out of 100.
Windsor Brokers at a Glance
| 🔎 Broker's Name | WINDSORBROKERS |
| 📍 Headquartered | Belize City, Belize/ Limassol, Cyprus. |
| 📅 Year Founded | 1988 |
| ⚖️ Regulating Authorities | CySEC, MiFID, BaFin, FSA, IFSC |
| 🌐 Countries not accepted for trade | Belgium, Belize, Japan, United States |
| ☪️ Islamic account (swap-free) | Yes |
| 👍 Demo Account | Yes |
| 📊 Institutional Accounts | Yes |
| 📊 Managed Accounts | Yes |
| 📈 Maximum Leverage | 1:1000 |
| 💰 Minimum Deposit | $100 / R 1 738,08 |
| 💳 Deposit Options | Bank Wire, VISA, MasterCard, Local Bank Transfers, Neteller, Skrill, UnionPay, WebMoney |
| 💳 Withdrawal Options | Bank Wire, VISA, MasterCard, Local Bank Transfers, Neteller, Skrill, UnionPay, WebMoney |
| 💻 Platform Types | MT4 Desktop MT4 Mobile MT4 Tablet MT4 WebTrader |
| 📱 OS Compatibility | Mobile’ Web, iPhone, iPad |
| 📈 Tradable assets offered | Currencies: (40+) Cryptocurrencies:(1) Bitcoin CFD: (55+) Gold, Silver, Stocks, Stock Indexes, Bonds, Oil, Other Commodities |
| 👨💼 Languages supported on Website | English, Arabic, Farsi, Greek, Chinese, Polish, Romanian, Serbian, French, Italian, German, Spanish. |
| 👥 Customer Support Languages | English, Arabic, Farsi, Greek, Chinese, Polish, Romanian, Serbian, French, Italian, German, Spanish. |
| 📆 Customer Service Hours | 24 hours per day, 7 days per week |
| 🚀 Open an Account | 👉 Click Here |
Min Deposit USD 100 Regulators CySEC, MiFID, BaFin, FSA, IFSC Trading Platform MT4 Crypto Yes Total Pairs 45+ Islamic Account Yes Trading Fees Low Account Activation 24 Hours
Windsor Brokers Islamic Account types – 9 key points quick overview:
Windsor Brokers Overview
Windsor Brokers Overview
Overall, Windsor Brokers is considered low-risk, with an overall Trust Score of 88 out of 100. Windsor Brokers is licensed by zero Tier-1 Regulators (high trust), two Tier-2 Regulators (average trust), and three Tier-3 Regulators (low trust). Windsor Brokers offers three retail trading accounts: an MT4 Prime Account, MT4 Zero Account, and VIP ZERO Account.
What exactly is an Islamic Account for Traders?
An Islamic Account is a trading account that follows the principles of Islamic Sharia law. This type of account is also known as a swap-free account and is allowed under Sharia law.
The primary feature of an Islamic Account is the prohibition of interest on open positions held for longer than a trading day after the trading day has concluded. In addition, CFD and Forex brokers offer Islamic Account conversions to Middle Eastern clients and clients of the Islamic faith from other areas.
The features of an Islamic Account align with the Sharia law, which prohibits the accrual of interest on funds deposited into the account. In addition, immediate settlement of transactions is required in an Islamic Account, which means that direct payment is necessary.
Furthermore, currencies must be transferred from one account to another right after the transaction has been completed and paid for in full. In addition, two critical elements of Islamic law relate specifically to trading accounts. These elements are Riba and Gharar.
Why is interest discouraged or prohibited by Sharia law?
Riba is the prohibition of generating money from money, which refers specifically to interest. This element of Sharia law is particularly significant for Islamic Accounts, as interest is not allowed. Interest is viewed as unjust and exploitive gains on trade or business.
Because of the restrictions and specific prohibitions placed on Muslim traders when considering the intricate details involved with trading activities, several trading activities are significantly affected.
➡️ Overnight Rollovers: Sharia law prohibits swap points incurred or received on positions held for longer after the trading day has concluded at the New York close at 5 PM EST.
➡️ Margin Deposits and Interest: Interest accrual on funds deposited into the trading account is prohibited.
➡️ Loans: When followers of Sharia law have funds transferred by a bank or other financial institution, it involves interest terms. This is prohibited per the critical element, Riba.
➡️ Margin Trading: Islamic traders are liable for paying interest when engaging in margin trading. This interest refers to money borrowed from the broker to buy or sell equities, which Sharia law prohibits.
➡️ Short Sales: Short sales, which involve borrowing and subsequent sale of an asset, are prohibited as they affect shares.
➡️ Forward Sales: Forward sales affect forward contracts, and their influence extends to the trading of futures contracts. This is because it involves the buying and selling contracts at a future date according to a price agreed upon on the day of entering such a contract.
In addition, Gharar refers to uncertainty or risk and is not permitted under Sharia law. This means that trading activities involving excessive risk or speculation are prohibited in Islamic Accounts.
What are the steps involved in opening a Windsor Brokers Islamic Account?
If you are interested in opening a Windsor Brokers Islamic Account, here are the steps you need to follow:
Step 1 – Register for an MT4 Prime Account
Go to the Windsor Brokers website and register for an MT4 Prime Account by selecting the MT4 Prime Account type.
Step 2 – Complete verification process
Complete the full verification process by providing your personal and financial information and uploading the required identification documents.
Step 3 – Contact customer support
Contact Windsor Brokers customer support to request an Islamic/Swap-Free Account conversion.
What are Windsor Brokers’ spread costs on an Islamic Account?
Windsor Brokers adheres to Sharia law by not charging interest or swap fees on its Islamic Account. Nonetheless, traders should note that the broker’s spreads on trades may vary depending on the asset being traded and market conditions.
However, South Africans must note that the spreads on an Islamic Account are identical to those on the Prime Account. Here is a breakdown of the spreads on the Prime Account:
| 🌐 Instrument | 📈 Minimum Spreads | 📊 Typical Spreads |
| EUR/USD | 1 pip | 1.5 pips |
| XAU/USD | 0.24 pips | 0.28 pips |
| XAG/USD | 0.019 pips | 0.022 pips |
| US Crude Oil | 0.03 pips | 0.03 pips |
| Natural Gas | 0.015 pips | 0.015 pips |
| Soybeans | 1.25 pips | 1.25 pips |
| NASDAQ | 1.6 pips | 2 pips |
| Apple, Inc Shares CFDs | 0.14 pips | 0.14 pips |
| ETF CFDs | 0.06 – 0.07 pips | 0.08 – 0.09 pips |
What other features does Windsor Brokers’ Islamic Account offer traders?
South African Muslim traders who want to open an account with Windsor Brokers can convert to the Prime Account and enjoy various unique features.
These include fast execution speeds, flexible leverage options, access to a wide range of trading instruments, and the option to trade on the popular MT4 platform.
In addition, the Prime Account offers competitive spreads and low commissions, making it an attractive option for traders looking to keep their trading costs low. Other features of this account type include the following:
| Account Feature | Value |
| 💰 Minimum Deposit | 1,800 ZAR or an equivalent of $100 |
| 📈 Average spreads | From 1 pip |
| 📒 Commission charges | None |
| 🌐 Maximum Leverage | 1:500 for other regions, 1:400 for South Africa |
| ⚖️ Minimum Trade Volume | 0.01 lots |
| ⚖️ Maximum Trade Volume | 50 lots |
| 📍 Hedging Allowed? | Yes |
| ☪️ Islamic Account? | Yes |
| 📅 Negative Balance Protection? | Yes |
| 📓 Personal Account Manager offered? | Yes |
| 💰 Account base currencies | USD, EUR, GBP, or JPY |
| 👉 Training offered? | Yes |
| 📈 Stop-Out | 20% |
| 📈 Margin Call | 100% |
Windsor Brokers Pros and Cons
| ✔️ Pros | ❌ Cons |
| Windsor Brokers complies with the Sharia law and principles to provide a halal trading experience to Muslim traders | South Africans can only convert the MT4 Prime Account to a Swap Free Options |
| The Islamic account is ideal for beginner and professional traders in South Africa | The spreads are not the lowest in the industry |
| Windsor Brokers does not restrict traders according to their region | |
| Muslim traders can employ a range of strategies on their Swap Free Account | |
| There are no additional fees charged to offset the absence of swap fees |
Min Deposit USD 100 Regulators CySEC, MiFID, BaFin, FSA, IFSC Trading Platform MT4 Crypto Yes Total Pairs 45+ Islamic Account Yes Trading Fees Low Account Activation 24 Hours
Conclusion
Windsor Brokers does offer a Islamic account for Muslim faith traders with a fixed fee instead of a swap. The fee is not an interest and depends on the direction of the order. Windsor Brokers is considered low-risk, with an overall Trust Score of 88 out of 100.
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Frequently Asked Questions
What is a Windsor Brokers Islamic Account?
A Windsor Brokers Islamic Account is a trading account that adheres to Shariah law and does not charge interest or swap fees.
Who is eligible to open a Windsor Brokers Islamic Account in South Africa?
Anyone who follows Islamic principles and is looking for a Shariah-compliant trading account can open a Windsor Brokers Islamic Account in South Africa.
What types of trading instruments are available on the Windsor Brokers Islamic Account?
The Windsor Brokers Islamic Account offers access to various trading instruments, including forex, commodities, indices, and cryptocurrencies.
What is the process of opening a Windsor Brokers Islamic Account in South Africa?
To open a Windsor Brokers Islamic Account in South Africa, register for an MT4 Prime Account, complete the full verification process, and contact customer support to request an Islamic/Swap-Free Account conversion.
Does Windsor Brokers charge any additional fees for the Islamic Account?
No, Windsor Brokers does not charge additional fees for Islamic Accounts. However, traders should note that the broker’s spreads on trades may vary depending on the asset being traded and market conditions.
Are there any restrictions on trading with a Windsor Brokers Islamic Account?
No, there are no restrictions on trading with a Windsor Brokers Islamic Account. Traders can trade with the same flexibility as with any other trading account.
Addendum/Disclosure:
No matter how diligently we strive to maintain accuracy, the forex market is volatile and may change anytime, even if the information supplied is correct when going live.
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