Expert Option Review – Islamic Accounts
In Islam, the Arabic word “sharia” refers to the divine law of God that every Muslim must follow. It is derived mainly from the Quran and from the wise words and deeds of the Prophet Muhammad which is the basic principle of Islam which is called Hadith. Together, the Sharia principles dictate that a Muslim should live his life. They cover every aspect of a Muslim’s life and control what he should do in society, business, and dealings with God. Let us discuss if Online trading with Expert Option is Halal as per Islamic laws.
Riba Policy According to Sharia Law
One of the main principles of Sharia law is to ban “riba.” Riba is an Arabic word used to describe usury and is considered one of the major sins in Islam. In an Islamic-ruled society, it is encouraged that Muslims should practice selflessly and accepts sacrifices. For example, if a poor person goes to a rich person for a loan, then according to Sharia law, the rich person is obliged to give a loan to the poor person without paying interest.
Some such options have also been offered for Muslim traders in the trading market. Muslim traders continued their trade without interest and profited from the trade. Binary Options Broker is one of these trading brokers. Broker Expert Options Trading Platform is completely halal for Muslim traders as it does not charge any interest while trading. Today we present to you some reviews about Expert Options. Let’s take a look at the Expert Options Islamic Review and discuss if Expert Option is Halal or Haram as per Islamic principles.
- Maximum Profit: 95%
- Minimum trade: $1
- Minimum deposit: $10
- Assets: 100+ Crypto, Stocks, Commodities, and Currency Pairs
- Platform: Web, Android, iOS, and Windows
- Swap-Free Accounts
Expert Options Review
Expert Options is one of the newcomers to the online options broker industry. This was established in 2015. The company is based and registered in St. Vincent and the Grenadines. Overall, this company’s headquarter is located at Griffith Corporate Center Suite 305.
This option broker is licensed by Russia’s Financial Markets Regulation Center (FMRRC). These are regulated by the Vanuatu Financial Services Commission (VFSC). However, after searching the VSFC website to see if this agency actually controls the specialist option, we did not find any confirmation.
This platform was created to enable traders from different parts of the world to access options easily. However, this does not mean that all traders from different countries are accepted to trade on the platform. For example, due to regulatory requirements in some countries, Expert Options does not offer its services to citizens of countries such as Canada, the United States, Israel, Japan, and Australia.
Expert Options Islamic Review – Expert Options account types
There are multiple account types that you can choose from, and an invitation is an exclusive account type only. Each account type comes with a minimal deposit amount as well as a set of unique features.
Basic account
A minimal of $ 50 is needed to open a basic account. This type of account is quite limited in terms of features. As a Basic Account Holder users can open up to 10 trades at once and invest up to 25 per trade.
Silver account
Users need to deposit at least $ 500 to open Silver Account. Features available with this account include an administrator who is personal, daily market trading reviews and financial research. The maximal amount users can invest in each trade is $ 250 and you can open up to 15 trades at once.
Gold account
The Gold Account includes all the features contained in the Silver Account. However, opening a Gold Account will cost you 2500 USD. The features that you will get as a Gold Account Holder include increased assets gain up to 2%, ability to open up to 30 trades at once and withdrawal of funds from the main priority.
Platinum account
Platinum account holders must deposit at least 5000 USD. In addition to the features offered in the Gold Account type, you will also get a personal account manager and up to 4% incremental asset gain. The maximal amount you can invest in a trade is minimum $ 2000 and you can enter as many trades as you want at any time.
Exclusive account
This is an invitation only type account. The Platinum account features allow users to invest up to 5000 USD per trade and earn up to 6% incremental asset profit on your trades.
Demo Account
Expert Options provides its clients with a demo account to enhance their skills and explore the platform before investing real money. The free demo account comes with a balance of $ 10,000. First, traders have to select ‘Create Account’ and then select ‘Login Demo’.
Expert Option Review – Expert Option trading accounts
The Expert Options Platform is available via a web browser, desktop app or smartphone app. The trading platform must be built on their custom trading software. It is not like others established brokers whose platforms easily integrate with third party software such as MT4 and MT4.
We recommend using a trading app as opposed to a web browser, mainly if you use a real account. We found the apps to be responsive to the type of device you’re using.
Your trading account will give you access to unique features that include 4 chart types and 8 different indicators. In addition, ExpertOptions allows you to split trading charts if you have multiple open trades, making it easy to monitor each trade automatically.
Social trading is another unique feature that you can easily access through your trader account. This feature lets you see clearly what other traders are doing or even trading directly with your friends. This feature comes in handy when you are new to trading and only want to learn from professional traders.
Expert Option Review – Assets Available
This Expert Options s broker provides minimum 100 different types of assets. These include currency pairs, stocks, commodities, and cryptocurrencies. For serious traders, this list of assets can be a bit
Limited however, for new users to choose from a limited asset list makes it easy to select a handful that is easy to monitor and trade.
Their cryptocurrency list is little bit unique and impressive. Although most brokers prefer to provide only Bitcoin and Ethereum, the specialist option offers more than 10 different cryptocurrencies including foreign pairs like Bitcoin / Indian Rupee. In addition to their cryptocurrency offers, Expert Options offers up to 96% payout on successful trades.
Note: From our research, we have received complaints from traders about what percentage of profits you can make from successful trades. Many have mentioned that you usually lose a percentage of your earnings when you start winning regular trades. However, after inspecting the ExpertOptions FAQ section, the broker reports that the profit earned per trade depends on the existing market conditions. So your income per trade should be expected to fluctuate from time to time.
Platform design and trader friendliness
Overall, simple and intuitive platform design makes getting started with Expert Options fairly easy. The demo account with 10000USD virtual cash makes it easy to test the platform without any real cash investment. Accessibility is something that most brokers ignore. We like the fact that the Expert Alternative Platform is accessible through a variety of devices and 12 different types of languages.
On the other side, the apps don’t come with detailed user tutorials.
Financial instruments available and trade expiry
You can choose from 100 different devices. This is quite limited because some brokers will provide more than 1000 tradable assets. However, their collection of cryptocurrencies and external instrument pairs is quite good.
The maximum time you can hold a trade position is 15 minutes. The minimum amount a trade can last is 60 seconds. This range is better for day traders than traders who prefer to stay in position for a few days.
Commissions and effective return
Expert Options claims that they do not charge a commission on the transaction. However, they will deduct 10% from withdrawal money if your trades are not equal to or more than your deposit.
Deposits, bonuses and withdrawals
Users or traders can choose between 20 different payment options for funds and withdrawals from their trading accounts. The range of payment options available makes it easy for them to find the most convenient.
New accounts attract bonuses that range from 50% to 125% of the deposit amount you can reject the bonus. This is possible only if you do not start trading. One downside to receiving a bonus is that it locks in your deposited funds. Once you meet a set trading threshold you will be able to withdraw the amount of your deposit, profit and bonus.
Expert Options allow you to make as little as 10 USD. Each withdrawal request is completed within 2 business days. However, how fast you get your money depends on your trading account. For Platinum, Gold, and exclusive account holders, the priority withdrawal feature allows them to expedite the withdrawal process.
Expert Options Review – withdrawal Methods
Expert Options adopts more than 20 different payment methods. These include Credit / Debit Cards, WebMoney, Neteller, Bank Transfer and Skrill.
Once users make a minimum profit on trades, they can withdraw through one recognized payment method.
Withdrawal request is processed in minimum 2 business days. However, it may take longer for funds to be reflected in their account. Also, the Gold, Platinum and exclusive account holders can see their funds processed faster for priority withdrawal features.
Expert Option – Deposits
Having a minimum deposit of $ 10 allows investors from all walks of life to join the platform and start their trading careers. Deals can be made for a minimal of $ 1 and you can deposit in any local currency. The maximum deposit amount is $ 5000 when the broker recommends dividing large sums into several transactions.
The deposit process benefits from a 20+ payment system, providing a convenient solution for investors everywhere.
Some of the most famous payment options include: UPI,Visa, Skrill, UnionPay, QIWI, RuPay, PayTM, Yandex, Neteller, Fasapay, Maestro, WebMoney, MasterCard, Wire Transfers, Perfect Money India Online Banking, Cryptocurrencies like Bitcoin, Ethereum and Ripple
Note, the broker doesn’t accept PayPal.
Is Expert Option Trading halal or haram?
Yes, Trading with Expert Option is halal. They offer Islamic accounts for devoted Muslims. When you create a trading account, they ask if you are a Muslim. Most importantly, they do not charge any interest on their trading platform.
Is Binary options halal or haram?
The general consensus seems to be that a binary options trading is allowed for Muslim traders. This is mainly because trade has always been a way of life for Muslims and Islam has always encouraged Muslims to participate in trade.
Is Binary Option a gambling?
Many people have misconceptions about binary options. Although some people use them as a form of gambling, these deals can be used in other ways like hedging. When buying a binary, the goal is to close the asset above the strike price. If so, the investor receives payouts.
Is Expert Options legit online options broker?
Yes, Expert Options broker is legit. Unfortunately, there is too much online information about Expert Options. However, we have tried our best to gather information from various online sources, including forums, social media, and websites.
One thing that indicates the legitimacy of Expert Options is their transparency. For one, they clearly provided their contact information. There are some trading brokers that usually provide only one email address, making it difficult for them to communicate with their customer support staff.
At the time of writing, Expert Options has over 10 million registered accounts. For a new player in the industry, it indicates their interest in traders from more than 160 recognized countries.
Expert Options Review – Customer Support
The platform also benefits from a reliable customer service division ready for 24/7 support. Several methods can be used to reach out to the team, such as the live chat feature (the logo at the top of the page), which provides instant assistance to traders in many languages. It is in addition to the email ticketing system, contact form and phone support.
Security
VBV ( verified by visa) and MasterCard verification standards are applied for data protection purposes. In addition, you must have 3D Secure enabled on your bank card to make deposits and be eligible for international payments.
Transactions also follow the PCI DSS Compliant – Bank Security standard, which means all your data is encrypted, private, and never stored on their servers. In addition, the broker imposes ALM (Anti-Money-Laundering) and KYC (Know Your Customer) policies.
Expert Options Verdict
Expert Options Trading Review agrees that the platform provides an innovative investment experience. The brokerage is full of the latest features and developments of online investing, from a clean UI and responsive interface to deep educational materials and even social trading.
Accepted Countries
Expert Options accept traders from Thailand, South Africa, Hong Kong, India, UAE, Saudi Arabia, Kuwait, Luxembourg, Qatar, and other countries.
Traders can use options from the United States, Canada, Israel, New Zealand, Australia, Switzerland, Russian Federation, Denmark, Singapore, Bulgaria, United Kingdom, France, Germany, Ireland, Sweden, Portugal, Norway, Iceland, Spain, Yemen, Italy, Puerto Rico, and Iran
Expert Option Halal – Conclusion
Expert Option is still a reasonably new trader in the online options industry. Unlike most brokers who primarily target traders in Europe and Australia, Expert Option seems to focus more on markets in Asia, parts of Europe, and South and Central America. With over 10 million registered accounts, they have grown quite rapidly. This Expert Options Islamic Broker offers the most features traders will find on well-established online trading platforms. However, they try to differentiate themselves through high 96% adequate returns, a huge list of cryptocurrencies, and five different types of trading accounts. Most importantly, there is no swap or interest while trading on Expert Option’s platform – hence many traders consider it in line with Islamic trading principles and Expert Option Halal.