CBCS, CySEC, FCA, FSA, FSC, FSCA, CMA
Our Exness Islamic Account Revealed.
- ✔️Exness Overview
- ✔️What exactly is an Islamic Account?
- ✔️Why is interest discouraged or prohibited by Sharia law?
- What are the steps involved in opening an Exness Islamic Account?
- What is Exness’ spread costs on an Islamic Account?
- What other features does Exness’ Islamic Account have?
- Exness Pros and Cons
- EXNESS AT A GLANCE
Exness has been in operation since 2008 and it is a multi-regulated and award-winning broker that offers competitive trading conditions to traders from around the world. With offices in Saint Vincent and the Grenadines, the United Kingdom, and Cyprus, Exness is a globally recognized broker and a financial services provider.
Exness offers retail and corporate partnerships a wide range of investment solutions that are tailor-made to the needs and objectives of each client. Exness offers its services across several regions, including the EEA and the broker is compliant with all regulations and requirements of legal and regulatory entities.
Traders of all trading styles and experience levels are welcome to register an account with Exness, allowing them to benefit from competitive trading conditions and comprehensive solutions.
What exactly is an Islamic Account?
An Islamic, or swap-free, trading account is allowed by Islamic Sharia law. These accounts are based on the Islamic principle where interest is not applied to positions that are held open for longer than a trading day after the trading day has concluded.
Islamic Accounts are provided by brokers who serve Middle Eastern clients along with clients from other jurisdictions and offer certain features that are in line with the Sharia law, which prohibits the accrual of interest on funds deposited into the account.
The other 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.
Two key elements of Islamic law relate specifically to trading accounts, these elements are.
- Riba, and
Riba is the prohibition of generating money from money, which in this case specifically refers to an interest, which is not allowed according to Sharia law. This type of interest is seen as both unjust and exploitive gains of trade or business.
Why is interest discouraged or prohibited by Sharia law?
Due to the restrictions and certain prohibitions placed on Muslim traders when considering the intricate details involved with trading activities, the following is affected greatly.
- Overnight rollovers – which involve the incurrence or receiving of swap points on positions that are held open for longer after the trading day has concluded at the New York close at 5 PM EST which is prohibited by the Sharia law.
- Margin deposits and interest – which involves the accrual of interest on funds that are deposited into the trading account, which is prohibited.
- Loans – when followers of the Sharia law have funds transferred by either a bank or other financial institution and it involves interest terms, this is prohibited by the Sharia law as per the key element, Riba.
- Margin trading – stocks that are traded on margin result in the trader being liable for paying interest, which amounts to Riba, as money is borrowed from the broker to buy or sell such equities, and which is prohibited by the Sharia law.
- Short sales – which affects mostly shares and involves borrowing and subsequent sale of an asset, which is prohibited.
- Forward sales – which affects forward contracts as well as the trading of futures contracts which 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 an Exness Islamic Account?
To convert the live trading account to an Islamic account, traders must complete the registration process for a live trading account. Once traders have applied and their account has been verified and approved, traders can contact Exness’ customer support to apply for conversion.
What is Exness’ spread costs on an Islamic Account?
The spread cost on the Islamic account will depend on the live trading account that traders convert. The typical spreads that traders can expect from Exness include the following.
- MetaTrader 4 Standard Account – from 0.3 pips
- MetaTrader 4 Standard Cent Account – from 0.3 pips
- MetaTrader 5 Standard Account – from 0.3 pips
- MetaTrader 4/5 Raw Spread Account – from 0.0 pips
- MetaTrader 4/5 Zero Account – from 0.0 pips
- MetaTrader 4/5 Pro Account – from 0.1 pips
What other features does Exness’ Islamic Account have?
Every Exness live trading account has its unique features and the features that the Islamic account has are dependent on this. In addition, traders who reside in Islamic countries will automatically receive Islamic account status when they register for a live trading account from Exness.
Traders who do not live in Islamic jurisdictions can expect two varying levels of swap-free, namely a Standard Swap-free and an Extended Swap-free. These levels are applied to any of the six live trading accounts that Exness offers, and the swap-free level is automatically determined according to trading activity.
- The Standard Swap-free includes various tradable instruments including XAU/USD, indices, crypto, stocks, minor forex pairs, and several other instruments.
- The Extended Swap-Free level consists of more than 20 forex pairs, indices, crypto, stocks, and others. On this account, typical swaps are debited/credited on instruments that are not included on the Extended list.
The automatic shift between the levels will depend on the trader’s activity. Traders who qualify for the Standard Swap-Free will be moved to the Extended Swap-Free if their trading activity increases and makes them eligible for a transition.
The same is true of the Extended Swap-Free level where traders will be moved to a Standard Swap-Free level if their trading activity decreases.
EXNESS AT A GLANCE
|Headquartered||SVG, Cyprus, United Kingdom|
|Regulating Authorities||FSA, CySEC, FCA, FSCA, CBCS, FSC|
|Countries not accepted for trade||United States|
|Islamic Account (Swap Free)||Yes|
|OS Compatibility||Web browsers, Windows, macOS, Linux, Android, iPhone, tablets, iPads|
|Languages supported on Website||English, Russian, Spanish, German, French, Italian, Portuguese, Vietnamese, Traditional Chinese, Simplified Chinese, Thai, Indonesian, Bangla, Korean, Urdu, Arabic, Hindi|
|Customer Support Languages||Multi-lingual|
|Customer Service Hours||24/5|
You might also like: Exness Account Types
You might also like: Exness Demo Account
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CBCS, CySEC, FCA, FSA, FSC, FSCA, CMA
How many instruments can I trade with Exness?
You can trade any of the following instruments.
Which platforms are supported by Exness?
Exness supports the use of the following.
- MetaTrader 4
- MetaTrader 5
Does Exness offer leverage?
Yes, Exness offers an unlimited leverage ratio.
What spreads can I expect with Exness?
You can expect spreads from as low as 0.0 pips.
Does Exness charge commission?
Yes, Exness charges the following commissions.
- Raw Spread Account – up to $3.5 per side
- Zero Account – from $3.5 per side
Are there additional charges on the Islamic account?
No, there are no additional charges on the Islamic Account.
Is Exness regulated and by whom?
Yes, Exness is regulated by FSA, CySEC, FCA, FSCA, CBCS, FSC.
Is Exness a recommended forex trading broker for experts and beginners?
Yes, Exness is a broker that caters for both beginners and experts.
What is the overall rating out of 10 for Exness?
What is the difference between a demo and a live trading account?
A demo account is a practice account that can be used by both beginner and professional traders. Beginners can use a demo account to practice their trading while more advanced traders can use it to test their trading strategies.
Alternatively, traders can also use a demo account to explore what a broker has to offer. Demo accounts are known for the risk-free environment that they offer along with the virtual funds which are used to trade.
Does Exness offer a demo account?
Yes, Exness offers a demo account.
How long is the demo account valid?
The demo account is valid for an unlimited time.
Which live trading accounts does Exness offer?
Exness offers the following trading accounts.
- MetaTrader 4 Standard Account
- MetaTrader 4 Standard Cent Account
- MetaTrader 5 Standard Account
- MetaTrader 4/5 Raw Spread Account
- MetaTrader 4/5 Zero Account
- MetaTrader 4/5 Pro Account
Does Exness offer an Islamic Account?
Yes, Exness offers an Islamic Account option on all live account options.
What are the available deposit currencies for a live trading account?
- CHF, and more.
DEPOSITS AND WITHDRAWALS
What is the minimum deposit required to open an account with Exness?
How do you make a deposit and withdraw money with Exness?
- Bank Cards
- Internet Banking
- Perfect Money
- USDT Omni
Does Exness charge withdrawal fees?
No, Exness does not charge any withdrawal fees. However, some payment providers have fee structures that Exness cannot be held liable for.
How long does it take to make a withdrawal?
Withdrawals with Exness take up to 72 hours according to the official website.
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