📈 Total Pairs
Our Markets.com Islamic Account Revealed:
- ✔️Markets.com Overview
- ✔️What exactly is an Islamic Account?
- ✔️Why is interest discouraged or prohibited by Sharia law?
- What are the steps involved in opening a Markets.com Islamic Account?
- What is Markets.com’s spread costs on an Islamic Account?
- What other features does Markets.com’s Islamic Account have?
- Markets.com Pros and Cons
- MARKETS.COM AT A GLANCE
Established in 2008, Markets.com is a reputable and well-regulated broker that offers traders and investors from around the world comprehensive trading solutions and competitive trading conditions.
Markets.com forms a part of Finalto (BVI) limited which is a constituent of Playtech, a reputable and large company that is listed on the FTSE 250 as one of the largest companies in the United Kingdom according to market capitalisation.
Markets.com offers comprehensive solutions to beginner and experienced traders despite their trading needs, objectives, or trading styles. Markets.com offers innovative and powerful technology backed by dedicated customer support, advanced trading tools, and more.
Traders who use Markets.com can know that their funds are secured and that Markets.com offers a fair, safe, and transparent trading environment. The funds of clients are always kept separate from that of the broker, and funds are not used for business activities, to hedge trades with other counterparties, or as a margin for the brokers’ trading activities.
Trading can be done through powerful and flexible trading platforms using the competitive trading conditions that Markets.com offers. Traders are given access to over 8,000 tradable instruments that are spread across several asset classes, providing traders with global exposure to a plethora of trading opportunities.
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 Islamic law relate specifically to trading accounts, these elements are.
- Riba, and
Riba is the prohibition of generating money from money, which in this case specifically refers to 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 a Markets.com Islamic Account?
To register for a Markets.com Islamic account, traders must register for a live trading account. This will involve a “Know Your Customer” process where traders must verify their identity and residential address.
This forms part of Anti-money laundering policies and ensures that traders are given a fair, safe, and transparent trading environment where they are safeguarded. Once traders have verified their account and their account has been funded with the minimum deposit, they can contact Markets.com’s customer support to request for account conversion.
What is Markets.com’s spread costs on an Islamic Account?
The spreads that traders can expect with Markets.com is according to the financial instrument that is being traded, the market conditions on the day of trading, and several other factors. Typical spreads with Markets.com start from 0.8 pips EUR/USD.
Traders must note that while Markets.com does not offer 0.0 pip spreads and offers spreads that are marked up, commission-free trading can be done, and the broker merely takes a small fee by adding a mark-up to the spreads instead.
What other features does Markets.com’s Islamic Account have?
Some basic features that traders can expect from their Islamic Accounts include.
- Leverage up to 1:300 for non-EU traders and up to 1:30 for EU clients
- Access to prompt and dedicated customer support
- Access to a wide range of trading tools, news, and analysis
- Access to MetaTrader 4, MetaTrader 5 and the proprietary Markets.com trading platforms MarketsX and Marketsi
- Ability to use fundamental, technical, and sentimental analysis on markets
- Access to trading signals from experienced traders
- Advanced charting capabilities
- Financial commentary from ForexLive.com
- Advanced and customisable alerts
- Thomson Reuters Stock report
- Fast and reliable trade execution speeds
Markets.com Pros and Cons
MARKETS.COM AT A GLANCE
|Headquartered||British Virgin Islands|
|Regulating Authorities||ASIC, CySEC, FSCA, FCA, BVI FSC|
|Countries not accepted for trade||United States|
|Islamic Account (Swap Free)||Yes|
|OS Compatibility||Linux, Windows, macOS, web browsers, Android, iOS|
|Languages supported on Website||English, Spanish, Thai, Vietnamese|
|Customer Support Languages||Multilingual|
|Customer Service Hours||24/5|
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📈 Total Pairs
How many instruments can I trade with Markets.com?
You can trade any of the following instruments.
- Primary CFDs
Which platforms are supported by Markets.com?
Markets.com supports the use of the following.
- MetaTrader 4
- MetaTrader 5
Does Markets.com offer leverage?
Yes, Markets.com offers leverage of 1:300 to non-EU traders and up to 1:30 to EU traders.
What spreads can I expect with Markets.com?
You can expect spreads from 0.8 pips on EUR/USD.
Does Markets.com charge commission?
Yes, Markets.com charges commissions on the share dealing account as follows.
- US shares – from 2c and a minimum of 15 USD
- UK shares – from 0.1% and a minimum of 8 GBP
- EU shares – from 0.1% and a minimum of 10 EUR
- AU shares – from 0.1% and a minimum of 10 AUD
Are there additional charges on the Islamic account?
No, there are no additional charges on the Islamic Account.
Is Markets.com regulated and by whom?
Yes, Markets.com is regulated by ASIC, CySEC, FSCA, FCA, BVI FSC.
Is Markets.com a recommended forex trading broker for experts and beginners?
Yes, Markets.com is recommended for both beginner and experienced traders.
What is the overall rating out of 10 for Markets.com?
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 Markets.com offer a demo account?
Yes, Markets.com offers a demo account.
How long is the demo account valid?
The demo account does not expire and when traders reach a minimum virtual balance of 100 units, it will reset to a virtual balance of 10,000 units.
Which live trading accounts does Markets.com offer?
Markets.com offers a CFD trading account and a share dealing account.
Does Markets.com offer an Islamic Account?
Yes, Markets.com offers the option for an Islamic account.
What are the available deposit currencies for a live trading account?
DEPOSITS AND WITHDRAWALS
What is the minimum deposit required to open an account with Markets.com?
How do you make a deposit and withdraw money with Markets.com?
- Bank Wire Transfer
- Credit Card
- Debit Card
Does Markets.com charge withdrawal fees?
No, withdrawal fees are not charged.
How long does it take to make a withdrawal?
Withdrawals can take between a few hours up to several days, depending on the method that traders use and internal processes.