Yes, 1Market does offer an Islamic account for Muslim faith traders including a swap-free account is offered. The Islamic environment is ideal for traders following strict sharia law with a fixed fee instead of swap. The fee is not an interest and depends on the direction of the order.
1Market at a glance
|📍 Headquartered||Marshall Islands|
|📅 Year Founded||2021|
|⚖️ Regulating Authorities||CySEC, with regulation and licensing through other entities through the parent company, Podora Limited|
|🌐 Countries not accepted for trade||United States|
|☪️ Islamic Account (Swap Free)||Yes|
|👍 Demo Account||Yes|
|👍 Institutional Accounts||Yes|
|📊 Managed Accounts||No|
|📈 Maximum Leverage||1:30 (Retail), 1:400 (Professional)|
|💰 Minimum Deposit||$250 (3,860 ZAR)|
|💳 Deposit Options||Credit Card
Bank Wire Transfer
Fast Bank Transfer
Offline Bank Transfer
Online Bank Transfer through Volt (GBP only)
|💳 Withdrawal Options||Credit Card
Bank Wire Transfer
Fast Bank TransferGlobal CollectOffline Bank Transfer
Online Bank Transfer through Volt (GBP only)
|💻 Platform Types||ParagonEx WebTrader, MetaTrader 5|
|📱 OS Compatibility||Safari, Firefox, Opera Mini, Internet Explorer, Chrome, Linux, Windows, macOS, Android, iOS|
|📈 Tradable Assets||Forex
Stock CFDsZero-Commission stocks
|👨💼 Languages supported on Website||English, German, Spanish, French, Thai, Indonesian, Italian, Polish, Turkish, and several others|
|👥 Customer Support Languages||Multilingual|
|📆 Customer Service Hours||24/5|
1Market Islamic Account – 8 key points Revealed:
1Market is an award-winning CFD and forex broker that has been in operation since 2022, offering traders from around the world access to more than 600 CFD and Forex instruments. 1Market is well-regulated by several entities and offers investor protection, negative balance protection, and a safe, secure trading environment where client fund safety is prioritized.
1Markets not only offers a choice between several flexible and dynamic live trading accounts but also offers Muslim traders the option of converting their account once they have verified their trading account and paid their minimum deposit.
The trading account types that traders can choose from are:
️ ParagonEx Mini Account
️ ParagonEx Standard Account
️ ParagonEx Gold Account
️ ParagonEx Platinum Account
️ ParagonEx Diamond Account
️ ParagonEx VIP Account
️ MetaTrader 5 Standard Account
️ MetaTrader 5 Zero Spread Account
Each of these accounts offers traders unique features, competitive trading conditions, and access to a wide range of tradable instruments that are spread across several asset classes.
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 offers 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 on 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 a 1Market Islamic Account?
To apply for an Islamic Account, traders must first complete the application for a live trading account by following these steps:
Step 1 – Navigate to the official 1Market website and select the option to register.
Step 2 -Provide some basic personal information, choose a password, and log into the Web-based trading platform.
Step 3 – Complete the trading profile by providing additional information relating to personal, employment, financial, and trading information.
Step 4 – Make the required minimum deposit.
Step 5- Contact 1Market’s customer care to apply for account conversion.
What is 1Market’s spread costs on an Islamic Account?
The spreads that traders can expect on their Islamic Account will depend on the account type that they chose, the financial instrument that they trade, and the market conditions on the day of trading.
The typical spreads that traders can expect on EUR/USD are:
️ ParagonEx Mini Account – 4 pips
️ ParagonEx Standard Account – 3 pips
️ ParagonEx Gold Account – 2 pips
️ ParagonEx Platinum Account – 2 pips
️ ParagonEx Diamond Account – 2 pips
️ ParagonEx VIP Account – 1.8 pips
️ MetaTrader 5 Standard Account – 1 pip
️ MetaTrader 5 Zero Spread Account – 0.0 pips
What other features does 1Market’s Islamic Account have?
The features that traders can expect from their 1Market Islamic Account will depend on the type of account that they choose to register. Some typical features include:
️ Access to 1nsight Live Feed
️ Access to Trading Signals
️ 24/5 Live Chat Support
️ Push notifications
️ SMS notification
️ Exclusive Market Updates
|✔️ Pros||❌ Cons|
|A choice between different account types||Inactivity fees are charged|
|Demo account offered||There is a high minimum deposit from $250|
|Education and research are provided||US clients are not accepted|
|Islamic account options are provided|
|Market updates are offered|
|Reliable and fast trade execution speeds|
|There is a flexible proprietary trading platform offered|
|Trading central is offered along with 1nsight Live Feed|
|Transparent fee schedules offered|
|Well-regulated by multiple entities|
|Wide range of flexible funding options|
|Wide range of tradable markets|
How many instruments can I trade with 1Market?
You can trade any of the following instruments:
- Stock CFDs
- Zero-Commission stocks
Which platforms are supported by 1Market?
1Market supports the use of the following:
- ParagonEx Web-based platform
- MetaTrader 5
Does 1Market offer leverage?
Yes, 1Market offers leverage of 1:30 to retail traders and up to 1:400 to professional traders.
What spreads can I expect with 1Market?
You can expect variable spreads from 0.0 pips on the MetaTrader 5 Zero Spread Account.
Does 1Market charge commission?
Yes, 1Market charges commissions of $7 on the MetaTrader 5 Zero Spread Account.
Are there additional charges on the Islamic account?
No, there are no additional charges indicated for the Islamic Account.
Is 1Market regulated and by whom?
Yes, 1Market is regulated by CySEC in addition to being licensed and regulated by several entities across the EEA.
Is 1Market a recommended forex trading broker for experts and beginners?
Yes, 1Market is suitable for both beginners and experienced traders.
What is the overall rating out of 10 for 1Market?
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 1Market offer a demo account?
Yes, 1Market offers a demo account.
How long is the demo account valid?
Which live trading accounts does 1Market offer?
1Market offers the following live trading accounts:
- ParagonEx Mini Account
- ParagonEx Standard Account
- ParagonEx Gold Account
- ParagonEx Platinum Account
- ParagonEx Diamond Account
- ParagonEx VIP Account
- MetaTrader 5 Standard Account
- MetaTrader 5 Zero Spread Account
Does 1Market offer an Islamic Account?
Yes, 1Market offers the option for an Islamic Account.
What are the available deposit currencies for a live trading account?
The following deposit currencies can be used when traders deposit funds:
DEPOSITS AND WITHDRAWALS
What is the minimum deposit required to open an account with 1Market?
How do you make a deposit and withdraw money with 1Market?
You can use any of the following methods:
- Credit Card
- Debit Card
- Bank Wire Transfer
- Rapid Transfer
- Fast Bank Transfer
- Global Collect
- Offline Bank Transfer
- Online Bank Transfer through Volt (GBP only)
Does 1Market charge withdrawal fees?
No, 1Market does not charge any withdrawal fees. However, some payment methods may charge processing fees that 1Market cannot be held liable for.
How long does it take to make a withdrawal?
This will depend on the withdrawal method, but some can take up to 5 working days, such as Bank Wire Transfer.