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OGFX Islamic Account

OGFX Islamic Account

 

Overall Rating

4.3/5

Rated #487 of 
Recommended FX Brokers

💰Minimum Deposit

USD

🌐 Regulators

ASIC

📱 Trading Desk

MetaTrader 4

Crypto

Yes

📈 Total Pairs

18

☪️ Islamic Account

No

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

Yes, OGFX 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 of OGFX Islamic accounts 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.

 

OGFX Overview

OGFX offers their clients the option of an Islamic Account. This broker is a well-regulated broker that is based in Australia. OGFX is regulated by the ASIC.

OGFX has been in operation since 2009 and offers traders the chance to trade in global markets with several financial instruments. Clients with OGFX can trade in the following markets:

 

  • Forex
  • Indices
  • CFDs
  • Commodities

 

OGFX provides their traders with a no dealing desk (NDD) STP model. This is used by the broker to send their traders’ orders directly to the international market, ensuring they get the best possible prices. The broker guarantees excellent market services and support during trading.

OGFX strives to improve its trading solutions and services to adapt to the developing needs and ideas of traders.

 

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 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.

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.

 

Overall Rating

4.3/5

Rated #487 of 
Recommended FX Brokers

💰Minimum Deposit

USD

🌐 Regulators

ASIC

📱 Trading Desk

MetaTrader 4

Crypto

Yes

📈 Total Pairs

18

☪️ Islamic Account

No

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

What are the steps involved in opening an OGFX Islamic Account?

Traders who are eligible 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 OGFX may require before approving an application for an Islamic account.

 

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

Traders can expect variable spreads when using the Islamic account. These spreads may depend on the financial instrument, the time of day, and several other factors.

 

What other features does the OGFX Islamic Account have?

 

The features that traders can expect when they convert their live trading account with OGFX will depend on the type of account that they convert. OGFX offers Muslim traders with the option of converting any of these accounts:

  • Standard Account
  • Pro Account

 

Before traders can convert either of the accounts, they must complete the account registration process as indicated on the OGFX website. Once this has been completed, they can submit the request for their trading account to be converted.

Once the trader has funded their trading account with the required minimum deposit, they can start using their Islamic Account.

Despite the account type that the trader chooses, here are some basic features that traders can expect as part of OGFX’s offering:

 

  • Leverage of up to 1:400
  • Access to trading signals
  • Access to 24-hour signals
  • Access to a free mobile trading platform

 

The Pro Account offers traders additional access to a trading report as well as a weekly/monthly market outlook.

These are just the features as stipulated on OGFX’s website. Traders must contact the broker to confirm the availability and the conditions of these features before registering a live trading account.

 

Pros and Cons

✔️ PROS ❌ CONS
Competitive spreads High Minimum deposit
Islamic Account No US clients allowed
Popular platform
Regulated
Segregation of funds
Variety of accounts

 

You might also like: OGFX Minimum Deposit

You might also like: OGFX Demo Account

You might also like: OGFX Fees and Spreads

You might also like: OGFX Account types

You might also like: OGFX Sign up Bonus

 

 

OGFX at a Glance

Broker’s Name OGFX
Headquartered Australia
Year Founded 2009
Regulating Authorities ASIC
Countries not accepted for trade US
Islamic Account (Swap Free) Yes
Demo Account Yes
Institutional Accounts No
Managed Accounts Yes
Maximum Leverage 1:400
Minimum Deposit $1000
Deposit Options
  • Debit and Credit Cards (Visa, Master, Maestro, JCB)
  • Neteller
  • Skrill/Moneybookers
  • Global Collect (just for Australian clients)
  • BPAY (Australian Clients)
  • China Union Pay (just for Chinese residents)
  • Bank Transfer
  • Broker to Broker Transfer
Withdrawal Options
  • Debit and Credit Cards (Visa, Master, Maestro, JCB)
  • Neteller
  • Skrill/Moneybookers
  • Global Collect (just for Australian clients)
  • BPAY (Australian Clients)
  • China Union Pay (just for Chinese residents)
  • Bank Transfer
  • Broker to Broker Transfer
Platform Types MetaTrader 4
OS Compatibility Web browsers, Windows, Linux, MacOS, Android, iOS
Tradable Assets Forex, indices, CFDs and commodities
Languages supported on Website English and other languages
Customer Support Languages English and other languages
Customer Service Hours 24/5

 

FAQ’s

 

Trading Environment

 

How many instruments can I trade with OGFX?

You can trade the following financial instruments:

  • Forex
  • Indices
  • CFDs
  • Commodities

 

Which platforms are supported by OGFX?

MetaTrader 4.

 

Does OGFX offer leverage?

Yes, OGFX has a maximum of 1:400.

 

What spreads can I expect with OGFX?

You can expect spreads that are varied depending on what account you choose. The Islamic account, however, seems to have the same spreads depending on the financial instrument and several other factors.

 

Does OGFX charge commission?

No, OGFX does not charge commission. 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 on the OGFX website. Traders must verify this information with the broker as it is not stated on the website.

 

Is OGFX regulated?

Yes. OGFX is regulated by the ASIC.

 

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

Yes. OGFX caters to both beginners and experts.

 

What is the overall rating out of 10 for OGFX?

3/10.

 

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 OGFX offer a demo account?

Yes, OGFX does offer a demo account.

 

For how long is the demo account valid?

The demo account is valid for 30 days.

 

Does OGFX offer the option of an Islamic Account?

OGFX does offer the option of an Islamic account.

 

Which live trading accounts does OGFX offer?

Standard Account:
  • Minimum deposit is $100
  • Leverage up to 1:400
  • Trading signals
  • 24-hour signals
  • Free Mobile trading platform

 

Pro Account:
  • Minimum deposit of $50 000
  • Leverage up to 1:400
  • Trading signals
  • 24-hour signals
  • Free Mobile trading platform
  • Trading report
  • Weekly/ Monthly market outlook

 

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

Multiple currencies.

 

Deposits and Withdrawals

 

What is the minimum deposit for OGFX?

OGFX has a minimum deposit of $1000.

 

How do I make a deposit and withdrawal from OGFX?

  • Debit and Credit Cards (Visa, Mastercard, Maestro, JCB)
  • Neteller
  • Skrill/Moneybookers
  • Global Collect (just for Australian clients)
  • BPAY (Australian Clients)
  • China Union Pay (just for Chinese residents)
  • Bank Transfer
  • Broker to Broker Transfer

 

Does OGFX charge withdrawal fees?

No, OGFX does not charge withdrawal fees but other financial institutions’ costs could 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.

 

 

Author Details

Louis Schoeman

Louis Schoeman

Featured Forex and Stocks writer

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