Ic Markets Is An Ecn Broker Based In Australia And The Seychelles And Has Been Operation Since 2007. Ic Markets Is Well- And Strictly Regulated By Asic In Facilitating The Trade Of Various Financial Instruments.
Ic Markets Offers Comprehensive And Competitive Trading Conditions With Minimum Deposits That Begin From As Very Little As $200, Proving Traders With Access To A Good Variety Of Financial Instruments Including:
Ic Markets Facilitates The Trading Of Such Financial Instruments In Its Comprehensive Providing Of 3 Main Types Of Accounts, Each Tailored To Cater To Traders With Differing Levels Of Experience, Skills, And Knowledge. These Main Accounts Are:
» Metatrader Standard Account
» Ctrader Raw Spread Account
»Metatrader Raw Spread Account.
Here We Will Discuss Ic Market’s Other Type Of Account Known As Islamic Account. Yes, Ic Markets Islamic Account For Muslim Faith Traders Including A Swap-free Account.
Ic Markets Offers Islamic Accounts (Also Referred To As Swap-free Accounts) For Customers Who Cannot Earn Or Pay Interest Due To Their Religious Beliefs. The Swap-free Option Is Available On Both Our Raw Spread And Standard Account Types On The Mt4, Mt5, And Ctrader Platforms.
They Are Committed To Providing Their Clients With The Best Trading Conditions. Their Islamic Accounts Offer State-of-the-art Trading Infrastructure And Execution Speeds Enabling Their Traders To Gain A Competitive Edge.
When Trading Through Ic Markets, Muslim Traders Will Expect Spreads That Begin From 0.0 Pips When Using Either The Ctrader Or Metatrader Raw Spreads Account And From 1.0 Pips When Using The Standard Account.
Muslim Traders Have Access To Leverage Up To 1:500 And Might Expect The Subsequent Commissions:
» Ctrader Raw Spread Account –us Dollar 3 Per Usd 100k, And
» Metatrader Raw Unfold Account – Us Dollar 3.5 Per Usd 100k.
Muslim Traders Will Register Avy Of The 3 Live Trading Accounts And Request For An Islamic Account Conversion.
An Islamic Account, For The Greater Part As Offered By Most Brokers, Isn’t A Standalone Account, Though Some Brokers Dedicate One Account To Being An Islamic Or Swap Free Account, In Most Cases, This Is An Option Offered By Especially Forex Brokers.
Islamic Accounts Are Provided By Brokers Who Serve Middle Eastern Clients Along With Clients From Other Jurisdictions And Provide Bound Features That Are In Line With Sharia Law, Which Prohibits The Accruement Of Interest On Funds Deposited Into The Account.
The Other Important Feature Of An Islamic Account Is That Transactions Should Be Settled Immediately, Requiring That Currencies Be Transferred From One Account To The Opposite Right When The Group Action Has Been Completed And Thus Obtained Fully.
Two Key Elements Of Islamic Law Relate Specifically To Trading Accounts, These Elements Are:
Riba Is That The Prohibition Of Generating Money From Money, That During This Case Specifically Refers To An Interest, Which Is Not Allowed According To Sharia Law. This Type Of Interest Is Seen As Each Unjust And Exploitive Gain Regarding Trade Or Business.
Due To The Restrictions And Certain Prohibitions Placed On Muslim Traders When Considering The Involved Details With Trading Activities, The Subsequent Is Affected Greatly:
» Overnight Rollovers – That Involve The Commitment Or Receiving Of Swap Points On Positions That Are Held Open For Longer When The Trading Day Has Over At The New York Close At 5 Pm Est Which Is Prohibited By Sharia Law.
» Margin Deposits And Interest – This Involves The Accrual Of Interest On Funds That Are Deposited Into The Trading Account, Which Is Prohibited.
» Loans – Once Followers Of The Sharia Law Have Funds Transferred By Either A Bank Or Alternative Financial Organization And It Involves Interest Terms, This Can Be Prohibited By The Sharia Law As Per The Key Part, Riba.
» Margin Trading – stocks That Are Traded On Margin Result In The Trader Being Liable For Paying Interest, Which Amounts To Riba, As Money Is Borrowed From The Broker To Buy Or Sell Such Equities, And Which Is Prohibited By The Sharia Law.
» Short Sales – Which Affects Mostly Shares And Involves Borrowing And Sequent Sale Of Quality, That Is Prohibited.
» Forward Sales – That Affects Forward Contracts Similarly Because The Trading Of Futures Contracts That Involves The Shopping For And Commercialism Of Contracts At A Future Date In Line With A Value Specified On The Day Of Going In Such A Contract.
To Convert The Trading Account Into That Of An Ic Markets Islamic Account, Muslim Traders Will Follow These Steps:
1 . Traders Will Navigate To The Ic Markets Website And Choose The Relevant Banner To Start The Online Application.
2 . Traders Are Needed To Finish The Online Application By Filling In Needed Fields Regarding Basic, Contact, Employment, And Alternative Info.
3 . When These Needed Fields Are Completed, Traders Are Needed To Transfer Supporting Documentation To Prove Each Their Identity And Their Residential Address As A Part Of The ‘know Your Client’, Or Kyc, Procedure.
4. Once This Has Been Completed, Traders Will Fund Their Account With The Minimum Deposit And Proceed To Request For His Or Her Live Trading Account To Be Converted Into That Of An Islamic Account.
Seeing That The Islamic Account Option Offered By Ic Markets Can’t Be Seen As A Standalone Account, Traders Have Access To The Same Accounting Options As Alternative Traders Apart From Many Further Options On The Islamic Account.
Accounting Options That Are Standard Across All Accounting Types Include:
» Access To Quite Ninety Tradable Financial Assets
» Leverage Up To 1:500
» Spreads From As Low As 0.0 Pips On The Ctrader And Metatrader Raw Spread Accounts.
» No Further Prices Within The Place Of Swaps.
» Low Commission Charges On Trades.
» Access To Metatrader 4 And Metatrader 5.
The Minimum Deposit Amount On The Ic Markets Islamic Account Is $200.
Despite Changing The Live Trading Account, Regardless Of The Type Of Account, To That Of An Islamic Account, Muslim Traders Are Subjected To The Set Minimum Deposit Amount.
This Amount Is Set Across All Account Varieties, This Is To Ensure The Minimum Margin Requirement Is Covered.
Muslim Traders Are Not Limited On Their Initial Deposit, But $200 Is The Minimum Recommended Required Amount To Open A Live Trading Account And Start Trading.
Ic Markets Offers Islamic Accounts (Also Known As Swap Free Accounts) For Clients Who Cannot Earn Or Pay Interest Due To Their Religious Beliefs. The Swap Free Option** Is Available On Both Our Raw Spread And Standard Account Types On The Mt4, Mt5 And Ctrader Platforms.
How do I open a live trading account with IC Markets? Opening an account is simple. Click on the Open a Live Account link and complete your application form. Once your on-line application form has been approved by our accounts team you will be emailed your trading account login details and password.
The Ic Markets Brand Maintains Regulatory Status In One Tier-1 Jurisdiction And One Tier-2 Jurisdiction, Making It A Safe Broker (Average-risk) For Forex And Cfds Trading.
Forex Islamic Account Is Known As A Swap-free Account As There Is No Swap Or Rollover Interest On Overnight Positions, Which Is Against The Muslim Faith. All Muslim Clients Can Benefit From Tickmill's Best Trading Conditions By Opening Any Account With Us – Classic, Pro Or Vip – And Converting It To An Islamic Type