📈 Popular:

Broker of the month

Top 27 Regulated Forex Brokers

Forex No Deposit Bonuses

Promotions

⚡ Easily Trade – Apple, Microsoft , Tesla and Google Stocks – Open a FREE Account Here

Best Brokers

1st Place

2nd Place

3rd Place

4th Place

5th Place

FinQ Islamic Account

 

 

 

Overall Rating

4.1/5

Rated #292 of
Recommended FX Brokers

💰Minimum Deposit

USD 100

🌐 Regulators

FINRA 

📱 Trading Desk

No Dealing Desk

Crypto

Yes

📈 Total Pairs

55

☪️ Islamic Account

No

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

Yes, FinQ 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 FinQ 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

FinQ provides trading in CFDs by offering tried and tested reliable platforms for web and mobile with over 2100 assets – stocks, commodities, forex, ETFs, indices, bonds. FinQ takes no commission and has multi-lingual client support standing by 24/5 to assist account holders.

FinQ has employed additional security with client funds being kept separately in top-tier global banks, and with payment methods that ensure deposits and withdrawals are completed through vetted reliable providers.

All major credit cards, e-wallets, local payment methods, and wire transfers are accepted for deposits. The broker charges no commission or fees on deposits.

When you withdraw, the broker returns all funds through the same method used to deposit, and the broker charges no commission or fees on withdrawals.

FinQ’s policy on privacy is robust and unless you expressly give consent, data will not be passed to third-party service providers. Personal data will be kept safe and confidential.

In terms of the provided trading platform, WebTrader is one of the most up-to-date popular platforms allowing you to trade over 2,100 assets backed by 90 edit tools, Trending tools, Analysis Recommendation tool and Events & Trade tool.

These tools are extremely valuable and used every day in strategy creation. The MT4 platform is also available to FinQ traders.

WebTrader is designed and developed for use on the web and the mobile app. The app is downloaded for iOS and Android and available on Google Play and Apple Store for free.

FinQ aims to deliver a comprehensive approach to trading by providing all levels of education and tools to assist in analysis and risk management, and with additional training on the features of WebTrader and MetaTrader4.

The FinQ support and dealing desk teams are highly trained experts in the field and receive constant training so they are ready to answer all queries. The FinQ multi-lingual customer service is on call 24/5 and clients can contact the team or account manager through email, telephone, or live chat.

Finq.com is operated by Dilna Investments Ltd which is the primary payment provider and website operator. Dilna Investments Ltd is acting on behalf of its mother company, Leadcapital Corp Ltd is regulated as a Securities Dealer by the Seychelles Financial Services Authority.

 

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 FinQ Islamic Account?

Traders should submit a special request to the broker’s customer support team to apply for an Islamic Account.

If the company suspects that a customer is abusing the rights conferred to them by the classification of the account as an Islamic Account, the company has the right, without prior notice, to proceed with one or more of the following:

The company may add commission upon each one of the trades executed on the Islamic Account.

The Company may cancel the special rights and/or conditions conferred to the Account due to its classification as Islamic Account, recall the designation of the Account as Islamic Account and render it a normal trading account.

Finally, the company may restrict and/or prohibit the customer from hedging their positions.

 

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

The spreads on the Islamic Account will be the same as those of the standard version for which the swap-free account has been created.

 

Overall Rating

4.1/5

Rated #292 of
Recommended FX Brokers

💰Minimum Deposit

USD 100

🌐 Regulators

FINRA 

📱 Trading Desk

No Dealing Desk

Crypto

Yes

📈 Total Pairs

55

☪️ Islamic Account

No

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

What other features does FinQ’s Islamic Account have?

The FinQ 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
No added costs on the Islamic Account The longer account application process

 

You might also like: FinQ Minimum Deposit

You might also like: FinQ Demo Account

You might also like: FinQ Fees and Spreads

You might also like: FinQ Account types

You might also like: FinQ Sign up Bonus

 

 

FinQ at a Glance

Broker’s Name FinQ
Headquartered Seychelles
Year Founded 2017
Regulating Authorities FSA
Countries not accepted for trade United Kingdom, Germany, France, Norway, Sweden, Italy, Denmark, Belgium, United States, Canada, Australia, Saudi Arabia
Islamic Account (Swap Free) Yes
Demo Account Yes
Institutional Accounts No
Managed Accounts Yes
Maximum Leverage 1:300 (for professionals)
Minimum Deposit $100
Deposit Options Debit/credit cards, bank transfers, Neteller, FasaPay, and Skrill
Withdrawal Options Debit/credit cards, bank transfers, Neteller, FasaPay, and Skrill
Platform Types MetaTrader 4
OS Compatibility Windows, Mobile, Web, iPhone, iPad

PC and Mac OS, mobile for Android and IOS

Tradable Assets Stocks, Forex, Indices, Commodities, Bonds, Crypto, ETFs
Languages supported on Website English, Arabic, Indonesian, Malay, Spanish, Vietnamese
Customer Support Languages English, Arabic, Indonesian, Malay, Spanish, Vietnamese
Customer Service Hours 24/5

 

FAQ’s

 

Trading Environment

 

How many instruments can I trade with FinQ?

A wide range of assets can be traded on, particularly with regard to individual shares. Close to 2,000 shares can be traded, primarily the ones quoted on leading global exchanges like the UK, USA, and Germany.

Traders can trade Forex, Commodities, Indices, Bonds, and ETFs in addition to individual equities.

 

Which platforms are supported by FinQ?

MetaTrader 4.

 

Does FinQ offer leverage?

Yes. The leverage offered by the broker varies from 1:50 up to a maximum of 1:300, depending on your experience level.

 

What spreads can I expect with FinQ?

The broker offers fixed spreads in every type of account, and spreads are 1.9 pips on EURUSD.

 

Does FinQ charge commission?

No, FinQ does not charge commissions on trading.

 

Are there additional charges on the Islamic account?

No.

 

Is FinQ regulated?

Yes, FinQ holds a license from the FSA in Seychelles.

 

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

Yes. FinQ caters to both beginners and experts.

 

What is the overall rating out of 10 for FinQ?

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 FinQ offer a demo account?

Yes.

 

For how long is the demo account valid?

Unfortunately, the broker does not indicate the duration of the demo account’s validity. Customer support should be contacted to confirm the demo expiry date.

 

Does FinQ offer the option of an Islamic Account?

Yes.

 

Which live trading accounts does FinQ offer?

FinQ offers several diverse types of tailored accounts, including:

  • Silver Account
  • Gold Account
  • Platinum Account
  • Exclusive Account

 

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

FinQ accepts a variety of different deposit currencies, including smaller currencies such as ZAR (Rand).

 

Deposits and Withdrawals

 

What is the minimum deposit for FinQ?

The minimum deposit amount required to open a broker account with FinQ is $100. This is a standard minimum deposit requirement when compared to most brokers in the industry.

 

How do I make a deposit and withdrawal from FinQ?

Both deposits and withdrawals can be made via a few different methods, including debit/credit cards, bank transfers, Neteller, FasaPay, and Skrill.

 

Does FinQ charge withdrawal fees?

No, although your payment processor may charge fees that are beyond the broker’s control.

 

How long does it take to make a withdrawal?

E-payment withdrawals are typically instant, while bank wire transfers can take up to 3 working days, depending on your bank and location.

 

 

Author Details

Louis Schoeman

Louis Schoeman

Featured Forex and Stocks writer

Table of Contents

You might also like

IEXS Minimum Deposit

IEXS has a minimum deposit requirement of only $ 200. This minimum deposit amount is equivalent to ZAR 3,533.16 at the current exchange rate between

FXOpen Fees and Spreads

  FXOpen fees, spread, and commissions start from US Dollar 1.5 with spreads from 0.0 pips. FXOpen has a low and incredibly competitive spread when

Best Forex Trading Apps for Android

Forex trading apps make it easy to trade currencies on the go using a mobile device. In today’s globally interdependent economy, knowledge of the foreign