FP Markets – Islamic Account

FP Markets – Islamic Account

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FPMarkets - Islamic Account

Overall Rating

4.7/5

Rated #23 of
Recommended FX Brokers

💰Minimum Deposit

USD 100

🌐 Regulators

ASIC, CySEC

📱 Trading Desk

MetaTrader 4, MetaTrader 5

Crypto

Yes

📈 Total Pairs

60

☪️ Islamic Account

Yes

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

Our FP Markets Islamic Account Revealed.

FP Markets Overview

FP Markets is a well-regulated Australian-based broker that has been in operation since 2005. FP Markets is a popular STP, DMA, and ECN broker that offers more than 10,000 financial instruments that can be traded through either.

  • MetaTrader 4
  • MetaTrader 5
  • Iress Trading Platform

The trading accounts that FP Markets offers are tied to the trading platforms, reflecting the unique and flexible functions and features offered by each trading platform. FP Markets offers the following live trading accounts.

  • MT4/5 Standard Account
  • MT4/5 Raw Account
  • Iress Standard Account
  • Iress Platinum Account
  • Iress Premier Account
  • MT4/5 Islamic Standard Account
  • MT4/5 Islamic Raw Account

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 offer 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 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 of 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 FP Markets Islamic Account?

To register for an FP Markets Islamic Account, traders can follow these steps.

  • Traders can register for a MetaTrader 4 or MetaTrader 5 trading account.
  • Once the account has been approved, traders can email the FP Markets onboarding team to request an Islamic account conversion.
  • Traders can wait for the onboarding team to provide feedback on the status of the account.
  • Traders must note that Islamic accounts are only available on the MetaTrader 4 and MetaTrader 5 accounts.

What is FP Markets’ spread costs on an Islamic Account?

Traders can expect the following spread costs on the Islamic Accounts.

  • MT4/5 Islamic Standard Account – from 1 pip EUR/USD
  • MT4/5 Islamic Raw Account – from 0.0 pips EUR/USD

What other features does FP Markets’ Islamic Account have?

The features that traders can expect from their account will depend on whether they register a Standard or a Raw Islamic Account on MT4 or MT5. Traders can expect some of the following typical features.

  • A minimum deposit of AU$100 or equivalent in other currencies
  • Access to more than 60 forex pairs, metals, indices, and commodities
  • Maximum leverage up to 1:500
  • ECN execution
  • Commission-free trading
  • Micro-lot trading of 0.01 lots
  • Access to Expert Advisors (EAs) offered by MetaTrader 4 and MetaTrader 5
  • Access to Mobile Trading through MetaTrader 4 and MetaTrader 5
  • Access to free VPS

FP Markets Pros and Cons

PROS CONS
Well-regulated by several market regulators namely CySEC, ASIC, and SVG FSA No US clients
Award-winning broker that is globally known No fixed spreads
Islamic accounts are offered to Muslim traders
Flexible funding methods provided
A wide range of markets offered
A choice between three powerful trading platforms
Reliable trade executions provided
Demo account options are available

FP MARKETS AT A GLANCE

Broker's Name FP Markets
Headquartered Australia
Year Founded 2005
Regulating Authorities ASIC, CySEC, SVG GSA
Countries not accepted for trade United States
Islamic Account (Swap Free) Yes
Demo Account Yes
Institutional Accounts No
Managed Accounts No
Maximum Leverage 1:500
Minimum Deposit AU$100
Deposit Options
  • Bank Transfer
  • Credit Card
  • Debit Card
  • Neteller
  • Skrill
  • PayTrust (Local Bank Transfer)
  • Sticpay
  • Fasapay
  • Broker to Broker
  • South American Payment Method
  • Dragonpay
  • Perfect Money
  • Asian, African, and Latam Payments
  • MPSA
  • Cryptocurrency Payments
  • FairPay eWallets
  • Paylivre
  • Finrax
  • Thai Payments
Withdrawal Options
  • Bank Transfer
  • Credit Card
  • Debit Card
  • Neteller
  • Skrill
  • PayTrust (Local Bank Transfer)
  • Sticpay
  • Fasapay
  • Broker to Broker
  • South American Payment Method
  • Dragonpay
  • Perfect Money
  • Asian, African, and Latam Payments
  • MPSA
  • Cryptocurrency Payments
  • FairPay eWallets
  • Paylivre
  • Finrax
  • Thai Payments
Platform Types
  • MetaTrader 4
  • MetaTrader 5
  • Iress
OS Compatibility iOS, Android, Linux, Windows, macOS, web browsers
Tradable Assets
  • Forex
  • Shares
  • Metals
  • Futures
  • Derivatives
  • Indices
  • Commodities
Languages supported on Website English, Arabic, German, Portuguese, Vietnamese, Indonesian, French, Malay, Italian, Russian
Customer Support Languages Multilingual
Customer Service Hours 24/7

You might also like: FP Markets Account Type

You might also like: FP Markets Demo Account

You might also like: FP Markets Fees and Spreads

You might also like: FP Markets Minimum Deposit

Overall Rating

4.7/5

Rated #23 of
Recommended FX Brokers

💰Minimum Deposit

USD 100

🌐 Regulators

ASIC, CySEC

📱 Trading Desk

MetaTrader 4, MetaTrader 5

Crypto

Yes

📈 Total Pairs

60

☪️ Islamic Account

Yes

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

FAQ

TRADING ENVIRONMENT

How many instruments can I trade with FP Markets?

You can trade any of the following instruments.

  • Forex
  • Shares
  • Metals
  • Futures
  • Derivatives
  • Indices
  • Commodities

Which platforms are supported by FP Markets?

FP Markets supports the use of the following.

  • MetaTrader 4
  • MetaTrader 5
  • Iress

Does FP Markets offer leverage?

Yes, FP Markets offers leverage up to 1:500.

What spreads can I expect with FP Markets?

You can expect spreads from 0.0 pips.

Does FP Markets charge commission?

Yes, FP Markets charges the following commissions.

  • MT4/5 Raw Account – Commissions of $3 per side and $6 per lot traded
  • Iress Standard Account – Minimum commissions of AU$3 followed by an additional 0.1%
  • Iress Platinum Account – Minimum commissions of AU$9 followed by an additional 0.09%
  • Iress Premier Account – Commissions from 0.08%
  • MT4/5 Islamic Raw Account – Commissions of $3 per side and $6 per lot traded
  • All MT4/5 Standard and Raw Accounts – Commissions from 0.10% or a minimum of 10 EUR/USD/GBP per side on Equities

Are there additional charges on the Islamic account?

No, there are no additional charges on the Islamic Account.

Is FP Markets regulated and by whom?

Yes, FP Markets is well-regulated by CySEC, ASIC, and SVG FSA.

Is FP Markets a recommended forex trading broker for experts and beginners?

Yes, FP Markets is suited to both beginners and professional traders.

What is the overall rating out of 10 for FP Markets?

9/10.

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 FP Markets offer a demo account?

Yes, FP Markets offers a demo account.

How long is the demo account valid?

The demo account is available for an unlimited time if it is constantly being used. If the account goes dormant, it will expire after 30 days.

Which live trading accounts does FP Markets offer?

FP Markets offers the following live trading accounts.

  • MT4/5 Standard Account
  • MT4/5 Raw Account
  • Iress Standard Account
  • Iress Platinum Account
  • Iress Premier Account
  • MT4/5 Islamic Standard Account
  • MT4/5 Islamic Raw Account

Does FP Markets offer an Islamic Account?

Yes, FP Markets offers a Standard and Raw Islamic Account that can be used on either MetaTrader 4 or MetaTrader 5.

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

  • AUD
  • CAD
  • CHF
  • EUR
  • GBP
  • HKD
  • JPY
  • NZD
  • SGD
  • USD
  • INR
  • BRL, and several others.

DEPOSITS AND WITHDRAWALS

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

AU$100.

How do you make a deposit and withdraw money with FP Markets?

  • Bank Transfer
  • Credit Card
  • Debit Card
  • Neteller
  • Skrill
  • PayTrust (Local Bank Transfer)
  • Sticpay
  • Fasapay
  • Broker to Broker
  • South American Payment Method
  • Dragonpay
  • Perfect Money
  • Asian, African, and Latam Payments
  • MPSA
  • Cryptocurrency Payments
  • FairPay eWallets
  • Paylivre
  • Finrax
  • Thai Payments

Does FP Markets charge withdrawal fees?

Yes, FP Markets charges the following withdrawal fees.

  • International Bank Wire other than AUD – 10 AUD
  • Neteller – 2% up to 30 USD in addition to country fees
  • Skrill – 1% and country fees
  • Fasapay – 0.50%
  • PayTrust – 1.5%
  • Dragonpay – 1.5%
  • Perfect Money – 0.5%
  • Asian, African, and Latam Payments – 2%
  • Cryptocurrency Payments – Blockchain fees
  • MPSA – 7.25%
  • FairPay – 0.5% plus an additional flat fee of 10 USD
  • Paylivre – 1.5%
  • Finrax – Blockchain fees
  • Sticpay – 5% for bank wire and 2.5% for wallet fees
  • Thai Pay – 0.5%

How long does it take to make a withdrawal?

This will depend on the payment method that traders use. Some payments can be instant while others, such as conventional bank transfers, can take a few days.