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Islamic Forex Trading Accounts

For traders of Islamic religion, swap fees will not be credited or debited (on specified items) on WavFX Islamic Trading accounts.

Islamic Accounts

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 Instead, on positions, the account owner is charged an administration fee, which is withdrawn from the account balance.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
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    Islamic MetaTrader 5 Account.

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    With several new features, you can experience the potential of day trading.

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    Wait for a confirmation from our onboarding team

WavFX 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.

Islamic Accounts TypesMetaTrader 5 Islamic AccountExperience the future of day trading with a range of powerful new featuresDemo Islamic AccountDemonstration Islamic Account.

System Requirements: MT5 is available on Windows 7 or higher. It is also supported on Mac OSX.

What Kinds of Trade Can You Do With An Islamic Account?

WavFX's Islamic Accounts allow you to trade the following financial instruments:
ForexForex

IN MT5, there are over 60 currency pairings to choose from.

Shares CFDsShares CFDs

In worldwide stock exchanges, there are over 10,000 stocks.

CommoditiesCommodities

Gold, silver, oil and other precious metals.

IndicesIndices

There are 19 major worldwide indices.

CryptocurrenciesCryptocurrencies

Bitcoin, Ethereum, Ripple, Bitcoin Cash, and Litecoin are all digital currencies.

Halal Forex Trading - Islamic Forex Accounts for Halal TradingFour basic concepts that guide Islamic finance:
1 | 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.
Forex Trading
2 | Payment and receiving of any rate of interest is prohibited
(Riba)
WavFX 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 for the Forex broker, which is why a regular trading trading account 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.
3 | Distribution of risks and benefitsThe 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.
4 | Hand in Hand or Instant ExchangeNowadays 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.
Forex Trading
The Islamic Forex Account from WavFX has the following features:
  • On certain pairs, there are no interest or swap fees.

    On certain pairs, there are no interest or swap fees.

  • WavFX trading accounts provide similar great trading conditions, services, and features; the only exception is the deletion of non-Shariah compatible interest charges.

    WavFX 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.

    Top trading systems that are reliable, safe, and easy, with no requotes or hidden fees.

  • Execution time is less than 40 milliseconds.

    Execution time is less than 40 milliseconds.

  • MetaTrader 5 trading platforms, comprising WebTrader, as well as Android and iOS platforms, are available for free and unrestricted use.

    MetaTrader 5 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.

    Scalping, Swing Trading, and Day Trading are among the trading tactics which can be used.

The Benefits of Islamic AccountsA 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 StepsEstablish an Islamic Account with a Licensed CFD & Forex Broker in 3 Easy Steps
First
Trade
Sign-up

Select an account type and fill out our simple and secure online application.

First
Trade
Deposit

You can finance your trading account using a variety of techniques.

First
Trade
Trade

Begin trading and gain access to more than 10,000 instruments.

If you have any questions, please contact our customer support team here.
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Incorporate : The Registrar of Companies for England and Wales, hereby certifies that WAVFX TRADING INDEX LIMITED is this day incorporated under the Companies Act 2006 as a private company, that the company is limited by shares, and the situation of its registered office is in England and Wales. Given at Companies House, Cardiff, on 25th September 2005. The objects of the Company are all subject matters not forbidden by International Business Companies (Amendment and Consolidation) Act, Chapter 149 of the Revised Laws of Saint Vincent and Grenadines, 2009, in particular but not exclusively all commercial, financial, lending, borrowing, trading, service activities and the participation in other enterprises as well as to provide brokerage, training and managed account services in currencies, commodities, indexes, CFDs and leveraged financial instruments.

Risk Warning : Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. Before deciding to trade foreign exchange, you should carefully consider your investment objectives, level of experience, and risk appetite. There is a possibility that you may sustain a loss of some or all of your investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.