Islamic Accounts
Islamic accounts, often known as swap‑free accounts, are suitable for Muslim customers since they follow Islamic law by avoiding swaps and interest payments on overnight holdings. Instead, on positions, the account owner is charged an administration fee, which is withdrawn from the account balance.
What is an Islamic Forex Account, and how can I trade in an Islamic Finance-compliant manner?
Islamic accounts, often known as swap-free accounts, are suitable for Muslim customers since they follow Islamic law by avoiding swaps and interest payments on overnight holdings. Instead, on positions, the account owner is charged an administration fee, which is withdrawn from the account balance.
Trading is considered forbidden in Islam, but it is still possible to transfer if you find an Islamic Forex Account that offers swap-free trading and is tailored to Forex traders who are unable to pay or receive swaps or rollover interest on overnight positions based on religious beliefs, as defined by Sharia Law.
Types of Islamic Accounts:
Islamic TradeFX360 Account
Islamic Forex Trading Accounts
For traders of Islamic religion, swap fees will not be credited or debited (on specified items) on TradeFX360 Islamic Trading accounts.
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TradeFX360 reserves the right to request additional documentation in order to offer swap free privilege to an account. If religion is not mentioned on your ID document, we may require proof of faith in the form of a letter from your mosque confirming your religion.
If you want to be sure that your trading activities are halal, you can consult a religious authority that can take into account your personal situation.
What Kinds of Trade Can You Do With An Islamic Account?
TradeFX360's Islamic Accounts allow you to trade the following financial instruments:
Forex Pairs
There are over 60 currency pairings to choose from.
Shares CFDs
In worldwide stock exchanges, there are over 10,000 stocks.
Commodities
Gold, silver, oil and other precious metals.
Indices
There are 19 major worldwide indices.
Cryptocurrencies
Bitcoin, Ethereum, Ripple, Bitcoin Cash, and Litecoin are all digital currencies.
Halal Forex Trading - Islamic Forex Accounts for Halal Trading
Four basic concepts that guide Islamic finance:
Gambling is prohibited in Islam.
Gambling is forbidden in Islam, however trading Forex and other financial instruments can be regarded an intelligent game of luck that involves the buying and selling of commodities utilizing a range of concepts and trading methods based on Forex market analysis.
Payment and receiving of any rate of interest is prohibited (Riba)
TradeFX360 often imposes a swap commission linked to an interest rate when a trader keeps positions available at the end of a trading session, that is in turn attributable to the fact that traders acquire an implicit loan through leverage. This leverage typically results in profit is unislamic since it involves interest payments, whereas an Islamic trading account is permissible because it does not include swap interest rates and hence meets the riba criterion.
Distribution of risks and benefits
The notion of shared risk is one of the main worries regarding trading. The lenders get rewarded with interest, while borrowers bear the risk. Excessive or high-risk behaviour (gharar) is forbidden, much as excessive gambling is. Financial action must be understood as promoting both social and economic activities, as well as justice and contentment. All interest charges are abolished with an Islamic trading account.
Hand in Hand or Instant Exchange
Nowadays interest rates are no longer relevant, the very next factor to consider is that trade is only allowed if it is done hand in hand. This meant face-to-face in the past, but in today's world, with the development of online trading and e-commerce, which entails an almost immediate transaction between broker and trader accomplished in seconds, it is regarded halal within Shariah and hence permitted.
Features of the TradeFX360
On certain pairs, there are no interest or swap fees. TradeFX360 trading accounts provide similar great trading conditions, services, and features; the only exception is the deletion of non-Shariah compatible interest charges.
Top trading systems that are reliable, safe, and easy, with no requotes or hidden fees.
Execution time is less than 40 milliseconds.
TradeFX360 trading platforms, comprising WebTrader, as well as Android and iOS platforms, are available for free and unrestricted use.
Scalping, Swing Trading, and Day Trading are among the trading tactics which can be used.
A trader may initiate a strategy in the morning with the goal of closing it at the conclusion of the day, but if the strategy is profitable at the conclusion of the session, the trader assumes the momentum will persist. With 10 days of swap free trading on chosen pairs, you could keep your position open longer without having to worry about administrative fees cutting into your profits. Furthermore, trading in a non-Islamic account subjects the Islamic trader to the possibility of forgetfulness and engaging in haram trading.
Three Steps
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