Exness Islamic Account
Exness Islamic Account is designed for Muslim traders who want to trade without violating Islamic laws. It allows traders to engage in the financial markets without needing to pay swap fees (i.e., interest) on overnight positions, in principle. This will make the account compatible with Shariah principles that are in line with the standards of Islamic finance.
What is an Islamic Account?
Islamic account, also known as halal or swap-free account, is a trade account observing Islamic finance rules. With a standard trading account, overnight held positions (where money is borrowed to cover the transaction) are typically subject to interest charges. This interest is, however, not charged on Islamic accounts. That is due to Islam forbidding the charging or payment of interest (in Arabic “riba”). An Islamic account allows Muslim traders to be able access the financial markets without having to compromise their principles. As a result, this create a different way of trading depending on your religious beliefs.
Why is interest prohibited under Shariah?
Interest is not allowed in Islamic finance. Interest is seen in all Islamic teachings as a profit without correspondence of goods and services, an unjustified enrichment. This interest, or “riba,” is seen as exploitative because it requires the borrower to pay back more than what they received. The opposite is true in Islam, which advocates for a trade and investment model in which all parties share the risks and benefits equally. Therefore, Islamic finance is to build a just and balanced economy that supports just and equality through the prohibition of interest.
Benefits of an Islamic Account for Muslim Traders
Islamic accounts offer many benefits for Muslim traders:
- Aligns with Religious Beliefs
An Islamic account lets traders avoid interest, so they can trade without violating their faith.
- Transparent Trading Conditions
With no swap fees, Islamic accounts offer clear and fair terms that align with Islamic principles.
- Access to a Wide Range of Assets
Traders can access global markets and invest in different assets, all while staying Shariah-compliant.
- Support for Risk Management
Islamic accounts provide flexible options to manage trading risks, without the added cost of interest on open positions.
These benefits make Islamic accounts a valuable choice for Muslim traders who want to follow their faith while engaging in global financial markets.
Does Exness have an Islamic account option?
Yes, Exness offers an Islamic account option. This account is made for Muslim traders who want to trade without paying interest fees. In regular trading, accounts are usually charged an interest, or “swap,” for positions that stay open overnight. But in Islamic finance, interest is not allowed.
With the Exness Islamic account, these interest charges are removed, making it a “swap-free” account. This way, Muslim traders can trade confidently, knowing they are not violating their beliefs. The account has the same features as regular accounts. This means traders still get competitive trading conditions and access to various assets. The Exness Islamic account allows traders to invest while staying true to their principles.
What assets are available for trading on Exness Islamic account?
Exness Islamic account holders can trade a wide range of assets. This gives traders the chance to explore different markets and manage a diverse portfolio while following Shariah rules. Here are the main types of assets available:
You can trade different currency pairs, including major, minor, and exotic pairs. Forex trading lets you take advantage of currency price movements worldwide.
Digital currencies like Bitcoin and Ethereum are also available. Crypto trading is fast-paced, making it popular with traders who enjoy quick market movements.
Traders can also invest in energy assets like crude oil and natural gas, which reflect global energy market trends.
Exness offers popular global indices, such as the Dow Jones, NASDAQ, and FTSE 100. Trading indices lets you invest in the general performance of entire markets.
You can trade CFDs on individual stocks from major companies in industries like technology, finance, and consumer goods.
With such a broad selection, the Exness Islamic account helps traders diversify and build a balanced portfolio. It allows Muslim traders to follow their goals and manage their investments while respecting their beliefs.
How to Open an Islamic Account in Exness
Opening an Islamic account with Exness is straightforward. Here’s how you can do it:
- Start Trading: With funds in your Islamic account, you are now ready to trade without any swap fees on overnight positions.nsure that your account is stable, active, and free from any potential threats, should you ever become compromised, verification is a valid step.
- Visit the Exness Website: Go to the Exness website and click on the “Sign Up” button.
- Register Your Account: Enter your name, email, and set a secure password. This will create your Exness account.
- Log In to Your Account: After registering, log in to your personal dashboard to continue setting up your account.
- Choose Islamic Account Type: In your dashboard, select the Islamic account option. This option is designed for Muslim traders who want to avoid interest charges on overnight positions.
- Verify Your Identity: Complete the verification process by uploading any required documents to confirm your identity. This is a quick and necessary step.
- Fund Your Account: Once verified, you can add funds to your account using a payment method of your choice.
How to Convert an Existing Account to an Islamic Account
If you already have an Exness account, you can still switch to an Islamic account. Log into your account and go to your settings. In the settings, look for the option to request an Islamic account, sometimes listed as “swap-free.”
Click on this option, follow the prompts, and submit your request. Once approved, your account will be changed to an Islamic account. This means you won’t be charged interest fees on positions you keep open overnight. If you need help at any step, the Exness support team is there to assist.
Spreads and Commissions on the Exness Islamic Account
Exness Islamic account has competitive spreads and very low commissions of course similar to other Exness accounts. But the biggest distinction is that it did not charge swap fees on overnight investments.
So, it is ideal for Muslim traders who do not want to pay interest fees. The gap between the buy and sell price, known as the spread, may differ from asset to asset Since most trading takes place on classic forex pairs, they are characterized by minimum spreads. Some account types might have small commissions, but Exness keeps these costs low to provide affordable trading.
With no swap fees, fair spreads, and low commissions, the Exness Islamic account is a good option for traders who want a cost-effective way to trade while following Islamic principles.Here’s a table with typical spreads and commission rates for popular assets:
| Asset Type | Spread (Pips) | Commission (USD per Lot) | Swap Fee |
| Major Forex Pairs | 0.3 – 1.0 | $0 – $3 | None |
| Gold | 0.5 – 1.2 | $5 | None |
| Cryptocurrencies | 1.0 – 2.5 | Varies | None |
| Energies | 0.8 – 1.5 | $3 | None |
| Indices | 0.4 – 1.0 | $2 | None |
In an Islamic account, there are no swap fees on overnight positions, which makes it suitable for traders who follow Islamic finance rules. Major forex pairs usually have the lowest spreads, while metals, indices, and energies offer competitive rates. Some trades may have a small commission, but Exness keeps these fees low to make trading affordable. This way, the Exness Islamic account lets you trade a wide range of assets at minimal cost, all while respecting your values.
Frequently Asked Questions
Does Exness offer an Islamic account?
Yes, there is an Islamic account on Exness. A swap account is specifically designed for Muslim traders who would prefer to trade without paying any interest fees. The Exness Islamic account is a swap-free account that adheres to Islamic finance principles and is compliant with Shariah law.
How do I open an Islamic account with Exness?
Exness provides a hassle-free method of registering an Islamic account. Step 1: Visit the Exness website and register an account. Once registered, sign into your dashboard, then choose the option for Islamic account. Afterward, finish the touch verification by uploading requested documents. After confirming your account, you may deposit some money to trade with your new swap-free, Islamic account.
Are there any additional fees on an Islamic account?
Exness Islamic accounts do not have swap fees on positions held overnight, so there are no interest charges. Some account types might have small commissions depending on the asset you’re trading, but Exness keeps these costs as low as possible. This way, you get affordable trading while following Islamic principles.
What platforms are available for an Exness Islamic account?
Many platforms, including MetaTrader 4 (MT4), MetaTrader 5 (MT5), and the Exness mobile app, offer Exness Islamic accounts. These all In one platforms are great for even advanced charting and other trading tools. They are available for everything from your desktop to your tablet to your phone.
Can I trade cryptocurrencies with an Exness Islamic account?
Yes, you can open a crypto position with an Exness Islamic account. Exness provide well know digital currencies such as exe Bitcoin, Ethereum, and Litecoin. Crypto trades on the Islamic account are swap-free, same as for other assets, which means that there is no way you can pay interest.
How long is the Swap-Free option available on the account?
The swap-free option on Exness Islamic accounts is available permanently. This means there is no time limit for the swap-free feature.They allow you to leave positions open for as long as you wish, free of charge. It ensures that an Exness Islamic account, therefore always adheres to the rules of Islamic finance.
Can I convert my existing account to an Islamic account?
Just login, go to settings, and ask for a swap free (Islamic) account. Once you have submitted and the request is approved, your swap-free account will be changed into an Islamic account. In case you required assist, Exness customer support works 24/7 to help you at your location.