📈 Popular:

Broker of the month

Top 27 Regulated Forex Brokers

Forex No Deposit Bonuses

Promotions

⚡ Easily Trade – Apple, Microsoft , Tesla and Google Stocks – Open a FREE Account Here

Best Brokers

1st Place

2nd Place

3rd Place

4th Place

5th Place

Varianse Islamic Account

Varianse Islamic Account

 

Overall Rating

4.7/5

Rated #268 of 
Recommended FX Brokers

💰Minimum Deposit

USD 500

🌐 Regulators

FCA

📱 Trading Desk

No Trading Desk

Crypto

Yes

📈 Total Pairs

45

☪️ Islamic Account

No

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

Yes, Varianse 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 Varianse 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.

 

 

 

Varianse Overview

Varianse does offer their clients the option for an Islamic account for their Muslim traders.

Varianse is a well-regulated broker which is based in the UK. Varianse is strictly regulated by the FCA.

Plus to this, the broker has preserved a solid position as a leading contributor with positive reviews. The FCA is looked upon as a predominantly strict regulatory body. This ensures that Varianse operates in accordance with the required level of security and operational standards.

This broker also offers a group of sophisticated trading technologies which permit traders to trade under any market condition, as well as custom build and create their own automated approach. These platforms are purposely modified to handle high volume synchronized execution.

Varianse has been in operation since 2015 and offers traders around the globe with the chance to trade in global markets. Traders can trade more than over 100 financial instruments in the following markets:

FX, Indices, Futures, Energies and Metals, as well Spread Betting for UK clients, Varianse partners between traditional FX and CFD broking and FinTech innovation.

 

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 offers certain features that are in line with the 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 interest, which is not allowed according to the 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 which are deposited into the trading account, which is prohibited.
  • Loans – when followers of the 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 into such a contract.

 

 

What are the steps involved in opening an Varianse Islamic Account?

Traders who are eligible for an Islamic Account must complete the 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 Varianse may require before approving an application for an Islamic account.

 

What is Varianse spread costs on an Islamic Account?

Traders can expect spreads which start from 1 pips when using the Islamic account. This will depend on the financial instrument, account chosen and the time of day, and several other factors.

 

Overall Rating

4.7/5

Rated #268 of 
Recommended FX Brokers

💰Minimum Deposit

USD 500

🌐 Regulators

FCA

📱 Trading Desk

No Trading Desk

Crypto

Yes

📈 Total Pairs

45

☪️ Islamic Account

No

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

What other features does Varianse Islamic Account have?

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

  • Interest is not charged on contracts which 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 5-digit spreads
  • Traders can trade in both mini and micro-lots
  • Traders have access to Expert Advisors, which allow for automated trading.
  • Direct execution on trades, and
  • Accounts are activated with a minimum deposit requirement of $500

 

Traders should take note that markets open on Sunday at 11 pm CET and close on Fridays at 11pm 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 Middle Eastern support desk to find out more regarding such restrictions and/or limits.

 

Pros and Cons

✔️ PROS ❌ CONS
Award-winning broker US Clients not accepted
Well regulated High minimum deposit
Excellent trading platforms Withdrawal fees
Fast and easy website
Low spreads

 

You might also like: Varianse Minimum Deposit

You might also like: Varianse Demo Account

You might also like: Varanse Fees and Spreads

You might also like: Varianse Account types

You might also like: Varianse Sign up Bonus

 

 

Varianse at a Glance

Broker’s Name Varianse
Headquartered UK
Year Founded 2015
Regulating Authorities FCA
Countries not accepted for trade US
Islamic Account (Swap Free) Yes
Demo Account yes
Institutional Accounts yes
Managed Accounts yes
Maximum Leverage 1:200
Minimum Deposit $500
Deposit Options
  • Wire Bank transfers, Card payments, e-wallets Skrill, SoFort, Uphold and China Union Pay.
Withdrawal Options
  • Wire Bank transfers, Card payments, e-wallets Skrill, SoFort, Uphold and China Union Pay.
Platform Types Metatrader 4 and MaxxTrader
OS Compatibility Web browsers, Windows, Linux, MacOS, Android, iOS
Tradable Assets
  • Over 100 tradable instruments through five asset classes including FX, Indices, Futures, Energies and Metals, as well Spread Betting for UK clients, Varianse partners between traditional FX and CFD broking and FinTech innovation.
Languages supported on Website Over 35 languages including English
Customer Support Languages Over 35 languages including English
Customer Service Hours 24/5

 

FAQ’s

 

Trading Environment

 

How many instruments can I trade with Varianse?

You can trade the following financial instruments:

Over 100 tradable instruments through five asset classes including FX, Indices, Futures, Energies and Metals, as well Spread Betting for UK clients, Varianse partners between traditional FX and CFD broking and FinTech innovation.

 

Which platforms are supported by Varianse?

Metatrader 4 and MaxxTrader

 

Does Varianse offer leverage?

1:200

 

What spreads can I expect with Varianse?

You can expect spreads that start from Varianse to start at 1 pip.

 

Does Varianse charge commission?

Yes. Traders can expect a minimum charge of $2/lot.

It is unclear whether Islamic account holders are subjected to the same commission charges. Traders must verify this information with the broker as it is not stated on the website.

 

Are there additional charges on the Islamic account?

Not that can be seen from Varianse’s website.

 

Is Varianse regulated?

Yes. Varianse is regulated by FCA

 

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

Yes. Varianse caters to both beginners and experts.

 

What is the overall rating out of 10 for Varianse?

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 Varianse offer a demo account?

Yes

 

For how long is the demo account valid?

30 days.

 

Does Varianse offer the option of an Islamic Account?

Yes, Varianse offers an Islamic Account.

 

Which live trading accounts does Varianse offer?

Varianse offers traders the option of three accounts which are the Classic Account, Prime Account, ECN Pro Account, and the option for an Islamic Account for Muslim Traders.

 

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

GBP, EUR, USD, PLN, JPY, AUD

 

Deposits and Withdrawals

 

What is the minimum deposit for Varianse?

$500

 

How do I make a deposit and withdrawal with Varianse?

Wire Bank transfers, Card payments, e-wallets Skrill, SoFort, Uphold and China Union Pay.

 

Does Varianse charge withdrawal fees?

There is an additional $5 fee charged for withdrawals

 

How long does it take to make a withdrawal?

This will depend on the payment method used. It can take between 30 minutes up to a few working days.

 

 

Author Details

Louis Schoeman

Louis Schoeman

Featured Forex and Stocks writer

Table of Contents

You might also like

Swissquote Minimum Deposit

  The minimum deposit required to open a Swissquote Account is $1000 USD.  Swissquote provides 3 different live trading accounts, Standard, Premium, and Prime.  

10 Best Forex Brokers in Malawi

  The Top 10 Best Forex Brokers in Malawi revealed. We have rated and reviewed the best Forex Brokers accepting Malawian Traders.   This is a