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Axiory Islamic Account
Axiory offers an Islamic account for Muslim traders. Axiory offers swap-free trading for Muslim traders on 4 trading account levels namely the NANO account, Standard account, MAX account, and Terra Accounts.
- Lesche Duvenage
Jump to:
Axiory Overview
What is an Islamic Account?
How to Open an Islamic Account?
Pros and Cons
Final Verdict
FAQ
Axiory Islamic Account – 10 key points quick overview:
Axiory OverviewAxiory Overview
Axiory has been in operation since 2011 and offers its customers a broad range of industry-leading trading platforms. These platforms include cTrader, MetaTrader, and FIX API access for institutional trading scenarios.
Additionally, you are given unrestricted access to additional trading tools and instructional materials, which are designed to be useful to you in your day trading activities.
Suppose you want to try out the broker’s services before committing to them. In that case, there is always the option of a free and unlimited demo account. Moreover, the minimum deposit required to create an account with the broker is just ten dollars or one thousand and one hundred shillings.
As a forex and CFD broker, Axiory takes extraordinary pride in the “person to human” it takes. The desk’s attentive, initiative-taking, and resourceful customer support desk reflects its underlying philosophy.
Axiory asserts that its customer care team is well educated and has received extensive training. In addition, the staff may be reached via email, instant online chat, or phone calls at any time of the day or night.
Axiory is a popular option among new traders because of its advantageous minimum deposit requirements and extensive educational materials.
In addition, the educational and market analysis items offered by Axiory are the kind of thing novice traders will find to be well-organized, instructive, and thorough.
Webinars hosted by industry professionals are held on a bimonthly basis, and the trading school offered by Axiory offers, among other things, seminars, articles, and tutorials.
There are a few other trading tools available on Axiory, but nothing particularly remarkable. All genuine account members get free access to AutoChartist without paying additional fees.
A brilliant addition to the MT4 platform, AutoChartist keeps track of the markets, analyses, and keeps traders informed.
Axiory does not offer any account currencies other than EUR and USD. However, copy-trading, hedging, and scalping strategies are all allowed on the platform. Additionally, Islamic Swap-Free alternatives are available for all Axiory customers.
It is important to remember that a commission will be charged rather than a swap if a position is left open overnight. Therefore, the holding fee that Botswanans can expect will depend on the financial instrument they traded, the duration of the position, and the overall market conditions.
Axiory At a Glance
| 🏛 Headquartered | Belize |
| 🌎 Global Offices | Belize, United Arab Emirates |
| 🏛 Local Market Regulators in Botswana | • Ministry of Finance and Economic Development (MFED) • Bank of Botswana (BoB) • Non-Bank Financial Institutions Regulatory Authority (NBFIRA) |
| 💳 Foreign Direct Investment in Botswana | 115.89 BWP Million in 2021 |
| 💰 Foreign Exchange Reserves in Botswana | 5270 USD Million in 2021 |
| ✔️ Local office in Gaborone? | No |
| 👨⚖️ Governor of SEC in Botswana | None, Moses Dinekere Pelaelo is the Governor of the Bank of Botswana |
| ✔️ Accepts Botswana Traders? | Yes |
| 📊 Year Founded | 2011 |
| 📞 Botswana Office Contact Number | None |
| 📱 Social Media Platforms | • Facebook • YouTube |
| ⚖️ Regulation | IFSC Belize, FSC Mauritius, FCA |
| 1️⃣ Tier-1 Licenses | • Financial Conduct Authority (FCA) |
| 2️⃣ Tier-2 Licenses | None |
| 3️⃣ Tier-3 Licenses | • International Financial Services Commission (IFSC) • Financial Services Commission (FSC) in Mauritius |
| 🪪 License Number | • Belize – 000122/163 • Mauritius (Tradit) – GB21026376 • United Kingdom (London & Eastern LLP) – 534484 |
| ⚖️ MFED, BoB, or NBFIRA Regulation | No |
| ✔️ Regional Restrictions | Albania, Barbados, Burkina Faso, Cambodia, Cayman Islands, Haiti, Jamaica, Malta, Morocco, Myanmar, Nicaragua, Pakistan, Panama, Philippines, Senegal, South Sudan, Syria, Yemen, Jordan, Mali, Turkey |
| ☪️ Islamic Account | Yes |
| 💻 Demo Account | Yes |
| 🛍 Retail Investor Accounts | 6 |
| ✔️ PAMM Accounts | No |
| 💻 Liquidity Providers | Several Partner Banks |
| ✔️ Affiliate Program | Yes |
| 📱 Order Execution | Market |
| 📊 Starting spread | From 0.13 pips |
| 📉 Minimum Commission per Trade | $0.04 |
| 💰 Decimal Pricing | 5 points after the comma |
| 📞 Margin Call | 50% |
| 🛑 Stop-Out | 20% |
| 📉 Minimum Trade Size | 0.01 lots |
| 📈 Maximum Trade Size | 1 standard lot |
| ✅ Crypto trading offered? | No |
| ✔️ Offers a BWP Account? | No |
| 📉 Dedicated Botswana Account Manager? | No |
| 📈 Maximum Leverage | 1:777 |
| 📊 Leverage Restrictions for Botswana? | No |
| 💳 Minimum Deposit (BWP) | 120 BWP or an equivalent to $10 |
| ✔️ Botswana Pula Deposits Allowed? | No |
| 📊 Active Botswana Trader Stats | 250,000+ |
| 👥 Active Botswana-based Axiory customers | Unknown |
| 🔁 Botswana Daily Forex Turnover | Unknown, Forex overall is $6.6 Trillion |
| 💰 Deposit and Withdrawal Options | • Credit Cards • Debit Cards • Bank Transfer • Sticpay • Neteller • Skrill • Vload • ThunderXPay |
| 💻 Minimum Withdrawal Time | Instant |
| ⏰ Maximum Estimated Withdrawal Time | Up to 10 working days |
| 💳 Instant Deposits and Instant Withdrawals? | Yes |
| 🏛 Segregated Accounts with Botswana Banks? | No |
| 📱 Trading Platforms | • MetaTrader 4 • MetaTrader 5 • cTrader • Axiory CopyTrade |
| 💻 Tradable Assets | • Forex • Gold and Precious • Metals • Oil and Energies • CFD Indices • CFD Stocks • Exchange Stocks • Exchange ETFs |
| ✔️ Offers USD/BWP currency pair? | No |
| 📊 USD/BWP Average Spread | None |
| ✅ Offers Botswana Stocks and CFDs | No |
| 💻 Languages supported on the Website | Thai, Portuguese, Russian, Spanish, Vietnamese, Chinese, English, Arabic |
| ☎️ Customer Support Languages | Multilingual |
| 👥 Copy Trading Support | Yes, Axiory CopyTrade |
| ⏰ Customer Service Hours | 24/5 |
| 📞 Botswana-based customer support? | None |
| 💸 Bonuses and Promotions for Botswanans? | None |
| 📚 Education for Botswanan beginner traders | Yes |
| 📱 Proprietary trading software | Yes |
| 🤝 Most Successful Trader in Botswana | Unknown |
| ✔️ Is Axiory a safe broker for Botswana Traders? | Yes |
| 🎖 Rating for Axiory Botswana | 8/10 |
| 🥇 Trust score for Axiory Botswana | 90% |
| 👉 Open Account | 👉 Open Account |
What exactly is an Islamic Account for Traders?
👉 An Islamic, or swap-free, trading account is allowed by Islamic Sharia law. These accounts are based on the Islamic principle where interest is not applied to positions that are held open for longer than a trading day after the trading day has concluded.
👉 Islamic Accounts are provided by brokers who serve Middle Eastern clients along with clients from other jurisdictions and offer certain features that are in line with Sharia law, which prohibits the accrual of interest on funds deposited into the account.
👉 The other important feature of an Islamic Account is that transactions must be settled immediately, requiring that currencies be transferred from one account to the other right after the transaction has been completed and therefore paid for in full.
👉 Two key elements of Islamic law relate specifically to trading accounts, these elements are:
➡️ Riba, and
➡️ Gharar
👉 Riba is the prohibition of generating money from money, which in this case specifically refers to an interest, which is not allowed according to Sharia law. This type of interest is seen as both unjust and exploitive gains on trade or business.
Why is interest discouraged or prohibited by Sharia law?
👉 Because of the restrictions and certain prohibitions placed on Muslim traders when considering the intricate details involved with trading activities, the following are affected greatly:
➡️ Overnight rollovers – which involve the incurrence or receiving of swap points on positions that are held open for longer after the trading day has concluded at the New York close at 5 PM EST which is prohibited by the Sharia law.
➡️ Margin deposits and interest – which involves the accrual of interest on funds that are deposited into the trading account, which is prohibited.
➡️ Loans – when followers of the Sharia law have funds transferred by either a bank or other financial institution and it involves interest terms, this is prohibited by the Sharia law as per the key element, 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, which is prohibited by Sharia law.
➡️ Short sales – which affects mostly shares and involves borrowing and subsequent sale of an asset, which is prohibited.
➡️ Forward sales – which affects forward contracts as well as the trading of futures contracts which involves the buying and selling of contracts at a future date according to a price agreed upon on the day of entering such a contract.
What are the steps involved in opening an Axiory Islamic Account?
Here are the steps to open an Islamic account on Axiory:
Step 1: Navigate to the Axiory Homepage.
Traders can navigate to the Axiory home page to open an Islamic account by selecting ‘Accounts’ then ‘Islamic accounts’ to register for a trading account with Axiory.
Step 2: Add your personal information
Traders will be redirected to the Axiory registration page where they will be required to choose between an individual/ corporate account by filling in their required generic information.
Step 3: Choose your account type
Traders will follow the prompted steps to choose between creating a demo account or a live account in order to start trading with Axiory, the live account will require a verification process.
Step 4: Select your preferred Trading Platform
Choose between cTrader, MetaTrader4, and MetaTrader5.
Step 5: Setup your Trading Account
Select and change the platform currency and Leverage of their choice to create their new account.
👉 Step 6: Your Axiory account has now been created
What is Axiory’s spread costs on an Islamic Account?
👉 The spreads on the Islamic Account will be the same as those on the live trading account that was converted into an Islamic Account. The following is a list of typical spreads that traders should be prepared for:
➡️ Nano Account – from 0.2 pips EUR/USD
➡️ Standard Account – from 1.2 pips EUR/USD
➡️ Max Account – from 1.8 pips EUR/USD
➡️ Tera Account – from 0.2 pips EUR/USD
What other features does Axiory’s Islamic Account offer traders?
👉 When working with Axiory, Muslim traders in Botswana could anticipate the following trading conditions and characteristics, among others:
Nano Account
| Account Feature | Value |
| 💸 Minimum Deposit Requirement | 129 BWP equivalent to $10 |
| 💻 Platforms Available for Account Type | MetaTrader 4, cTrader |
| 📊 Average Spread on Forex Major Pairs | 0.3 pips |
| 📈 Maximum Leverage Ratio | 1:400 |
| 💰 Commission Charges on Trades | $6 per lot |
| 💵 Commissions on Stock CFDs | $0.04 per CFD with a minimum of $6 |
| 💳 Account Base Currency Options | EUR or USD |
| 📉 Negative Balance Protection Offered | Yes |
| ✔️ Is Hedging Allowed? | Yes |
| 💰 Minimum Forex Trading Volume | 0.01 lots |
| 📈 Maximum Forex Position Size | 1 Standard Lot or 100,000 |
| 💸 Maximum Open and Pending Positions | Unlimited |
| ☪️ Islamic Account Conversion Offered? | Yes |
| 💵 Access given to Axiory CopyTrade? | No |
Standard Account
| Account Feature | Value |
| 💸 Minimum Deposit Requirement | 129 BWP equivalent to $10 |
| 💻 Platforms Available for Account Type | MetaTrader 4, cTrader |
| 📊 Average Spread on Forex Major Pairs | 0.13 pips |
| 📈 Maximum Leverage Ratio | 1:400 |
| 💰 Commission Charges on Trades | None |
| 💵 Commissions on Stock CFDs | $0.04 per CFD with a minimum of $6 |
| 💳 Account Base Currency Options | EUR or USD |
| 📉 Negative Balance Protection Offered | Yes |
| ✔️ Is Hedging Allowed? | Yes |
| 💰 Minimum Forex Trading Volume | 0.01 lots |
| 📈 Maximum Forex Position Size | 1 Standard Lot or 100,000 |
| 💸 Maximum Open and Pending Positions | Unlimited |
| ☪️ Islamic Account Conversion Offered? | Yes |
| 💵 Access given to Axiory CopyTrade? | No |
Max Account
| Account Feature | Value |
| 💸 Minimum Deposit Requirement | 129 BWP equivalent to $10 |
| 💻 Platforms Available for Account Type | MetaTrader 4, cTrader |
| 📊 Average Spread on Forex Major Pairs | 0.2 pips |
| 📈 Maximum Leverage Ratio | 1:777 |
| 💰 Commission Charges on Trades | None |
| 💵 Commissions on Stock CFDs | $0.06 per CFD with a minimum of $8 |
| 💳 Account Base Currency Options | EUR or USD |
| 📉 Negative Balance Protection Offered | Yes |
| ✔️ Is Hedging Allowed? | Yes |
| 💰 Minimum Forex Trading Volume | 0.01 lots |
| 📈 Maximum Forex Position Size | 1 Standard Lot or 100,000 |
| 💸 Maximum Open and Pending Positions | Unlimited |
| ☪️ Islamic Account Conversion Offered? | Yes |
| 💵 Access given to Axiory CopyTrade? | Yes |
Tera Account
| Account Feature | Value |
| 💸 Minimum Deposit Requirement | 129 BWP equivalent to $10 |
| 💻 Platforms Available for Account Type | MetaTrader 5 |
| 📊 Average Spread on Forex Major Pairs | 0.3 pips |
| 📈 Maximum Leverage Ratio | 1:400 |
| 💰 Commission Charges on Trades | $6 per lot |
| 💵 Commissions on Stock CFDs | $0.04 per CFD with a minimum of $6 |
| 💳 Account Base Currency Options | EUR or USD |
| 📉 Negative Balance Protection Offered | Yes |
| ✔️ Is Hedging Allowed? | Yes |
| 💰 Minimum Forex Trading Volume | 0.01 lots |
| 📈 Maximum Forex Position Size | 1 Standard Lot or 100,000 |
| 💸 Maximum Open and Pending Positions | Unlimited |
| ☪️ Islamic Account Conversion Offered? | Yes |
| 💵 Access given to Axiory CopyTrade? | No |
Axiory Botswana Pros and Cons
| ✔️ Pros | ❌ Cons |
| Axiory offers a range of asset classes that can be traded via MT4, MT5, and cTrader | Botswanans pay the spread and commissions on trades |
| Axiory offers proprietary copy trading solutions | Crypto trading is not offered |
| There are competitive trading conditions offered across account types | Axiory has a limited portfolio of tradable instruments |
| The commissions are competitively low on Axiory’s account types | Holding fees apply to the Islamic account |
| Axiory caters to both beginner and professional traders | |
| There is an unlimited Axiory demo account offered which is funded with 10,000 USD in virtual money | |
| Axiory is a trusted broker that segregates all client funds | |
| Axiory has a long-standing history as a reputable forex and CFD broker |
Verdict on Axiory
👉 Overall, Axiory is very competitive in terms of its trading fees and spreads.
FAQ
Which account can I convert to an Islamic Account with Axiory?
You can convert the Nano, Standard, Max, and Tera account into an Islamic Account.
What spreads can I expect on my Axiory Islamic Account?
You can expect spreads from 0.2 pips when you convert a live account into an Axiory Islamic Account.
Does Axiory charge admin fees or commissions on the Islamic Account?
Axiory charges holding fees on certain forex pairs that are held overnight.
Is Axiory Sharia-compliant?
Axiory offers halal trading accounts and conditions to Muslim traders who follow Sharia. However, the Islamic Account is subject to holding fees.
Who can register an Islamic Account with Axiory?
Only Muslim traders who follow the Sharia law may register this type of account.
Addendum/Disclosure:
No matter how diligently we strive to maintain accuracy, the forex market is a volatile environment that may change at any time, even if the information supplied is correct at the time of going live.
