Exness Review
CM Trading Islamic Account
CM Trading offers an Islamic account for Muslim traders. CM Trading offers swap-free trading for Muslim traders on 4 trading accounts levels namely the Bronze account, Silver account, Gold account, and Premium Accounts.
- Lesche Duvenage
Jump to:
Islamic Account Overview
What is an Islamic Account
How to open an CM Trading Islamic Account
Pros and Cons
Final Verdict
FAQ
Overall Rating
- 4.8/5
Min Deposit
USD100
Regulators
FSA
Trading Desk
Metatrader 4
Crypto
Yes
Total Pairs
154
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
CM Trading Islamic Account – 10 key points quick overview:
CM Trading Islamic Account OverviewCM Trading Islamic Account Overview
Established in 2012, CM Trading is a South African online broker lauded for providing its clients access to more than 150 tradable assets.
At the core of CMTrading’s business strategy is the provision of customized client service to satisfy unique needs. For example, we provide many foreign phone numbers and a Live Chat feature to make things as easy as possible for the customer.
Each trader also has access to free training materials, e-books, technical analysis tools, webinars, and movies. With more than 2% of the Botswana market, CM Trading is easily one of the top 10 brokers in the country.
CM Trading is a South African company with a Seychelles branch. Its main office is in Johannesburg. A complete trading platform is made available to clients all around the globe. It’s difficult, if not impossible, to get comparable services anywhere else.
The learning centre is worthy of admiration due to its high quality, usefulness, and breadth of offerings. CM Trading is creative and user-friendly, making it ideal for Botswanan traders of all experience levels.
Furthermore, it provides instantaneous order execution from the industry’s primary liquidity providers. Forex trading is made easier with CM Trading’s CopyKat platform, which uses social media to its full potential.
Using this customized trading platform, novice Botswanan traders can quickly locate and adhere to the traders of more seasoned professionals on the network.
Like Europe and the United Kingdom, South Africa has strict and well-organized regulations, so investors may rest easy knowing that their money is safely segregated from operating funds in separate accounts.
In addition to its principal strategy, which covers the entire of Africa, CM Trading offers a wide range of flexible trading solutions to clients in every corner of the globe.
As a result, traders of all skill levels, from absolute beginners to seasoned veterans, could benefit from CM Trading’s cutting-edge trading platforms and unparalleled liquidity.
Foreign currency (Forex), indices, and commodities (including cryptocurrencies) may be traded in a simplified, technology-driven process that gives traders peace of mind. Four distinct account types are available at CM Trading, each catering to a particular level of experience and starting capital.
Swap charges and rollover interest on overnight holdings are not incurred in Islamic accounts at CM Trading, making them interest-free and meeting the criteria of Sharia law for Muslims.
However, Botswanans with Islamic accounts at CM Trading can only deal in assets permitted by Sharia law.
CM Trading At a Glance
| 🏛️ Headquartered | South Africa |
| 🏛️ Local office in Gaborone? | No |
| 👍 Accepts Botswanan Traders? | Yes |
| 📅 Year Founded | 2012 |
| 📱 Botswanan Office Contact Number | None |
| ⚖️ Regulation | FSA, FSCA |
| 🔎 License Number | Seychelles – SD070 South Africa – 2013/045335/07 and FSP 38782 |
| ⚖️ MFED, BoB, or NBFIRA Regulation | None |
| ✴️ Regional Restrictions | The United States, Hong Kong, Israel, EU regions |
| ☪️ Islamic Account | Yes |
| 📈 Demo Account | Yes |
| 📈 Retail Investor Accounts | 4 |
| 📊 PAMM Accounts | No |
| 📊 Liquidity Providers | Anonymous |
| 💰 Affiliate Program | Yes |
| 📊 Crypto trading offered? | Yes |
| 🚀 Offers a BWP Account? | No |
| 💻 Dedicated Botswanan Account Manager? | No |
| 📈 Maximum Leverage | 1:200 |
| 📈 Leverage Restrictions for Botswana? | No |
| 💳 Minimum Deposit | 1,200 BWP or equivalent to 100 USD |
| 💳 Botswanan Pula Deposits Allowed? | No |
| 💰 Active Botswanan Trader Stats | 250,000+ |
| 📈 Active Botswanan-based CM Trading customers | Unknown |
| 💰 Botswana Daily Forex Turnover | Unknown, Forex overall is $6.6 Trillion |
| 💳 Deposit and Withdrawal Options | Bank Wire Transfer Bank Transfer OZOW Electronic Fund Transfer (EFT) Skrill Neteller Credit Card Debit Card MPesa Local Mobile Money Cryptocurrencies |
| 💰 Segregated Accounts with Botswanan Banks? | No |
| 💻 Trading Platforms | MetaTrader 4, CM Trading Web, CopyKat, Expert Advisors, Trading apps |
| 💰 Tradable Assets | • Currency trading • Stocks • Indices • Cryptocurrencies • Commodities • CFDs |
| 🌐 Offers USD/BWP currency pair? | No |
| 🌐 USD/BWP Average Spread | N/A |
| 📈 Offers Botswanan Stocks and CFDs | None |
| 👨💼 Languages supported on Website | English, Arabic |
| 👥 Customer Support Languages | Multilingual |
| 👥 Customer Service Hours | 24/5 |
| 👥 Botswanan-based customer support? | No |
| 💰 Bonuses and Promotions for Botswanans | None |
| ✴️ Education for Botswanan beginners | Yes |
| 📊 Proprietary trading software | Yes |
| 💰 Most Successful Botswanan Trader | Currently unknown |
| ✔️ Is CM Trading a safe broker for Botswanans? | Yes |
| ✔️ Rating for CM Trading Botswana | 8/10 |
| ✔️ Trust score for CM Trading Botswana | 91% |
| 👉 Open an account | 👉 Open Account |
What exactly is an Islamic Account For Botswana 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 offers certain features that are in line with the 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 the 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?
👉 Due to the restrictions and certain prohibitions placed on Muslim traders when considering the intricate details involved with trading activities, the following is 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, and which is prohibited by the 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 a CM Trading Islamic Account?
👉 The steps involved with registering a CM Trading Islamic Account is straightforward, as follows:
➡️ Botswana Muslim traders can register on the CM Trading website
➡️ Traders can contact CM Trading customer support to request swap-free privileges
➡️ Once the account has been approved, traders can make the necessary deposit to activate their Islamic accounts.
What is CM Trading’s spread costs on an Islamic Account?
👉 The spreads that Botswana Muslim traders can expect will depend on the account type they convert. The typical spreads are as follows:
➡️ Bronze Account – Regular spreads
➡️ Silver Account – 1.2 pips EUR/USD
➡️ Gold Account – from 0.9 pips EUR/USD
➡️ Premium Account – from 0.9 pips EUR/USD
What other features does CM Trading’s Islamic Account offer Botswana traders?
👉 Some typical features that Muslim traders can expect from their CM Trading Islamic Account include:
➡️ A safe, secure, fair, and transparent trading environment where client funds are protected
➡️ Access to demo account trading
➡️ Access to a few powerful trading platforms that are available across devices
➡️ Risk-Free Trades on certain accounts
➡️ Live Trading Signals
➡️ Access to a range of educational materials
➡️ Access to Market Reviews
➡️ A personal trading assistant
➡️ Trading Central Trading Signals and Live trading signals
➡️ Cashback Rebates
➡️ Access to ECN pricing and execution
➡️ Market News and Analysis for Fundamental Analysis on certain accounts
➡️ Special offers (certain accounts)
➡️ A dedicated Trading Room (certain accounts)
➡️ Trading specialist that offers investment advice to traders (only certain accounts)
CM Trading Pros and Cons
| ✔️ Pros | ❌ Cons |
| CM Trading has a long-standing history of excellent trading services and solutions | CM trading charges deposit and withdrawal fees, even on the Islamic account |
| CM Trading is well-regulated and operates according to rules and regulations | Inactivity fees apply to the swap-free account |
| Botswanans can choose from four account tiers according to their trading needs, objectives, and unique styles | CM Trading does not accept BWP deposits or withdrawals |
| CM Trading offers competitive trading conditions | |
| There are no commissions charged on trades; Botswanans pay only the spread | |
| There are powerful trading platforms packed with features and tools to help traders make informed trading decisions | |
| CM Trading ensures that all client funds are kept safe and offers investor protection | |
| There are no holding costs or admin fees on the Islamic account |
CM Trading Final Verdict
CM Trading offers a unique brokerage service and is licensed and regulated by the South African Financial Sector Conduct Authority (FSCA) under a regime that operates in much the same way as regulatory bodies in Europe and the UK.
Frequently Asked Questions
Is CM Trading a Market Maker broker?
CM Trading is not a Market Maker broker. In addition to providing institutional services, CM Trading also caters to regular traders by providing FX and CFD trading through its Straight Through Processing (STP) and Electronic Communication Network (ECN).
What spreads can I expect on the CM Trading Islamic Account?
When trading with a Gold or Premium account, you may anticipate spreads on important products like the EUR/USD to begin at 0.9 pips.
How can I finance my CM Trading Islamic Account?
After logging into the client portal, you will see a link to the deposit page.
To withdraw money, just pick a withdrawal method and proceed as usual. Then, follow the on-screen prompts after you’ve decided which method to use, entered the amount you want to deposit, and confirmed your selection.
Is CM Trading regulated, and by whom?
The FSCA in South Africa is a Tier-2 regulator, while the FSA in Seychelles is a Tier-3 market regulator. Therefore, CM Trading does have stringent oversight.
Are there extra fees on the CM Trading Islamic Account?
The Islamic Account does not incur extra costs such as commissions, administrative fees, or larger spreads than the standard 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.
