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Islamic Foreign Exchange Trading Account

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Islamic account

What is an Islamic foreign exchange account, How to conduct transactions in accordance with Islamic financial regulations?

For traders of Islamic faith, Swap fees will not be charged FP Markets Credited or deducted from Islamic trading accounts (For specific products)

Islamic accounts are also known as non swap accounts, Very suitable for Muslim clients, Because they comply with Islamic law, No swap or interest charges will be incurred on overnight positions. opposite, Account holders will be charged position management fees, Deduct from account balance.

In Islam, Trading is considered non halal behavior , But if you have an Islamic forex account, It is still possible to conduct transactions. This account provides no swap transactions, And specifically designed for forex traders who are unable to pay or receive swap or overnight position interest due to religious beliefs and Islamic law.

Steps to Open an Islamic Foreign Exchange Account:
open MetaTrader 4
Send the account via email to cs@fpmarketsltd. com And request to convert it to an Islamic account
Waiting for confirmation from our team

* FP Markets Reserve the right to request other documents, In order to provide interest free privileges for the account . If the religion is not mentioned on your identification documents, We may require you to provide proof of faith from the mosque to demonstrate your religious beliefs.


If you want to ensure that your trading activities comply with halal regulations, You can consult religious institutions that can analyze personal situations.

Islamic account type

MetaTrader 4 Islamic account

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With a series of powerful new features, Experience advanced intraday trading

Islamic simulation account

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FP Markets What are provided
Islamic account type?

exist MT4 On the trading platform, ours Raw Both standard account types offer no swap account options.

Islamic customers can trade all products on the platform.

Account Type MT4
Free trial demo account
* not included MT4 stock
POPULAR Account Type MT4
Free trial demo account

What can be traded with an Islamic account?

FP Markets The Islamic account allows you to Trade the following financial products:

foreign exchange

If you are interested in foreign exchange trading, Try convenient trading 70 Multiple currency pairs

commodity

gold, silver, Oil, etc

index

12 Global Index of Tradeable Commodities

share

On the global stock market 120 Multiple stock price difference contracts

Virtual currency

Bitcoin, Ethereum, xrp, Bitcoin Cash , Litecoin, etc

Regarding Halal Foreign Exchange Trading — Using an Islamic foreign exchange account Engaging in Halal Trading

Islamic finance regulations follow four basic principles:

1 | ban gambling

According to Islamic regulations, NO GAMBLING, However, trading foreign exchange and other financial products can be seen as an opportunity game that requires learning, Including asset buying and selling based on foreign exchange market analysis and the use of various concepts and trading strategies.

2 | Prohibit payment and collection of any interest rate (Riba)

usually, When a trader holds an open position after the end of the trading session, FP Markets Will charge interest rate related swap commissions, And the interest rate is also related to the indirect loans obtained by traders through leverage. This type of leverage typically brings profits to forex brokers. Given that the standard trading account includes interest payments, Therefore, it belongs to "non-halal" , And Islamic trading accounts are halal accounts, Because it does not involve paying these swap rates, Therefore, it satisfies riba rule.

3 | Risk and benefit allocation

Another major issue with trading is risk sharing. Interest ensures that lenders receive returns, And the borrower needs to bear the risk. Like excessive gambling, Excessive or high-risk activities (gharar) It is also prohibited. Financial activities must also be seen as promoting social and economic activities, Ensure justice and happiness. Having an Islamic trading account, All interest expenses are waived.

4 | Exchange immediately or "face-to-face"

Since the interest rate is no longer applicable, The next thing to consider is only when "face-to-face" in the case of, Only allow transactions. in the past, This means facing each other face-to-face, But in the modern world, With the emergence of online transactions and e-commerce, Brokers and traders can complete transactions within seconds, According to Islamic law, This belongs to halal behavior, Allow to proceed.

FP Markets The main characteristics of Islamic foreign exchange accounts:

No interest charged on certain currency pairs/Swap fees


give FP Markets Superior trading conditions similar to trading accounts, Services and Features; The only difference is the cancellation of interest charges that do not comply with Islamic law


stability, Safe and intuitive leadership trading platform , No duplicate quotation, There are no hidden fees either


less than 40 Fast execution in milliseconds^


Free and unrestricted use MetaTrader 4 trading platform, include Android and iOS platform


Compatible with multiple trading strategies, Including ultra short term trading, Band trading and intraday trading


The advantages of Islamic accounts

sometimes, Traders establish positions in the morning, And plan to close the position on the same day, But at the end of the day, This position is making a profit, Traders expect this change to continue. When trading partial currency pairs (as follows) Sometimes there will be 5 The free period fee for the day, You can hold positions for a longer period of time, And there will be no management fees that erode your profits. in addition, Trading in non Islamic accounts also puts Islamic traders at risk of being caught up in non halal trading activities.

Open through global CFD and forex brokers The Islamic Account 3 A simple step

We offer grace free accounts for customers of the Muslim faith. The steps are as follows:

open MetaTrader 4 account


Please use your registered email address to Send an Islamic trading account application. cs@fpmarketsltd. com.


If your identification documents do not include confirmation of your religious beliefs, Please provide an official document to confirm your faith (For example, religious belief certificates from local mosques) .


If you have any questions, please Contact our customer support team. Click here.

Islamic Account Admin Fees

Please note there will be the following administration fees:

Symbol
Admin fee in USD
per lot, per night
Grace period
NZDUSD $1 5 nights
AUS200 $1 0 nights
EURO50 $1 0 nights
FRA40 $2 0 nights
HK50 $1 0 nights
US500 $1 0 nights
BCHUSD $1 0 nights
DOGUSD $1 0 nights
DOTUSD $1 0 nights
EOSUSD $1 0 nights
ETHUSD $1 0 nights
LNKUSD $1 0 nights
LTCUSD $1 0 nights
RPLUSD $1 0 nights
SOLUSD $1 0 nights
XBRUSD $6 0 nights
XLMUSD $1 0 nights
XTIUSD $5 0 nights
ADAUSD $1 0 nights
JP225 $2 0 nights
GBPUSD $2 5 nights
AUDCAD $3 0 nights
AUDSGD $2 0 nights
EURSEK $2 0 nights
NZDCAD $2 0 nights
SPA35 $2 0 nights
UK100 $1 0 nights
USDCAD $3 5 nights
EURNOK $3 0 nights
GBPCAD $3 0 nights
GBPNZD $3 0 nights
AUDUSD $3 5 nights
AUDNZD $3 0 nights
CHINA50 $3 0 nights
EURAUD $2 0 nights
EURDKK $3 0 nights
GER40 $3 0 nights
USDPLN $4 0 nights
EURSGD $5 0 nights
US100 $2 0 nights
EURCAD $5 0 nights
NZDSGD $3 0 nights
EURUSD $5 5 nights
AUDCHF $5 0 nights
CADCHF $5 0 nights
CHFJPY $5 0 nights
EURGBP $5 0 nights
EURNZD $5 0 nights
EURPLN $5 0 nights
GBPAUD $5 0 nights
GBPPLN $5 0 nights
GBPSEK $5 0 nights
GBPSGD $5 0 nights
NZDCHF $5 0 nights
USDCNH $5 0 nights
USDCZK $5 0 nights
USDDKK $5 0 nights
USDNOK $5 0 nights
USDSEK $5 0 nights
USDSGD $5 0 nights
AUDJPY $5 0 nights
EURCHF $5 0 nights
GBPDKK $5 0 nights
US30 $3 0 nights
USDCHF $10 5 nights
CADJPY $10 0 nights
CHFSGD $10 0 nights
NZDJPY $10 0 nights
USDTHB $55 0 nights
USDZAR $10 0 nights
BTCUSD $12 0 nights
BWPUSD $20 0 nights
EURCZK $10 0 nights
EURJPY $10 0 nights
GBPCHF $10 0 nights
USDINR $15 0 nights
XNGUSD $2 0 nights
USDJPY $15 5 nights
EURZAR $15 0 nights
XAGEUR $15 0 nights
XPTUSD $15 0 nights
USDZMW $25 0 nights
XAGAUD $15 0 nights
GBPJPY $20 0 nights
USDHUF $20 0 nights
USDMXN $20 0 nights
XPDUSD $15 0 nights
USDKRW $15 0 nights
XAGUSD $20 0 nights
EURMXN $25 0 nights
XAUEUR $25 0 nights
EURHUF $25 0 nights
GBPMXN $25 0 nights
XAUAUD $25 0 nights
XAUUSD $30 5 nights
USDTWD $30 0 nights
USDCLP $45 0 nights
USDUGX $30 0 nights
USDKES $55 0 nights
USDCOP $35 0 nights
USDTRY $125 0 nights
EURTRY $140 0 nights
GBPTRY $155 0 nights

Please refer to our Account Terms in the Product Disclosure Statement for specific terms and conditions relating to Islamic Accounts. In the Grace Period section, you will find information on how many days a product can be held overnight without incurring a charge.


* For Islamic Accounts, these products will not be subject to an admin fee for the first five nights of trading. However, if positions are held for longer than this period, the admin fee will become applicable from the sixth night onwards.


* Kindly note that Admin fees will not occur in the Swap free demo accounts.

Please note that Islamic account status does not apply to pairs not listed above, and swaps will be charged/credited as with a normal account. To avoid receiving any swap credits/charges on these symbols, ensure that all open positions are closed before the end of the day at 00: 00 platform time. FP Markets reserves the right to update administration charges regularly. Any amendments to the charges will be notified to clients via the FP Markets website.

Swap-Free Accounts will have the same trading conditions and terms as a regular MetaTrader 4, MetaTrader 5, or cTrader Platform Account.

  • Islamic clients can trade all instruments available on the platform.

  • Please note, when triple swap charges apply - on Wednesday and Friday nights - the admin fee is not charged at a triple rate; instead, we absorb the risk/cost.

  • Future products do not incur swap charges/credits. However, the monthly Rollover is applied in the swap column. Clients who wish to avoid even the appearance of a swap charge should ensure positions are closed before the roll date