As one of the largest brokers in the world, Exness serves traders from a diverse range of backgrounds and expertise. Among Exness’ massive client base is a significant number of Muslim traders who need to adhere to Islamic financial principles when trading.
Positively, Exness provides Islamic accounts meant to accommodate its Muslim traders. These Islamic accounts allow Muslim traders to participate in the forex market while adhering to their religious beliefs. In this Exness Islamic account review, we will look at the features of these accounts, their pros, and their cons.
Understanding Islamic Trading Accounts
Before diving into the specifics of Exness’s offering, it’s crucial to understand the core principles behind Islamic trading accounts. In trading, investors usually hold positions overnight which incur interest charges called swap fees.
However, this is against Islamic financial principles which prohibit the paying of interest. Islamic accounts are tailored for Muslim traders who wish to participate in financial markets without violating the principles of Sharia law. They achieve this by eliminating swap fees. But how exactly does this work on Exness? Let’s take a look at swap-free trading on Exness.
Exness Islamic Accounts
Exness achieves swap-free trading in two main ways depending on where a trader is located. First, all Exness accounts opened from Islamic countries are automatically set to swap-free. This means that no swap fees will be charged on any positions held overnight on any of these accounts. Additionally, this applies to all the assets available on these accounts. Below is a complete list of all the countries where this swap-free feature applies automatically:
- Algeria
- Azerbaijan
- Bahrain
- Bangladesh
- Brunei
- Chad
- Comoros
- Côte d’Ivoire
- Djibouti
- Egypt
- Indonesia
- Jordan
- Kazakhstan
- Kyrgyzstan
- Kuwait
- Lebanon
- Libya
- Maldives
- Mauritania
- Morocco
- Niger
- Oman
- Pakistan
- Qatar
- Saudi Arabia
- Senegal
- Tajikistan
- Tunisia
- Turkiye
- Turkmenistan
- United Arab Emirates
- Uzbekistan
For traders outside of these countries, swap-free trading is only available for some market products. These include all major currency pairs, some minors, gold against the US Dollar, crude oil, all indices, and all cryptocurrencies. More particularly, below is a summary of all the instruments where swap-free trading applies for non-Islamic countries:
- Majors – AUDUSD, EURUSD, GBPUSD, NZDUSD, USDCAD, USDCHF, USDJPY, USDTHB
- Minors – AUDNZD, EURCHF, GBPJPY, AUDCHF, AUDJPY, EURAUD, EURCAD, EURGBP, EURJPY, EURNZD, GBPCHF, GBPNZD, NZDJPY, NZDCAD
- Commodities – XAUUSD, USOIL
- All cryptocurrencies – including BTCXAU, BTCXAG, BTCTHB, BTCAUD, BTCZAR, BTCCNH, BTCJPY.
- All indices.
Swaps are charged for all other metals, energies, minor pairs, exotic pairs and stocks. However, it is crucial to note that you may be unqualified for swap-free. This applies if you do not trade mostly during trading hours and regularly hold large amounts of orders open overnight. Pay attention to notifications in your Personal Area for any changes to your swap-free status.
Pros of the Exness Islamic Account
- Sharia compliance – The most significant advantage is the adherence to Islamic finance principles. This allows Muslim traders to participate in the markets without compromising their religious beliefs.
- Competitive trading conditions – Exness generally offers competitive spreads and execution speeds, even for Islamic accounts.
- Wide range of instruments – The availability of a broad selection of instruments allows traders to diversify their portfolios and explore different trading opportunities.
- Multiple account types – The option to choose from various account types allows traders to customise their trading experience based on their individual needs and preferences.
- User-friendly platforms – Exness offers popular trading platforms like MT4 and MT5, alongside its own Exness Terminal. It also offers mobile trading apps including its own Exness Trader app.
Cons of Exness Islamic Account
- Limited availability of some instruments – In non-Islamic countries, the availability of swap-free trading is limited to certain assets only.
- Easy to lose swap-free status – People who mostly trade outside trading hours and regularly hold large amounts of orders open overnight may be unqualified for swap-free trading.
Trading Conditions on Exness
It is crucial to understand the spreads that apply when trading on Exness. This broker offers five different trading accounts which include two standard accounts and three professional accounts. The two standard accounts include the standard account and the standard cent account. The standard account offers spreads from as low as 0.2 pips for major currency pairs with no commission charged. In contrast, the standard cent account offers spreads from 0.3 pips for major currency pairs, also with no commission. The standard cent account supports trading in cents but only offers forex and metals.
The three professional accounts offered by Exness include the pro, the zero, and the raw spread account. Exness offers spreads from as low as 0.1 pips on the pro account with no commission charged. Meanwhile, the zero account has spreads from 0.0 pips on the top 30 instruments, plus a commission starting from $0.05 per side per lot. Finally, the Raw Spread account has a spread from 0.0 pips plus a commission of up to $3.5 per side per lot.
Exness’ Credibility
While Exness has a compelling offering on its Islamic accounts, it is always advisable to consider a broker’s credibility before investing with them. To assess a broker’s credibility, we typically examine its regulatory credentials and feedback from traders who have used its platform. Exness stands out in this regard, thanks to its strong regulatory compliance and positive reputation among traders. On regulations, this broker is licensed and supervised by a variety of organisations. These include the JSC in Jordan, the FCA in the UK, the CySEC in Cyprus, and the FSCA in South Africa, among others.
Furthermore, Exness enjoys widespread positive feedback from its users. It boasts an impressive Trustpilot rating of 4.6 stars out of 5 stars based on over 13,400 reviews. This reflects a high level of customer satisfaction and confidence in the quality of its services.
Final Verdict
Exness Islamic accounts provide a viable option for Muslim traders to participate in trading while adhering to Sharia principles. The swap-free feature, coupled with competitive trading conditions and a wide range of instruments, makes Exness a potentially attractive choice.
The most significant downside for swap-free trading on Exness is to traders in non-Islamic countries where swap-free status is limited to only some instruments. Overall, Exness’ reputation as a regulated broker makes it a worthy choice for Muslim traders looking to align their trading activities with their faith. As always, it’s recommended to conduct thorough research and consider your individual trading goals before choosing a broker.
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