Exness will be a Forex company that provides services all over the world. Therefore, there are users who believe in various races and various religions. For Muslims, there is an Islamic account, and it is possible to open an account by applying.
What is an Islamic account?
An Islamic account is an account that can be opened by traders residing in Islamic countries. In order to open an Islamic account, you need to first open an account, and then contact the support center and tell them that you want to open an Islamic account. Islamic accounts must be Muslim, so submission of proof is also required.
What is swap free?
Islamic accounts are basically swap-free accounts. A swap-free account is an account that does not generate any swap points. According to Islamic teachings, trading with interest is considered undesirable, which is why it is necessary to offer an account that does not accrue any swap points. Therefore, the FX broker created an Islamic account. Therefore, basically only Muslims can open an account, and when opening an account you will be asked to sign a consent form and prove that you are a Muslim. If you make a false report, your account will be frozen.
Advantages of swap-free accounts
A swap-free account is an account that does not generate any swap points, so there is no profit or loss from swap points. In actual trading, swap points are generated for both long and short positions, but not having swap points results in lower transaction costs in the long run. Another good thing is that there are no cross-day swap points, which means you can do long trades without hesitation. In swing trades where positions are held for a period of several days to several months, the influence of swap points increases depending on the length.
Disadvantages of swap-free accounts
The fact that swap points do not occur has a great advantage, but the spread tends to be larger. This is true not only with Exnes but also with other FX brokers, where the spread tends to widen. This is done because the FX broker wants to make a profit. Depending on the FX broker, other forms of transaction fees may be charged in addition to the spread spread.
Scalping and double-edging
With Exness, even if you have an Islamic account, scalping and double-denominated trading are possible. Exness tends to have very few restrictions compared to other FX brokers, so there are almost no prohibitions. Even if you have an Islamic account, you can trade without any problems or stress.
Islamic account features
Islamic accounts have the following features:
|Account Type||All Type|
|Trade Instruments||Forex pair|
For Islamic accounts, swap-free is applied to all Pro accounts, Raw spread accounts, Zero accounts and Standard accounts. Automatically applied to trading accounts of users residing in Islamic countries.
Swap-free not applicable
Please note that there are currency pairs that are not subject to swap-free. Note that swap-free is not applicable to the following stocks.
- XAU / USD
Islamic accounts cover all account types. All account types for live trading accounts and even opening a demo account trading is possible. The demo account is valid for 30 days.
Islamic accounts are for Muslims only. Please be aware that if you open an Islamic account even though you are not Muslim, we may revoke your swap-free status.
When you open an Islamic account, you can use trading tools, VPS, calculation tools, etc. for free like a general account. You can also use MT4 and MT5.
Minimum deposit amount
You can deposit from $10. Exness allows you to trade from a small amount, so you can rest assured.
Bank withdrawals are subject to bank business days. Otherwise, the withdrawal will be completed within 2-3 days.
Open an account for free
To open an Islamic account, you first need to create an account. You can open an account for free. Please refer to the article below to open an account.