EasyMarkets Islamic Accounts Review
Online trading platforms allow you to access CFD markets 24 hours a day and give you access to Forex, commodities, stocks, bonds, ETFs, currency options, and much more. Some traders are engaged in day trading, keeping the position open for a few hours or less. Other traders, however, trade with an intention to hold their trade over one day and hold their position open for more than 24 hours. When you keep a position open overnight, you have to pay a rollover fee. Such rollover fees or interest goes against the principles of Reba Sharia law. For this reason, easyMarkets offer an Islamic account that does not charge any interest while trading and keeps a position open overnight. Learn more about the easyMarkets Islamic account in this article.
Islamic Forex Trading – easy Markets
easyMarkets has launched its Islamic trading account, fully compliant with Islamic rules. Customers of Islamic Trading Account will not be charged with any interests, swap, or rollover fees. Experience a transparent Forex trading environment with easyMarkets and trade on various currency pairs like EUR / USD and indices, bonds, ETFs, stocks, or commodities. easyMarkets offer its clients a solid, secure trading platform that respects clients’ religious principles and adheres to the rules of Islam while trading in the financial markets.
EasyMarkets Islamic Account
Yes, EasyMarkets offers trading accounts that comply with Islamic law (Sharia). In all EasyMarket Islamic trading accounts, when traders expand their strategy to hold positions overnight, no rollover fee will be charged the next day. This make sure that traders of the Islamic faith will never earn interest on their position and will be fully compliant with Sharia.
Accordingly, the maximum time you are able to hold a position on an EasyMarkets Islamic account is 2 weeks (or 14 days). After this time, open positions will automatically expire. While this can be a problem for traders implementing long-term strategies, many swing strategies do not require a 2-week holding period.
EasyMarkets Islamic accounts with swap-free options are offered only to clients who follow Islamic law and again, not to regular traders who simply want to avoid switching to their trading strategies. As a result, whether you can open an Islamic account with EasyMarkets is at their discretion.
EasyMarkets Islamic Review – Trading Platform
EasyMarkets offers traders a choice of two platforms: its proprietary platform, Web-Based (HTML5) and MetaTrader 4 (MT4).
The brand’s own trading platform is relatively light and has a simplicity and cleanliness that effectively keeps users focused on trading. However, this may not be enough to satisfy the most demanding or experienced traders.
MetaTrader 4, on the other hand, is a go-to platform for online trading and therefore has an excellent reputation.
It allows users to quickly login through EasyMarkets websites and start trading instantly, without downloading any additional apps or software.
There are plenty of assets and investments to choose from at EasyMarkets. However, keep in mind that the assets on offer will vary depending on the country of residence of the trader – not all assets may be available to you under an Islamic Account.
At present, EasyMarkets provides the following assets for trading in an Islamic Account:
- Forex, Shares, Indices, Metals, Commodities, and Cryptocurrencies.
Spreads & Commission
The EasyMarkets commission percentage is reasonably low for Forex traders, and is generally close to the industry average in CFD trades.
Trading costs may vary depending on the type of account the user chooses, and spreads are consistent across both web platforms and MT4.
Spreads and prices are transparent and freely available to users for testing (some listed in our data panel in this review).
Account type preferences can also affect spreads, although the accounts available to each trader will depend on their geographical location.
In the EasyMarket, leverage rates are considered depending on the nature of the trade. Therefore, these vary according to the type of account and the geographical location of the trader.
For most major Forex pairs, leverage for EU traders is automatically set at 1:30. These include major trading pairs such as EUR / USD. This leverage level is levied by regulations and is generally the same for most large, regulated brokers.
Leverage is set at 1:20 for less commonly traded pairs (short forex pairs). It is set at 1:20 for pairs including AUD / CAD, EUR / AUD, EUR / NOK, EUR / PLN, NZD / USD and UDS / SGD.
Metal leverage for XAUGGBP, XAUEUR and XAUUSD is 1:20. Leverage for XAGUSD and XAGEUR metals is set at 1:10.
Some indices are also leveraged (for example, 1: 5 in USTech100).
Please keep that note the leverage is never automatically agreed upon. Instead, easyMarkets will agree to leverage based on other factors, including the user’s previous trading record, personal experience, customer loyalty and geographical location.
EasyMarkets Islamic Review – Mobile Apps
EasyMarkets has its dedicated Android and iOS, which can be downloaded directly from the EasyMarkets site or the Google Play Store and Apple App Store, respectively.
The first thing to notice about the EasyMarkets mobile app is that it offers the same kind of fresh, clean design that reflects its web-based counterpart. It even features the same synced watch list as the website
Charting is powered by the Trading View section of the mobile app, which again has the same index (61 in total) that the web version of the EasyMarkets platform offers.
Like the web trading version, the app allows users to trade through MetaTrader 4 and MT5 platforms. In addition, all MT4 functions are available, allowing you to trade efficiently wherever you are, whenever you need to.
The app offers users with the following features:
- Syncing with web-based account
- Trading (Forex, CFDs)
- Basic alerts
- Watch list
- 30 charts with indicators and studies
- Draw trend lines
- Moveable trend lines
- Multiple time frames
- Forex calendar
Payment Methods – Deposits
EasyMarkets adopts many online banking solutions for payments, making it suitable for users around the world.
EWallets like Neteller, Webmone, Skrill, iDEAL, and Fasapay are available for bank payments and fund deposits like SOFORT, Bpay, and Giropay.
Users can also use bank transfers for deposits and withdrawals, although this can take up to three business days. Most deposit procedures are processed immediately, and there is no commission fee for financing your account.
Account-holders must verify before any payments are approved in keeping with regulatory practice.
Proof of address and identity are required. In addition, if a credit card is used for money in the account, EasyMarkets may require further documentation.
Payment Methods – Withdrawals
Like deposits, EasyMarkets offers a variety of ways to withdraw money.
However, the initial deposit must be withdrawn.
The minimum withdrawal amount is £ 50. Payments are processed quickly through the EasyMarket platform. In addition, all withdrawals are properly documented, allowing users to keep track of their history.
EasyMarkets does not currently charge a withdrawal fee, making it an attractive choice for traders worldwide. The brand is constantly adding new currencies, and traders are encouraged to check through the official website to make sure they can withdraw to the currency of their choice.
EasyMarkets provides users with a demo account to improve their trading skills before investing their own money.
Since Forex has traditionally been seen as a risky way to trade, new users are encouraged to test their skills in EasyMarkets’ free demonstration mode.
Demo accounts are pre-loaded with $10,000 in virtual funds, which can be transacted similarly to real funds. There are no restrictions on demo accounts, and the idea is to give users an accurate experience of how the real thing works.
EasyMarkets Islamic Review – Deals & Promotions
EasyMarket prefers to offer bonuses and promotions to thank its users for patronage. However, traders within the EU should be aware that these bonuses are not offered to EU users. This is in line with the regulatory requirements of the company CySec.
New traders outside the EU receive a first deposit bonus of up to 50% on their initial deposit. The minimum deposit sits at £ 100, the minimal credit bonus is £ 30. Users who make the first deposit between £ 200 and 1000 will receive a full 50% bonus. This offer will result in a maximum of £ 2000.
Elsewhere, EasyMarkets provides a “Refer a Friend” promotion. Traders can enjoy up to £ 750 for free access to their EasyMarkets account when they refer friends to the broker through email or social media.
To qualify, the specified user must create an account via the referral link and fund the account with a minimum of £ 100. Unfortunately, this offer does not apply to Pakistan.
One of the best interesting promotional features of EasyMarket is the “Learning Center” section of the website.
It is specially designed to help traders acquire information, knowledge and strategies to help them make the right trading choices. Media includes articles, ebooks and training videos.
The “Getting Started” section contains four videos that deal with key trading topics such as leverage, pips, and currency pairs. Each video features loud, clear, and concise, full-on animation, and a professional presentation.
For those with a little experience, the “Discover” section looks at popular assets and describes concepts, terminology, and trading history.
Registered users also have access to ten downloadable e-books, which can be read on smartphones, Kindles, tablets and desktop devices. These books focus on everything from trading psychology to technical analysis.
There is also a knowledge base that can be easily browsed, focusing on different trading platforms and analysis, complete with explanations of indicators, options and other trading terms.
EasyMarkets Islamic Review – Regulation & Licensing
EasyMarkets is regulated by CySec (financial regulatory body for Cyprus), allowing them to receive traders from all EU, including the UK. In addition, the brand is regulated by ASIC (Australian Securities and Investment Commission) in Australia. This company also has a license with the British Virgin Islands (BVI).
To be controlled by each of these authorities, EasyMarkets has had to demonstrate an exceptionally high level of fairness, transparency, fair trade and full financial accountability.
EasyMarkets comes complete with a number of unique features, many of which make the trading process much easier – especially for new or inexperienced traders.
For example, the EasyTrade tool helps allow users to determine their risk limits, duration of trades, and potential payments. It allows users to maximize risk, leverage, and profit. Trades are activated using a simple up or down button, making it especially useful for busy day traders.
Another helpful tool is deal cancellation. This feature allows you to cancel lost trades up to 1, 3, and 6 hours.
When a trade is canceled, the user returns the risky amount to their trading account. However, traders should be aware that this feature is available for a fee and does not come as part of the standard EasyMarkets setup.
Freeze Rate is a tool that allows users to freeze onscreen prices for a few seconds, enabling them to trade at a frozen price.
This is especially beneficial for day traders working in volatile markets, as every second counts and the price of a trade can fluctuate in a short period of time.
According to the data, there is plenty to offer to EasyMarket, which includes the latest news headlines (as all experienced traders know, news can greatly affect trading) and a financial calendar. These features are essential for real-time analysis and can help maximize profits.
EasyMarkets Islamic Review – Account Types
The company offers VIP accounts to European clients. It has a maximum leverage up to 1:30 due to regulatory restrictions.
The minimal deposit is 100 EUR and traders can have a personal account manager who can provide information about their market trends, economic events, investment strategies and much more.
Further, traders can have trading insights such as daily fundamental and technical analysis and trading central indicators. The spread of this type of account is very low.
For non-European clients, the company offers three types of accounts (details below, Standard, Premium and VIP).
Easy Markets Account
Spread changes depend on the account selected. The minimal deposit for a standard account is 100 USD, premium, 2000 USD and VIP 10.000 USD.
The maximal leverage for all accounts is 1:400. The Personal Account managers are assigned to all account holders. In addition, Daily emails on fundamental and technical analysis are also offered. The EasyMarkets supports the use of 18 account currencies
- Standard Account: The minimal opening balance for a standard account is 100. The standard account has a fixed EUR / USD spread of 3 pip.
- Premium Account: Users who choose a premium account will receive a benchmark EUR / USD spread of 2.5 pips. To open a premium account you need an opening balance of £ 1000 The minimum transaction size is 0.5 on platforms owned by Web and EasyMarket, but 0.05 on MetaTrader 4 platforms.
- VIP Account: This account has an EUR / USD spread of 1.8 pips. To qualify for a VIP account, traders must make an initial deposit of at least £ 2,500.
- Demo Account: This trading account is available to all traders. It is recommended for new users who are just starting out. It can also be useful for experienced users who want to test the strategy, or for those who simply want to try out the EasyMarkets platform. Demo accounts are pre-loaded into the Virtual Fund for £ 10,000.
A Bitcoin account is also available, allowing users to deposit, trade and withdraw at BTC. With no crypto-to-fiat exchange required, this is a great option for active crypto investors. Just select ‘Microbitcoin’ at the sign-up stage to get started.
- Low Fixed spreads
- Free research tools
- Trustworthy platform
- Lots of different instruments to choose from
- Easy mobile trading
- Bitcoin account
- Innovative trading platform with unique features
- Up to 50% first deposit bonus for new traders (outside the EU)
- No commission
- Responsive customer support
- No services to traders in the USA
- No Cent Account available
- Lacks Forex and VPS calculators
The EasyMarkets site and app is open 24 hours a day, 7 days a week, 365 days a year.
However, it is really essential to remember that not all markets are open all day. This means that trading is limited when the markets you want to trade in are open.
For example, the New York Forex Market operates at 9am to 5pm GMT. In London, it is from 3am to noon. In Tokyo, from 6pm to 4am.
Contact Details/Customer Support
The following customer/contact support channels are available:
- Facebook chat
- WhatsApp chat
- Email: support@EasyMarkets.com or complaints@EasyMarkets .com
- Live web chat
- Request a call back: Through the EasyMarkets website, traders can enter their details and request that a representative gets in touch with them (via email or phone)
EasyMarket’s online chat attendants are incredibly responsive and usually answer questions within 20 seconds. Online helpers are knowledgeable and willing to help. Emails are usually answered within 2-3 hours.
EasyMarkets Islamic Review – Safety & Security
The combination of regulation and in-house IT security protocols ensures that personal data and money are completely secure with EasyMarkets. The site uses encryption which means data cannot be intercepted by unscrupulous hackers.
Client funds are segregated into separate accounts at top-tier banks and clients are registered in accordance with the Investor Compensation Fund Protocol. This means that the traders who choose EasyMarket are very well protected overall.
EasyMarkets Islamic Review – Overall Verdict
As an established broker with nearly twenty years of trading experience under the belt, EasyMarkets is a simple but welcome platform that offers several advantages over its competitors.
Importantly, it is regulated by various financial behavior authorities around the world. Not only does this provide users with peace of mind and security, it also proves that EasyMarkets is willing to work in an accountable and transparent manner.
In terms of usability, the site emphasizes ensuring that users can navigate quickly and easily. The platform has a relatively good range of different accounts and instruments to choose from. No matter what type of trader you are, there are some things you should find here to meet your needs – and possibly surpass them. With so many benefits, it’s so easy to see why EasyMarket is so popular.
What is EasyMarkets?
The EasyMarkets is a global online financial trading platform and multi asset broker founded in 2001.
After more than 21 years, EasyMarkets offers retail investors CFD trading, forex trading, commodity trading, index trading, stock trading and crypto trading.
EasyMarket is a global broker. EasyMarkets is headquartered in Cyprus, Australia.
Finding a best broker that meets your needs can be very time consuming when trading in the financial markets.
We will dive deeper into this EasyMarkets review and evaluate how well the EasyMarkets platform works in its role as an international multiple financial asset trading platforms for traders in 2022.
Often you have to visit and read the websites of many brokers, all of which have different uses of language. The term can be very confusing. Choosing an online broker like EasyMarket can be difficult. For a new trader, the first few hurdles can come in the form of what appears to be a complex mobile phone or online trading platform, making it difficult to understand investment terminology and confusing fee structures. In our review of EasyMarket we break down the good and the bad. What EasyMarket can offer, EasyMarket is available in any country. EasyMarket is regulated and much more.
Having a reliable and competent broker is crucial for your success in online trading. Ensure your broker is not fraudulent or unreliable to avoid losing your investment. Also, make sure your needs match your broker’s profile to have a good working profit relationship.
This is the reason we have taken the time to review only the best brokerage firms, their practices, fee structure, and other essential aspects. We want you only to evaluate, analyze, and trust your hard-earned cash with the most secure and best brokers. We hope you find this EasyMarkets helpful review.
Review of the EasyMarket platform
This review of the EasyMarket platform is very detailed. If you are interested in trading with EasyMarket in any capacity, please take the time to read and research the entire EasyMarket review.
We have tried to verify the ins and outs of financial transactions as clearly as possible through the EasyMarket platform so that the trader is informed as much as possible before you use the EasyMarkets trading tools and start depositing and withdrawing funds from EasyMarkets.
Investing in online can be just as risky as any other type of offline investment. As with any investment, it is essential to know and research the company you are working with regarding financial assets transactions with EasyMarket such as CFD Trading, Forex Trading, Commodity Trading, Index Trading, Share Trading, etc and Crypto Trading. You should have confidence in EasyMarket, and you should know that the management of your financial investment in the EasyMarket platform is at hand.
At the bottom of this EasyMarkets Islamic review, traders can also learn about some pretty good features to EasyMarkets
With this EasyMarkets Islamic review, we hope to help you see if EasyMarkets is a good fit for you.
It is a common myth that the online trading is confusing. On the contrary, it is only problematic for people who have not done the research. In this article, you will learn very important information regarding EasyMarkets that will help you get off to a good start in the world of online trading.
What should you know about easyMarkets?
EasyMarket offers six different asset classes for trading: CFD, Forex, Commodity, Index, Share, and Crypto. You need a minimum $ 100 deposit with easyMarkets. You can sign up for a demo account to familiarize yourself with the EasyMarkets platform. easyMarkets platform is suitable for traders with different experience levels, whether professional or beginner. Check out more Forex brokers with Islamic accounts and their features.
Is EasyMarkets safe?
The broker’s administrative body and regulatory status are essential when choosing EasyMarket. Brokers who conduct business without the supervision of a regulatory body do so at their discretion. As a result, any capital you invest in is at risk.
Established in 2001, headquartered in Cyprus, Australia for over 21 years.
EasyMarket is regulated. This means that EasyMarkets is overseen and monitored by the Cyprus Securities and Exchange Commission (CySEC), Australian Securities and Investment Commission (ASIC) regulatory bodies.
Regulated brokers will not manipulate the market price. When you send a withdrawal request to EasyMarkets, it will be honored. EasyMarkets may be stripped of its regulatory status if it violates any regulatory rules.
Is my money safe with EasyMarkets?
Any money paid by traders to EasyMarkets account is kept in a separate bank account.
Uses Tier-1 Bank for EasyMarkets for extra security. Tier 1 is the official measure of a bank’s financial health and strength.
What are Tier 1 banks and why should EasyMarkets use them?
A Tier 1 bank is considered to be the safest and most secure in terms of client capital. Tier 1 actually describes the financial strength of a bank. A Tier 1 bank has strong capital reserves and financial regulators use Tier One banks because they are able to withstand unforeseen financial losses.
What does it mean to have traders funds in EasyMarkets deposited in a Tier 1 bank?
The money you deposit at EasyMarkets means that your funds are kept in a bank where there is sufficient capital to meet your withdrawals even if EasyMarkets closes the business for any reason.
Therefore, all we can safely conclude that EasyMarkets is safe and secure.
That said, please keep in mind that you may lose funds when trading financial assets. For example, accounts can lose money due to not doing enough market research, lack of experience or not using the tools offer by the brokerage platform.
When trading in financial investments, it is not uncommon to lose quick money due to trading CFDs, Forex, Commodities, Indices, Shares, Crypto. Only take risks when you realize that your invested capital is at risk at any time due to market volatility. EasyMarket clearly states on their platform that your capital is at risk.