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:

  1. Verify your account by sending all the relevant documentation.
  2. Fund your current trading account.
  3. 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

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