Our Tickmill Islamic Account Revealed:
- ✔️Tickmill Overview
- ✔️What exactly is an Islamic Account?
- ✔️Why is interest discouraged or prohibited by Sharia law?
- What are the steps involved in opening a Tickmill Islamic Account?
- What is Tickmill’s spread costs on an Islamic Account?
- What other features does Tickmill’s Islamic Account have?
- Tickmill Pros and Cons
- TICKMILL AT A GLANCE
Tickmill is a reputable ECN and STP broker that has been in operation since 2015, offering competitive trading conditions and a range of unique, sophisticated, and versatile trading solutions to traders from around the world.
Tickmill has an impressive product portfolio that includes more than 80 financial instruments that are spread across several markets. These can be traded using the powerful and user-friendly trading platforms that Tickmill offers, namely MetaTrader 4 and MetaTrader 5.
These platforms are some of the best in the industry and they offer a wide range of functions and features, allowing traders to make the best from their trading. Tickmill is reputable and ensures that the needs and objectives of traders are prioritised, giving traders a fair, secure, diverse, and transparent trading environment in which they can grow and thrive.
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
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 Tickmill Islamic Account?
To convert their trading account into an Islamic Account, traders must first complete the account registration for a Classic, Pro, or VIP trading account. Once traders have verified their identity and residential address, they can contact Tickmill customer support to request for conversion.
What is Tickmill’s spread costs on an Islamic Account?
The spreads that traders can expect from their Islamic account will depend on the live trading account that they convert. Typical spreads that traders can expect are as follows:
- Classic Account – variable spreads from 1.6 pips EUR/USD
- Pro Account – variable spreads from 0.0 EUR/USD
- VIP Account – variable spreads from 0.0 EUR/USD
What other features does Tickmill’s Islamic Account have?
The features that traders can expect from their Islamic Account will depend on the trading account that they choose to convert. Some typical features that Muslim traders can expect from their Tickmill Islamic Account include:
- A minimum deposit requirement between 100 and up to 50,000 units in EUR, USD, and GBP
- Maximum leverage up to a maximum of 1:500
- Micro-lot trading from 0.01 lots
- Commission-free trading on Stock Indices CFDs, Cryptocurrencies, oil, and bonds
- The ability to use any trading styles or strategies
- Access to 62 forex CFDs in addition to oil, precious metals, bonds, and cryptocurrencies
However, traders who use the Islamic Account must note that they only receive three days free to hold their positions. Once three days have passed, they will incur a holding charge that ranges from $5 up to $50 on certain instruments. These fees are charged per day, including public holidays and over weekends.
TICKMILL AT A GLANCE
|Headquartered||London, Cyprus, South Africa, Seychelles, Malaysia|
|Regulating Authorities||FCA, CySEC, FSCA, FSA Seychelles and Malaysia with several registrations through FCA, BaFin, CONSOB, ACPR, CNMV|
|Countries not accepted for trade||United States|
|Islamic Account (Swap Free)||Yes|
|OS Compatibility||iOS, Android, web browsers, Windows, Linux, macOS|
|Languages supported on Website||English, Indonesian, Russian, Thai, Italian, Vietnamese, Portuguese, Malayan, Polish, Chinese, Spanish, German, Korean, and Arabic|
|Customer Support Languages||Multilingual|
|Customer Service Hours||24/5|
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How many instruments can I trade with Tickmill?
You can trade any of the following instruments:
- Precious metals
- Stock Indices
Which platforms are supported by Tickmill?
Tickmill supports the use of the following trading software:
- MetaTrader 4
- MetaTrader 5
Does Tickmill offer leverage?
Yes, Tickmill offers leverage up to a maximum of 1:500.
What spreads can I expect with Tickmill?
You can expect spreads from 0.0 pips on the Pro and the VIP account types.
Does Tickmill charge commission?
Yes, Tickmill charges commissions from 1 unit in the base account currency on forex.
Are there additional charges on the Islamic account?
Yes, there are additional charges when traders keep their positions open for longer than three consecutive days.
Is Tickmill regulated and by whom?
Yes, Tickmill is regulated by FCA, CySEC, FSCA, FSA Seychelles and Malaysia with several registrations through FCA, BaFin, CONSOB, ACPR, CNMV.
Is Tickmill a recommended forex trading broker for experts and beginners?
Yes, Tickmill is recommended for both experts as well as beginners.
What is the overall rating out of 10 for Tickmill?
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 Tickmill offer a demo account?
Yes, Tickmill offers a demo account.
How long is the demo account valid?
The demo account is available for an unlimited time. However, if the demo account is inactive and no login attempts are made within seven days, the demo account will expire, and traders must register a new account to gain access again.
Which live trading accounts does Tickmill offer?
Tickmill offers the following live accounts:
- Classic Account
- Pro Account
- VIP Account
Does Tickmill offer an Islamic Account?
Yes, Tickmill offers the option for an Islamic Account on all live trading accounts.
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 Tickmill?
How do you make a deposit and withdraw money with Tickmill?
You can use any of the following payment methods:
- Bank Transfer
- Credit Card
- Debit Card
Does Tickmill charge withdrawal fees?
No, Tickmill does not charge any withdrawal fees.
How long does it take to make a withdrawal?
According to the official Tickmill website, withdrawals from the trading account will be completed within one working day.