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TusarFx Islamic Account

 

Overall Rating

4.5/5

Rated #532 of 
Recommended FX Brokers

💰Minimum Deposit

USD 1

🌐 Regulators

Not Regulated

📱 Trading Desk

Meta Trader 4

Crypto

Yes

📈 Total Pairs

30 

☪️ Islamic Account

No

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

Yes, TusarFx 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 TusarFxIslamic 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.

 

TusarFx Overview

 

Established in 2014, TusarFx, as a white label of FXCL, is a St. Kitts and Nevis-based broker which has been in operation since 2014, offering the trade-in forex and commodities.

With TusarFx, traders have access to a variety of account types with the added advantage that one of these can be converted into an Islamic Account. TusarFx also makes provision for a demo account and the use of the powerful MetaTrader 4 through which trades can be executed.

 

What exactly is an Islamic Account?

 

An Islamic, or swap-free, trading account is one that is allowed by Islamic Sharia law. These accounts are based on the Islamic principle where interest is not applied to positions that are held open for longer than a trading day after the trading day has concluded.

Islamic Accounts are 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.

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

4.5/5

Rated #532 of 
Recommended FX Brokers

💰Minimum Deposit

USD 1

🌐 Regulators

Not Regulated

📱 Trading Desk

Meta Trader 4

Crypto

Yes

📈 Total Pairs

30 

☪️ Islamic Account

No

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

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

 

Traders who wish to convert their live trading account into that of an Islamic Account must first complete the process of registering for a Premium Account. Of the four accounts offered, the Premium Account is the only one that allows for an Islamic Conversion.

Once traders have submitted their information and uploaded the supporting documents to prove their identity and residential address, and the account has been approved, traders can submit a request for conversion to TusarFx’s customer support.

Traders must note that TusarFx may request proof of the trader’s faith before the conversion is approved. In addition, traders must also acknowledge that TusarFx reserves the right to either approve or decline the conversion request.

Once the request for conversion has been approved, traders can proceed to use their Islamic Account to trade in either forex or commissions, without having to worry about being debited/credited with swaps for overnight positions held.

 

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

 

The spreads that Muslim traders can expect on the Islamic Account are dynamic spreads that start from 1.1 pip with a 5-digit price feed.

 

What other features does TusarFx’s Islamic Account have?

The features of the Islamic Account reflect that of the account which can be converted, in this case the Premium Account. The features that traders can expect are as follows:

 

  • 24/5 trading
  • Minimum deposit from $1.
  • Maximum deposit of $10,000.
  • Access to MetaTrader 4 on a variety of devices.
  • The ability to use hedging, however, hedging between swap and non-swap accounts is forbidden.
  • The ability to use either USD, EUR, or RUR as the account base currency.
  • Margin call level of 60% and a stop-out level of 40%.
  • Maximum leverage of up to 1:500.
  • The option to convert the account to an Islamic Account.
  • Dynamic spread starting from 1.1 pips with a 5-digit price feed.
  • Maximum position size of 2 standard 100k lots.
  • Microlot trading from 0.01 lots.
  • Market execution.
  • Maximum 30 online orders.
  • Commission of 1.6 pips per standard lot.

 

Pros and Cons

✔️ PROS ❌ CONS
24/5 dedicated customer support through a variety of channels Broker may charge reverse compensation fees on promotional fee coverage
Bonuses and promotions offered Broker reserves the right to disable EAs
Both fixed and variable spreads offered Changes in the margin call and stop-out every Friday
Commission-free trading on three of four account types High commissions
Demo account and Islamic Account option offered Higher commissions on Islamic Account
Hedging and scalping allowed Limit on maximum deposit amounts which may be deposited
High leverage of up to 1:500 offered without restrictions Limit on maximum online orders
MetaTrader offered Limited education and not comprehensive
Microlot trading offered Limited research tools
Ultra-low minimum deposit requirement Only one account type that can be converted to an Islamic Account
Variety of account types offered Only one trading platform supported
Only three deposit currencies
Only two asset classes offered
Only two payment methods supported
Unregulated broker
US, Canada, Japan traders not accepted
Wide spreads

 

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You might also like: TusarFx Sign up Bonus

 

 

TusarFx at a Glance

Broker’s Name TusarFx
Headquartered St. Kitts and Nevis
Year Founded 2014
Regulating Authorities None
Countries not accepted for trade United States, Canada, Japan
Islamic Account (Swap Free) Yes
Demo Account Yes
Institutional Accounts No
Managed Accounts No
Maximum Leverage 1:500
Minimum Deposit $1
Deposit Options
  • Bank Wire Transfer
  • Perfect Money
Withdrawal Options
  • Bank Wire Transfer
  • Perfect Money
Platform Types
  • MetaTrader 4
OS Compatibility Linux, Windows, MacOS, Android, iOS, Web browsers
Tradable Assets
  • Forex
  • Commodities
Languages supported on Website English, Russian, Indonesian, Chinese, Malay, Thai
Customer Support Languages Multilingual
Customer Service Hours 24/5

 

FAQ’s

Trading Environment

 

How many instruments can I trade with TusarFx?

  • Forex
  • Commodities

 

Which platforms are supported by TusarFx?

MetaTrader 4.

 

Does TusarFx offer leverage?

Yes. TusarFx offers traders maximum leverage up to 1:500.

 

What spreads can I expect with TusarFx?

Spreads start from 1.1 pip on the Premium and Advanced Account.

 

Does TusarFx charge commission?

Yes. Commissions are charged only on the Premium Account as follows:

  • Normal Premium Account which has not been converted to an Islamic Account will incur commissions of 0.6 pips per standard lot traded.
  • Premium Islamic Account will be subjected to commissions of 1.6 pips per standard lot traded.

 

Are there additional charges on the Islamic account?

Yes. There are higher commissions charged on the Islamic Account of 1.6 pips per standard lot traded.

 

Is TusarFx regulated?

No. TusarFx is not regulated.

 

What is the overall rating out of 10 for TusarFx?

3/10.

 

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 TusarFx offer a demo account?

Yes. TusarFx offers a demo account.

 

For how long is the demo account valid?

This is not indicated, but the demo account is typically available for 14, 30, 60, or 90 days, or it can be offered indefinitely.

 

Does TusarFx offer the option of an Islamic Account?

Yes. TusarFx offers the option for an Islamic Account on the Premium Account.

 

Which live trading accounts does TusarFx offer?

TusarFx offers a variety of trading accounts under the following main trading accounts:

  • Premium Account
  • Standard Account
  • Light Account
  • Advanced Account

 

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

  • USD
  • EUR
  • RUR

 

Deposits and Withdrawals

 

What is the minimum deposit for TusarFx?

$1.

 

How do I make a deposit and withdrawal from TusarFx?

  • Bank Wire Transfer
  • Perfect Money

 

Does TusarFx charge withdrawal fees?

No. TusarFx does not charge withdrawal fees.

However, the payment fee coverage may be applied as reverse compensation fees and taken from the withdrawal if the total trading volume of the trading account during the last 30 days does not exceed five standard, non-hedging, non-scalping lots.

 

How long does it take to make a withdrawal?

Withdrawals can either be instant or take up to several days, depending on the payment method the trader uses.

 

Author Details

Louis Schoeman

Louis Schoeman

Featured Forex and Stocks writer

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