Yes, KVB Kunlun 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 KVB Kunlun 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.
KVB Kunlun offers their Muslim traders the option of an Islamic Account which is compliant with Sharia Laws. This broker is a well-regulated broker which is based in Hong Kong. KVB Kunlun is regulated by FSC.
KVB Kunlun has been in operation since 2007 and offers traders around the globe the chance to trade in global markets. Traders can trade more than several financial instruments in the following markets:
- Precious metals
- Bulk commodities
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 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.
Two key elements of Islamic law relate specifically to trading accounts, these elements are:
- Riba, and
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 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 KVB Kunlun Islamic Account?
Traders who are eligible for an Islamic Account must complete the live account application before they can apply for the Islamic Account. There may be certain documents, apart from proof of identity and residential address, that XXXXs may require before approving an application for an Islamic account.
What are KVB Kunlun’s spread costs on an Islamic Account?
Traders can expect spreads that start from KVB Kunlun when using the Islamic account. This will depend on the financial instrument, the time of day, and several other factors.
What other features does KVB Kunlun Islamic Account have?
When making use of the KVB Kunlun Islamic account, traders can expect the following key 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
- Traders can trade in both mini and micro-lots
- Traders have access to Expert Advisors, which allow for automated trading.
- Direct execution on trades, and
- Accounts are activated with a minimum deposit requirement of $1000
Traders should take note that markets open on Sunday at 11 pm CET and close on Fridays at 11 pm CET. Also, there may be some restrictions and limits which apply to the Islamic Account.
Before registering an account, traders should ensure that they contact the Middle Eastern support desk to find out more regarding such restrictions and/or limits.
The KVB Kunlun accounts provide traders with an array of features, including:
The Mini Account
The Mini Account comes with the following specifications:
- Minimum deposit: $1,000
- Minimum trade size: 0.01
- Maximum leverage: 1:200
- Average spreads: 1 pip on EUR/USD+ commission of $2 per standard lot round turn
Real Trading Account
A real trading account requires a minimum deposit upon registration. During the registration process, traders will find out how they get:
- Floating spreads
- Multi-currency account
- Minimum trade 0.01 lot
- 5-digit quotes
- Currency pairs, indices, commodities
The Standard Account derives with the following specifications:
- Minimum deposit: $5,000
- Minimum trade size: 1
- Maximum leverage: 1:200
- Average spreads: 1 pip on EUR/USD
KVB Kunlun offers Muslim traders who follow Sharia law the option of an Islamic Account.
It is unclear whether it is merely an option where traders can convert their live trading account to an Islamic Account, or whether it is a standalone account with a separate application procedure.
The KVB Kunlun Islamic Account offers traders the following features:
- A minimum deposit requirement of $1000 after which the account will be activated.
- Spreads start from 1 pip depending on the financial instrument, time of day, and several other factors.
- Direct execution on trades through the STP model.
- Zero-interest charged on contracts that are held for longer than 24-hours with a consistent zero-rollover interest.
- Zero additional rollover commissions when contracts are held for longer than 24-hours.
- Traders are provided with 5-digit spreads.
- Traders can trade both mini and micro-lots.
- Traders are offered access to Expert Advisors, or EAs, which allow for automated trading.
Pros and Cons
|✔️ PROS||❌ CONS|
|Well regulated||No US clients allowed|
|Offers Islamic Account||High minimum deposit|
|Offers a demo account|
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KVB Kunlun at a Glance
|Broker’s Name||KVB Kunlun|
|Countries not accepted for trade||US|
|Islamic Account (Swap Free)||Yes|
|Deposit Options||· Debit/ Credit Card
· Bank Wire transfer
|Withdrawal Options||· Debit/ Credit Card
· Bank Wire Transfer
|Platform Types||MT4, ForexStar, KVB EFX Platform|
|OS Compatibility||Web browsers, Windows, Linux, MacOS, Android, iOS|
|Tradable Assets||· Forex
· precious metals
· bulk commodities
|Languages supported on Website||English, Spanish, Czech, Chinese, German, French, Italian, Polish, Portuguese, Romanian, Slovenian, Hindi, Hebrew, Arabic, and Russian.|
|Customer Support Languages||English, Spanish, Czech, Chinese, German, French, Italian, Polish, Portuguese, Romanian, Slovenian, Hindi, Hebrew, Arabic, and Russian.|
|Customer Service Hours||24/5|
How many instruments can I trade with KVB Kunlun?
You can trade the following financial instruments:
- Precious metals
- Bulk commodities
Which platforms are supported by KVB Kunlun?
- KVB EFX Platform
Does KVB Kunlun offer leverage?
Yes, KVB Kunlun offers maximum leverage of 1:200.
What spreads can I expect with KVB Kunlun?
You can expect spreads that start from 1 pip when using the accounts. The Islamic account, however, has the same spreads from 1 pip depending on the financial instrument and several other factors.
Does KVB Kunlun charge commission?
Yes. Traders can expect a minimum charge of $2 per standard lot round turn. It is unclear whether Islamic account holders are subjected to the same commission charges. Traders must verify this information with the broker as it is not stated on the website.
Are there additional charges on the Islamic account?
Not that can be seen from the KVB Kunlun website. Islamic accounts, however, have spreads that start from 1 pip.
Is KVB Kunlun regulated?
Yes. KVB Kunlun is regulated by FSC.
Is KVB Kunlun a recommended forex trading broker for experts and beginners?
Yes. KVB Kunlun caters to both beginners and experts.
What is the overall rating out of 10 for KVB Kunlun?
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 KVB Kunlun offer a demo account?
For how long is the demo account valid?
Does KVB Kunlun offer the option of an Islamic Account?
Yes, KVB Kunlun offers an Islamic Account.
Which live trading accounts does KVB Kunlun offer?
The Micro and Standard Account and an Islamic Account for Muslim Traders.
What are the available deposit currencies for a live trading account?
EUR, USD, GBP, AUD, CAD.
Deposits and Withdrawals
What is the minimum deposit for KVB Kunlun?
The minimum deposit for KVB Kunlun is $1000.
How do I make a deposit and withdrawal from KVB Kunlun?
With a Debit/Credit Card or via a bank wire transfer.
Does KVB Kunlun charge withdrawal fees?
KVB Kunlun does not charge withdrawal fees but financial institution fees may apply.
How long does it take to make a withdrawal?
This will depend on the payment method used. It can take between 30 minutes up to a few working days.