Overall Rating

4.7/5

Rated #10 of
Recommended FX Brokers

Minimum Deposit

$10 

Regulators

IFSC

📱 Trading Desk

MetaTrader4, MetaTrader5, cTrader

₿ Crypto

No

📈 Total Pairs

60+

Islamic Account

Yes

 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

Axiory

Open a Real Account

Our Axiory Islamic Account Revealed:

• ✔️Axiory Overview
• ✔️What exactly is an Islamic Account?
• ✔️Why is interest discouraged or prohibited by Sharia law?
• What are the steps involved in opening an Axiory Islamic Account?
• What is Axiory’s spread costs on an Islamic Account?
• What other features does Axiory’s Islamic Account have?
• Axiory Pros and Cons
• AXIORY AT A GLANCE

Axiory Overview

Established in 2007, Axiory is a reputable online trading broker that offers more than 150 forex and CFD instruments that can be traded through modern, flexible trading platforms such as cTrader, MetaTrader 4 and MetaTrader 5.

Axiory is well-known for its flexible, competitive trading conditions and fast trade execution speeds derived from the Equinix data centres based in Tokyo, London, and New York. Axiory claims that all orders are filled in less than 200 milliseconds without requotes and minimal slippage.

Axiory offers a wide range of educational sources, trading tools, and some of the best trading technology that gives traders a competitive edge in their trading activities. All client funds are kept in segregated accounts with top tier banks, and Axiory is also a member of a reputable compensation fund.

Large volume traders and programmers can benefit from the protocol 4.4 trading solutions that are offered. This protocol ensures that all orders are executed through the Equinix data centre based in London, also referred to as LD4.

Axiory is one of the best straight-through processing (STP) and electronic communication network (ECN) brokers that offers low, competitive spreads and a no-dealing desk model that sends all orders directly to interbank liquidity where they are filled at the best possible prices.

What exactly is an Islamic Account?

An Islamic, or swap-free, trading account 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 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 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.

Two key elements of the Islamic law 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 on trade or business.

Why is interest discouraged or 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 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.

• Margin trading – 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 an Axiory Islamic Account?

To qualify for an Islamic Account, traders must apply for an account conversion by following these steps:

• Register for a live trading account with Axiory by choosing between the Nano, Standard, Max, and Tera accounts.
• Complete the Know Your Customer (KYC) and AML processes by providing a copy of a valid identity document and proof of residential address (not older than 3 months).
• Contact the business development representative or email the Axiory Support Team to request a conversion.
• Allow for 24 hours during which the account will be created if it is approved by the relevant department.

What is Axiory’s spread costs on an Islamic Account?

The spread costs on the Islamic Account will reflect that of the live trading account that is converted. Traders can expect the following typical spreads:

• Nano Account – from 0.2 pips EUR/USD
• Standard Account – from 1.2 pips EUR/USD
• Max Account – from 1.8 pips EUR/USD
• Tera Account – from 0.2 pips EUR/USD

What other features does Axiory’s Islamic Account have?

The features that traders can expect from their Islamic Account will depend on the account type that they register with and subsequently convert. Some typical features include:

• Minimum deposit of $10
• Spreads that range from 0.2 pips up to 1.8 pips
• Commissions between $0.04 up to $0.06 per stock CFD, with a minimum between $6 and $8, respectively
• Negative balance protection
• Micro-lot trading
• A maximum order size of 1,000
• Leverage between 1:400 and up to 1:777, and more

In addition, Muslim traders must note that there are holding commissions charged when they trade forex instruments. These are charged between $3 and up to $8 depending on the forex pair that is held open overnight.

Axiory Pros and Cons

You might also like: Axiory Account Types

You might also like: Axiory Demo Account

You might also like: Axiory Fees and Spreads

You might also like: Axiory Minimum Deposit

Overall Rating

4.7/5

Rated #10 of
Recommended FX Brokers

Minimum Deposit

$10 

Regulators

IFSC

📱 Trading Desk

MetaTrader4, MetaTrader5, cTrader

₿ Crypto

No

📈 Total Pairs

60+

Islamic Account

Yes

 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

Axiory

Open a Real Account

FAQ

TRADING ENVIRONMENT

How many instruments can I trade with Axiory?

You can trade any of the following instruments:

• Forex
• ETFs
• Individual shares
• Stock CFDs
• Indices CFDs
• Energies
• Metals

Which platforms are supported by Axiory?

Axiory supports the following trading platforms:

• cTrader
• MetaTrader 4
• MetaTrader 5

Does Axiory offer leverage?

Yes, Axiory offers leverage up to a maximum of 1:777.

What spreads can I expect with Axiory?

You can expect spreads from as little as 0.2 pips EUR/USD.

Does Axiory charge commission?

Yes, Axiory charges commissions that start from $0.04 per CFD on Stock CFDs.

Are there additional charges on the Islamic account?

Yes, Axiory charges holding commissions that range from $3 up to $8 on forex pairs.

Is Axiory regulated and by whom?

Yes, Axiory is regulated by the IFSC in Belize.

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

Yes, Axiory is a forex trading broker that is recommended for experts and beginners alike.

What is the overall rating out of 10 for Axiory?

8/10.

ACCOUNTS

What is the difference between a demo and a live trading account?

A demo account is a practice account that can be used by both beginner and professional traders. Beginners can use a demo account to practice their trading while more advanced traders can use it to test their trading strategies.

Alternatively, traders can also use a demo account to explore what a broker has to offer. Demo accounts are known for the risk-free environment that they offer along with the virtual funds which are used to trade.

Does Axiory offer a demo account?

Yes, Axiory offers a demo account.

How long is the demo account valid?

The demo account from Axiory has unlimited availability.

Which live trading accounts does Axiory offer?

Axiory offers the following live trading accounts:

• Nano Account
• Standard Account
• Max Account
• Tera Account
• Alpha Account

Does Axiory offer an Islamic Account?

Yes, Axiory offers an Islamic account option on all accounts except the Alpha Account because this is a share dealing account.

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

Axiory supports the following deposit currencies:

• USD
• EUR

DEPOSITS AND WITHDRAWALS

What is the minimum deposit required to open an account with Axiory?

$10 for live trading accounts and $0 for a share dealing account.

How do you make a deposit and withdraw money with Axiory?

• Credit Cards
• Debit Cards
• International Wire Transfer (SWIFT)
• Sticpay
• Neteller
• Skrill
• Vload
• ThunderXPay

Does Axiory charge withdrawal fees?

No, Axiory does not charge withdrawal fees.

How long does it take to make a withdrawal?

Depending on the withdrawal method, withdrawals can be immediate or take up to 10 days.