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Infinox Islamic Account

Infinox Islamic Account

 

Overall Rating

4.5/5

Rated #39 of
Recommended FX Brokers

💰Minimum Deposit

£1

🌐 Regulators

FCA, FSC, SEB, FSCA

📱 Trading Desk

MetaTrader 4

MetaTrader 5

Crypto

Yes

📈 Total Pairs

49+

☪️ Islamic Account

Yes

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

Yes, Infinox 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 Infinox 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 Swap Free Islamic Accounts.

 

Infinox Overview

Infinox is a UK-based ECN and STP broker that was founded in 2009 and caters for traders from around the world, offering the following financial instruments which can be traded:

 

  • Forex
  • Indices
  • Commodities
  • CFDs on equities and futures

 

These financial instruments can be traded either through MetaTrader 4, MetaTrader 5, or the CGQ Desktop trading platform. While MetaTrader 4 and 5 cater to both beginners and experienced traders, the CGQ Desktop caters to professional and institutional level traders who need to add a competitive edge to their trading.

Infinox offers traders a variety of trading solutions and services, in addition to offering the advantage that any, and all, trading strategies are welcome including hedging, scalping, auto-trading, and several others. Traders can test their strategies using the Infinox demo account while simultaneously using one of three powerful, flexible, and dynamic trading platforms.

Infinox is well-regulated by FSCA, SCB, and FSC in offering its services to traders from around the world. Client fund safety is assured, and traders have the benefit of decent trade execution speeds, deep liquidity, and some of the best pricing in the industry.

 

What exactly is an Islamic Account?

 

An Islamic, or swap-free, trading account is one that is allowed by Islamic Sharia law. These accounts are based on the Islamic principle where interest is not applied to positions that are held open for longer than a trading day after the trading day has concluded.

Islamic Accounts are 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 on 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 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 such a contract.

 

What are the steps involved in opening a Infinox Islamic Account?

Muslim traders must first register either an ECN or a STP account before they can convert their account to an Islamic account. Once the live account has been successfully registered and traders have their login credentials, traders can access the ‘Sharia Compliant’ option from their Client Area.

In selecting this option, traders acknowledge and accept the terms and conditions that may be tied to this account. In addition, traders must acknowledge that Infinox can, without warning, terminate the account if misuse or abuse is found.

The Islamic account option serves the purpose of providing Muslim traders with an account where they can trade a variety of markets while simultaneously complying with the Sharia Law. The account is not to be used by any other purpose, for any other reason other than this.

 

Overall Rating

4.5/5

Rated #39 of
Recommended FX Brokers

💰Minimum Deposit

£1

🌐 Regulators

FCA, FSC, SEB, FSCA

📱 Trading Desk

MetaTrader 4

MetaTrader 5

Crypto

Yes

📈 Total Pairs

49+

☪️ Islamic Account

Yes

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

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

This will depend on the live trading account that traders convert to an Islamic Account. The STP Account offers traders variable spreads that start from 0.9 pips while the ECN Account offers tighter spreads which start from 0.2 pips.

Traders must acknowledge that, with variable spreads, the spreads that they can expect will depend on the financial instrument being traded as well as the market conditions on the day of trading.

 

What other features does Infinox’s Islamic Account have?

  • Access to either MetaTrader 4 or MetaTrader 5 through which trades can be executed.
  • Access to leverage of up to 1:500.
  • Microlot trading supported, minimum trade size of 0.01 lots.

Traders who use the STP Account can enjoy commission-free trading while ECN Account users are subjected to commissions from $7.5, £5, or €5 which are charged on trades.

 

Pros and Cons

✔️ PROS ❌ CONS
Demo account and Islamic option offered Commissions are not the lowest
Member of FSCA No US or Belgium Clients allowed
Powerful trading platforms supported Spreads are not the tightest
Retail, institutional, and professional accounts offered Trading instruments are limited
Variable spreads offered
Well-regulated

 

 

 

Infinox at a Glance

Broker’s Name Infinox
Headquartered United Kingdom
Year Founded 2009
Regulating Authorities SCB, FSC, FSCA
Countries not accepted for trade United States and Belgium
Islamic Account (Swap Free) Yes
Demo Account Yes
Institutional Accounts Yes
Managed Accounts No
Maximum Leverage 1:500
Minimum Deposit No minimum deposit requirement
Deposit Options
  • Wire Transfer
  • Credit/Debit Card
  • Skrill, and
  • Neteller
Withdrawal Options
  • Wire Transfer
  • Credit/Debit Card
  • Skrill, and
  • Neteller
Platform Types MetaTrader 4, MetaTrader 5, CQG Desktop
OS Compatibility Web browsers, Windows, MacOS, Linux, Android, iPhone, tablets, iPads
Tradable Assets Forex, indices, commodities, and CFDs on equities and futures.
Languages supported on Website English, Italian, Portuguese, Simplified and Traditional Chinese, Arabic
Customer Support Languages Multi-lingual
Customer Service Hours 24/5

 

FAQ’s

 

Trading Environment

 

How many instruments can I trade with Infinox?

You can trade the following instruments:

  • Forex
  • Indices
  • Commodities
  • CFDs on equities and futures

 

Which platforms are supported by Infinox?

  • MetaTrader 4
  • MetaTrader 5
  • CGQ Desktop

 

Does Infinox offer leverage?

Yes. Infinox offers maximum leverage of up to 1:500 on both the STP and the ECN Account.

 

What spreads can I expect with Infinox?

Infinox’s spreads start from 0.2 pips on the ECN Account.

 

Does Infinox charge commission?

Commissions of 7.5 USD, 5.00 GBP, or 5 EUR are charged on trades.

 

Are there additional charges on the Islamic account?

No, there is no indication of whether Infinox charges any additional costs on the Islamic Accounts. However, traders must verify this information with the broker before registering a live trading account.

 

Is Infinox regulated?

Yes. Infinox is regulated by SCB, FSC, and FSCA.

 

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

Yes. Infinox caters for both beginners and experts.

 

What is the overall rating out of 10 for Infinox?

7/10.

 

Accounts

 

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

A Demo Account is a risk-free account that is funded by virtual money, allowing traders to use it in a variety of ways, including, but not limited to using it as a practice account where beginners can gain more experience, a way to test out the offering of the broker, or a platform where traders can test and backtest strategies before they apply them in a live trading environment.

 

Does Infinox offer a demo account?

Yes.

 

For how long is the demo account valid?

The standard duration of demo accounts across the industry is 30-days.

 

Does Infinox offer the option of an Islamic Account?

Yes. Infinox offers traders with the option of converting either their STP or ECN Account into that of an Islamic Account. Infinox has a Sharia compliance certificate posted on the website.

 

Which live trading accounts does Infinox offer?

Infinox offers the following trading accounts:

  • STP Account
  • ECN Account

 

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

The specific deposit currencies are not indicated, but it is safe to assume that major currencies such as USD, AUD, GBP, EUR, JPY, among others are accepted.

 

Deposits and Withdrawals

 

What is the minimum deposit for Infinox?

Infinox does not have a minimum deposit requirement.

 

How do I make a deposit and withdrawal with Infinox?

  • Wire Transfer
  • Credit/Debit Card
  • Skrill, and
  • Neteller

Does Infinox charge withdrawal fees?

Not that can be ascertained from the broker website.

 

How long does it take to make a withdrawal?

This will depend on the method through which withdrawals are made along with the process involved and it can take between one and several business days.

 

Author Details

Louis Schoeman

Louis Schoeman

Featured Forex and Stocks writer

Table of Contents

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