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Yes, Traders Trust 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 Traders Trust 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.
Traders Trust Overview
TTCM Traders Trust Capital Markets Limited, more commonly referred to as Traders Trust, is an incorporated company founded by a team of financial professionals with excellent working experience and knowledge in banking, currency trading, e-trading, and technology innovation.
The team has more than 15 years of experience in the banking and financial service industry, having worked at well-known international financial institutions.
Added to this, clients can have confidence in the company, as Traders Trust complies with the European Union Markets in Financial Instruments Directive (MiFID) and is Authorised and Regulated by the Cyprus Securities and Exchange Commission – Licence number CIF 107/09.
The broker’s operational aim is to provide investors with a choice of a highly advanced, state-of-the-art, and user-friendly online trading platform that will accommodate the investment needs of even the most demanding currency traders.
Furthermore, the broker differentiates itself by providing clients, in full transparency, the tightest interbank prices with excellent and reliable customer service at all times.
Intuitive and versatile, our Traders-Trust MT4 platform offers broad functionality to the Forex trader and ease of use for those new to this broad and exciting Forex trading market.
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
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.
What are the steps involved in opening a Traders Trust Islamic Account?
If you would like to convert your existing MT4 account to a Swap Free Islamic Account, please send a request by email to the broker’s Customer Support: [email protected] Additional documents such as Islamic Faith Certificate may be required to open an Islamic Swap Free Account.
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What is Traders Trust’s spread costs on an Islamic Account?
Islamic Swap Free Accounts are not available by default and are only available on Classic accounts for religious purposes.
As such, the account will have the same spreads as those on the Classic account, which begin at 1.5 pips, and are commission-free.
Please note Holding Fees are charged on Islamic Swap Free Accounts and are subject to change:
- $5 per lot, per day on FX currency pairs other than the currency pairs listed below.
- $15 per lot, per day on EURNOK, EURPLN, EURSEK, USDCNH, USDDKK, USDHKD, USDMXN, USDNOK, USDPLN, USDSEK, USDSGD, USDZAR, XAGUSD, XAUUSD.
- $50 per lot, per day on EURTRY, USDTRY.
- $150 per day on USOIL, UKOIL.
What other features does Traders Trust’s Islamic Account have?
The Islamic Account will have all the same trading features as the Classic Account, including the following:
- One-click execution
- Market Watch Window
- Multiple order types
- Available in more than 20 different languages
- Supported on both Android and iOS devices
Pros and Cons
|✔️ PROS||❌ CONS|
|Competitive spreads and trading conditions||Islamic Account only available for the|
|Full access to MetaTrader suite||Professional Account|
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Traders Trust at a Glance
|Broker’s Name||Traders Trust|
|Regulating Authorities||CySEC, FCA|
|Countries not accepted for trade||Australia, New Zealand, Canada, Iran, Iraq, North Korea, USA, Cuba, Syria, Sudan, Afghanistan, Guyana, Lao People’s Democratic Republic, Uganda, Yemen, Venezuela, and Puerto Rico|
|Islamic Account (Swap Free)||Yes|
|Platform Types||MetaTrader 4|
|OS Compatibility||Windows, Mobile, Web, iPhone, iPad
PC and Mac OS, mobile for Android and IOS
|Tradable Assets||Forex, metals, indices, and commodities|
|Languages supported on Website||English, Japanese, Spanish, Italian, French, Portuguese and Arabic|
|Customer Support Languages||English, Japanese, Spanish, Italian, French, Portuguese and Arabic|
|Customer Service Hours||24/5|
How many instruments can I trade with Traders Trust?
Traders Trust provides access to Forex, metals, indices, and commodities.
Which platforms are supported by Traders Trust?
Does Traders Trust offer leverage?
Yes, Traders Trust offers maximum leverage of 1:500, depending on the account type and your trading status. Traders operating within the EEA will fall within regulatory restrictions regarding leverage and will not be able to trade on a ratio higher than 1:30.
Traders should contact the broker’s support team for more information regarding accessible leverage ratios.
What spreads can I expect with Traders Trust?
The Traders Trust spread list is as follows:
- Classic Account: from 1.5 pips
- Pro Account: from 0 pips
- VIP Account: from 0 pips
As can be seen from the above, the spreads on the Classic Account are average, but not the most competitive in the industry. Spreads are competitive on the Pro and VIP Account, but these can only be accessed with a very high minimum deposit.
Does Traders Trust charge commission?
Yes. The Pro Account and VIP Account come with commission charges of $3 per lot and $1.5 per lot respectively, which is still competitive.
Are there additional charges on the Islamic account?
Is Traders Trust regulated?
Yes, Traders Trust is regulated by the Australian Securities and Investment Commission (ASIC). ASIC is Australia’s integrated corporate, markets, financial services, and consumer credit regulator.
The role under the ASIC Act is to:
- Maintain, facilitate, and improve the performance of the financial system and entities in it
- Promote confident and informed participation by investors and consumers in the financial system
- Administer the law effectively and with minimal procedural requirements
Is Traders Trust a recommended forex trading broker for experts and beginners?
Yes, Traders Trust is regulated by the Financial Conduct Authority (FCA) and the Cyprus Securities and Exchange Commission (CySEC).
What is the overall rating out of 10 for Traders Trust?
What is the difference between a demo and 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 of 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 Traders Trust offer a demo account?
Yes, Traders Trust 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 Traders Trust offer the option of an Islamic Account?
Which live trading accounts does Traders Trust offer?
Traders Trust offers three live trading accounts, consisting of the Classic, Pro and VIP Accounts.
What are the available deposit currencies for a live trading account?
Traders Trust accepts USD, EUR, JPY, CHF, and GBP. Traders depositing in smaller currencies will likely incur conversion fees.
Deposits and Withdrawals
What is the minimum deposit for Traders Trust?
The minimum deposit amount required to open a broker account with Traders Trust is $50. This is an exceptionally low minimum deposit requirement when compared with most other brokers in the industry.
That said, this low deposit only applied to traders opening a Classic Account. Those wishing to open either a Pro or VIP Account will have to pay a minimum deposit of $2000 $20 000 respectively, which is very high.
How do I make a deposit and withdrawal from Traders Trust?
Traders Trust provides the following popular deposit and withdrawal methods:
- Bank transfer
Does Traders Trust charge withdrawal fees?
No, Traders Trust does not charge deposit or withdrawal fees.
How long does it take to make a withdrawal?
The broker processes all withdrawal requests within one working day (during normal office working hours 0900 – 1800 GMT+3 Monday-Friday). Withdrawals made outside of these hours will be processed on the following working day.