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Trade245 Islamic Account

Trade245 Islamic Account

 

Overall Rating

4.7/5

Rated #73 of 
Recommended FX Brokers

💰Minimum Deposit

USD 100

🌐 Regulators

FSCA

📱 Trading Desk

MetaTrader 4

Crypto

Yes

📈 Total Pairs

☪️ Islamic Account

No

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

Yes, Trade234 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 Trade245 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.

 

Trade245 Overview

 

Trade245 is a South African online Forex broker that was recently launched in 2020. The broker is a product of Red Pine Capital (PTY) LTD and is regulated by the Financial Sector Conduct Authority (FSCA) in South Africa.

Though a recent addition to the online Forex broker community, Trade245 already has a lot to offer, providing a variety of value-added trading services.

Traders can customize their trading needs to ensure trading conditions that are best suited to their specific trading goals. The broker’s various account types are designed to provide traders with benefits and services that cater for their daily trading needs.

The broker’s ultra‑low‑latency networks allow traders to enter and exit positions with precision timing, while the broker also offers comprehensive training at no charge to qualifying clients.

This free training includes a series of regular webinars and trade analyses which will help participants make informed decisions, whether they choose to trade the financial markets for additional income or as a full-time trader.

This service is complemented by low spreads, zero commissions on certain accounts, and lightning-fast execution across a wide variety of instruments including FX pairs, indices, stocks, cryptocurrencies, and commodities CFDs, all customized within the available account types.

Trading is provided on the highly popular MetaTrader 4 and 5 platforms. MetaQuotes is considered to be the most popular online trading platform to access the global markets, aimed at giving you the control to help you trade with speed, security, and reliability.

MT4/5 platforms are suitable for both beginner or more advanced traders which is one of the reasons why they are regarded as today’s ultimate trading software platforms.

 

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.

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

4.7/5

Rated #73 of 
Recommended FX Brokers

💰Minimum Deposit

USD 100

🌐 Regulators

FSCA

📱 Trading Desk

MetaTrader 4

Crypto

Yes

📈 Total Pairs

☪️ Islamic Account

No

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

What are the steps involved in opening a Trade245 Islamic Account?

 

Opening an Islamic account with Trade245 is an easy, straightforward process. Traders need to complete the general registration process, after which they can select to apply online for the Islamic account.

Traders should note; however, the Islamic account is currently advertised as being available as a limited-time offer.

 

What are Trade245’s spread costs on an Islamic Account?

 

Spreads on the Islamic account are variable and start at 1 pip. This spread cost is the same as those charged on all the other accounts.

 

What other features does Trade245’s Islamic Account have?

 

The Islamic Account provides traders with access to the highly popular MetaTrader 4 platform. In addition to allowing users to trade in Forex, the MT4 platform supports Future, Indices, Equities and other CFD transactions.

The MetaTrader4 platform is perfect for traders of all experience levels and is recognized for its user-friendly interface, advanced charting features, technical analysis tools and automated trading capabilities.

 

Pros and Cons

✔️ PROS ❌ CONS
Easy Islamic Account opening process The account is only offered for a limited time
Full access to MetaTrader 4
No additional costs on the Islamic Account

 

You might also like: Trade245 Minimum Deposit

You might also like: Trade245 Demo Account

You might also like: Trade245 Fees and Spreads

You might also like: Trade245 Account types

You might also like: Trade245 Sign up Bonus

 

Trade245 at a Glance

Broker’s Name Trade245
Headquartered Senderwood, South Africa
Year Founded 2020
Regulating Authorities FSCA
Countries not accepted for trade Not indicated
Islamic Account (Swap Free) Yes
Demo Account Yes
Institutional Accounts Yes
Managed Accounts No
Maximum Leverage 1:500
Minimum Deposit No minimum deposit
Deposit Options
  • Visa/Mastercard
  • Skrill
  • MPesa
  • Ozow
Withdrawal Options
  • Visa/Mastercard
  • Skrill
  • MPesa
  • Ozow
Platform Types MetaTrader 4 and MetaTrader 5
OS Compatibility Windows, Mobile, Web, iPhone, iPad

PC and Mac OS, mobile for Android and IOS

Tradable Assets Forex, Indices, Stocks, Commodities and Cryptocurrencies
Languages supported on Website English Only
Customer Support Languages English Only
Customer Service Hours 24/5

 

 

FAQ’s

 

Trading Environment

 

How many instruments can I trade with Trade245?

The broker offers flexible access to over 12 000 financial markets including Forex, Indices, Stocks, Commodities and Cryptocurrencies.

 

Which platforms are supported by Trade245?

MetaTrader 4 and MetaTrader 5.

 

Does Trade245 offer leverage?

Yes, the broker offers variable leverage with a maximum ratio of 1:500 for all account types.

 

What spreads can I expect with Trade245?

The Trade245 spread list is as follows:

Trade245 offers variable spreads for each of the seven accounts on offer, which are as follows:

  • Bonus 100 Account: spreads from 1 pip
  • Bonus Rescue Account: Spreads from 1 pip
  • No Bonus Account: Spreads from 1 pip
  • Swap Free Account: Spreads from 1 pip
  • Zero Spread Account: Spreads from 0 pips
  • Cent Account: Spreads from 1 pip
  • Weekend Trader: Spreads from 1 pip

 

As can be seen from the above, the spreads offered by Trade245 are not as competitive as those offered by other brokers in the industry, many of which offer spreads from as little as 0.4 pips. However, these is a spread-free account available as well.

 

Does Trade245 charge commission?

Yes, on certain accounts, though it does not indicate which accounts, charged at $10 per lot.

 

Are there additional charges on the Islamic account?

No.

 

Is Trade245 regulated?

Yes, Trade245 is regulated by the Financial Sector Conduct Authority (FSCA) in South Africa.

 

Is Trade245 a recommended forex trading broker for experts and beginners?

Yes, Trade245 offers a good trading environment for beginner and advanced traders.

 

What is the overall rating out of 10 for Trade245?

8/10.

 

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 Trade245 offer a demo account?

Yes, Trade245 offers a free demo account to all new traders.

 

For how long is the demo account valid?

The demo account does not appear to expire.

 

Does Trade245 offer the option of an Islamic Account?

Yes, although at the time of this review the Islamic Account is available for a limited time only.

 

Which live trading accounts does Trade245 offer?

Trade245 offers a total of seven live trading accounts, consisting of Bonus 100, Bonus Rescue, No Bonus, Swap Free, Zero Spread, Cent, and Weekend Trader Accounts.

Two of these accounts, namely the Swap Free and Weekend Trader accounts, are currently available on a limited-time offer.

 

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

Trade245 accepts three types of deposit currencies, namely ZAR, GBP, and USD. Traders depositing in currencies not listed will incur conversion fees.

 

Deposits and Withdrawals

 

What is the minimum deposit for Trade245?

There does not appear to be a minimum deposit amount required to open a broker account with Trade245. However, the broker does recommend making a minimum deposit of at least $100 when opening an account to be able to trade effectively.

Traders should also note that there is a minimum amount that can be deposited. Payment via the dashboard/portal allows for a minimum of $5 or R95.

 

How do I make a deposit and withdrawal with Trade245?

Trade245 provides the following popular online deposit and withdrawal methods:

  • Visa/Mastercard
  • Skrill
  • MPesa
  • Ozow

 

Does Trade245 charge withdrawal fees?

No, Trade245 does not charge deposit or withdrawal fees.

 

How long does it take to make a withdrawal?

Withdrawals for approved client profiles are processed regularly and should reflect within a few hours when banking with FNB, other banks could take up to 24 hours to reflect. There are no limitations on withdrawal amounts.

 

 

Author Details

Louis Schoeman

Louis Schoeman

Featured Forex and Stocks writer

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