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CCI Traders Islamic

CCI Traders broker islamic account

 

 

Overall Rating

4.7/5

Rated #225 of
Recommended FX Brokers

💰Minimum Deposit

USD 50

🌐 Regulators
FSC
📱 Trading Desk

No Trading Desk

Crypto

Yes

📈 Total Pairs

☪️ Islamic Account

No

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

Yes, CCI Traders Islamic Account offers an Islamic account for Muslim faith traders including a swap-free account. The Islamic forex trading 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.

Finding a reputable list about CCI Traders Islamic account local or worldwide can be a difficult process, especially finding a complete list from a trustworthy reputable source.

Below is an in-depth Islamic Account Review regarding this regulated Forex company, which will assist Islamic traders to make an informed decision when it comes to Swap Free Islamic Accounts.

 

CCI Traders Overview

CCI Traders is one of the first brokers in the industry to do away with swap charges for all categories of clientele.

CCI Traders is a forex broker company in St. Vincent & The Grenadines that provides traders with access to one or more platforms that will allow them to buy and sell foreign currencies. Retail currency traders use these broker companies to gain access to the 24-hour currency market for speculation purposes.

Forex broker services can also be provided for institutional clients and large companies such as investment banks.

CCI Traders has been providing training and trading services to clients across the globe since 2008 and became a brokerage house in 2019. It offers to trade on commodities such as metals and energy, major global indices, currencies, and several CFD products.

CCI Trading Ltd. is registered in St. Vincent & The Grenadines under FSA and while it is a global broker, its dominant clients are from the Middle East, Africa, Asia, and some other countries.

Besides that, CCI Traders also does not charge a commission on its entire product range. It assures fund segregation, offers low spreads, high leverage, negative balance protection, direct market execution, and low minimum deposits with ECN trading facilities.

Retail clients can start with a minimum deposit of $50 and funding methods include debit/credit cards, eWallets, and Bitcoin, with all deposits processed instantly.

The brokers are only registered by the Financial Services Authority (FSA) in St. Vincent & the Grenadines while another subsidiary is authorized and regulated by the Financial Services Commission (FSC) in Mauritius. CCI Traders claims however to have an insurance cover of up to $1 000 000 against errors, frauds, embezzlement, negligence, and hacking.

CCI Trader is an ECN broker and offers a 50% bonus on the first deposit.

 

What exactly is an Islamic Account?

An Islamic Account, as offered by most brokers, is often not a standalone account, although some brokers dedicate one account to be an Islamic or Swap Free account. In most cases, this is an option offered by especially Forex brokers.

Islamic Accounts are mostly provided by brokers who serve Middle Eastern clients along with clients from other jurisdictions and offer certain features that are in line with 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.

There are two key elements of Islamic law that relate specifically to trading accounts, namely Riba and Gharar.

Riba is the prohibition of generating money from money, which in this case specifically refers to an interest, an act that is not allowed under Sharia law. This type of interest is seen as both unjust and exploitive gains pertaining to trade or business.

 

Which financial activities are restricted and 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:

  • 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.
  • 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 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.
  • Trading on margin – 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 into such a contract.

 

What are the steps involved in opening a CCI Traders Islamic Account?

Traders who are eligible for an Islamic Account must complete a usual live account application with CCI Traders because all the broker’s accounts are swap-free and may be used by people in this religious group.

 

What are CCI Traders’ spread costs on an Islamic Account?

Traders can expect the normal spreads as advertised by the broker.

 

Overall Rating

4.7/5

Rated #225 of
Recommended FX Brokers

💰Minimum Deposit

USD 50

🌐 Regulators
FSC
📱 Trading Desk

No Trading Desk

Crypto

Yes

📈 Total Pairs

☪️ Islamic Account

No

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

What other features does CCI Traders’ Islamic Account have?

When making use of an Islamic account, traders can expect the following key features:

  • Interest is not charged on contracts that are held for more than 24-hours. There is a consistent zero rollover interest.
  • There are no additional rollover commissions where contracts are held for longer than 24-hours.
  • Traders have access to the same spreads
  • Traders can trade in both mini and micro-lots
  • Traders have access to Expert Advisors, which allow for automated trading.
  • Direct execution on trades, and
  • Accounts are activated with a minimum deposit requirement of $50.

Before registering an account, traders should ensure that they contact the Middle Eastern support desk to find out more regarding such restrictions and/or limits.

Pros and Cons

✔️ PROS ❌ CONS
All accounts are swap-free The US and some other Clients not accepted
The proprietary trading platform offered The website is not clear about some information
Good trading tools offered
Commission-free trading offered

You might also like: CCI Traders Minimum Deposit

You might also like: CCI Traders Demo Account

You might also like: CCI Traders Fees and Spreads

You might also like: CCI Traders Account types

You might also like: CCI Traders Sign up Bonus

 

CCI Traders at a Glance

Broker’s name CCI Traders
Headquarters Kings Town, St. Vincent as well as an office in Mauritius
Year founded 2008
Regulating authorities Registered in St. Vincent & The Grenadines under FSA
Countries not accepted for trade Canada, North Korea, Syria, South Sudan, US, UK, or Yemen
Demo account Yes
Islamic account (swap-free) Yes- all accounts are swap-free
Institutional accounts Yes
Managed accounts Yes
Maximum leverage 1:500
Minimum deposit $50
Deposit options Wire Transfer, Visa, MasterCard, Bank guarantee, BTC, E-Payment
Withdrawal options Wire Transfer, Visa, MasterCard, BTC, E-payment
Platform(s) provided MetaTrader 5 platform or the proprietary XOH platform
OS compatibility Windows, Apple (Mac), Linux, Windows Phone, Android, iPhone
Tradable assets offered Forex

Major Indices

CFDs

Precious Metals

Oil

Commodities

CFD Stocks

Languages supported on the website English exclusively
Customer support languages English exclusively
Customer service hours 24/5

 

FAQ’s

 

Trading Environment

 

How many instruments can I trade with CCI Traders?

You can trade several different instruments with CCI Traders, which include the following:

  • Forex
  • Major Indices
  • CFDs
  • Precious Metals
  • Oil
  • Commodities
  • CFD Stocks

 

 

Which platforms are supported by CCI Traders?

CCI TRADERS provides the MetaTrader 5 platform and the proprietary XOH platform.

 

Do CCI Traders offer leverage?

Yes, CCI Traders offers maximum leverage of up to 1: 500.

 

What spreads can I expect with CCI Traders?

CCI Traders offers different spreads on its various accounts. The spreads and leverage offered by CCI Traders directly relate to the account type.

 

Do CCI Traders charge commission?

No.

 Are there additional charges on the Islamic account?

No, since all the accounts have the same features.

 

 Are CCI Traders regulated and by whom?

CCI Traders is registered in St. Vincent & The Grenadines under FSA.

 

Is CCI Traders a recommended forex trading broker for experts and beginners?

CCI Traders offers a fair trading environment for most types of traders.

 

What is the overall rating out of 10 for CCI Traders?

7/10

 

Accounts

 

What is the difference between a demo and a live trading account?

A demo account offers the use of virtual funds instead of actual capital. This allows for risk-free trading as well as exploring both the broker’s offer and the trading platform.

A demo account can be used for a variety of reasons including practice trading, testing trading strategies, exploring platforms and offers, and more.

 

Do CCI Traders offer a demo account?

Yes.

 

For how long is the demo account valid?

Not indicated on the website.

 

Do CCI Traders offer the option of an Islamic Account?

CCI Traders is one of the first brokers in the industry to do away with swap charges for all categories of clientele.

 

Which live trading accounts do CCI Traders offer?

• Retail Account

• Professional Account

• Institutional Account

• Multiple Account Management (MAM) services

• No separate Islamic account since all accounts are swap-free.

 

What are the available deposit currencies for a live trading account?

USD

 

Deposits and Withdrawals

 

What is the minimum deposit for CCI Traders?

$50

 

How do I make a deposit and withdrawal from CCI Traders?

CCI Traders offers the following deposit and withdrawal methods:

  • Wire Transfer
  • Visa
  • MasterCard
  • Bank guarantee
  • BTC
  • E-Payment

Withdrawal Methods:

  • Wire Transfer
  • Visa
  • MasterCard
  • BTC
  • E-payment

The same method that was used to fund an account must normally be used to withdraw and monies will usually only be refunded to accounts in the same name as the trading account.

 

Do CCI Traders charge withdrawal fees?

No.

 

How long does it take to make a withdrawal?

Withdrawals by means of certain methods may be processed within a day but depending on bank services it may take several days to be available.

Author Details

Louis Schoeman

Louis Schoeman

Featured Forex and Stocks writer

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