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ROInvesting Islamic Account

ROInvesting Islamic Account

 

 

 

Overall Rating

4.9/5

Rated #508 of
Recommended FX Brokers

💰Minimum Deposit

USD 100

🌐 Regulators

CySEC

📱 Trading Desk

Meta Trader 4

Crypto

Yes

📈 Total Pairs

47

☪️ Islamic Account

No

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

Yes, ROInvesting 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 ROInvesting 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.

 

Overview

ROInvesting is an established forex broker company in Cyprus. The broker has been in operation since 2015 and headquarters in Limassol, Cyprus.

ROInvesting is owned and one of the trading names used by Royal Forex Ltd. The company also operates the brands GMO Trading and Royal Forex.

The company is authorized and regulated by the Cyprus Securities and Exchange Commission (CySEC) under license no. 269/15. This means client funds are kept in segregated accounts that cannot be used by the broker.

ROInvesting is a trader’s tech-powered pathway to the dynamic and ever-expanding world of online CFD trading.

The company offers several trading opportunities on several trading markets such as forex, shares, indices, metals, CFDs, and cryptocurrencies. It offers tight spreads that start from 0.03 pips and charges no commissions.

ROInvesting provides innovative technology solutions and trading performance based on high-tech analysis tools which in turn ensures great trading performance. It provides good customer service and is safe and secure.

The brokers offer to trade on the globally known and popular MetaTrader 4 as well as WebTrader which is available for desktop PC and Mac as well as Android and iPhone devices.

ROInvesting focuses on the beginner as well as the advanced traders and offers several educational tools as well as research instruments to assist both kinds of traders.

 

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.

Two key elements of Islamic law 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 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 ROInvesting Islamic Account?

Traders who are eligible for an Islamic Account just click on the “Open Islamic Account” button on the ROInvesting account page and complete the steps.

Fill in the online registration form with your name, mobile number, email address, and password.

Accept the terms and conditions, privacy policy, and risk disclosure. You will then be redirected to a page where you will in your date of birth and home address after which you will be asked to fill in a questionnaire to understand if the broker’s services are compatible with your background and experience.

Submit proof of identity and residence. As soon as this is verified you can make your first deposit and start trading.

 

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

The same spreads offered on the Silver, Gold, and Platinum accounts apply when opening an Islamic Account on any of the normal live account types.

 

Overall Rating

4.9/5

Rated #508 of
Recommended FX Brokers

💰Minimum Deposit

USD 100

🌐 Regulators

CySEC

📱 Trading Desk

Meta Trader 4

Crypto

Yes

📈 Total Pairs

47

☪️ Islamic Account

No

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

What other features does ROInvesting’s Islamic Account have?

When making use of the ROInvesting account, traders can expect the following key features:

  • No hidden costs of re-quotes
  • No interest/swap charges on overnight positions
  • No upfront commissions
  • Leverage up to 1: 500 for the professional account
  • No time limit for holding positions
  • No spread widening
  • Instant access to over 350 assets
  • Support from a dedicated account manager

 

Traders should take note that markets open on Sunday at 11 pm CET and close on Fridays at 11 pm CET. In addition, there may be some restrictions and limits which apply to the Islamic Account.

Before registering an account, traders should ensure that they contact the customer support desk to find out more regarding such restrictions and/or limits.

 

Pros and Cons

✔️ PROS ❌ CONS
Well-regulated Clients from Japan, Canada, Hong Kong, USA, Belgium, France, Germany, Netherlands, Poland, and the United Kingdom not accepted
Segregated client funds used Limited account types offered
MetaTrader 4 offered Fixed spread accounts not offered
Exclusive trading tools offered
Commission-free trading offered
One-on-one training provided

 

You might also like: ROInvesting Minimum Deposit

You might also like: ROInvesting Demo Account

You might also like: ROInvesting Fees and Spreads

You might also like: ROInvesting Account types

You might also like: ROInvesting Sign up Bonus

 

 

ROInvesting at a Glance

Broker’s Name ROInvesting
Headquartered Limassol, Cyprus
Year Founded 2015
Regulating Authorities CySEC
Countries not accepted for trade Clients from Japan, Canada, Hong Kong, USA, Belgium, France, Germany, Netherlands, Poland, and the United Kingdom
Islamic Account (Swap Free) Yes
Demo Account Yes
Institutional Accounts Yes
Managed Accounts Yes
Maximum Leverage 1: 400
Minimum Deposit $ 100
Deposit Options Credit and debit cards, Wire Transfer, Skrill, Neteller, SafeCharge, DECTA, Payvision, INPAY,                 Trustly, PayPal, Paysafe, and more
Withdrawal Options Submit a withdrawal request through the account area
Platform Types MetaTrader 4 and WebTrader
OS Compatibility Mac, Microsoft Windows, Mobile, Web, iPhone
Tradable Assets Forex, shares, indices, commodities, metals, cryptocurrencies, and EFTs
Languages supported on Website English, Dutch, Russian, Polish, German, Spanish, Netherlands, Portuguese, and French
Customer Support Languages English, Dutch, Russian, Polish, German, Spanish, Netherlands, Portuguese, and French
Customer Service Hours Monday to Friday from 7 – 17 GMT

 

FAQ’s

 

Trading Environment

 

How many instruments can I trade with ROInvesting?

You can trade the following financial instruments: Forex, Shares, Indices, Commodities, Metals, Cryptocurrencies, and ETFs

 

Which platforms are supported by ROInvesting?

MetaTrader 4 and WebTrader.

 

Does ROInvesting offer leverage?

Yes. Leverage of up to 1: 400.

 

What spreads can I expect with ROInvesting?

You can expect spreads that start from 0.03 pips on EUR/USD.

 

Does ROInvesting charge commission?

No. ROInvesting does not charge commission on any of its account types.

Traders with Islamic accounts do not pay commissions either.

 

Are there additional charges on the Islamic account?

Not that can be seen from the ROInvesting website.

 

Is ROInvesting regulated?

Yes. ROInvesting is regulated through Cyprus Securities and Exchange Commission.

 

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

Yes. ROInvesting offers a better trading environment for beginner and experienced traders.

 

What is the overall rating out of 10 for ROInvesting?

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 ROInvesting offer a demo account?

Yes. ROInvesting does offer the choice of opening a demo account.

 

For how long is the demo account valid?

With ROInvesting the demo account is only valid for 7 days. If a trader needs to extend the account, the account manager to make the necessary arrangements.

 

Does ROInvesting offer the option of an Islamic Account?

Yes. ROInvesting offers an Islamic Account.

 

Which live trading accounts does ROInvesting offer?

ROInvesting offers a Silver Account, Gold Account, and a Platinum Account. It also offers an Islamic Account for Muslim Traders.

 

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

EUR, USD, and GBP.

 

Deposits and Withdrawals

 

What is the minimum deposit for ROInvesting?

$ 100.

 

How do I make a deposit and withdrawal from ROInvesting?

  • Credit and debit cards
  • Wire Transfer
  • Skrill
  • Neteller
  • SafeCharge
  • DECTA
  • Payvision
  • INPAY
  • Trustly
  • PayPal
  • Paysafe, and more

 

Withdrawal requests can be submitted via the account area.

 

Does ROInvesting charge withdrawal fees?

No. But fees from financial institutions may apply.

 

How long does it take to make a withdrawal?

ROInvesting claims that it only takes between 2 – 3 days but traders should note however that depending on a specific bank service it may take several days for the money to be available in a client account.

 

 

 

Author Details

Louis Schoeman

Louis Schoeman

Featured Forex and Stocks writer

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