In the beginning, what is Islamic trading in forex? Islamic trading is an account with an analyst to deal with, which abides by Islamic law, accumulating interest or usury, and which does not impose interest on open topics between day and night, but imposes a commission on some Islamic accounts or provides greater value in traditional forex accounts.
How to make an Islamic account for forex trading:
Metals and currencies trade is represented in the forex market, which has a duration of twenty-four hours, through which the transaction is fixed, and through which the interests are formed in the regular accounts, and the companies pay or take the interest.
And if the deal is closed before a specific time, you will automatically get the process of fixing the contracts open.
To make an account in Best Islamic currency trading company You must first submit all relevant documents and you must verify your account by submitting them.
Secondly, fund your current trading accounts, through which you have the ability to request an Islamic trading account that is characterized by Islamic law, which will then be sent to the relevant department for review and approval, followed by processing the requests within a day or two approximately.
Who are the forex brokers through which Islamic accounts are free of interest:
There are a lot of different groups of brokers who offer some Islamic accounts designed especially for Muslim traders, which often do not place restrictions on these accounts, which enables them to trade forex and commodities simply and work with contracts for difference as well, and each financial instrument has the ability to agree to the regulations that are regulated by Sharia It should be taken into account that some forex brokers open a regular account for trading, through which they can transfer an Islamic account, as well as those who have Islamic demo accounts, which enable them to create dedicated registration pages for their accounts. The best thing for countries where most of them are Muslims can open an automatic Islamic account with all Easily without the need for these steps.
If you feel in doubt to make any deposits, you should speak with the responsible manager or broker you are dealing with.
Also, you can overcome any of the problems through several things, including closing the deal itself and before the day ends and doing this step can stop any usurious interests or any interference in the transaction process.
But this mechanism has drawbacks, including that it may return at a higher cost, as each deal has more commission and more time.
One of the best solutions for the trader is in which an Islamic account is created in order to be able to trade without being restricted or risk and be able to obtain an account free of any usurious interests in which the broker closes the deal within an hour and the contract is opened immediately after.
Which the broker may bear the overnight commission, no matter how long the period, which ensures that you follow the specific conditions that were previously agreed upon.
Which bears the responsibility of the company, which is considered by the bank, and the bank does not benefit from it.
In order to do some tests on these brokers, we made a live trading account with them and contacted customer services to evaluate how the step of removing interest takes place at that time. Islamic accounts have the same conditions as regular accounts, which are forex accounts, and the evaluation in these accounts works with carefully placed restrictions on trading opportunities and work on Imposing trading opportunities and imposing some fees added to the profit values to compensate for the lost profits that were collected through interest.
Forex Overnight Benefits:
In the forex markets, most of the positions that are held throughout the day, you have to pay interest on it, whose interest depends on the currency in which trading is done and also the direction of the market, and that the rollover interest can be deducted or added from your trading accounts, which are limited according to the financial system, which It falls under the name of swaps because these accounts are free from the benefits of swaps, as no discounts are added to the topics discussed in them and a disclaimer is given to what is limited to any incoming losses. Forex trading is not suitable for all investors, but it comes with a higher level of risk on your investment and the possibility of loss for investors from their money assets It could be big.
Factors that make forex trading more risky:
The risk factors are the accumulation of debts, slippage, as well as unexpected and sudden market volatility, the most important of which are the lack of sufficient liquidity, the lack of sufficient knowledge, the lack of experience of traders, and the lack of regulatory protection for clients.
It is necessary for the trader to refrain from depositing his indispensable money, because the possibility of loss is neither specific nor relatively known, no matter how confident you are or how well you know the foundations and rules.
Some common risks:
It is another important element for me for islamic forex The correct is the common risk factor because when you make the transaction, which invests one of the currency assets, the brokers make money from time to time, the losses were of their size, which is a factor of the common gain or loss, and Islamic forex has the advantage of conforming to Sharia.
The bottom line is that the forex account:
In summary, the Islamic Forex account is an account that follows the Islamic Sharia, which is the best transaction that takes place without interest, which Islam considers a type of usury Which is forbidden by the religion of Islam and through which it deals with halal gains, as if a Muslim takes or loses from these trades, he does not have any sin committed by doing trade or some transactions traded in Islamic Forex.
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