Exness offers Islamic swap-free trading on 2 trading accounts levels. Standard Swap-free and Extended Swap-free. Exness offers Extended Swap-free status by default to all applicable trading accounts created by clients in non-Islamic countries.
Exness at a glance
|📍 Headquartered||Limassol, Cyprus|
|📅 Year Founded||2008|
|⚖️ Regulating Authorities||CySEC, FCA, South Africa FSCA, the Seychelles FSA, the BVI Financial Services Commission and the Central Bank of Curaçao.|
|🌐 Countries not accepted for trade||The USA, Saint Vincent and the Grenadines, American Samoa,
Baker Island, Guam, Howland Island, Kingman Reef,
Northern Mariana Islands, Puerto Rico, Midway Islands,
Wake Island, Palmyra Atoll, Jarvis Island,
Johnston Atoll, Navassa Island,
Israel, Vatican, Malaysia, and Russia Federation
|👉 Account Types||Standard Account
Standard Cent Account
Raw Spread Account
|☪️ Islamic account (swap-free)||Yes|
|👍 Demo / Practice Account||Yes, 100% Free|
|📊 Institutional Accounts||No|
|📊 Managed Accounts||Yes|
|📈 Maximum Leverage||1:Unlimited|
|💰 Minimum Deposit||Deposit amount depends on payment system and account type|
|👉 Sign Up Bonus Programme||10% of Net Deposit|
|💰 Instant withdrawals and deposits||Yes|
|💰 Negative balance protection||Yes|
|💰 In-house VPS hosting||Yes, $500+ deposits|
|💳 Deposit Options||Bitcoin
|💳 Withdrawal Options||Tether
|💻 Platform Types||MetaTrader 4 and MetaTrader 5
Windows, Mobile, Web, iPhone, iPad
|📱 OS Compatibility||PC and Mac OS, mobile for Android and IOS|
|📈 Tradable assets offered||Forex currency pairs, metals, cryptoсurrencies, energies, indices, stocks|
|👨💼 Languages supported on Website||English, Spanish, French, Arabic, Chinese, Portuguese,
Vietnamese and more
|👥 Customer Support Languages||English Indonesian, Arabic, Japanese, French, Hindi, Portuguese, Russian, Spanish and Urdu|
|📆 Customer Service Hours||24/5|
A Quick Overview of our Exness Islamic Account Review:
The fee is not an interest and depends on the direction of the order.
The Exness Group was founded by a group of like-minded professionals in finance and information technology in 2008.
Continuous development, guided primarily by the systematic improvement of trading conditions, is the key to the Exness Group’s long-term success.
To this end, the broker operates a highly customer-centric business, therefore, with the constant improvement of its services a top priority.
Today, the Exness Group is a leading broker amongst trader who demand high-quality services; a fact which is confirmed not only by the experience and opinion of the trading community, but also by the ratings given by major online publications, ratings agencies, and financial journals.
Exness offers traders from both Islamic and non-Islamic countries with the option of converting any of the following trading accounts into a swap-free account:
- Standard Account
- Standard Cent Account
- Raw Spread Account
- Zero Account
- Pro Account
What exactly is an Islamic Account?
To better understand Islamic forex trading, it is important to first gain an insight into the guiding principles of Islamic finance.
To this end, Islamic finance differs significantly from conventional finance in that it is guided by a set of ethics rather than by purely profit motive. As such, two principles guide Islamic finance as below:
- The first principle is a risk sharing philosophy between the lender and borrower. According to Islamic principles, interest is unethical, as it guarantees a reward for the lender, while the borrower must incur all the risk. This, according to Islamic finance, can lead to exploitative practices.
- The second principle is that financial activity must promote social and economic wellbeing. The purpose of finance in Islam is to promote happiness and contentment in this earthly life. Finance is just one part of life and society.
With these guiding principles, the fundamental feature of Islamic finance is to encourage socio-economic justice. It is for this reason that interest (or riba) is prohibited. Excessive risk (or gharar) is also prohibited, as is excessive gambling or speculation.
Why is interest discouraged or prohibited by Sharia law?
Interest is any pre-agreed fee paid over and above the principal amount, whether it is a personal or commercial loan. Charging interest, according to Sharia law, or making money from money, is unlawful. The major reasons for its condemnation include:
- Riba promotes negative growth. It may increase money quantitatively, but there is no primal progression in social wealth.
- Riba disgraces the human spirit. It effectively promotes a culture that places undue significance on that which is monetary, while disregarding that which is human.
- Riba is seen as the unlawful acquisition of property.
- When entrenched, Riba corrupts society.
- Riba is, for all intents and purposes, unjust. While it creates money for the lender, it is extremely oppressive towards the borrower.
What are the steps involved in opening an Exness Islamic Account?
It appears that swap-free status can be granted automatically by applying in the client’s Personal Area. The broker’s automated system identifies which clients are residents of the countries where Islam is the predominant religion and flags their accounts as swap-free.
Swap-free status can be applied for on the Standard, Pro, Zero and Raw Spread accounts. Prospective swap-free clients should note that when clients are found to have abused the swap-free status attributed to their accounts, the broker can do the following:
- Cancel the swap-free status on all the client’s trading accounts.
- Once swap free status is discontinued, swap charges will be applicable for open orders and orders opened in the future.
What are Exness’s spread costs on an Islamic Account?
The Islamic, or swap-free accounts, will have the same spread conditions as those on the Standard, Pro, Zero and Raw Spread accounts. These spreads and commissions are as follows:
- The Standard Account has the EUR/USD with a 1.0 pip commission-free spread.
- The Raw Spread Account is a commission-based option, with spreads as low as 0.0 pips and a minimum cost of $3.50 (50 ZAR) per side or $7.00 (101 ZAR) per round lot.
- The Zero Account has spreads close to 0.0 pips, with varying commissions depending on the asset.
- The Pro Account has the best spread offering, which averages at about 0.6 pips.
What other features does Exness’ Islamic Account have?
For traders who reside in Islamic countries, the Exness Islamic Account will have the same features as those provided on the swap-rated versions. Broadly speaking, the traders will be able to choose between the use of the MetaTrader 4 or MetaTrader 5 platforms, as well as a variety of other trading features.
For example, trading tools include VPS hosting, calculators, currency converters, and special independent analysis provided by the broker, outside of the analytical features already built into the MetaTrader suite.
Traders in non-Islamic account can expect two varying levels of swap-free which will be determined by their trading activity. Traders can transition between these levels easily and automatically depending on their activity.
On the Standard swap-free level, the following trading instruments are exempted from swaps:
The extended swap-free level consists of more than 20 forex pairs which includes majors, minors, and exotics. It also includes indices, cryptocurrencies, and stocks. Instruments which do not form part of this comprehensive list will be subjected to swaps.
Pros and Cons
|✔️ Pros||❌ Cons|
|Easy Islamic Account opening process||No US Clients|
|Islamic Account grants all the same features as other accounts||Small amount of tradeable financial instruments|
|No additional charges on the Islamic account||Accounts are not multi-currency|
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Frequently Asked Questions
How many instruments can I trade with Exness?
Exness has an attractive range of trading instruments, including forex currency pairs, gold, silver, platinum, palladium, Cryptocurrencies, Energies, Stocks, and Indices.
Which platforms are supported by Exness?
MetaTrader 4 and MetaTrader 5.
Does Exness offer leverage?
Yes. Exness has a high maximum leverage of 1:2000. However, leverage will be restricted to a maximum of 1:30 for traders located in certain jurisdictions that fall under the regulation of the FCA and CySEC.
What spreads can I expect with Exness?
Exness offers trading on instruments with dynamic spread. The Pro Account has the best spread offering, which averages at about 0.6 pips, and which is free of commissions.
Does Exness charge commission?
Yes. Commissions will vary depending on the account type and on the asset being traded. Some accounts are commission-free.
Are there additional charges on the Islamic account?
Is Exness regulated?
Yes, Exness is regulated by Financial Conduct Authority (FCA), Cypress Securities and Exchange Commission (CySEC), and the FSA.
Is Exness a recommended forex trading broker for experts and beginners?
Yes. Exness offers an excellent trading environment for both beginner and expert traders.
What is the overall rating out of 10 for Exness?
What is the difference between a demo and live trading account?
A demo account offers the use of virtual funds instead of actual capital. This allows for risk-free trading as well as exploring of both the broker’s offer and the trading platform.
A demo account can be used for a variety of reasons including practice trading, testing trading strategies, exploring platforms and offers, and more.
Does Exness offer a demo account?
Yes, Exness offers a free demo account to all new traders.
For how long is the demo account valid?
The demo account is does now expire. However, the demo account will be deleted after a minimum period of 21 days of inactivity.
Does Exness offer the option of an Islamic Account?
Which live trading accounts does Exness offer?
Exness offers one type of Standard Account, and several Pro Accounts. These latter accounts include the Raw Spread, Zero and Pro Account.
What are the available deposit currencies for a live trading account?
Exness offers an exceptionally wide range of deposit currencies, but these will vary in selection depending on the account type. Most traders depositing in smaller currencies, such as ZAR/Rand, will be able to avoid incurring conversion fees.
Deposits and withdrawals
What is the minimum deposit for Exness?
On the broker’s Standard Account, Exness has an exceptionally low minimum deposit requirement of just $1 (14 ZAR).
The minimum deposit amount required to open any of the Pro Account categories start from $200 (2 873 ZAR), which is nonetheless still a low minimum requirement when compared to many other Pro Accounts in the industry.
How do I make a deposit and withdrawal with Exness?
Exness offers a good range of popular deposit methods, which consist of the following:
- Internet Banking
- Bank Card
- Perfect Money
- Internal Transfer
Does Exness charge withdrawal fees?
No, Exness does not charge deposit or withdrawal fees.
How long does it take to make a withdrawal?
Where withdrawal methods are not listed as instant, withdrawals will be processed in 24 hours.