Our JustForex Islamic Account Revealed:
- ✔️JustForex Overview
- ✔️What exactly is an Islamic Account?
- ✔️Why is interest discouraged or prohibited by Sharia law?
- What are the steps involved in opening a JustForex Islamic Account?
- What are JustForex’s spread costs on an Islamic Account?
- What other features does JustForex’s Islamic Account have?
- JustForex Pros and Cons
- JUSTFOREX AT A GLANCE
JustForex is an ECN and STP broker based in Saint Vincent and the Grenadines with regulation and authorization through the Financial Services Authority (FSA). JustForex is well-known for offering traders a choice between seven dynamic, flexible trading accounts.
Each of these trading accounts caters to the specific trading needs and objectives of different traders, from beginners to professional traders. These accounts also provide traders with competitive trading conditions and several advantages and features that they can use to give them a competitive edge in financial markets.
In addition, traders can trade several financial instruments that are spread across several asset classes, including the following:
These financial instruments can be traded through MetaTrader 4 or MetaTrader 5. Traders must note that while there is a choice between the trading accounts, the sets of accounts are divided between MetaTrader 4 and MetaTrader 5 as the primary trading platform.
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 JustForex Islamic Account?
To register for an Islamic Account with JustForex, traders must complete the registration for one of the live trading accounts according to the trading needs, objectives, and preferences of the trader. Traders must complete the “Know Your Customer” procedure where they must submit proof of their identity and residence before their account will be approved.
Once account approval has been confirmed by the customer support team, Muslim traders can request for their trading account to be converted. Once complete, traders will receive a swap-free status that will exempt them from paying/earning swaps.
What are JustForex’s spread costs on an Islamic Account?
The spreads that traders can expect from their Islamic Account will depend on the trading account that they choose, the market conditions on the trading day, and the financial instrument that is being traded.
Typical spreads that traders can expect according to the account type are as follows:
- MT4 Standard Cent Account – variable spreads from 0.3 pips
- MT4 and MT5 Standard Account – variable spreads from 0.3 pips
- MT4 and MT5 Pro Account – variable spreads from 0.1 pips
- MT4 and MT5 Raw Spread Account – variable spreads from 0.0 pips
What other features does JustForex’s Islamic Account have?
The basic account features that traders can expect from their account will depend on the account type that they choose as each has unique trading conditions and features. However, some typical features that traders can expect from their trading account are as follows:
- Minimum deposits between $1 and $100
- Leverage ratios between 1:1000 up to a maximum of 1:3000
- A choice in currencies as the base currency including USD, EUR, GBP, JPY, MYR, IDR, THB, VND, KWD, CNY, and ZAR (Except on the Cent account which only allows USD Cents as the base currency)
- Margin calls of 40% with stop-out levels of 20%
- 5th decimal pricing and market execution, and more
JUSTFOREX AT A GLANCE
|Headquartered||Saint Vincent and the Grenadines|
|Regulating Authorities||Financial Services Authority (FSA)|
|Countries not accepted for trade||United States|
|Islamic Account (Swap Free)||Yes|
|Managed Accounts||Yes – MAM|
|OS Compatibility||Web browsers, iOS, Android, Windows, macOS, Linux|
|Languages supported on Website||English, Spanish, Portuguese, French, Russian, Indonesian, Malaysian, Chinese (Simplified and Traditional), Lao, Vietnamese, Thai, Turkish, and more.|
|Customer Support Languages||Multilingual|
|Customer Service Hours||24/5|
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How many instruments can I trade with JustForex?
You can trade any of the following instruments:
Which platforms are supported by JustForex?
JustForex supports the use of:
- MetaTrader 4
- MetaTrader 5
Does JustForex offer leverage?
Yes, JustForex offers leverage up to a maximum of 1:3000.
What spreads can I expect with JustForex?
You can expect spreads that start from 0.0 pips on the Raw Spread Account.
Does JustForex charge commission?
Yes, JustForex charges commissions on the Raw Spread Account of 3 units of the base account currency per side/per lot.
Are there additional charges on the Islamic account?
No, there are no additional charges indicated on the Islamic Account.
Is JustForex regulated and by whom?
Yes, JustForex is regulated by the Financial Services Authority (FSA) in Saint Vincent and the Grenadines.
Is JustForex a recommended forex trading broker for experts and beginners?
Yes, JustForex caters to both beginners and experienced traders.
What is the overall rating out of 10 for JustForex?
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 JustForex offer a demo account?
Yes, JustForex offers a demo account.
How long is the demo account valid?
The demo account is valid for an unlimited time.
Which live trading accounts does JustForex offer?
JustForex offers the following accounts:
- MT4 Standard Cent Account
- MT4 Standard Account
- MT4 Pro Account
- MT4 Raw Spread Account
- MT5 Standard Account
- MT5 Pro Account
- MT5 Raw Spread Account
Does JustForex offer an Islamic Account?
Yes, JustForex offers an Islamic account on all its live trading accounts.
What are the available deposit currencies for a live trading account?
- NGN, and numerous others
DEPOSITS AND WITHDRAWALS
What is the minimum deposit required to open an account with JustForex?
How do you make a deposit and withdraw money with JustForex?
- Credit Card
- Debit Card
- Perfect Money
- Cryptocurrency Wallets
- Local Bank Transfers
- Local Bank Cards
- Local Bank Mobile Money options
- Doku Wallet
Does JustForex charge withdrawal fees?
No, JustForex does not charge any withdrawal fees on any of the payment methods. However, when traders use cryptocurrency wallets, they may be subject to a blockchain fee.
How long does it take to make a withdrawal?
According to the JustForex website, the maximum processing time for withdrawals is within one banking day.