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Forex4you Islamic Account

Forex4you Islamic Account

 

Overall Rating

4.7/5

Rated #243 of
Recommended FX Brokers

💰Minimum Deposit

USD 0

🌐 Regulators

FSC BVI

📱 Trading Desk

Crypto

Yes

📈 Total Pairs

50+

☪️ Islamic Account

No

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

Yes, Forex4you 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 Forex4you 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.

 

Forex4you Overview

Forex4you is a reputable ECN and STP broker which is headquartered in Zurich, Switzerland. Forex4you offers its comprehensive trading solutions to traders from around the world.

Forex4you has been in operation since 2012 and offers traders around the globe the chance to trade in global markets. Traders can trade more than 250 financial instruments in the following markets:

  • Forex
  • Commodities
  • Shares
  • Indices
  • Cryptocurrencies

Apart from offering a variety of tradable financial instruments, Forex4you makes adequate provision for three main accounts which are tailored to the various trading needs of traders, despite their trading experience, style, or objectives.

Forex4you offers competitive trading conditions consisting of tight and competitive spreads, low commissions, and even zero-commission trading on some financial instruments, powerful trading platforms, education, trading tools and alerts, and more.

 

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.

There are two key elements of 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 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.
  • 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 Forex4you Islamic Account?

Traders can follow the application process involved with opening a live trading account. Traders have the option of converting either a classic or a VIP account into an Islamic Account.

 

What are Forex4you’s spread costs on an Islamic Account?

Traders can only convert either the classic or the VIP account. The spreads that traders can expect start from 1.5 pips EUR/USD on the classic account, and 1.1 pips EUR/USD on the VIP account, respectively.

 

Overall Rating

4.7/5

Rated #243 of
Recommended FX Brokers

💰Minimum Deposit

USD 0

🌐 Regulators

FSC BVI

📱 Trading Desk

Crypto

Yes

📈 Total Pairs

50+

☪️ Islamic Account

No

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

What other features does Forex4you Islamic Account have?

The features that traders can expect from their account will depend on the type of account that the trader converts as both the classic and the VIP account have their own trading conditions.

When converting the classic account, traders have access to the following features:

  • Minimum deposit of $100 when registering.
  • Zero-commissions charged on forex, $2 on indices, and 0.15% on shares.
  • Spreads from 1.5 pips EUR/USD.
  • Leverage up to 1:500.
  • Access to trade forex, commodities, and cryptocurrencies.
  • Access to instant withdrawals – only on Credit Cards, up to €500.
  • Zero fees on deposits and Credit Card Withdrawals.
  • Limited access to trading alerts.
  • Access to AutoChartist Performance Stats with an additional minimum $500 deposit.
  • Access to a personal account manager with an additional minimum $1,000 deposit.
  • Access to AutoChartist Standard tools, trading academy, and live webinars.
  • 24/5 customer support.

When converting the VIP account, traders have access to the following features:

  • Minimum deposit of $3,000 when registering a live account.
  • Spreads from 1.1 pips EUR/USD.
  • Leverage up to 1:500.
  • Access to trade shares, indices, forex, commodities, and cryptocurrencies.
  • Zero-commission charges on forex and indices, 0.15% on shares.
  • Access to instant withdrawals – only on Credit Cards, up to €500.
  • Zero fees on deposits and Credit Card Withdrawals.
  • VIP access to trading alerts
  • Free access to AutoChartist Performance Stats and a personal account manager.
  • Access to priority services.
  • Access to AutoChartist Standard tools, trading academy, live and VIP webinars.
  • 24/5 customer support.

 

Forex4you Pros and Cons

✔️ PROS ❌ CONS
Strict regulation US Clients not allowed
More than 250 financial instruments offered Fixed spread accounts not offered
Commission-free trading offered EU clients restricted on leverage
Free VPS access Inactivity fee charged
Daily trading alerts provided Currency conversion fee charged
Trading Academy
Webinars provided
Variety of accounts offered
Demo account provided
Islamic Account option provided

 

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Forex4you at a Glance

Broker’s Name Forex4you
Headquartered Zurich, Switzerland
Year Founded 2012
Regulating Authorities CySEC, FSC, NFA
Countries not accepted for trade United States
Islamic Account (Swap Free) Yes
Demo Account Yes
Institutional Accounts No
Managed Accounts No
Maximum Leverage 1:500
Minimum Deposit $100
Deposit Options
  • Bank wire transfer
  • Debit/Credit cards
  • Skrill
  • Neteller
Withdrawal Options
  • Bank wire transfer
  • Debit/Credit cards
  • Skrill
  • Neteller
Platform Types MetaTrader 4, MetaTrader 5, Forex4you Mobile App, Forex4you Web Trader
OS Compatibility Windows, Linux, macOS, web browsers, Android, iOS
Tradable Assets
  • Forex
  • Commodities
  • Shares
  • Indices
  • Cryptocurrencies
Languages supported on Website English, Czech, German, Italian, Spanish, Korean, French, Norwegian, Polish, Danish, Arabic, Malaysian, Thai, Vietnamese, Filipino, Hindi, Indonesian, Chinese, Portuguese, Romanian, Turkish, Russian
Customer Support Languages Multilingual
Customer Service Hours 24/5

 

FAQ’s

 

Trading Environment

 

How many instruments can I trade with Forex4you?

You can trade the following financial instruments:

  • Forex
  • Commodities
  • Shares
  • Indices
  • Cryptocurrencies

 

Which platforms are supported by Forex4you?

MetaTrader 4, MetaTrader 5, Forex4you App, and Forex4you Web Trader.

 

Does Forex4you offer leverage?

Yes. Traders have access to leverage up to 1:500. However, EU clients may only be able to get leverage up to 1:30 due to ESMA regulations.

 

What spreads can I expect with Forex4you?

When using the Islamic Account option on the classic account, 1.5 pips EUR/USD, and 1.1 pips EUR/USD on the VIP account.

 

Does Forex4you charge commission?

Yes. Depending on the trading account the trader uses, and the financial instrument traded, traders will be subjected to the following commissions:

  • Classic account – $2 on indices and 0.15% on shares.
  • VIP account – 0.15% on shares.
  • Raw account – $5 on all forex pairs, $2 on indices, and 0.15% on shares.

 

Are there additional charges on the Islamic account?

No. There are no additional fees charged when Muslim traders make use of the Islamic Account option either on the classic or the VIP account.

 

Is Forex4you regulated?

Yes. Forex4you is regulated by CySEC, FSC, and NFA.

 

Is Forex4you a recommended forex trading broker for experts and beginners?

Yes. Forex4you caters to both beginners and experts.

 

What is the overall rating out of 10 for Forex4you?

9/10.

 

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 Forex4you offer a demo account?

Yes.

 

For how long is the demo account valid?

Demo accounts are generally available for 30 days.

 

Does Forex4you offer the option of an Islamic Account?

Yes. Forex4you offers the option of an Islamic Account on the classic and the VIP account.

 

Which live trading accounts does Forex4you offer?

  • Classic Account
  • VIP Account, and
  • Raw Account

 

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

  • USD
  • EUR
  • GBP

 

Deposits and Withdrawals

 

What is the minimum deposit for Forex4you?

$100.

 

How do I make a deposit and withdrawal from Forex4you?

  • Bank wire transfer
  • Debit/Credit cards
  • Skrill
  • Neteller

 

Does Forex4you charge withdrawal fees?

Withdrawals are free of charge as long as traders withdraw 100 GBP/USD/EUR and more. Should amounts of less be withdrawn, there is a 10 EUR fee that will apply to withdrawals done through bank wire transfer.

Other payment methods used will attract a 20 EUR fee should withdrawals of less than 100 GBP/USD/EUR be made.

 

How long does it take to make a withdrawal?

This will depend on the payment method used. Payments can reflect instantaneously or take up to several days.

Author Details

Louis Schoeman

Louis Schoeman

Featured Forex and Stocks writer

Table of Contents

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