FxPro Islamic Account Review

Established in 2006 and based in London, U.K., FxPro is a worldwide forex broker providing online trading services for a variety of financial instruments such as forex, futures, indices, metals, energies, and shares. Offering advanced trading tools, thorough market analysis, educational resources, and top-tier customer service, FxPro caters to the needs of its diverse global clientele. The company serves more than 170 countries and offers multilingual support to accommodate its international customer base.

FxPro Islamic Account is a unique feature provided by FxPro, catering to the needs of Muslim traders who are required to follow Sharia laws. This type of account is specifically designed to comply with Islamic principles that prohibit the exchange of interests, commonly known as ‘Riba’. The FxPro Islamic Account, also known as swap-free account, removes swap or rollover interests for overnight positions, which is in line with the Islamic principle of prohibition of usury. It provides an opportunity for Muslim traders to trade in the global financial markets while adhering to their religious beliefs. In this FxPro Islamic Account review, let’s learn about the benefits, features, and more of what the broker offers.

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FxPro Account Types

• Standard Account – Suitable for traders of various styles and preferences, the Standard Account allows trading with floating FX Spreads starting at 1.2 pips on MT4/MT5 platforms and includes micro lot options. A minimum deposit of $100 is required to open this account.
• Pro Account – The Pro Account enables trading of foreign exchange on Metatrader 4 with low spreads beginning at 0.6 pips. It requires a minimum deposit of $1000.
• Raw+ Account – Offering VIP benefits, the Raw+ Account features zero spreads for the majority of the trading day and a low commission rate of up to $3.5 USD per lot per side on MT4/MT5 platforms. Opening this account necessitates a minimum deposit of $1000.
• Elite Account – The Elite Account provides trading with ZERO spreads for most of the day and charges a low commission, not exceeding $3.5 per lot per side. Additionally, it offers a rebate of up to 21% on commissions. This account is accessible on MT4/MT5 platforms and requires a minimum deposit of $30k to initiate.

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FxPro Islamic Account

Advantages of FXPro Islamic Account

• No Swap Charges: The FxPro Islamic Account is a swap-free account, meaning there are no swap or rollover charges on overnight positions. This is in line with Islamic finance principles which forbid usury or interest.
• No Hidden Fees: Does not have any hidden or administrative fees. The account is transparent, allowing you to monitor and manage your trades effectively.
• Trade Variety: FxPro Islamic Account users have access to a wide range of instruments, including forex, futures, indices, metals, and energies.
• No Re-quotes: Offers no re-quotes and no extra commissions. This means that the price you see is the price you get, ensuring fair trading conditions.
• High Liquidity: FxPro provides high liquidity, which allows for faster execution of trades. This can be beneficial for traders who wish to make quick trades.
• Advanced Trading Platforms: The FxPro Islamic forex account provides access to advanced trading platforms such as MetaTrader 4 and MetaTrader 5, which offer various tools and features for effective trading.
• Customer Support: FxPro offers 24/5 customer support in multiple languages, providing assistance when needed.
• Compliance with Islamic Law: For Muslim traders, the biggest advantage is that the FxPro Islamic Account is compliant with Sharia law. This means they can trade while still adhering to their religious beliefs.
• Micro Lot Trading: FxPro Islamic broker account also supports micro lot trading. This means that traders can trade smaller lot sizes, which can be beneficial for risk management.
• Leverage: FxPro offers competitive leverage rates, allowing traders to maximize their trading potential. However, it’s important to remember that while leverage can increase potential profits, it can also increase potential losses.
• Free Education Resources: FxPro provides a wealth of educational resources for free, including webinars, ebooks, and articles. These can help traders improve their trading skills and knowledge.

Assets Tradeable with FxPro Islamic Account

• Forex: FxPro’s Islamic account allows users to trade in various currency pairs, such as EUR/USD, GBP/USD, USD/JPY, and many others.
• Commodities: Users can trade in several commodities like gold, silver, oil, natural gas, etc.
• Indices: The account also allows trading in global indices, including UK 100, US 30, Germany 30, and more.
• Shares: Users can trade in shares of leading global companies like Amazon, Apple, Microsoft, etc.
• Cryptocurrencies: The Islamic account also supports the trading of various cryptocurrencies like Bitcoin, Ethereum, Litecoin, etc.
• Futures: Users can trade in futures contracts for different commodities and indices.
• Metals: The Islamic account allows trading in a variety of metals like gold, silver, platinum, etc.
• Energies: Users can trade in energies like natural gas, crude oil, etc.
• Agricultural Products: The account also supports the trading of agricultural commodities like wheat, corn, soybeans, etc.
• ETFs: Exchange-Traded Funds are also tradeable with FxPro’s Islamic account.

* Please note that the availability of these instruments may vary based on the account type and trading platform.

FxPro Deposit Options

FxPro provides a range of deposit methods for client convenience. These include:

• Bank Transfer: A secure direct deposit from your bank account into your FxPro account, which may take several days to process.
• Credit/Debit Card: A convenient method for many clients, the FxPro platform accepts all major credit and debit cards, typically transferring funds instantly.
• E-Wallets: FxPro also supports deposits via popular e-wallets like PayPal, Neteller, and Skrill, offering instant transactions with certain limits.
• FxPro Wallet: An exclusive feature of FxPro that enables funding your trading account without needing to deposit each time you trade.
• UnionPay: A favored deposit choice for clients in China.
• Broker to Broker Transfer: FxPro permits the transfer of funds directly from another broker into your FxPro account.

Note that each deposit method may incur varying transaction fees and processing times. It’s crucial to review the specifics and select the most suitable option for your needs.

FxPro Withdrawal Options

FxPro provides several withdrawal methods for clients to access their trading earnings. Here are some available options:

• Bank Wire Transfer: A prevalent method of withdrawal, it allows the transfer of funds directly from your FxPro account to your bank account. Be aware that this method might take a few business days to process and could incur a nominal fee.
• Credit/Debit Card: With this method, you can withdraw funds straight to the card used to deposit into your account. It’s swift and convenient, though there may be restrictions based on your card issuer.
• Digital Wallets: FxPro supports various digital wallets for withdrawals, such as PayPal, Skrill, Neteller, and UnionPay. These methods are secure and typically process within 24 hours.
• FxPro MasterCard: Holders of the FxPro MasterCard can directly withdraw funds to their card and use it for purchases or ATM cash withdrawals globally.
• Internal Transfer: This facility enables the transfer of funds between your various FxPro accounts, useful if you operate multiple trading accounts with the broker.

It’s crucial to note that each withdrawal option has distinct processing times, fees, and limitations. Therefore, it’s advisable to review the specifics and select the method that aligns with your requirements. Furthermore, as part of its anti-money laundering policy, the FxPro platform mandates that funds be withdrawn back to the original funding source.

Exloring FxPro’s Trading Platforms

FxPro offers a variety of trading platforms to cater to the diverse needs of traders. These platforms are designed to be user-friendly, intuitive, and highly customizable, making it easy for traders to manage their trades, analyze market trends, and make informed decisions.

• FxPro Web Version: This platform can be accessed directly from a web browser, eliminating the need to download and install any software. It offers a wide range of tools and features, including advanced charting capabilities, a variety of technical indicators, and real-time market updates.
• FxPro Mobile App: Designed for traders who are always on the go, the FxPro mobile app allows you to trade from your smartphone or tablet. It has all the features of the web-based platform, so you can analyze market trends, place trades, and monitor your positions from anywhere, at any time.
• MetaTrader 4: Also known as MT4, this is one of the most popular trading platforms in the forex industry. FxPro MT4 offers a variety of features including automated trading, advanced charting capabilities, and a host of technical indicators. It is also highly customizable, allowing traders to create their own indicators and trading robots.
• MetaTrader 5: This is the newer version of the MT4 platform. It has all the features of its predecessor, but with some additional ones such as more timeframes, more indicators, and a built-in economic calendar. FxPro MT5 also supports trading in a wider range of financial instruments.
• cTrader: This is another popular platform offered by FxPro. It is known for its sleek design, fast execution, and excellent charting capabilities. It also supports automated trading through cAlgo, making it a good option for algorithmic traders.

Trading Tools

FxPro Trading Tools are sophisticated instruments designed to assist traders in making well-informed decisions. They offer access to real-time data, up-to-the-minute market news, detailed technical analysis charts, and more.

• Trader’s Dashboard: This feature from FxPro provides a comprehensive market overview, displaying essential data such as current prices, trading volumes, and other relevant information.
• FxPro Calculators: These tools enable traders to perform quick and precise calculations for their trades. They are capable of computing crucial trading parameters like margin, pip value, swap, and others.
• FxPro VPS: FxPro also provides a Virtual Private Server for traders utilizing automated trading systems. It guarantees continuous, secure, and rapid trade execution.

News and Analysis

This section delivers the most recent news and insights from the financial markets to traders. It encompasses economic occurrences, market movements, and beyond.

• Economic Calendar: Displays all forthcoming economic events that could influence the financial markets. These events encompass releases of economic indicators, central bank assemblies, and more.
  
• Earnings Calendar: This calendar indicates the dates when companies are scheduled to publish their earnings reports. Traders can utilize this data to devise their trading tactics around these pivotal events.
  
• Market Holidays: A compilation of all public holidays during which the financial markets remain closed. Traders can employ this compilation to arrange their trading agendas suitably.
  
• FxPro Market News: This segment presents the latest updates from the financial markets. It includes analyses of market trends, economic occurrences, and additional information.
  
• Technical Analysis by Trading Central: Offered by Trading Central, a foremost authority in technical analysis, this service provides comprehensive technical analysis reports and projections for a variety of financial instruments.

Education and Research

FxPro broker provides a diverse array of educational materials for traders. These resources are designed to improve the trading abilities of individuals at various skill levels, facilitate market trend analysis, and support informed trading decisions.

• Online Trading Courses: FxPro’s online courses delve into different facets of trading. Participants will develop an understanding of forex trading, technical analysis, risk management, and various trading strategies.
• Webinars: Engage in regular webinars hosted by industry specialists who impart their knowledge on prevailing market trends, strategies, and trading methods. These live sessions also offer opportunities for interaction and queries.
• E-books: A selection of e-books is available, encompassing a variety of trading subjects. These e-books aim to provide comprehensive knowledge on multiple trading aspects.
• Video Tutorials: The video tutorials simplify complex trading concepts through visual explanations. They span numerous topics, including the utilization of the trading platform, market analysis techniques, and sophisticated trading strategies.
• Articles and Market Analysis: Stay informed with FxPro’s frequent articles and market analysis reports. Authored by seasoned traders and analysts, these writings offer insights into the most current market trends and potential trading prospects.
• Glossary: The extensive glossary clarifies all technical jargon associated with forex and CFD trading.
• Economic Calendar: Monitor significant economic occurrences that may impact financial markets with this handy tool.
• Customer Support: FxPro’s multilingual customer service is available 24/5 to address any inquiries or concerns.

Customer Support

FxPro, a well-regarded online brokerage firm, offers a variety of customer support services. If you encounter any questions or issues with your FxPro account, you can reach out to their customer support team through multiple channels.

• Live Chat Support: This feature allows you to receive real-time assistance from a customer support representative. It’s an efficient and convenient method for obtaining immediate responses to your inquiries or issues.
• Email – support@fxpro.com | info@fxpro.com: For assistance with account management, technical difficulties, or general questions, you can send an email to these addresses. Your concerns will be addressed in a timely manner.
• Local Toll-Free Number: FxPro offers a local toll-free number for their clientele. By calling 08000 463 050, you can speak directly with a customer support representative who will assist you with your requirements.
• Address: Correspondence including documents or letters can be mailed to FxPro’s head office in the United Kingdom at the following address: FxPro UK HQ, 13-14 Basinghall Street, City of London, EC2V 5BQ, UK.

Is FxPro Halal in Islam?

FxPro is halal, or permissible, in Islam because it offers Islamic trading accounts that comply with Sharia law. These accounts do not involve any forms of Riba (interest) – a crucial aspect that makes many conventional financial products haram (forbidden) in Islam. FxPro’s Islamic accounts are also free from swap charges and hidden fees, further abiding by the principles of Islamic finance which prohibit deceit and uncertainty. It is important to note that while FxPro makes efforts to provide halal trading conditions, the final determination of whether forex trading is halal or haram will depend on the individual’s interpretation of Islamic law.

FxPro Islamic Account – Conclusion

In conclusion, the FxPro Islamic account is a great option for traders who wish to adhere to Islamic Sharia laws concerning interest rates. It offers a wide range of trading instruments, advanced trading platforms, and superior trading conditions. The account also provides an environment free of swap or rollover charges on overnight positions, aligning with the principles of Islamic finance. However, it is essential to consider the higher operational costs and potential administrative fees. In all, FxPro Islamic forex account is a reliable and respectful choice for Muslim traders seeking a Sharia-compliant trading environment.