Rated #169 of
Recommended FX Brokers
📈 Total Pairs
Yes, TRADERSWAY 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 TRADERSWAY 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.
TRADERSWAY is a forex broker in Dominica, that was established to provide traders with the widest opportunities available on the financial markets.
It provides clients on all levels of experience with good trading conditions, a wide range of trading tools, and tradable products.
The minimum deposit is $0.2, and the broker provides both live and Forex practice accounts to help you get started, and depositing or withdrawing money is very simple.
TRADERSWAY offers four trading platforms – MetaTrader 4, MetaTrader 5, WebTrader, and Mobile applications; four account types – MICRO and ECN Standard accounts with fixed (FIX) and variable (VAR) spreads; and five markets – FOREX, Stock indices, Metals, Energies, and Commodities.
Trader’s Way is a no dealing desk/STP Forex broker that provides traders with a range of interesting trading opportunities. A bonus for signing up with Trader’s Way is a deposit bonus, although this is the only promotion offered.
The brokerage is not regulated, which is concerning, as well as the fact that the broker does not require any documentation to open an account.
The brokerage offers both fixed and variable spreads on their standard accounts, as well as ECN and micro account options.
What exactly is an Islamic Account?
An Islamic Account is often not a standalone account, although some brokers may dedicate one account to be an Islamic or Swap Free account.
In many cases, the swap-free account is offered as an option by especially Forex brokers.
Islamic Accounts are more often provided by brokers who serve Middle Eastern clients along with clients from other jurisdictions, hence it offers certain features that are in line with Sharia law which prohibits the accrual of interest on funds deposited into an 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 being 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.
According to Islam, if one would exchange the same set of goods/currencies with various values it would be considered Riba (unjustified interest) and unlawful. Furthermore, currency exchange may be done under the same contract at the time it was signed, in other words, a hand-to-hand exchange, which is allowed.
Riba is the prohibition of generating money from money, which in this case specifically refers to interest and is not allowed according to Sharia law. This type of interest is seen as both unjust and exploitive gains pertaining to trade or business.
The word Gharar means uncertainty, hazards, or risk. In Islamic finance, Gharar is prohibited because it runs counter to the notion of certainty and openness in business dealings.
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.
- Margin deposits and interest – which involves the accrual of interest on funds that are deposited into the trading account and is prohibited.
- Loans – when followers of Sharia law have funds transferred by either a bank or other financial institution and it involves interest terms, it is prohibited by Sharia law as per the element of 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 is prohibited by Sharia law.
- Short sales – which affects mostly shares and involves borrowing and subsequent sale of an asset and 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 into such a contract.
What are the steps involved in opening a TRADERSWAY Islamic Account?
Traders who are eligible for an Islamic Account usually have to complete a 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 TRADERSWAY may require before approving an application for an Islamic account.
What are TRADERSWAY’s spread costs on an Islamic Account?
Some charges may not be indicated on the account features pages, hence Muslim traders are advised to contact the support team to find out about fees like wider spreads, additional commissions, or administration fees. Forex Brokers that provide this type of trading need to compensate for their services by charging commissions on forex trades.
Rated #169 of
Recommended FX Brokers
📈 Total Pairs
What other features does TRADERSWAY Islamic Account have?
When making use of the TRADERSWAY Islamic account, traders can expect the following kind of features:
- In essence, traders have access to the same trading instruments and platform features as traders with the Normal or Speed accounts.
- 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 Expert Advisors, which allow for automated trading.
- Direct execution on trades, and
- Accounts are activated with a minimum deposit requirement as stipulated by the broker.
Before registering an account, traders should ensure that they contact the support desk to find out more regarding any restrictions and/or limits.
Pros and Cons
|✔️ PROS||❌ CONS|
|Islamic or swap-free account available||No specific information on the website about fees applicable to Islamic accounts|
|Choice of account types with swap-free options||Broker not regulated|
You might also like: TRADERSWAY Minimum Deposit
You might also like: TRADERSWAY Demo Account
You might also like: TRADERSWAY Fees and Spreads
You might also like: TRADERSWAY Account types
You might also like: TRADERSWAY Sign up Bonus
TRADERSWAY at a Glance
|Headquarters||Roseau Valley, The Commonwealth of Dominica|
|Year founded||Not indicated|
|Regulating authorities||Not regulated|
|Countries not accepted for trade||The United States, British Indian Ocean Territory|
|Islamic account (swap-free)||Yes|
|Maximum leverage||1:500? 1:1000?|
|Deposit options||Bank Wire, Bitcoin, Ether/Ethereum, FasaPay, Litecoin, Neteller, PerfectMoney, Ripple, Skrill, Tether|
|Withdrawal options||Bank Wire, Bitcoin, Ether/Ethereum, FasaPay, Litecoin, Neteller, PerfectMoney, Ripple, Tether|
|Platform(s) provided||MT4, MT5, cTrader|
|OS compatibility||Windows, Android, iOS, web|
|Tradable assets offered||Currencies: (45+)
Cryptocurrencies: (5+) Bitcoin, Litecoin, Ethereum
CFD: (5+) Gold, Silver, Stock Indexes, Oil, Other Commodities
|Languages supported on the website||English, French, Spanish, Russian, Malaysian, Indonesian, Chinese, Polish, Arabic|
|Customer support languages||English, Malaysian, Indonesian|
|Customer service hours||24/5|
How many instruments can I trade with TRADERSWAY?
You can trade several different instruments with TRADERSWAY, which include the following:
- Currencies: more than 45
- Cryptocurrencies: more than 5, including Bitcoin, Litecoin and Ethereum
- CFDs: More than 5, including Gold, Silver, Stock Indexes, Oil, and Other Commodities.
Which platforms are supported by TRADERSWAY?
TRADERSWAY provides the following popular trading platforms:
- Mobile apps
Does TRADERSWAY offer leverage?
Yes, TRADERSWAY offers maximum leverage of up to 1: 1000
What spreads can I expect with TRADERSWAY?
TRADERSWAY offers the smallest spreads possible on the market starting from 0.1 pips on EUR/USD
Does TRADERSWAY charge commission?
Yes, but trade commissions are very low. If you trade on a standard account, the commission is already included in the spread and there are no other fees.
Is TRADERSWAY regulated and by whom?
TRADERSWAY is not regulated.
Are there additional charges on the Islamic account?
This account is identical to the Standard Account but has no overnight costs or rolling interest. This is a truly swap-free account since TRADERSWAY does not use alternative fees in place of swaps like most brokers who apply an administration fee.
Is TRADERSWAY a recommended forex trading broker for experts and beginners?
TRADERSWAY offers a good trading environment for experienced traders.
What is the overall rating out of 10 for TRADERSWAY?
What is the difference between a demo and a live trading account?
A demo account as is offered by broker companies like TRADERSWAY is usually funded with virtual money and gives a prospective customer the opportunity to experiment with the company’s trading platforms and its features.
Does TRADERSWAY offer a demo account?
Can I convert my demo account to a live trading account with TRADERSWAY?
This is not clear from the information on the company homepage.
Which live trading accounts does TRADERSWAY offer?
Standard and ECN on MT4, MT5, and cTrader.
What are the available deposit currencies for a live trading account?
EUR, USD, GBP
Deposits and Withdrawals
What is the minimum deposit required to open an account with TRADERSWAY?
How do you make a deposit and withdraw money with TRADERSWAY?
TRADERSWAY offers the following deposit and withdrawal methods:
- Bank Wire
Does TRADERSWAY charge withdrawal fees?
Transactions requiring currency conversion attract a 1.5% fee, such as transferring funds from a USD to a GBP-denominated trading account.
How long does it take to make a withdrawal?
Withdrawal requests are processed within 48 hours on business days.