Exness Islamic Account Review
As one of the biggest brokers in the market, Exness has attracted quite a diverse collection of traders. Among the many traders that Exness serves is a notable number of Muslim traders who adhere to Islamic financial principles when trading. To cater to these traders, Exness provides Islamic accounts designed specifically for Muslim traders. The Islamic accounts, also known as the swap-free accounts, align with Sharia law by eliminating swap fees (interest charges) that accrue from holding positions overnight. In this article, we are going to be looking at the Exness Islamic account and its offering of swap-free trading. We want to see how traders can benefit from these specialised accounts.
Understanding Sharia Law in Forex and Islamic Accounts
Sharia law imposes specific guidelines and rules on financial transactions. Importantly, Islamic finance law strongly prohibits the earning or paying of interest (Riba). This includes any form of income derived from lending money or accumulating interest over time. In the context of forex trading, swap fees are commonly charged when a trader holds a position overnight in certain markets. The longer a trade is held, the more swap fees accumulate, which can be substantial.
However, Islamic law prohibits this type of interest-based transaction. Needless to say, this poses a challenge for Muslim traders. To cater to this, Exness introduced Islamic accounts, where no swap fees are charged on overnight positions. This allows traders to engage in forex trading without violating their religious principles. So how does this work on Exness? Let’s take a look.
Risk warning: Remember that forex and CFDs available at Exness are leveraged products and can result in the loss of your entire capital. Please ensure you fully understand the risks involved.
Exness Islamic Account/Swap Free Trading on Exness
Swap-free trading on Exness works in two ways depending on whether a trader resides in an Islamic country or not. Exness accounts opened from Islamic countries are automatically granted swap-free status. This status ensures that no swaps are applied to positions held overnight. The swap-free feature applies to the entire Exness account. Some of the countries where this applies include Egypt, Algeria, Saudi Arabia, the UAE, and the Maldives, among others.
For accounts created in non-Islamic countries, swap-free trading is only available for some market products. These include all major currency pairs, some minors, gold when traded against the US Dollar, crude oil, all indices, and all cryptocurrencies. Here is a summary of the instruments where swap-free trading applies as provided by Exness in non-Islamic countries:
- Majors - AUDUSD, EURUSD, GBPUSD, NZDUSD, USDCAD, USDCHF, USDJPY, USDTHB
- Minors - AUDNZD, EURCHF, GBPJPY, AUDCHF, AUDJPY, EURAUD, EURCAD, EURGBP, EURJPY, EURNZD, GBPCHF, GBPNZD, NZDJPY, NZDCAD
- Commodities - XAUUSD, USOIL
- All cryptocurrencies - includes BTCXAU, BTCXAG, BTCTHB, BTCAUD, BTCZAR, BTCCNH, BTCJPY.
- All indices.
Trading Forex and CFDs entail risk.
Your capital is at risk.
Key Benefits of Exness Islamic Account
Opting for an Exness Islamic account provides traders with numerous benefits. These advantages extend beyond the elimination of swap fees and create a conducive trading environment aligned with Islamic religious beliefs.
Spreads on Exness
Exness Credibility
Trading Forex and CFDs entail risk.
Your capital is at risk.
Final Comments
The Exness Islamic Account offers a comprehensive solution for Muslim traders. It allows them to participate in the forex market while adhering to Islamic financial principles. By providing swap-free trading, Exness ensures that traders can hold positions overnight without incurring interest charges.
The broker's transparent pricing structure makes it a reliable choice for traders seeking a Sharia-compliant trading environment. Beyond religious compliance, the broker stands out for its competitive trading conditions. These include tight spreads, high leverage, and access to multiple trading platforms. Moreover, the broker has robust regulatory oversight and a positive reputation online.