Yes, One Financial Markets 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 One Financial Markets 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.
One Financial Markets offers its clients the option of an Islamic Account. This broker is a well-regulated broker which is based in the UK. One Financial Markets is regulated by FCA.
One Financial Markets is known to be an extremely reliable broker with professional and tailored trading services offered to their traders.
For those new traders who are looking for excellent opportunities to start learning the markets and need proper education, One Financial Markets would be a good broker to peruse.
One Financial Markets 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:
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 One Financial Markets 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 One Financial Markets may require before approving an application for an Islamic account.
What is One Financial Markets’ spread costs on an Islamic Account?
Traders can expect spreads that start from One Financial Markets when using the Islamic account. This will depend on the financial instrument, the time of day, and several other factors.
What other features does One Financial Markets Islamic Account have?
When making use of the One Financial Markets 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 $250
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.
One Financial Markets Accounts Features
One Financial Markets offers two types of accounts, standard and professional.
The Standard Account has a minimum deposit requirement of $250 and it provides access to a wide range of FX and CFD products through a choice of platforms.
- Regulator: FCA
- Access to the FSCS: Yes
- Minimum opening balance: $250
- Liquidation level: 50%
- Leverage: Up to 30:1 (3%)
- Negative balance protection: Yes
- Regulator: FCA
- Access to the FSCS: Yes
- Minimum opening balance: $1 000
- Liquidation level: 20%
- Leverage: up to 400:1 (0.25%)
- Negative balance protection: No
Pros and Cons
|✔️ PROS||❌ CONS|
|Well regulated||No US clients allowed|
|Competitive minimum deposit||Not clear on how much their spreads are|
|Segregated client funds||Hidden costs|
|Variety of accounts|
|Offers a demo account|
|Has Islamic Account for Muslim Traders|
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One Financial Markets at a Glance
|Broker’s Name||One Financial Markets|
|Countries not accepted for trade||US|
|Islamic Account (Swap Free)||Yes|
|Deposit Options||· Credit Card
· Debit Cards
· Bank Transfers
· Remittance via UAE exchange
|Withdrawal Options||· Credit Card
· Debit Cards
· Bank Transfers
· Remittance via UAE exchange
|Platform Types||MetaTrader 4
|OS Compatibility||Web browsers, Windows, Linux, MacOS, Android, iOS|
|Tradable Assets||· Forex
|Languages supported on Website||English, Arabic, Spanish|
|Customer Support Languages||English, Arabic, Spanish|
|Customer Service Hours||24/5|
How many instruments can I trade with One Financial Markets?
You can trade the following financial instruments:
Which platforms are supported by One Financial Markets?
- MetaTrader 4
- MetaTrader 5
Does One Financial Markets offer leverage?
One Financial Markets offers maximum leverage of 1:300.
What spreads can I expect with One Financial Markets?
You can expect spreads that start from 0.7 pips.
Does One Financial Markets charge commission?
No, One Financial Markets does not charge a commission fee. It is unclear whether Islamic account holders are subjected to the same. 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 One Financial Markets’ website.
Is One Financial Markets regulated?
Yes. One Financial Markets is regulated by FCA.
Is One Financial Markets a recommended forex trading broker for experts and beginners?
Yes. One Financial Markets caters to both beginners and experts.
What is the overall rating out of 10 for One Financial Markets?
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 One Financial Markets offer a demo account?
Yes, One Financial Markets does offer its clients a demo account.
For how long is the demo account valid?
The demo account is valid for 30 days.
Does One Financial Markets offer the option of an Islamic Account?
Yes, One Financial Markets does offer an Islamic Account.
Which live trading accounts does One Financial Markets offer?
One Financial Markets does offer a Standard Account, a Professional Account, and an Islamic Account for Muslim Traders.
What are the available deposit currencies for a live trading account?
USD / GBP/ EURO.
Deposits and Withdrawals
What is the minimum deposit for One Financial Markets?
The minimum deposit is $250.
How do I make a deposit and withdrawal from One Financial Markets?
- Credit Card
- Debit Cards
- Bank Transfers
- Remittance via UAE exchange
Does One Financial Markets charge withdrawal fees?
There are no fees when it comes to withdrawals with One Financial Markets, but other financial institutions’ 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.