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FinoTrade Islamic Account

 

Overall Rating

4.3/5

Rated #291 of
Recommended FX Brokers

💰Minimum Deposit

USD 1000

🌐 Regulators

FCA

📱 Trading Desk

Meta Trader 4 

Crypto

Yes

📈 Total Pairs

34

☪️ Islamic Account

No

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

Yes, FinoTrade 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 FinoTrade 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.

 

Overview

FinoTrade is fully FCA regulated and compliant making trading with this broker is safe and secure. FinoTrade has developed and set partnerships in place that ensure the broker’s traders an advanced trading experience.

With an array of tailored trading solutions that suit both novice and professional traders alike, the broker has worked to create a highly competitive trading environment.

FinoTrade’s team of professional brokers is handpicked and dedicated to the success of its traders and the integrity of its brand, with over 10,000 satisfied clients and 100 million dollars invested.

As such, trading at FinoTrade has some of the following advantages:

  • Fully FCA regulated and compliant broker
  • MT4 – MT4 web – MT4 Mobile platform
  • Lightning-Fast Execution
  • Tailored account solutions
  • MAM Account Options
  • IB Solutions
  • Professional and Experienced Trading Brokers
  • Advanced Trading Tools

 

Clients get access to the MetaTrader 4 platform, which has been trusted by brokers and traders alike for 15 years. The platform is highly customizable and intuitive, boasting a suite of technical and fundamental analysis tools, as well as automated trading capabilities.

 

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 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 FinoTrade Islamic Account?

To open an Islamic account, traders must contact the broker’s support team by live chat, email, or call-back. The broker has helpful representatives available 24/5 via Live Chat, E-mail, and Telephone.

 

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

The Islamic Account bears the same cost structure as that of the live account for which the swap-free version has been created.

However, FinoTrade does not publish its spread list on the website, which is not typical for brokers these days, particularly those which are regulated by the Financial Conduct Authority.

However, those who have tested the demo account in the past have encountered a spread on EUR/USD floating around 0.4 pips when tested in the MT4 demo environment.

As such, traders will have to contact the broker’s customer support team to enquire after the spreads available on the account for which they would like to create a swap-free version.

 

Overall Rating

4.3/5

Rated #291 of
Recommended FX Brokers

💰Minimum Deposit

USD 1000

🌐 Regulators

FCA

📱 Trading Desk

Meta Trader 4 

Crypto

Yes

📈 Total Pairs

34

☪️ Islamic Account

No

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

What other features does FinoTrade Islamic Account have?

The FinoTrade Islamic account will include the following 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

 

Pros and Cons

✔️ PROS ❌ CONS
Islamic Account available Many trading conditions not made available
Well-regulated broker Several additional trading fees
Advanced trading environment
A wide selection of tailored accounts

 

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You might also like: FinoTrade Fees and Spreads

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You might also like: FinoTrade Sign up Bonus

 

 

FinoTrade at a Glance

Broker’s Name FinoTrade
Headquartered London, UK
Year Founded 2007
Regulating Authorities FCA
Countries not accepted for trade FinoTrade accepts traders from Australia, Thailand, Canada, United States, United Kingdom, South Africa, Singapore, Hong Kong, India, France, Germany, Norway, Sweden, Italy, Denmark, United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, Qatar, and most other countries.
Islamic Account (Swap Free) Yes
Demo Account Yes
Institutional Accounts No
Managed Accounts Yes
Maximum Leverage Not indicated
Minimum Deposit $1000
Deposit Options Local wire transfers, SafeCharge and UnionPay
Withdrawal Options Local wire transfers, SafeCharge and UnionPay
Platform Types MetaTrader 4
OS Compatibility Windows, Mobile, Web, iPhone, iPad

PC and Mac OS, mobile for Android and IOS

Tradable Assets Forex, Indices, and Commodities
Languages supported on Website English, Spanish, French, Italian
Customer Support Languages English, Spanish, French, Italian
Customer Service Hours 24/5

 

 

 

FAQ’s

 

Trading Environment

 

How many instruments can I trade with FinoTrade?

FinoTrade offers 34 major, minor, and exotic currency pairs, such as EUR/GBP and USD/TRY, 11 CFD indices such as NASDAQ and FTSE 100, plus popular commodities including gold and oil. The broker does not appear to offer cryptocurrencies at this stage.

 

Which platforms are supported by FinoTrade?

MetaTrader 4.

 

Does FinoTrade offer leverage?

The maximum leverage levels offered by FinoTrade are not announced on its website. However, the maximum retail leverage permitted at FCA-regulated brokers is 1:30 on major forex pairs.

 

What spreads can I expect with FinoTrade?

Unfortunately, FinoTrade does not publish its spread list on the website, which is not typical for brokers these days, particularly those which are regulated by the Financial Conduct Authority.

However, those who have tested the demo account in the past have encountered a spread on EUR/USD floating around 0.4 pips when tested in the MT4 demo environment.

 

Does FinoTrade charge commission?

FinoTrade does not indicate whether traders are charged commissions.

 

Are there additional charges on the Islamic account?

This is not indicated.

 

Is FinoTrade regulated?

Yes, FinoTrade is regulated by the Financial Conduct Authority (FCA).

 

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

No, FinoTrade is better positioned towards advanced traders, due to the high minimum deposit requirement.

 

What is the overall rating out of 10 for FinoTrade?

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.

 

Does FinoTrade offer a demo account?

Yes.

 

For how long is the demo account valid?

The demo account from FinoTrade is available for an unlimited period. However, the account may expire after a period of inactivity, so that it is worth confirming this with the broker’s customer support team.

 

Does FinoTrade offer the option of an Islamic Account?

Yes.

 

Which live trading accounts does FinoTrade offer?

There are 4 account types available at FinoTrade: Classic, Gold, Platinum, and VIP.

 

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

Deposit currencies consist of EUR, USD, and GBP. Traders depositing in other currencies, such as ZAR (Rand), will incur conversion fees.

 

Deposits and Withdrawals

 

What is the minimum deposit for FinoTrade?

FinoTrade has a minimum deposit amount of $1000, which is high compared to most other brokers.

 

How do I make a deposit and withdrawal from FinoTrade?

FinoTrade processes deposits and withdrawals via local wire transfers, SafeCharge, and UnionPay.

 

Does FinoTrade charge withdrawal fees?

Yes, and these depend on the withdrawal method and the amount you wish to withdraw.

 

How long does it take to make a withdrawal?

Processing times may vary depending on the payment method; details of these can be provided by the customer support team.

 

Author Details

Louis Schoeman

Louis Schoeman

Featured Forex and Stocks writer

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