Editor’s Verdict
Overview
Review
Headquarters | United Arab Emirates |
|---|---|
Year Established | 2009 |
Execution Type(s) | Binary Options |
Minimum Deposit | 0 |
Trading Platform(s) | MetaTrader 4, MetaTrader 5 |
Islamic Account | |
US Persons Accepted? | |
Managed Accounts |
Islamic Trade Banc is a predominantly Arab brokerage which seems to be angering clients and has a reputation for questionable service. Additionally, this brokerage seems to be operating under a few different names which is definitely cause for some concern.
Islamic Trade Banc professes to be the first of its kind in the Forex market, though we weren’t quite able to ascertain what exactly they are the first to provide. They claim to be able to combine knowledge and compliance with Islamic law with the expertise of advisors who have been successfully trading in many markets all over the world. The company claims to offer Forex and binary options trading, though their platform page lists the platforms for binary options only, leading us to question whether serious Forex traders would find what they’re looking for here.
This brokerage advertises a very high level of protection to the investor, through insurance and safety protocols, although a preliminary online search has shown there are complaints from people not able to retrieve their money from their own accounts. Likewise, lack of regulation makes us question whether or not they really apply the practices they claim on their website.
The firm’s website offers tailor made accounts to fit every trader’s needs. There are several different account types and within those some options for customization. These accounts are all interest free and are in compliance with Islamic Law.
Account Types
Islamic Trade Bank offers seven different types of Islamic Forex Accounts. These accounts differ based on who they are aimed at attracting. Different levels of experience, comfort level with trading and minimum deposit requirements will lead you to choose an account type that is most suited for you.
- Mini Accounts are meant for the beginner trader. This account comes with unlimited trading training sessions, small and risk-free trades starting at $20 and the ability to start trading with only $500
- Silver Accounts are meant for the intermediate lever trader. The starting sum for trading in this account is $2000. The bank provides one on one trading trainings to educate traders to trade more professionally.
- Gold Accounts are meant for more experienced traders. These accounts beginning sum is $10,000. Users are provided with a business trading plan created by a financial analyst and receive full support from the banks trading room. These accounts also include a gold credit card and 20 weekly mobile signals.
- Platinum Accounts invite traders to begin trading with $50,000. Traders are given full time support by an account manager and a financial advisor. They receive unlimited market signals and special invitations to conferences around the world. All assets and services from the bank are included as is a platinum international credit card.
- Managed Accounts are for traders who are focused on other areas of business and would like someone else to be responsible for managing their Forex dealings. Islamic Trade Banc provides investors with a professional account manager. This type of account promises very high monthly dividends and operates stop losses at 10%, 20% and 30% depending on the trading plan of the investor. This account is accompanied by 24 hour alerts and support from the trading room.
- Investment Accounts are for customers who want a long term investment that is a conglomeration of many different forex trades. They combine 100 accounts into one so that they can make very high volume trades and open 5 trades through 5 different markets to spread the risk. The trades are for a period of up to 60 days. The ones that are profitable are closed and the ones that are not are left open with the potential to become profitable.
- Protected Accounts are what we understood Islamic Trade Banc considers its demo account. This bank provides the traders with real trading accounts that can be used with real money and live trades. They secure the accounts by hedging the client’s trades. These accounts are reset weekly, in order to gain experience without losing money. They also offer training so that the traders may learn to control the impulses that lead to extreme trading conditions.
Platforms:
Islamic Trade Banc offers traders a web-based platform as well as mobile apps for iOS and Android devices. At the time of this Islamic Trade Banc review, it seems that only binary options platforms are available, though the company claims to offer Forex trading as well. It may be that their offer of Forex pairs in the binary platform is meant to be seen as a “Forex trading offering,” though this seems misleading at best.
They have a special platform that allows users to form your own options to choose what you feel is appropriate for you. The binary trade choices are almost unlimited in their platform. Trades can be extended, fast or slow, touch or no touch, and open for long periods of time or short ones.
Islamic Trade Banc says these platforms are award-winning and give their customers quick executions and accurate pricing, though the awards we discovered during our Islamic Trade Banc review were simply ribbons affixed to the site with no mention of exactly who granted these awards.
Customer Service:
Islamic Trade Banc offers customer service phone numbers in nine different countries. The address is in England and there is an email address for contacting customer service as well.
Though we found the Islamic Trade Banc website to be fairly professional-looking during this review, we found that the neat design isn’t enough to address the significant concerns we have about this company, which were related to its lack of regulation, its vague awards and the myriad complaints that actual traders had during their time trading with Islamic Trade Banc. As always, we highly recommend choosing a regulated Forex or binary options broker if you’re looking for a long-term, gratifying trading experience. There are many brokers that offer Islamic Forex trading that seem to be more reliable and regulated than Islamic Trade Banc.
