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Grand Capital Islamic Account

Grand Capital Islamic Account

 

Overall Rating

4.7/5

Rated #202 of
Recommended FX Brokers

💰Minimum Deposit

USD 50

🌐 Regulators

📱 Trading Desk

Meta Trader 4, Meta Trader 5

Crypto

Yes

📈 Total Pairs

☪️ Islamic Account

No

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

Yes, Grand Capital 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 Grand Capital 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.

 

 

Grand Capital Overview

Grand Capital appears to be one of the oldest brokers in Russia. At the same time, the company maintains a balance between traditional proven strategies and new cutting-edge solutions.

Today Grand Capital offers Forex trading, binary options, CFDs, investment portfolios of up to 330 assets of the stock and commodities markets, and so on.

Grand Capital is a titled broker. The company participates in the largest Forex-industry exhibitions and has received numerous awards from the professional community.

The Grand Capital Group comprises two companies, both named Grand Capital Ltd, based in St Vincent and the Grenadines and Seychelles.

The broker is a member of both Serenity and the Financial Commission, which are dispute resolution and compensation bodies.

Grand Capital serves several regions and has over 40 locations globally, a number of which are in Russia.

The broker has recently opened a data center in Hong Kong and has a strong presence in Asia including offices in Myanmar, India, Malaysia, and Indonesia.

The group also has newly opened offices in Nigeria, Namibia, Kenya, and South Africa.

Clients at Grand Capital can expand their portfolio with over 330 trading instruments across a range of markets:

  • Forex – Over 50 major and exotic pairs
  • Cryptocurrency – 68 pairs such as Bitcoin and Ethereum
  • Stocks – Available on global companies such as Amazon
  • Indices – 12 exchanges including NASDAQ and FTSE100
  • Spot metals – Five metals including gold and silver
  • Energies – WTI and Brent crude oil
  • Other CFDs – Softs, grains, bonds, and meats

 

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.

 

Overall Rating

4.7/5

Rated #202 of
Recommended FX Brokers

💰Minimum Deposit

USD 50

🌐 Regulators

📱 Trading Desk

Meta Trader 4, Meta Trader 5

Crypto

Yes

📈 Total Pairs

☪️ Islamic Account

No

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

What are the steps involved in opening a Grand Capital Islamic Account?

Grand Capital does not provide much information regarding the specific steps for opening an Islamic Account, although it is understood that an Islamic, or swap-free version can be opened for all of its live trading accounts.

In this case, the typical process would be to first register for the live account of your choice and thereafter apply for the account to be transferred to an Islamic version, so that it will no longer incur overnight fees, but retain all other trading conditions.

 

What are Grand Capital’s spread costs on an Islamic Account?

The typical spread on the Islamic account starts at 1 pip, which is not very competitive.

 

What other features does Grand Capital Islamic Account have?

The Grand Capital 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 5-digit spreads on CFDs
  • Traders have access to Expert Advisors, which allow for automated trading.
  • Direct execution on trades

 

Grand Capital Pros and Cons

✔️ PROS ❌ CONS
Islamic Account available

MetaTrader available

Wide range of deposit options

Easy account opening process

Demo account available

Low minimum deposit

Little information provided on the account opening process

Spreads are not very tight

Commission charged on the Islamic account

 

You might also like: Grand Capital Minimum Deposit

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You might also like: Grand Capital Account types

You might also like: Grand Capital Sign up Bonus

 

 

Grand Capital at a Glance

Broker’s Name Grand Capital
Headquartered Moscow, St Vincent, Seychelles
Year Founded 2006
Regulating Authorities FinaCom
Countries not accepted for trade United States, Japan
Islamic Account (Swap Free) Yes
Demo Account Yes
Institutional Accounts No
Managed Accounts No
Maximum Leverage 1:1000
Minimum Deposit $10
Deposit Options
  • Mastercard, Maestro
  • Bank Transfer
  • AdvCash
  • Bitcoin
  • Ethereum
  • FasaPay
  • Help2Pay
  • Neteller
  • Ngan Luong
  • PayRetailers
  • PayTrust
  • Payeer
  • Paylivre
  • Perfect Money
  • Ripple
  • Skrill Tether
  • Thunder X
  • Vload
  • WebMoney
Withdrawal Options
  • AdvCash
  • Bitcoin
  • Ethereum
  • FasaPay
  • Help2Pay
  • Neteller
  • Ngan Luong
  • PayRetailers
  • PayTrust
  • Payeer
  • Paylivre
  • Perfect Money
  • Ripple
  • Skrill Tether
  • Thunder X
  • Vload
  • WebMoney
Platform Types MT4, MT5, WebTrader
OS Compatibility Windows, Mobile, Web, iPhone, iPad

PC and Mac OS, mobile for Android and IOS

Tradable Assets
  • Forex – Over 50 major and exotic pairs
  • Cryptocurrency – 68 pairs such as Bitcoin and Ethereum
  • Stocks – Available on global companies such as Amazon
  • Indices – 12 exchanges including NASDAQ and FTSE100
  • Spot metals – Five metals including gold and silver
  • Energies – WTI and Brent crude oil
  • Other CFDs – Softs, grains, bonds, and meats
Languages supported on Website English, Russian, German, French, Spanish, Portuguese, Polish, Vietnamese, Hindi, Japanese, etc
Customer Support Languages English, Russian, German, French, Spanish, Portuguese, Polish, Vietnamese, Hindi, Japanese, etc
Customer Service Hours 24/7

 

FAQ’s

 

Trading Environment

 

How many instruments can I trade with Grand Capital?

You can trade the following financial instruments:

  • Forex – Over 50 major and exotic pairs
  • Cryptocurrency – 68 pairs such as Bitcoin and Ethereum
  • Stocks – Available on global companies such as Amazon
  • Indices – 12 exchanges including NASDAQ and FTSE100
  • Spot metals – Five metals including gold and silver
  • Energies – WTI and Brent crude oil
  • Other CFDs – Softs, grains, bonds, and meats

 

Which platforms are supported by Grand Capital?

Grand Capital provides MT4, MT5, and WebTrader

 

Does Grand Capital offer leverage?

Yes. Grand Capital offers maximum leverage of up to 1:1000

What spreads can I expect with Grand Capital?

The average EURUSD spread is 1.7 pips on the Standard, Micro, and Swap Free accounts, and 7 pips on the ECN Prime and MT5 accounts. These are much higher than at the average online brokerage.

 

Does Grand Capital charge commission?

Yes, Grand Capital also charges commissions on many trades, although trades on the Micro account are fee-free.

  • Crypto – 0.5% commission
  • ECN Prime – Forex, metals, and energies at $5, indices at $7
  • Standard – CFDs at $14-15
  • Swap-Free – Forex at $4-10, indices at $30, energies at $45, metals at $50
  • MT5 – Forex, metals, indices, and energies at $5-10
  • Stocks – charged at 0.1% for all accounts

 

Are there additional charges on the Islamic account?

Yes, the commission is charged. Forex at $4-10, indices at $30, energies at $45, metals at $50.

 

Is Grand Capital regulated?

Yes. Grand Capital is regulated by the FinaCom

 

Is Grand Capital a recommended forex trading broker for experts and beginners?

Yes. Grand Capital caters to both beginners and experts.

 

What is the overall rating out of 10 for Grand Capital?

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 Grand Capital offer a demo account?

Yes.

 

For how long is the demo account valid?

Not indicated

 

Does Grand Capital offer the option of an Islamic Account?

Yes

 

Which live trading accounts does Grand Capital offer?

Standard Account, MT5 Account, and ECN Prime Account

 

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

  • EUR
  • RUR
  • USD
  • NAD
  • NGN
  • NRL
  • INR
  • BTC
  • ETH
  • IDR
  • VND
  • MYR
  • THB
  • XRP
  • USDT
  • MMK
  • KHR
  • LAK

 

Deposits and Withdrawals

 

 

What is the minimum deposit for Grand Capital?

$10

 

How do I make a deposit and withdrawal from Grand Capital?

  • Mastercard, Maestro
  • Bank Transfer
  • AdvCash
  • Bitcoin
  • Ethereum
  • FasaPay
  • Help2Pay
  • Neteller
  • Ngan Luong
  • PayRetailers
  • PayTrust
  • Payeer
  • Paylivre
  • Perfect Money
  • Ripple
  • Skrill Tether
  • Thunder X
  • Vload
  • WebMoney

 

Does Grand Capital charge withdrawal fees?

Yes, these vary depending on the withdrawal method

 

How long does it take to make a withdrawal?

E-payments take about 10 minutes, bank wire transfers can take up to 5 working days depending on your location

Author Details

Louis Schoeman

Louis Schoeman

Featured Forex and Stocks writer

Table of Contents

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