Islamic Trading Account
Online trading platforms allow you to access the CFD markets 24 hours a day, and
give you access to a large variety of instruments – foreign exchange, commodities,
shares, bonds, ETFs, currency options and more. Some traders engage in day
trading, which means keeping positions open for a few hours or less. Other traders,
however, employ trades with a longer scope, and keep their positions open for more
than 24 hours. When you keep a position open overnight, you will need to pay a
rollover fee. This kind of interest goes against Riba principles of Sharia law. For that
reason, we offer an Islamic account that can be used by our Islamic clients.
How to open an Islamic account in 3 simple steps:
- Verify your account by sending all the relevant documentation.
- Fund your current trading account.
- After you’ve funded your account, you can apply for an Islamic
account, which operates under the Sharia Law. The request will then
be forwarded to the relevant department for review and approval.
Requests are usually processed within 1-2 business days.
What is a Swap?
The event of leaving open positions on the foreign exchange market for more than
24 hours requires the payment of special fees, called SWAPs. These fees are a kind
of interest rate and, therefore, they are problematic for Muslim traders who follow
Sharia Law, which prohibits certain financial transactions including those which
include the accumulation of interest. As a Swap can be seen as a type of interest, a
fee for the service the broker is providing you it creates a problem for Muslim traders
following Sharia law.
To solve this issue, brokers like NoLossTrade offer a special ‘Islamic account’. This
account type is similar to a regular one, with one key difference; it is not subjected to
any special fees or interest, which sits well with the finance principles of Sharia law.
The Sharia law dictates that the lender must share in the borrower’s risk. In non-
Islamic accounts, the risk falls exclusively on the lender. In Islamic eyes, this is
considered exploitative and wasteful. NoLossTrade is fully committed to providing its
traders with a variety of trading solutions to fit their needs and personal
requirements.
Halal Gold and Silver Trading
NoLossTrade offers access to the Islamic halal trading of gold and silver. True
Islamic gold and silver trading must have physical support in gold and silver.
NoLossTrade offers those wishing to trade on Gold and Silver a trading account that
complies with Shariah rules.
Halal Oil Trading
Discover Islamic oil trading with NoLossTrade today. The price of oil on the
NoLossTrade’s trading platforms is tied to the price of oil futures traded on futures
markets around the world. Trade oil without accumulating positive or negative swaps
with NoLossTrade. Enter the volatile oil trading markets with NoLossTrade.
Halal Indices Trading
Instantly access the world’s most liquid stock indices on your NoLossTrade Islamic
trading account. Stock market indices directly linked to global stock markets without
accumulation of swaps. Pay only the bid-ask spreads on your NoLossTrade Islamic
trading account.
Islamic Forex Trading
NoLossTrade has introduced its Islamic trading account, fully in line with Islamic
rules. Customers with an Islamic trading account will not be charged daily swaps.
The swap fees are fully transferred within the MT4 platform into daily administration
fees on all Forex trading products. Come experience a transparent Forex trading
environment with NoLossTrade and trade on a wide range of currency pairs such
as EUR/USD, as well as indices, bonds, ETFs, stocks or commodities. We offer our
clients a solid, secure product, which respects their principles and follows the rules of
Islam.
*Cryptocurrency trading is not available on Islamic accounts, to trade
cryptocurrencies clients must give up their ‘Islamic account’ privileges and be subject
to special fees or interest.
*Certain FX instruments (ZAR, TRY, RUB, MXN pairs) are not available on Islamic
accounts, to trade these pairs, clients must give up their ‘Islamic account’ privileges
and be subject to fees or interest
*Islamic accounts are subjected to an increase spread on FX pairs