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 prohibited under Shariah law because it is seen as a form of unjust enrichment. In Islamic teachings, earning profit without corresponding goods or services is considered exploitative, as it does not involve a fair exchange. This concept, known as “riba,” is viewed as harmful because it forces the borrower to pay back more than what was initially borrowed, creating an imbalance in the relationship. Islam advocates for a financial system where risk and reward are shared fairly among all parties involved. The prohibition of interest ensures that the economy operates on principles of justice, equality, and mutual benefit, promoting a system that discourages exploitation and fosters economic balance. Therefore, Islamic finance emphasizes ethical investments and trade practices that support a more equitable and just economic structure.
Benefits of an Islamic Account for Muslim Traders
Islamic accounts provide several important benefits for Muslim traders, allowing them to engage in trading activities while adhering to Islamic principles. These accounts are designed to be in full compliance with Shariah law, ensuring that traders can participate in the financial markets without violating the prohibition of interest (riba). By eliminating the need for interest-based transactions, Islamic accounts offer a fair and ethical trading environment. These accounts also foster transparency and equity, promoting a trading model that aligns with Islamic values of justice and equality. Here are some of the key advantages of using an Islamic account 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 a simple and efficient process, designed to ensure that Muslim traders can access a trading platform that aligns with their values and adheres to Shariah principles. Exness offers Islamic accounts that are free of interest, enabling traders to engage in forex trading without violating the prohibition of riba (interest). The process of opening an Islamic account is similar to opening a standard trading account, with just a few additional steps to ensure compliance with Islamic finance rules. Here’s a detailed guide on how to get started with your Exness Islamic account.
- 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 easily convert it to an Islamic account. Here’s how to do it:
- Log into your Exness account.
- Go to your account settings.
- Look for the option to request an Islamic account, often listed as “swap-free.”
- Click on this option and follow the prompts.
- Submit your request for approval.
Once your request is approved, your account will be switched to an Islamic account, meaning you won’t incur interest charges on positions held overnight. If you encounter any issues, the Exness support team is available to assist you.
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.