Exness Islamic Account Review

Islamic trading accounts, also known as swap-free accounts, are financial accounts designed for traders who follow the principles of Islamic finance. These accounts operate in compliance with Islamic law, which prohibits the charging or paying of interest or usury. Instead, these accounts are based on profit and loss sharing, and traders are charged a commission rather than interest. A variety of financial institutions offers Islamic trading accounts and are available for a range of assets, including stocks, forex, and commodities. These accounts have become increasingly popular with Muslim traders who wish to participate in the global financial markets while adhering to the principles of their faith. In this article, we will look into Exness Islamic Account, its key features, and the pros and cons.

Exness Review Islamic Account

Exness Account Types

  • Standard Account: This account type is accessible to traders of all levels due to its flexibility in the minimum deposit amount, which depends on the payment system used. It offers competitive spreads starting from 0.2 pips and does not charge any commission. The account provides unlimited leverage (1:Unlimited), enabling traders to maximize their trading potential. Traders can trade a wide range of instruments, including Forex, metals, cryptocurrencies, energies, stocks, and indices.
  • Standard Cent Account: This is another flexible account type where the minimum deposit depends on the payment system. The account only allows trading in Forex and metals. It offers a slightly higher spread starting from 0.3 pips but does not charge any commission. Like the Standard account, it also provides unlimited leverage (1:Unlimited).
  • Pro Account: This account type requires a minimum deposit of $200. It offers the most competitive spreads starting from 0.1 pips and doesn’t charge any commission. Traders have access to unlimited leverage (1:Unlimited) and can trade in Forex, metals, cryptocurrencies, energies, stocks, and indices.
  • Zero Account: The Zero account requires a minimum deposit of $200. It offers the lowest spreads starting from 0 pips. However, it charges a commission of $0.05 each side per lot. It also provides unlimited leverage (1:Unlimited) and allows trading in all instruments.
  • Raw Spread Account: This account type requires a minimum deposit of $200. It offers spreads starting from 0 pips but charges a commission of up to $3.50 each side per lot. It also provides unlimited leverage (1:Unlimited) and allows trading in all instruments.

In summary, each account type at Exness is designed to meet different trading needs, with varying minimum deposits, spreads, and commission structures. Therefore, traders should choose the account type that best suits their trading strategy and risk tolerance.

Exness Social Trading Accounts

  • The Social Standard account requires a minimum deposit of $500. This makes it a more accessible option for traders who are new to the market or have a smaller investment budget. The spread, which is the difference between the bid and ask price, starts from 1 pip. This means that the cost of trading is relatively low, making it a cost-effective option for traders. The Social Standard account does not charge any commission, which can further reduce the cost of trading. The account offers leverage of 1:200, which can maximize potential profits but also involves higher risk. The Social Standard account allows trading in various financial instruments, including Forex, metals, and cryptocurrencies.
  • The Social Pro account, on the other hand, requires a higher minimum deposit of $2000. This makes it more suitable for experienced traders or those with a larger investment budget. The spread starts from 0.6 pips, which is lower than the Social Standard account, making trading even more cost-effective. Like the Social Standard account, the Social Pro account also does not charge any commission. The leverage is the same as the Social Standard account, at 1:200. The Social Pro account also allows trading in the same financial instruments as the Social Standard account, including Forex, metals, and cryptocurrencies.

In summary, both the Social Standard and Social Pro accounts offer a range of features to cater to different trading needs and preferences. The choice between the two would depend on the trader’s investment capacity, experience level, and trading strategy.

Exness Demo Account

The Exness demo account is an account type designed for beginners and traders who want to test their strategies without risking real money. It simulates real trading conditions and offers virtual funds for trading, allowing users to experience the platform’s features and tools without financial risk. The demo account is an excellent educational tool, helping new traders understand how forex markets work and how to use the Exness trading platform effectively. It is also beneficial for experienced traders looking to experiment with new strategies.

Exness Islamic Account

The Exness Islamic Account features are designed to comply with the principles of Islamic law related to finance. This type of account, also known as a swap-free account, does not accrue interest on overnight positions, adhering to the Islamic prohibition of Riba (usury or interest). The Exness Islamic Account also does not charge any hidden fees or commissions and provides the same trading conditions as regular accounts. It offers a wide range of trading instruments, including forex, commodities, and indices. Moreover, it allows unlimited hold time for positions. This account is available for both MT4 and MT5 platforms, offering flexibility to traders. The features of this account make it an ideal option for traders who wish to trade in accordance with Islamic principles.

Available Instruments with an Islamic Account

Exness is a renowned foreign exchange broker that offers Islamic accounts to traders. These accounts are also known as swap-free accounts, which comply with the Sharia law prohibiting usury or the act of lending money at high interest rates.

Within these Islamic accounts, Exness provides a range of tradeable instruments, which include:

  • Forex CFD: This allows traders to speculate on fast-moving global currency markets’ rising or falling prices. Forex stands for foreign exchange and CFD stands for contract for difference, which is a contract between a buyer and a seller that stipulates the buyer must pay the seller the difference between the current value of an asset and its value at contract time.
  • Commodities CFD: With this, traders can speculate on the price of commodities such as oil, gold, silver, and more without actually owning the physical commodity.
  • Stocks CFD: This allows traders to speculate on the price movement of individual company shares like Apple, Microsoft, etc., without owning the stocks.
  • Indices CFD: This allows traders to speculate on the price movement of stock indices such as the S&P 500, FTSE 100, etc., without buying the actual index.
  • Crypto CFD: This allows traders to speculate on the price movement of cryptocurrencies such as Bitcoin, Ethereum, and more without owning the actual cryptocurrency.

These instruments provide ample opportunities for traders to capitalize on market movements while adhering to their religious beliefs. It’s important to note that trading involves significant risk and losing your invested capital is possible.

Exness Deposit Options

Exness offers multiple deposit options to cater to the diverse needs of its clients. Some of the most popular options include:

  • Credit/Debit Cards: Exness accepts all major credit and debit cards such as Visa, MasterCard, and Maestro.
  • Electronic Wallets: E-wallet options like Neteller, Skrill, and WebMoney are also accepted.
  • Bank Wire Transfer: For those who prefer traditional methods, Exness allows deposits through bank wire transfers.
  • Cryptocurrencies: Exness also accepts Bitcoin and other cryptocurrencies for deposits.

The Exness minimum deposit amount varies depending on the account type. For a Standard Cent account, the minimum deposit is just $1. However, for a Standard account, the minimum deposit is $2000. The processing time for deposits at Exness is usually instant for credit/debit cards and e-wallets. However, bank wire transfers and cryptocurrency deposits may take up to a few hours or even a few days depending on your bank’s processing times and the current network congestion for cryptocurrencies.

Exness does not charge any deposit fees regardless of the deposit method used. However, it’s important to note that your bank or e-wallet provider may charge a fee for the transaction.

* Please remember that trading forex involves a significant risk of loss and you should only trade with money that you can afford to lose.

Exness Payment Methods

Exness Withdrawal Options

Exness offers various withdrawal options for their clients. These include:

  • Bank Wire Transfer: This is a traditional method of transferring money directly from your Exness account to your bank account. It may take within 3-5 business days.
  • Credit/Debit Cards: You can also withdraw your funds directly to your Visa or MasterCard. However, this method may incur additional charges from the card issuer. The processing time may take within 3-5 business days.
  • E-Wallets: Exness supports a variety of e-wallets for withdrawals, including Neteller, Skrill, Perfect Money, and WebMoney. E-wallet withdrawals are usually instant or take up to 24 hours.
  • Cryptocurrencies: Exness also allows withdrawals in cryptocurrencies like Bitcoin. The process may take within 24 hours.
  • Internal Transfer: If you have several accounts with Exness, you can transfer funds between these accounts. The process usually takes instantly.

The Exness minimum withdrawal amount varies based on the withdrawal methods. Usually, for bank transfers, it’s around $50, while for e-wallets, it can be as low as $10. It’s advisable to check the exact details based on your chosen withdrawal method. Exness does not charge any withdrawal fees. However, it’s important to note that the payment system or your bank may charge you a fee. For instance, if you’re using a bank transfer, your bank may charge a service fee.

Please note that all the above information is subject to change and it’s best to visit the Exness website or contact their customer service for the most accurate and up-to-date details.

Exness islamic Account – Trading Platforms

  • Exness Trading Platforms: This is the main platform provided by Exness. It is designed to offer a seamless trading experience with user-friendly features and advanced trading tools.
  • Exness Trade App: This mobile application allows you to trade on the go. You can manage your account, place trades, and track market movements from your smartphone or tablet. The app is available for both iOS and Android devices.
  • Exness Terminal: A desktop application that provides a comprehensive trading environment. It offers advanced charting tools, automatic trading features, and a range of technical indicators.
  • MetaTrader 4: This is one of the most popular trading platforms in the world. It offers advanced technical analysis tools, automated trading capabilities, and a user-friendly interface. Exness offers MetaTrader 4 as a platform for trading.
  • MetaTrader 4 Mobile: The mobile version of MetaTrader 4 allows you to trade from anywhere, anytime using your mobile device. It offers all the features of the desktop version, including advanced charting and analysis tools.
  • MetaTrader 5: This is the latest version of the MetaTrader platform. It offers more technical indicators, more timeframes, and more tools for in-depth market analysis.
  • MetaTrader 5 Mobile: The mobile version of MetaTrader 5 offers all the advantages of the desktop version but with the added convenience of being able to trade on the move.
  • MetaTrader WebTerminal: This is a web-based platform that allows you to trade directly from your browser. It doesn’t require any download or installation and provides all the necessary features for efficient trading.

All these platforms are designed to make trading easier, more efficient, and more accessible to traders of all levels. They offer a range of tools and features to help traders analyze market trends, make informed decisions, and manage their trades effectively.

Trading Tools

  • Analytical Tools: The analytical tools provided by Exness are designed to help traders make the most informed decisions possible. These include tools for technical and fundamental analysis, charting software, and trading signals.
  • Economic Calendar: This tool is important for traders who use fundamental analysis. It lists all major economic events and indicators that can impact the financial markets, along with the expected and actual impact. Traders can use this to plan their trading strategies around these events.
  • Trading Calculator: The trading calculator is a tool that enables traders to calculate potential profit, loss, margin requirements, and other key trading parameters. This calculator can be used for various types of trading instruments such as forex, commodities, and indices.
  • Currency Converter: The currency converter tool allows traders to convert different currencies quickly and accurately. This is helpful for traders dealing in multiple currencies or those who need to calculate their profits and losses in their local currency.
  • Tick History: Tick history is a tool that gives traders access to historical price data for different trading instruments. Traders can use this data to backtest their trading strategies and to analyze market trends and movements.
  • VPS Hosting: VPS (Virtual Private Server) hosting allows traders to run their trading platforms and strategies 24/7, without needing to keep their computers running all the time. This is particularly useful for traders who use automated trading systems.
  • Trading Central WebTV: Trading Central WebTV is a streaming service that provides financial news, market analysis, and educational content. It can be a valuable resource for traders looking to keep up with market news and trends.

Is Exness Legal?

Exness Forex is a legal and fully regulated online foreign exchange trading platform. It is authorized and supervised by several international regulatory bodies, including the Financial Conduct Authority (FCA) in the UK, and the Cyprus Securities and Exchange Commission (CySEC). These regulatory bodies ensure that Exness operates within the guidelines of the financial markets and provides a secure environment for traders. This means that clients of Exness can trade with confidence, knowing that their investments are protected by legal and regulatory safeguards.

Is Exness safe?

Exness is widely considered safe to use because it is regulated by top-tier financial authorities. It is overseen by highly respected regulatory bodies in the financial industry. These organizations ensure that Exness platform adheres to strict rules and regulations designed to protect its users. In addition, Exness also provides negative balance protection, meaning that a trader’s losses will never exceed the total amount in their account. This adds an extra level of security for users. Therefore, Exness is a reliable and safe platform for online trading.

Is Exness Halal in islam?

Exness is halal or permissible in Islam. This is because it offers a special type of account known as an Islamic Account, which adheres to the principles of Islamic finance. In this account, there are no swaps or interest charges on overnight positions, which is in line with the Islamic prohibition of usury or ‘riba’. Additionally, Exness ensures that all its transactions are conducted with full transparency, which is another key requirement of Islamic finance. Therefore, Muslim traders can confidently use Exness forex broker for their trading activities without violating their religious beliefs.

Exness Review Islamic Account – Conclusion

In conclusion, the Exness Islamic Account has received positive reviews for its compliance with Sharia law, making it an excellent choice for Muslim traders. This account type does not charge or accrive any overnight swap or rollover interest on positions held overnight, adhering to the Islamic finance principle of no interest (Riba). Furthermore, the account offers access to all trading instruments, competitive spreads, and high leverage, which provides ample trading opportunities. It also boasts fast execution speeds, no hidden charges, and excellent customer service. Therefore, based on these features and reviews, the Exness Islamic Account is a commendable choice for Islamic traders seeking a Sharia-compliant trading environment.