Islamic Trading Accounts
An Islamic trading account is also called a “no swap account”. This is because a trader using an Islamic trading account will not incur swaps or even commission interest charges on positions they hold overnight like a traditional Forex trading account holder. You would however be charged an administration fee on your positions.
Online trading platforms operate 24 hours a day, and allow people to choose from a large variety of instruments – foreign exchange, commodities, shares, bonds, ETFs and more. Some of the positions opened by traders are done for day trading – positions opened for a few hours. Other traders, however, employ trades with a longer scope, and wish to keep their positions opened for more than 24 hours.
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Islamic forex account
Keeping positions opened for over 24 hours is accompanied with a special fee called a SWAP. This special fee is a type of interest, and therefore creates a problem for Muslim traders following the Sharia law, which forbids certain financial transactions, mostly ones accumulating interest.
To solve this, forex brokers offer Muslim traders a special service called ‘Islamic account’. This account has all the possibilities and options of a regular account; yet it is not subjected to any type of special fees or interest.
Trade in accordance with Sharia law
Avatrade has introduced its Islamic trading account fully in line with Islam. Customers with an Islamic trading account will not be charged daily swaps. The swap fees are fully replaced in the MT4 platform by daily administration fees on all Forex trading products. Come and experience transparent Islamic Forex trading with Avatrade on a wide range of currency pairs such as EUR / USD or commodities and indices on the stock exchange.
Avatrade also offer access to the Islamic halal trading of gold and silver. True Islamic gold and silver trading must have physical support in gold and silver. Avatrade offers to those wishing to trade in Shariah on Gold and Silver in a healthy way a trading account that complies with Sharia rules.
AvaTrade, as a broker fully committed to its clients, offers this service on the highest level.
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Note! AvaTrade is not a legislative institution; therefore do not take this Islamic Account definition as permission to trade. Please verify all trading is in accordance with your beliefs.
*Cryptocurrency trading is not available on Islamic accounts, to trade cryptocurrencies clients must give up their ‘Islamic account’ privileges and be subject to special fees or interest.
*Certain FX instruments (ZAR, TRY, RUB, MXN pairs) are not available on Islamic accounts, to trade these pairs, clients must give up their ‘Islamic account’ privileges and be subject to fees or interest