Exness is an industry-leading Forex broker, but does it offer a Sharia-compliant Islamic account, allowing Muslim traders to use leverage while maintaining their faith? My comprehensive Exness review included an examination of the Exness Islamic account to assess whether it treats Muslim traders fairly with competitive trading conditions while enabling them to keep their trading activities halal. Read my analysis, understand the pros and cons of the Exness Islamic account, and learn why I rank it among the best Islamic accounts available industry wide.
What Is the Exness Islamic Account?
The Exness Islamic account and the Exness demo account are the two Exness account types suitable for Muslim traders. While all Exness accounts are initially swap-free, Exness may change the status based on trading activity. Residents from Muslim countries automatically receive the Exness Islamic account. During my Exness Islamic account review, Exness did not add extra costs to replace lost revenues from the absence of swap rates. It makes Exness a rare broker that does not substitute swap rates with wider spreads or administrative fees.
Key Features of an Islamic Brokerage Account
An Islamic Forex brokerage account like the Exness Islamic account does not levy swap rates on leveraged overnight positions on qualifying assets, but trading conditions differ among brokers. I recommend traders compare Exness fees against competitors to understand the distinct pricing advantage the Exness Islamic account provides Muslim traders.
Special Restrictions for Islamic Accounts
Special restrictions for Islamic accounts are broker-dependent but often consist of geographic limitations, proof of faith, potential time limits on keeping leveraged overnight positions open before they incur excessive daily administrative fees, leverage restrictions, or asset limitations.
Here are the Exness statements concerning its Islamic account:
- Cancel the swap-free status on all trading accounts
- Once Exness cancels the swap-free status, swap charges will be applicable for open orders and orders that are opened in the future
- Exness analyzes trading behavior using an algorithm to ensure compliance with swap-free accounts
- Exness recommends traders trade primarily during the day and minimize exposure to overnight orders
- Exness notifies traders in their personal area (PA) if their swap-free status changes from qualified to unqualified
Why Is Interest Discouraged or Prohibited by Sharia Law?
Islamic traders should consult their Imam to clarify why receiving interest is discouraged or prohibited under Sharia law, as this is a religious matter. Even scholars continue to debate how this applies to financing. The Exness Islamic account complies with Sharia law, allowing Islamic traders to stay true to their faith while engaging in leveraged trading.
What Are the Steps Involved in Opening an Exness Islamic Account?
By default, all Exness accounts are swap-free on qualifying assets, but Exness may revoke the status depending on trading activity and behavior.
Here are the steps to open your Exness Islamic account:
1. Click “Register” on the Exness homepage.
2. Follow the on-screen instructions to open an Exness trading account.
3. The account is swap-free by default.
Notable Features of the Exness Islamic Account
During my Exness broker review, the Exness fees stood out with commission-based Forex spreads from 0.0 pips and a minimum commission of $0.10 per round lot.
Other key features of the Exness Islamic account are:
- No swap rates
- No additional administration fees, increased spreads, or trading restrictions
- Cryptocurrency deposits and withdrawals
- Instant withdrawals in local payment processors
- Competitive Exness leverage of 1:unlimited with negative balance protection
Exness Islamic Account Pros and Cons
Islamic traders should consider the pros and cons of the Exness Islamic account and evaluate them in the Exness demo account.
The Pros of the Exness Islamic Account
- Forex majors, Forex minors, all cryptocurrencies, all indices, gold, and oil qualify for swap-free trading
- Ultra-low Exness fees with raw spreads from 0.0 pips for a commission of $0.10 per 1.0 round lot
- Exceptionally fast order execution
- Dozens of account base currencies
- A balanced asset selection
- Algorithmic trading via MT4/MT5
- A trustworthy Exness withdrawal system for verified clients
- A high-paying partnership and affiliate program with up to 40% revenue share or $1,850 per client
- A three-tier loyalty program
- A high level of transparency
The Cons of the Exness Islamic Account
- Exness can revoke swap-free status
- No beginner education
Bottom Line
Exness offers swap-free status on all accounts by default but evaluates trading patterns to ensure traders comply with swap-free rules. The Exness Islamic account is granted automatically to traders from select Muslim countries. It enables Muslim traders to engage in leveraged trading without violating their faith. Unlike many brokers, Exness treats its Muslim traders fairly and does not levy additional costs, widen the spreads, or place restrictions on Islamic traders.
I like the competitive trading conditions, the regulatory environment, the available assets for swap-free trading, and the Exness deposit and withdrawal infrastructure. Exness offers the same leverage on swap-free accounts as on swap-based alternatives. Demo accounts use virtual funds, and no trading occurs, making it suitable for Muslim traders, but they must gauge if it fits their religious beliefs. Exness, founded in 2008, complies with nine global regulators and is the largest retail Forex broker with an exceptional track record. Therefore, traders can comfortably trust Exness and feel safe when opening an Exness Islamic account.FAQs
Does Exness offer leverage on the Islamic account?
Can Muslim traders use the Exness demo account?
Is it safe to open an Islamic account with Exness?
