Windsor Brokers does offer an 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.
- 💰 Min Deposit: $50
- 📈 Leverage: Up to 1:1000
- 🏦 Regulators: CySEC, MiFID, BaFin, FSA, IFSC
Windsor Brokers Islamic Account types – key points, quick overview:
Overview
- According to research in South Africa, WindsorBrokers was established in 1988 and is one of the longest-serving brokers.
- The company’s mission since the beginning has been to facilitate investor access to the global markets with a vast range of trading instruments, including over 600,000 financial assets, Forex, as well as Cryptocurrencies, CFDs, Futures, Metals, and Bonds.
- Over its years of operation, Windsor Brokers has received numerous awards for their services and developments and is rewarded by the number of happy clients it serves, giving it an excellent reputation in the industry.
- As part of their mission to facilitate investors’ access to the global markets, Windsor Brokers allocates significant capital reserves, provides adequate trading tools, and remains focused on fair and regulated trading practices and sound corporate governance.
Windsor Brokers Islamic Account
- Windsor Brokers offers an exclusive Islamic or Swap-Free Account option for traders who adhere to Islamic Sharia laws, which prohibit interest-based transactions.
- This account is only available on the MT4 Prime Account and requires traders to register and complete full verification before requesting a conversion.
- The Islamic account ensures that traders do not incur any swap or rollover charges, considered interest-based and prohibited by Sharia law. This account type is ideal for Muslim traders who want to participate in online trading without compromising their religious beliefs.
- 💰 Min Deposit: $50
- 📈 Leverage: Up to 1:1000
- 🏦 Regulators: CySEC, MiFID, BaFin, FSA, IFSC
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 the 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 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 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% |
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Official Site
WINDSORBROKERS at a Glance
| 🔎 Broker's Name | |
| 📍 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 | $50 |
| 💳 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 |
| 📝Sign up | 👉 Open Account |
Customer Reviews
- Customer reviews for Windsor Brokers present a mixed picture.
- Many traders appreciate the platform’s user-friendly interface, competitive spreads, and responsive customer support.
- Positive experiences often highlight smooth deposit and withdrawal processes, as well as the helpfulness of the support team.
- However, some users report challenges, particularly concerning fund withdrawals and account management.
- Complaints include delays in processing withdrawals, accounts being closed after generating profits, and difficulties in contacting customer service.
- Additionally, certain traders have expressed concerns about the platform’s performance during high-volatility periods, citing issues like wide spreads and slippage.
Customers Ratings
| 🌐 Platform | 📝 Feedback Summary | ⭐ Rating |
 | Generally positive, especially for transparency in trading stats and broker reliability. | ⭐️⭐️⭐️⭐️☆ (4.2/5) |
 | Mixed but improving — praised for regulation and account safety; some past withdrawal concerns. | ⭐️⭐️⭐️☆☆ (3.8/5) |
 | Limited reviews, mostly favorable — users mention good execution and fair spreads. | ⭐️⭐️⭐️⭐️☆ (4.0/5) |
 | Highly rated — strong marks for customer service, mobile experience, and platform tools. | ⭐️⭐️⭐️⭐️⭐️ (4.6/5) |
 | Few entries — mostly from African markets; decent service and support mentioned. | ⭐️⭐️⭐️☆☆ (3.7/5) |
 | Overall trustworthy — praised for regulation, support, and user-friendly interface. | ⭐️⭐️⭐️⭐️☆ (4.3/5) |
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 |
Conclusion
Windsor Brokers does offer an 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.
