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EGM Securities Islamic Account

EGM Securities Islamic Account


Overall Rating


Rated #76 out of 76
Recommended FX Brokers

💰Minimum Deposit

USD 100

🌐 Regulators


📱 Trading Desk

MetaTrader 5



📈 Total Pairs

☪️ Islamic Account


📊 Trading Fees


🕒 Account Activation Time

24 Hours

🏛️ Visit Broker


Yes, EGM Securities 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 EGM Securities 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.



EGM Securities was founded in 2016 and headquarters in Nairobi, Kenya. The broker is part of a broader group of brokers licensed in the United Kingdom, Jordan, the UAE, and Australia.

EGM Securities is an online trading company that runs a Non-Dealing Desk (NDD) which means it provides direct access to Interbank market exchange rates.

An NDD broker provides trade executions using either Straight Through Processing (STP) or Electronic Communications Network (ECN), or both.

EGM Securities allow traders to trade various financial markets, such as over 60 currency pair, precious metals, indices, commodities, CFDs, and more.

The platform on offer is the popular MetaTrader 4 that is available in various versions through two live account types, a Premiere, and an Executive account.

The broker provides many educational tools to support first-time traders as well as research tools to assist with the day-to-day trading and keep traders up to date with the newest trends in the financial world.


What exactly is an Islamic Account?


An Islamic Account, for the greater part as offered by most brokers, is not a standalone account, although some brokers dedicate one account to being an Islamic or Swap Free account, in most cases, this is an option offered by especially Forex brokers.

Islamic Accounts are also 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.

Two key elements of Islamic law relate specifically to trading accounts, these elements are:

  • Riba, and
  • Gharar


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 about 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 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 Sharia law have funds transferred by either a bank or other financial institution and it involves interest terms, this is prohibited by 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.


Overall Rating


Rated #76 out of 76
Recommended FX Brokers

💰Minimum Deposit

USD 100

🌐 Regulators


📱 Trading Desk

MetaTrader 5



📈 Total Pairs

☪️ Islamic Account


📊 Trading Fees


🕒 Account Activation Time

24 Hours

🏛️ Visit Broker


What are the steps involved in opening an EGM Securities Islamic Account?


Islamic Swap-Free accounts are only offered to clients of Islamic faith and it is subjected to EGM Securities’ approval.

Traders who want to open an Islamic Swap-Free account need to first go through the process of opening a live account. You need to agree to the Swap-free terms and conditions before the account is changed.

If you already have a live account and want to change it to a swap-free account, it is subject to certain terms and conditions. It is suggested that you contact the broker’s Clients Support team for the correct procedure.

Your request will be reviewed, and you will receive a reply within a couple of days.


What is EGM Securities’ spread costs on an Islamic Account?


This information is only available for traders who have approved Islamic accounts.


What other features does EGM Securities’ Islamic Account have?


When making use of the EGM Securities’ 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 Expert Advisors, which allow for automated trading.
  • Direct execution on trades.


Traders should take note that markets open on Sunday at 11 pm CET and close on Fridays at 11 pm CET. Also, there may be some restrictions and limits which apply to the Islamic Account.

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

Commission-free trading offered on the Executive account Clients from the United States not accepted
MetaTrader 4 offered Fixed spread accounts not offered
Regulated through CMA Only two live account type offered
Segregated client funds used


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EGM Securities at a Glance

Broker’s Name EGM Securities
Headquartered Nairobi, Kenya
Year Founded 2016
Regulating Authorities CMA
Countries not accepted for trade United States
Islamic Account (Swap Free) Yes
Demo Account Yes
Institutional Accounts Yes
Managed Accounts Yes
Maximum Leverage 1: 400
Minimum Deposit $ 15
Deposit Options ·         Bank Transfers

·         Credit/Debit Cards

·         Neteller

·         Skrill

·         Mobile Payment Solutions

Withdrawal Options ·         Bank Transfers

·         Credit/Debit Cards

·         Neteller

·         Skrill

·         Mobile Payment Solutions

Platform Types MetaTrader 4
OS Compatibility Web browsers, windows, PC, Mac, Android, iOS
Tradable Assets ·         60 currency pair

·         Precious metals

·         Indices

·         Commodities

·         CFDs, and more

Languages supported on Website English
Customer Support Languages English
Customer Service Hours 24/6




Trading Environment


How many instruments can I trade with EGM Securities?

You can trade the following financial instruments:

  • 60 currency pair
  • Precious metals
  • Indices
  • Commodities
  • CFDs, and more


Which platforms are supported by EGM Securities?

MetaTrader 4.


Does EGM Securities offer leverage?

Yes. Leverage of up to 1: 400.


What spreads can I expect with EGM Securities?

You can expect spreads that typically start from 0.2 pips.


Does EGM Securities charge commission?

No. EGM Securities offers commission-free trading apart from the Premiere Account where a commission of $ 7 per standard lot round turn is charged.

It is unclear whether Islamic account holders are subjected to the same commission charges. Traders must verify this information with the broker as it is not stated on the website.


Are there additional charges on the Islamic account?

Not that can be seen from EGM Securities’ website.


Is EGM Securities regulated?

Yes. EGM Securities is regulated by CMA.


Is EGM Securities a recommended forex trading broker for experts and beginners?

Yes. EGM Securities offers a trading environment for both beginners and expert traders.


What is the overall rating out of 10 for EGM Securities?





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.


Does EGM Securities offer a demo account?

Yes. The broker does offer a demo account that has the same features like the live account.


For how long is the demo account valid?

There is no indication on the website for how long a demo account is valid, but most brokers usually offer it for 30 days.


Does EGM Securities offer the option of an Islamic Account?

Yes. EGM Securities offers the option of an Islamic Account for traders of the Muslim faith.


Which live trading accounts does EGM Securities offer?

EGM Securities offers an Executive Account and a Premiere Account as well as a Swap-free Account for Muslim Traders.


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

  • EUR
  • USD
  • GBP
  • AED


Deposits and Withdrawals


What is the minimum deposit for EGM Securities?

$ 15.


How do I make a deposit and withdrawal from EGM Securities?

  • Bank Transfers
  • Credit/Debit Cards
  • Neteller
  • Skrill
  • Mobile Payment Solutions


Does EGM Securities charge withdrawal fees?

No. EGM Securities does not charge any withdrawal fees apart from international withdrawals through bank wire transfer where the charge is 1650 KES or $ 16.50.


How long does it take to make a withdrawal?

Transaction times depend on the payment methods used. For domestic withdrawals, the period is between 1 – 3 business days, and for international withdrawals between 3 – 5 business days.



Author Details

Louis Schoeman

Louis Schoeman

Featured Forex and Stocks writer

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