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ETFinance Islamic Account

ETFinance Islamic Account

 

ETFinance 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 a swap. The fee is not an interest and depends on the direction of the order.

 

ETFinance at a Glance

 

📅 Year Founded2016
📍 Head Office
Cypress
⚖️ Financial Regulatory Bodies
CySEC
📈 Managed accounts
No
📊 Institutional accounts
Yes
☪️ Islamic AccountYes
💰 Minimum Deposit
$250 (R4013,83 USD/ZAR at the time of writing)
👍 Demo Trading Account available
Yes
🌐 Countries not accepted for tradeUnited Kingdom, Belgium
💰 Withdrawal options
Debit and credit cards, bank wire transfers and Skrill.
📒 Deposit optionsDebit and credit cards, bank wire transfers and Skrill.
💻Platform(s) providedMetaTrader4
🖥️ OS compatibility
PC and Mac OS, mobile for Android and IOS
📈 Tradable assets
Forex, indices, commodities, metals, energies, and shares
📓 Languages supported on the websiteMultiple languages
📓  Customer support languagesMultiple languages
☎️ Customer service hours24/5
Maximum Leverage1:30
👉 Open a account👉 Click Here

 

Overall Rating

4.3/5

Rated #375 of 
Recommended FX Brokers

💰Minimum Deposit

USD 215

🌐 Regulators

Cyprus

📱 Trading Desk

No Dealing Desk

Crypto

Yes

📈 Total Pairs

50

☪️ Islamic Account

No

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

ETFinance Islamic Account – 11 key points quick overview:

 

 

Yes, ETFinance 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 a swap. The fee is not an interest and depends on the direction of the order.

 

Finding a reputable list of ETFinance Islamic accounts locally 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.

 

ETFinance Overview

 

ETFinance  Overview

 

ET Finance is a forex broker company in Cyprus that gives traders admittance to platforms that allow them to buy and sell foreign currencies. Its headquarters is listed as 1 Agias Fylaxeos Street, 3025 Limassol.

 

Forex brokers are retail or currency trading brokers and can also provide services to institutional clients and large businesses, for example, investment banks.

 

ET Finance is a trading name of MAGNUM FX (CYPRUS) registered, authorized, and regulated by the Cyprus Securities and Exchange Commission (CySEC).

 

MAGNUM FX (CYPRUS) LTD was incorporated on 28 September 2016 and the domain ETFinance.EU registered on 29 July 2018 with GoDaddy. Its services and features offered seems to be designed more for beginner traders, however major deposit and withdrawal methods are supported and available trading platforms include a WebTrader, MT4, and a mobile App.

 

The broker sports a clean and intuitive web design but offers a limited range of markets for professional traders.

 

It does not offer services to residents of the United Kingdom, Germany, and Italy.

 

📍 Clients highly rate ET Finance though, and boasts that it has already won the following awards:

➡️ Best Forex CFD Provider 2020 – World Finance

➡️ Best CFD Broker Europe 2020 – Global Banking and Finance Awards

➡️ Best Customer Service 2020 – ADVN

➡️ Best New CFD Broker Europe 2019 – Global Banking and Finance Review

 

What exactly is an ETFinance Islamic Account?

 

What exactly is an ETFinance 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 be 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.

 

📍 There are two key elements of the Islamic law that 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 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 are 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 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 such a contract.

 

What are the steps involved in opening an ETFinance Islamic Account?

 

What are the steps involved in opening an ETFinance Islamic Account?

 

Traders who are eligible for an Islamic Account must complete the live account application before they can apply for the Islamic Account.

 

There may be certain documents, apart from proof of identity and residential address, that ET Finance may require before approving an application for an Islamic account.

 

What are ETFinance’s spread costs on an Islamic Account?

 

What are ETF Finance’s spread costs on an Islamic Account?

 

Traders can expect extra fees on Islamic accounts – either in wider spreads, additional commissions, or administration fees to make up for money that they lose by not charging overnight fees.

 

Potential Islamic traders should enquire about these special conditions or extra fees before joining, because it is often overlooked or not indicated on the account features pages.

 

What other features does ETFinance’s Islamic Account have?

 

What other features does ETF Finance’s Islamic Account have?

 

📍 When making use of the ET Finance 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.

➡️ Accounts are activated with a minimum deposit requirement of $ 250.

 

Traders should take note that markets open on Sunday at 11 pm CET and close on Fridays at 11 pm CET. In addition, 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.

 

ETFinance Pros and Cons

 

✔️ PROS❌ CONS
A demo account can be opened to practice withHigh inactivity fees
No deposit fees chargedLimited features and accounts for advanced traders
Option of an Islamic Account for Muslim traders availableMetaTrader 5 is not available
Wide range of tradable asset classesNo help section

 

Conclusion

 

Overall, ETFinance 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 a swap. The fee is not an interest and depends on the direction of the order.

 

You might also like:  ETFinance Review

You might also like: ETFinance Sign-Up Bonus 

You might also like: ETFinance Minimum Deposit

You might also like: ETFinance Fees and Spreads

You might also like: ETFinance Demo Account

You might also like: ETFinance Account types

 

Frequently Asked Questions

Trading Environment

 

How many instruments can I trade with ETFinance?

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

  • Cryptocurrencies such as Bitcoin, Litecoin, and Ethereum.
  • CFDs
  • Metals
  • Stocks
  • Energies
  • Commodities

 

Which platforms are supported by ETFinance?

ET Finance provides the following popular trading platforms:

  • MT4
  • WebTrader
  • Mobile Trader

 

Does ETFinance offer leverage?

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

 

What spreads can I expect with ETFinance?

ET Finance offers spreads on key forex pairs of 0.7 pips for the EUR/USD, 1.3 pips for the GBP/USD, and 0.9 pips for the EUR/GBP.

 

Does ETFinance charge a commission?

No.

 

Are there additional charges on the Islamic account?

Some brokers charge extra fees on Islamic accounts – either in wider spreads, additional commissions, or administration fees to make up for money that they lose with not charging overnight fees.

New Islamic traders should enquire about these special conditions or extra fees before joining, because it is often overlooked or not indicated on the account features pages.

 

Is ETFinance regulated and by whom?

ET Finance is regulated by the Cyprus Securities and Exchange Commission (CySEC).

 

Is ETFinance a recommended forex trading broker for experts and beginners?

ET Finance offers the best trading environment for new traders, since experienced traders may want a wider range of instruments.

 

What is the overall rating out of 10 for ET Finance?

7/10.

 

Accounts

 

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

A demo account as is offered by broker companies like ET Finance is usually funded with virtual money and gives a prospective customer the opportunity to experiment with the company’s trading platforms and its features.

 

Does ETFinance offer a demo account?

Yes.

 

Can I convert my demo account to a live trading account with ETFinance?

The demo account can only be used for a limited time.

 

Which live trading accounts does ETFinance offer?

  • The Silver Account
  • The Gold Account
  • The Platinum Account
  • Islamic Account

 

Does ETFinance offer an Islamic Account?

Yes.

 

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

USD and others.

 

Deposits and Withdrawals

 

What is the minimum deposit required to open an account with ETFinance?

$ 250.

 

How do you make a deposit and withdraw money with ETFinance?

ET Finance offers the following deposit and withdrawal methods:

  • Credit/Debit Card
  • Wire Transfer
  • Some alternative e-wallets

 

The same method that was used to fund an account must usually be used to withdraw money again and monies will only be refunded to accounts that carry the same name as the trading account with ET Finance.

 

Does ETFinance charge withdrawal fees?

No, but fees from financial institutions may be applicable.

 

How long does it take to make a withdrawal?

ET Finance claims that withdrawals usually take only a few days. Traders should note however that depending on a specific bank service it may take several days for the money to be available in a client account.

 

Author Details

Louis Schoeman

Louis Schoeman

Featured Forex and Stocks writer

Table of Contents

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