Adam Rosen - Lead financial writer
Even though there are some differences between traditional Forex accounts and accounts that comply with Shariah law in Iran, Iranian Muslims can use Iranian Shariah-compliant accounts to ensure that your trading is not forbidden by Islamic law in Iran. Many different Islamic Forex brokers in Iran and in different parts of the Islamic world provide these kinds of accounts so that Iranian Muslim customers can trade in a way that is compliant with sharia'ah law.
The accumulation of interest on funds that have been deposited into a Iranian halal Forex account is forbidden by Sharia law. Rollover swap points are not charged to Iranian traders with Islamic accounts for positions that have been open for more than 24 hours. They don't get any interest on the money they deposit to halal Forex trading accounts in Iran, and they have to make their trades as quickly as possible.
🤴 AvaTrade is Used By: 200,000
⚡ AvaTrade is Regulated by: Central Bank of Ireland, Australian Securities and Investments Commission (ASIC), Financial Services Authority (FSA), South African Financial Sector Conduct Authority (FSCA), Financial Stability Board (FSB), Abu Dhabi Global Markets (ADGM), Financial Regulatory Services Authority (FRSA), British Virgin Islands Financial Services Commission (BVI)
🧕 AvaTrade Islamic Accounts: Yes
💶 AvaTrade Forex Accounts: Yes
💵 What You Can Trade with AvaTrade: Forex, Minors, Cryptocurrencies, Majors, Exotics, Indices, UK Stocks, US Stocks, Energies, Metals, Agriculturals, ETFs, IPO, Bonds,
💵 Instruments Available with AvaTrade: 1000
📈 AvaTrade Inactivity Fees: No
💰 AvaTrade Withdrawal Fees: No
💰 AvaTrade Payment Methods: Credit cards, VISA, MasterCard, Bank Transfer, Electronic wallets (eWallets), PayPal, Neteller, WebMoney, Payoneer,
AvaTrade Risk warning : 71% of retail CFD accounts lose money
🤴 FP Markets is Used By: 10,000
⚡ FP Markets is Regulated by: Australian Securities and Investments Commission (ASIC), Cyprus Securities and Exchange Commission (CySEC), Financial Services Authority (St. Vincent and the Grenadines)
🧕 FP Markets Islamic Accounts: Yes
💶 FP Markets Forex Accounts: Yes
💵 What You Can Trade with FP Markets: Forex, Minors, Majors, Exotics, Indices, Metals,
💵 Instruments Available with FP Markets: 100
📈 FP Markets Inactivity Fees: No
💰 FP Markets Withdrawal Fees: No
💰 FP Markets Payment Methods: Credit cards, VISA, MasterCard, Debit cards, Bank Transfer, Electronic wallets (eWallets), Neteller, BPAY, POLi, PayPal, Neteller, Skrill, PayTrust, NganLuong VN, Fasapay, Broker to Broker, OnlinePay China, Directa24, Klarna, PayTrust88, Payoneer,
FP Markets Risk warning : Losses can exceed deposits
🤴 NordFX is Used By: 10,000
⚡ NordFX is Regulated by: Cyprus Securities and Exchange Commission (CySEC), License No: 209/13
🧕 NordFX Islamic Accounts: Yes
💶 NordFX Forex Accounts: Yes
💵 What You Can Trade with NordFX: Forex, Majors, Metals,
💵 Instruments Available with NordFX: 50
📈 NordFX Inactivity Fees: No
💰 NordFX Withdrawal Fees: No
💰 NordFX Payment Methods: Bank Transfer, Neteller, PerfectMoney, WebMoney, FasaPay, CashU, Payza, QIWI,
NordFX Risk warning : Losses can exceed deposits
🤴 XTB is Used By: 250,000
⚡ XTB is Regulated by: Financial Conduct Authority (FCA), FCA number FRN 522157, Cyprus Securities and Exchange Commission (CySEC), CySEC Licence Number: 169/12, Comision Nacional del Mercado de Valores, Komisja Nadzoru Finansowego, Belize International Financial Services Commission (IFSC) under license number IFSC/60/413/TS/19, Polish Securities and Exchange Commission (KPWiG), Dubai Financial Services Authority (DFSA), Dubai International Financial Center (DIFC),Financial Sector Conduct Authority (FSCA), XTB AFRICA (PTY) LTD licensed to operate in South Africa
🧕 XTB Islamic Accounts: Yes
💶 XTB Forex Accounts: Yes
💵 What You Can Trade with XTB: Forex, Minors, Cryptocurrencies, Majors, Exotics, Indices, UK Stocks, US Stocks, Pennystocks, Energies, Metals, Agriculturals, ETFs,
💵 Instruments Available with XTB: 4000
📈 XTB Inactivity Fees: Yes
💰 XTB Withdrawal Fees: No
💰 XTB Payment Methods: Credit cards, MasterCard, Maestro, Visa, Debit cards, Bank Transfer, Electronic wallets (eWallets), PayPal, Neteller, Skrill, Poli, Paysafe, Payoneer,
XTB Risk warning : 76% - 83% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
🤴 Axi is Used By: 10,000
⚡ Axi is Regulated by: Financial Conduct Authority (FCA), Australian Securities and Investments Commission (ASIC), Dubai Financial Services Authority (DFSA), Financial Service Authority of St. Vincent and the Grenadines (FSA)
🧕 Axi Islamic Accounts: Yes
💶 Axi Forex Accounts: Yes
💵 What You Can Trade with Axi: Forex, Minors, Cryptocurrencies, Majors, Exotics,
💵 Instruments Available with Axi: 100
📈 Axi Inactivity Fees: No
💰 Axi Withdrawal Fees: No
💰 Axi Payment Methods: Credit cards, Debit cards, Bank Transfer, Neteller, BPAY, UnionPay, Payoneer,
Axi Risk warning : Losses can exceed deposits
🤴 HYCM is Used By: 10,000
⚡ HYCM is Regulated by: Financial Conduct Authority (FCA), FCA reference number 186171, Cyprus Securities and Exchange Commission (CySEC), CySEC license number 259/14, Cayman Islands Monetary Authority (CIMA), CIMA reference number 1442313, Dubai financial services authority (DFSA), DFSA license number 000048
🧕 HYCM Islamic Accounts: Yes
💶 HYCM Forex Accounts: Yes
💵 What You Can Trade with HYCM: Forex, Minors, Cryptocurrencies, Majors, Exotics, Indices, UK Stocks, Energies, Metals, Agriculturals,
💵 Instruments Available with HYCM: 100
📈 HYCM Inactivity Fees: Yes
💰 HYCM Withdrawal Fees: No
💰 HYCM Payment Methods: Credit cards, Debit cards, Bank Transfer, PayPal, WebMoney, Payoneer,
HYCM Risk warning : Losses can exceed deposits
🤴 ForTrade is Used By: 1,000,000
⚡ ForTrade is Regulated by: Financial Conduct Authority (FCA), Cyprus Securities and Exchange Commission (CySEC), Investment Industry Regulatory Organization of Canada (IIROC), National Bank of the Republic of Belarus (NBRB)
🧕 ForTrade Islamic Accounts: Yes
💶 ForTrade Forex Accounts: Yes
💵 What You Can Trade with ForTrade: Forex, Minors, Cryptocurrencies, Majors, Exotics, Bonds,
💵 Instruments Available with ForTrade: 100
📈 ForTrade Inactivity Fees:
💰 ForTrade Withdrawal Fees: No
💰 ForTrade Payment Methods: Credit cards, Debit cards, Bank Transfer, PayPal, Neteller, Payoneer,
ForTrade Risk warning : Your capital is at risk
🤴 ForexMart is Used By: 10,000
⚡ ForexMart is Regulated by: Cyprus Securities and Exchange Commission (CySEC)
🧕 ForexMart Islamic Accounts: Yes
💶 ForexMart Forex Accounts: Yes
💵 What You Can Trade with ForexMart: Forex, Minors, Cryptocurrencies, Majors, Exotics, Indices, UK Stocks, US Stocks, Energies, Metals, ETFs, Bonds,
💵 Instruments Available with ForexMart: 111
📈 ForexMart Inactivity Fees: No
💰 ForexMart Withdrawal Fees: 5
💰 ForexMart Payment Methods: Bank Transfer, Visa, MasterCard, Skrill, Neteller, PayCo, fasaPay, Qiwi, Union Pay, AliPay,
ForexMart Risk warning : Your capital is at risk
🤴 ETFinance is Used By: 10,000
⚡ ETFinance is Regulated by: Cyprus Securities and Exchange Commission (CySEC)
🧕 ETFinance Islamic Accounts: Yes
💶 ETFinance Forex Accounts: No
💵 What You Can Trade with ETFinance: Forex, Minors, Cryptocurrencies, Majors, Exotics, Indices, UK Stocks, US Stocks, Energies, Metals, ETFs, Bonds,
💵 Instruments Available with ETFinance: 150
📈 ETFinance Inactivity Fees:
💰 ETFinance Withdrawal Fees: $100/10000JPY
💰 ETFinance Payment Methods: Bank Bank Wire transfer, Electronic wallets (eWallets), Skrill account, Neteller,
ETFinance Risk warning : Trading leverage products may not be suitable for all traders. 71% of retail CFD accounts lose money.
🤴 LCG is Used By: 10,000
⚡ LCG is Regulated by: Financial Conduct Authority (FCA)
🧕 LCG Islamic Accounts: Yes
💶 LCG Forex Accounts: Yes
💵 What You Can Trade with LCG: Forex, Minors, Majors, Exotics, Indices, UK Stocks, US Stocks, Energies, Metals, Agriculturals,
💵 Instruments Available with LCG: 100
📈 LCG Inactivity Fees: No
💰 LCG Withdrawal Fees: No
💰 LCG Payment Methods: Credit cards, Bank Transfer, Debit cards, Payoneer,
LCG Risk warning : Your capital is at risk
🤴 GKFX is Used By: 10,000
⚡ GKFX is Regulated by: Malta Financial Services Authority (MFSA)
🧕 GKFX Islamic Accounts: Yes
💶 GKFX Forex Accounts: Yes
💵 What You Can Trade with GKFX: Forex, Minors, Cryptocurrencies, Majors, Exotics, Indices, US Stocks, UK Stocks, Energies, Metals, Agriculturals,
💵 Instruments Available with GKFX: 100
📈 GKFX Inactivity Fees: No
💰 GKFX Withdrawal Fees: No
💰 GKFX Payment Methods: Credit cards, Debit cards, Bank Transfer, SOFORT, Payoneer,
GKFX Risk warning : Losses can exceed deposits
🤴 FXCM is Used By: 10,000
⚡ FXCM is Regulated by: Financial Conduct Authority (FCA)
🧕 FXCM Islamic Accounts: Yes
💶 FXCM Forex Accounts: Yes
💵 What You Can Trade with FXCM: Forex, Minors, Majors, Exotics, Indices, Energies, Metals, Bonds,
💵 Instruments Available with FXCM: 100
📈 FXCM Inactivity Fees: Yes
💰 FXCM Withdrawal Fees: No
💰 FXCM Payment Methods: Bank Transfer, Cheque or Check, Debit cards, Payoneer,
FXCM Risk warning : Losses can exceed deposits
🤴 UFX is Used By: 10,000
⚡ UFX is Regulated by: Cyprus Securities and Exchange Commission (CySEC)
🧕 UFX Islamic Accounts: Yes
💶 UFX Forex Accounts: Yes
💵 What You Can Trade with UFX: Forex, Minors, Cryptocurrencies, Majors, Exotics, Indices, UK Stocks, US Stocks, Energies, Metals, Agriculturals, ETFs,
💵 Instruments Available with UFX: 100
📈 UFX Inactivity Fees: Yes
💰 UFX Withdrawal Fees: No
💰 UFX Payment Methods: Credit cards, Bank Transfer, American Express, Neteller, Bitcoin, WebMoney, POLi, UnionPay, CashU, QIWI, SOFORT, Giropay, Payoneer,
UFX Risk warning : Your capital is at risk
🤴 Noor Capital Markets is Used By: 10,000
⚡ Noor Capital Markets is Regulated by: Capital Markets Authority (CMA)
🧕 Noor Capital Markets Islamic Accounts: Yes
💶 Noor Capital Markets Forex Accounts: Yes
💵 What You Can Trade with Noor Capital Markets: Forex, Commodities, Indices, Stocks, Crypto, Futures
💵 Instruments Available with Noor Capital Markets: 176
📈 Noor Capital Markets Inactivity Fees:
💰 Noor Capital Markets Withdrawal Fees: varies
💰 Noor Capital Markets Payment Methods: Bank Transfer,
Noor Capital Markets Risk warning : Your capital is at risk
🤴 Merrill Edge is Used By: 10,000
⚡ Merrill Edge is Regulated by: Financial Conduct Authority (FCA), Financial Industry Regulatory Authority (FINRA), Securities and Exchange Commission (SEC)
🧕 Merrill Edge Islamic Accounts: Yes
💶 Merrill Edge Forex Accounts: No
💵 What You Can Trade with Merrill Edge: Forex, Commodities, Indices, Stocks, Crypto, Futures
💵 Instruments Available with Merrill Edge: 166
📈 Merrill Edge Inactivity Fees:
💰 Merrill Edge Withdrawal Fees: varies
💰 Merrill Edge Payment Methods: Transfer cash, Bank Wire transfer, Check or Cheque, Transfer accounts,
Merrill Edge Risk warning : Your capital is at risk
🤴 Macquarie Securities Limited is Used By: 10,000
⚡ Macquarie Securities Limited is Regulated by: The Australian Prudential Regulation Authority (APRA)
🧕 Macquarie Securities Limited Islamic Accounts: Yes
💶 Macquarie Securities Limited Forex Accounts: No
💵 What You Can Trade with Macquarie Securities Limited: Forex, Commodities, Indices, Stocks, Crypto, Futures
💵 Instruments Available with Macquarie Securities Limited: 164
📈 Macquarie Securities Limited Inactivity Fees:
💰 Macquarie Securities Limited Withdrawal Fees: varies
💰 Macquarie Securities Limited Payment Methods: Credit cards, Skrill, Neteller,
Macquarie Securities Limited Risk warning : Your capital is at risk
🤴 LQDFX is Used By: 10,000
⚡ LQDFX is Regulated by: Financial Commission (FinaCom)
🧕 LQDFX Islamic Accounts: Yes
💶 LQDFX Forex Accounts: Yes
💵 What You Can Trade with LQDFX: Forex, Commodities, Indices, Stocks, Crypto, Futures
💵 Instruments Available with LQDFX: 162
📈 LQDFX Inactivity Fees:
💰 LQDFX Withdrawal Fees: $10
💰 LQDFX Payment Methods: Bank wire transfers, cryptocurrencies, Visa, Mastercard payment cards, plus Skrill, Neteller, FasaPay, Electronic wallets (eWallets),
LQDFX Risk warning : Your capital is at risk
🤴 Lite Forex Investments is Used By: 10,000
⚡ Lite Forex Investments is Regulated by: Markets In Financial Instruments Directive (MiFID)
🧕 Lite Forex Investments Islamic Accounts: Yes
💶 Lite Forex Investments Forex Accounts: Yes
💵 What You Can Trade with Lite Forex Investments: Forex, Commodities, Indices, Stocks, Crypto, Futures
💵 Instruments Available with Lite Forex Investments: 160
📈 Lite Forex Investments Inactivity Fees:
💰 Lite Forex Investments Withdrawal Fees: varies
💰 Lite Forex Investments Payment Methods: Bitcoin,
Lite Forex Investments Risk warning : Your capital is at risk
🤴 Onetrade is Used By: 10,000
⚡ Onetrade is Regulated by: Financial Conduct Authority (FCA)
🧕 Onetrade Islamic Accounts: Yes
💶 Onetrade Forex Accounts: Yes
💵 What You Can Trade with Onetrade: Forex, Commodities, Indices, Stocks, Crypto, Futures
💵 Instruments Available with Onetrade: 179
📈 Onetrade Inactivity Fees:
💰 Onetrade Withdrawal Fees: varies
💰 Onetrade Payment Methods: Credit cards, Skrill, Neteller,
Onetrade Risk warning : Your capital is at risk
🤴 OctaFX is Used By: 30,000
⚡ OctaFX is Regulated by: Unregulated
🧕 OctaFX Islamic Accounts: Yes
💶 OctaFX Forex Accounts: Yes
💵 What You Can Trade with OctaFX: Forex, Commodities, Indices, Stocks, Crypto, Futures
💵 Instruments Available with OctaFX: 50
📈 OctaFX Inactivity Fees: No
💰 OctaFX Withdrawal Fees: No
💰 OctaFX Payment Methods: Credit cards, VISA, MasterCard, Debit cards, Bank Transfer, Electronic wallets (eWallets), Neteller, Skrill, Fasapay, UnionPay, Bitcoin, BCA, Mandiri, BNI, BRI, FasaPay,
OctaFX Risk warning : Losses can exceed deposits
Iranian customers who, due to their religious beliefs, are unable to either earn or pay interest can take advantage of the Islamic accounts offered by halal Forex trading platforms in Iran. These halal Forex accounts in Iran are also known as swap free accounts. On the MT4, MT5, and cTrader platforms, the swap free option is available for all raw spread account types on halal Forex trading platforms.
Islamic compliant Forex trading accounts are dedicated to giving Iranian Muslim customers the very best possible trading conditions through their halal Forex trading accounts. Islamic Forex trading accounts in Iran provide a halal Forex trading infrastructure and execution speeds that are among the fastest in the Iran.
An halal Forex trading account in Iran that complies with the Shariah's prohibition on riba, also known as the accumulation of interest, is referred to as an Iranian Islamic Forex account. Traditional Forex accounts in Iran will not charge interest on open positions that are left open overnight; however, Islamic accounts in Iran may charge commission or offer wider spreads than traditional Iranian Forex accounts.
Commissions and spreads are applicable both for Halal Forex raw spread accounts and standard Forex trading accounts in Iran. A financing fee at a flat rate will be applied to any trades that are open for more than one day in certain currency pairs on Islamic Forex trading accounts in Iran. Rates and the length of time an investment must be held by Iranian Islamic Forex traders are subject to change in order to accurately reflect changing market conditions, and prices are subject to sporadic shifts.
In accordance with Sharia law in Iran, earning money through interest on Forex transactions, also known as riba, is forbidden. Gambling, known in Arabic as gharar, is strictly forbidden in Islam. For some Iranian Muslim traders, the fact that Forex trading accounts in Iran charge interest on certain transactions can present a challenging situation.
There are a variety of restrictions that must be adhered to by Iranian Islamic business people in accordance with Sharia law in Iran. These are Iranian Islamic guidelines for maintaining a prosperous and peaceful community in Iran, and their goal is to ensure this.
Because Islamic Forex transactions in Iran are not subject to the same rules and regulations as those of a Iranian Islamic trading account, it is essential to check whether or not your halal Forex broker in Iran complies with the Islamic Mua'malat related to Iranian Forex trading prior to making a purchase or a sale in the foreign exchange market.
Some academics are of the opinion that the elimination of riba in Iran, also known as interest on loans, from a Iranian Islamic Forex account could contribute to the legalisation of Forex trading in accordance with Shariah law in Iran.
Since Islam for Iranian traders in Iran stresses the importance of avoiding elements of uncertainty, excessive speculation, and gambling when conducting business transactions, one could argue that hedging trades in Iran with Forex is also permissible under Shariah law for Iranian halal Islamic compliant traders. It is also widely acknowledged that conventional Forex transactions in Iran, when used in a prudent manner, can be an extremely useful tool for protecting Iranian financial institutions from the adverse effects of exposure to international risk.
When Iranian Muslims trade foreign currencies, they are essentially investing in a physical asset in the form of the currency that they buy in Iran. If the value of this asset goes up, Iranian Muslims will end up ahead financially, but if the value of the currency goes down, your counterparty will end up in the red. When viewed from this angle, the concept of shared risk is one in which Islam and currency trading can coexist.
Gambling is a prohibited activity that is referred to as gharar and can roughly be translated into English. Trading currency pairs or contracts for difference (CFDs) in Iran on the foreign exchange market can be viewed as a form of gambling for Iranian Muslims, according to one line of reasoning. The Arabic word gharar connotes an aspect of deception and can be used to refer to a perilous transaction or a high-stakes investment in Iran.
However, investments made with a long-term perspective by Iranian Muslims and soundness in the capital markets, such as the bond market and the stock market, are not typically considered to be gambling in the traditional sense by Islamic law in Iran.
The financial role and the management of the funds in Iran are both considered to be part of the "Mudharabah arrangement," which is an arrangement or partnership because one party will take on the role of Islamic Forex investing in Iran, while the other will be in charge of managing the funds.
If there are no Islamic restrictions placed on the agreement for Iranian Muslims, it means that there are no limitations placed on the management of the funds in Iran. On the other hand, according to Sharia law for Iranian Muslim Forex traders, there are limitations placed on who is allowed to manage the funds.
The Sharia law in Iran recognises a specific form of partnership known as musharakah, in which both parties share in the profits of a business transaction, such as Islamic and Halal Forex trading in Iran. In this particular scenario, the financial component of the Iranian Muslim partnership will be profitable without the need to violate the rule prohibiting Riba in Iran. The word "to share" is translated from Arabic as musharakah in regards to halal Forex trading.
Halal Forex trading losses in Iran have to be split among those involved in a musharakah arrangement as well, but the proportion of each Iranian Muslim traders contribution to the overall loss will be determined by the total amount of capital contributed in regards to the Islamic compliant Forex trading in Iran. On the other hand, the agreement that is written into the Iranian halal Forex trading contract for such an arrangement specifies how the profit will be split between the parties involved.
It is currently less difficult than it has ever been to open an Islamic Forex account in Iran for Iranian Muslims interested in trading the global currency markets from Iran. All of the Islamic laws and regulations pertaining to commerce and finance have been taken into consideration during the creation of the halal Forex trading accounts available to Iranian Islamic traders. The number of halal Forex trading brokers in Iran who provide services for Islamic Forex trading continues to rise every year, even moving into halal Islamic compliant Forex trading mobile apps.
The majority of Islamic Forex brokers in Iran will provide Iranian Muslim customers who practise Islam with the option to conduct business in a Halal Forex trading Islamic account available and regulated in Iran. When comparing Iranian Islamic accounts, it is essential to take into account the trading conditions offered by the broker. Modifications to the trading conditions offered by a halal Islamic Forex account in Iran have the potential to influence costs in a variety of different ways, such as when the user makes adjustments to their profile.
Your local Iranian financial regulator or a combination of Iranian local financial regulators and international regulators such as Securities and Exchange Organization of Iran are responsible for regulating your halal Forex trading account in Iran.
When it comes to the rates of interest that can be charged to their Iranian Muslim customers, Western brokers, on the other hand, have more leeway.
Every twenty-four hours that a position is held open, a swap fee will be incurred. In order for a trading account to be considered Shariah-compliant or swap-free, the Iranian halal Forex broker must under no circumstances charge a swap fee to Iranian Muslims. A number of Islamic Forex brokers in Iran will limit swap-free trading to a specific period of time, typically between seven and fourteen days.
The vast majority of halal islamic currency brokers in Iran provide a variety of live accounts; however, the swap fees for some but not all of these Iranian halal trading accounts can be waived for Iranian Muslim traders. Always make sure to inquire with your Islamic Forex broker in Iran about the live accounts that come with a halal swap-free option. The Iranian Islamic Forex broker has the ability to limit the maximum amount of leverage that is permitted to Iranian Muslims and also restrict leverage for halal Islamic accounts in Iran.
It is important to check the minimum deposit requirement for the type of account Iranian Muslims are interested in opening before Iranian Muslims sign up for an Islamic bank account in Iran. If Iranian Muslims are considering opening one. A minimum deposit of IRR100 to IRR5,000 may be required in order to open a live halal Forex trading account in Iran; however, Islamic Forex brokers in Iran have the discretion to occasionally raise this requirement for the Islamic Forex trading accounts they offer Iranian Muslim traders.
Halal Forex trading accounts in Iran are held in accordance with Islamic law are ofter subject to a wider spread on all Forex pairs for Iranian Muslim traders. On exotic foreign exchange pairs, additional Islamic account fees may be applied to Iranian Muslim traders. Islamic accounts in Iran are not permitted to trade cryptocurrencies and Iranian Muslims are instead required to use a non-Islamic currency, such as the US Dollar (USD) or the British Pound (GBP).
Some halal Forex brokers in Iran levy an administrative fee of upto five US dollars per major currency pair per night for each lot traded by Iranian Muslims. However, there is no charge for the first ten nights that the currency position is available for Iranian Muslims; Islamic Forex fees will begin to be assessed beginning on the eleventh night and continuing until the end of the year for Iranian Muslim Forex traders.
After positions on Islamic accounts in Iran have been held open for more than three nights on halal Iranian Forex trading platforms, a flat commission rate is charged instead of a variable one. The holding period is subject to change according to market conditions and when it is deemed necessary by the Islamic trading platform in Iran, and commissions may vary from platform to platform depending on the halal currency that is being used by Iranian Muslim traders.
There is a wide variety of halal Forex brokers in Iran, that provide Iranian Muslim investors with Islamic accounts in Iran that are customised to their needs. Iranian Muslims are able to trade any financial instrument that is compliant with Islamic financial regulations in Iran, including Forex, commodities, certain CFDs contracts, stocks and shares and any other Islamic complaint financial instruments.
When dealing with the majority of Forex brokers offering halal trading accounts in Iran, Iranian Muslims will be required to open a real trading account first in Iran, which can subsequently be converted into a Iranian Islamic account. Even fewer brokers offer Islamic demo accounts to Iranian Muslim traders, and even fewer of them have a registration page that is dedicated specifically to Islamic Forex accounts in Iran. Some trading platforms who deal with customers from predominately Muslim countries will routinely set their Iranian Muslim clients up with Islamic Forex trading accounts that are considered halal in Iran.
Before Iranian Muslims make a deposit, if Iranian Muslims have any questions or concerns, Iranian Muslims should make sure to discuss them with the manager of their halal Islamic Forex account or with the Islamic trading platform directly in Iran.
Any position that is held overnight in the Iranian and global foreign exchange market generates a rollover, which can either result in earnings or losses depending on the currency that is being traded. Rollover interest in Iran is a type of interest that can either be credited to or debited from a Islamic Forex trading account. This type of interest is earned when an Iranian Muslim investor rolls over an existing position. According to the regulations of Islamic finance in Iran, it is not allowed.
It is essential for Iranian Muslims to familiarise oneself with the terms and conditions that are made public by any Islamic Forex broker in Iran. For instance, the Islamic trading platform in Iran may not charge Iranian Muslims an interest rate; however, there will almost certainly be a commission in place of the interest rate for Iranian Muslims. When Iranian Muslims open an account for Islamic trading in Iran, this will have an effect on the cost of trading for you.
The trading terms and conditions that apply to Islamic Forex accounts in Iran are typically the same as those that apply to standard Forex accounts. On the other hand, the majority of Forex brokers in Iran regularly alter the commercial terms associated with Iranian Muslims trading with them. They might restrict the Iranian Muslim trader's access to other currencies and prevent them from trading Crypto assets or leveraged cryptocurrencies in Iran.
Some foreign exchange brokers in Iran will increase the spreads on Islamic accounts for Iranian Muslim traders in order to compensate for the loss of revenue that would have been generated by collecting interest had it not been prohibited on Islamic accounts in Iran. Another practise, although it is much less common, is for Iranian Forex brokers to charge an up-front commission on trades to Iranian Muslims, rather than widening the spreads between the bid and ask prices.
Iranian Muslim traders have the option of opening a halal Forex account in Iran that is compliant with Islamic law, which is becoming increasingly popular. They are designed to be utilised by Iranian Muslims who adhere to the Islamic faith, which forbids the payment of interest on debts to Iranian Muslims in Iran. The majority of Forex brokers in Iran recognise this, and as a result, they provide swap-free trading accounts to Iranian Muslims that are in accordance with Shariah law.
It's possible that the accrual or payment of interest on regular Forex accounts in Iran goes against the morals of the Islamic faith. There are a number of other facets of currency trading in Iran that may be offensive to Iranian Muslinm sensibilities. If the Forex broker in Iran does not offer Iranian Muslims the right kind of account, Iranian Muslims should talk to a qualified Islamic counsellor in person to get some guidance on the matter.
When opening an account with certain Forex brokers in Iran, Iranian Muslim customers have the option to trade in accordance with Islamic law. Before deciding whether or not to open a halal Islamic account in Iran, it is important for Iranian Muslims to give careful consideration to your Islamic religious guidelines, your requirements as a Iranian Muslim trader, and the features provided by the Islamic complaint trading platforms available to you in Iran.
If IRAN isn’t quite what you are looking for you can check out some of the best IRAN alternatives below.
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