Exness Review
Exness Islamic Account
Overall,Exness offers an Islamic Account for Muslim traders. Exness offers swap-free trading for Muslim traders on 5 trading account levels. Exness can be summarised as trustworthy and is regulated by the CMA. Exness has a trust score of 98% out of 100.
- Louis Schoeman
Jump to:
Exness Overview
What is an Islamic Account?
How to Open an Islamic Account?
Pros and Cons
Final Verdict
FAQ
Exness At a Glance
| 🏛 Headquartered | Cyprus |
| 🌎 Global Offices | South Africa, Cyprus, United Kingdom, Seychelles |
| 🏛 Local Market Regulators in Botswana | • Ministry of Finance and Economic Development (MFED) • Bank of Botswana (BoB) • Non-Bank Financial Institutions Regulatory Authority (NBFIRA) |
| ✔️ Accepts Botswana Traders? | Yes |
| 📊 Year Founded | 2008 |
| 📞 Botswana Office Contact Number | None |
| 📱 Social Media Platforms | • Facebook • YouTube |
| ⚖️ Regulation | FSA, CBCS, FSC, FSC BVI, FSCA, CySEC, FCA |
| 1️⃣ Tier-1 Licenses | Financial Conduct Authority (FCA) |
| 2️⃣ Tier-2 Licenses | • Cyprus Securities and Exchange Commission (CySEC) • Financial Sector Conduct Authority (FSCA) |
| 3️⃣ Tier-3 Licenses | • Financial Services Authority (FSA) Seychelles • Financial Services Commission of the British Virgin Islands (FSC BVI) • Financial Services Commission (FSC) Mauritius • Central Bank of Curaçao and Sint Maarten (CBCS) |
| 🪪 License Number | • Seychelles – SD025 • Curaçao – 0003LSI • British Virgin Islands – SIBA/L/20/1133 • Mauritius – GB20025294 • South Africa – FSP 51024 • Cyprus – 178/12 • United Kingdom – 730729 |
| ⚖️ MFED, BoB, or NBFIRA Regulation | None |
| ✔️ Regional Restrictions | The United States |
| ☪️ Islamic Account | Yes |
| 💻 Demo Account | Yes |
| 🛍 Retail Investor Accounts | 5 |
| ✔️ PAMM Accounts | No |
| ✔️ Affiliate Program | Yes |
| 📱 Order Execution | Market |
| 📊 Starting spread | 0.0 pips EUR/USD |
| 📉 Minimum Commission per Trade | From $0.1 per side, per lot |
| 💰 Decimal Pricing | 5th decimal pricing after the comma |
| 📞 Margin Call | 60% |
| 🛑 Stop-Out | 0% |
| 📉 Minimum Trade Size | 0.01 lots |
| 📈 Maximum Trade Size | Unlimited |
| ✔️ Offers a BWP Account? | No |
| 📉 Dedicated Botswana Account Manager? | No |
| 📈 Maximum Leverage | Unlimited |
| 📊 Leverage Restrictions for Botswana? | No |
| 💳 Minimum Deposit (BWP) | 188 or an equivalent to $10 |
| ✔️ Botswana Pula Deposits Allowed? | Yes |
| 📊 Active Botswana Trader Stats | 250,000+ |
| 👥 Active Botswana-based Exness customers | Unknown |
| 🔁 Botswana Daily Forex Turnover | Unknown, Forex overall is $6.6 Trillion |
| 💰 Deposit and Withdrawal Options | • Debit Card • Credit Card • Internet Banking • Skrill • Neteller • Bank Wire |
| 💻 Minimum Withdrawal Time | Instant |
| ⏰ Maximum Estimated Withdrawal Time | Up to 72 hours |
| 💳 Instant Deposits and Instant Withdrawals? | Yes |
| 🏛 Segregated Accounts with Botswana Banks? | No |
| 📱 Trading Platforms | • MetaTrader 4 • MetaTrader 5 • Terminal • Trader app |
| 💻 Tradable Assets | • Forex • Metals • Energies • Indices • Stocks |
| ✔️ Offers USD/BWP currency pair? | No |
| 📊 USD/BWP Average Spread | N/A |
| ✅ Offers Botswana Stocks and CFDs | No |
| 💻 Languages supported on the Website | English, French, Indonesian, Portuguese, Spanish, Vietnamese, Arabic, Thai, Chinese (Simplified), Japanese, Korean, Urdu, Bengali, Hindi |
| ☎️ Customer Support Languages | Multilingual |
| 👥 Copy Trading Support | Yes |
| ⏰ Customer Service Hours | 24/7 |
| 📞 Botswana-based customer support? | No |
| 💸 Bonuses and Promotions for Botswanans? | No |
| 📚 Education for Botswanan beginner traders | No |
| 📱 Proprietary trading software | Yes |
| 🤝 Most Successful Trader in Botswana | Unknown |
| ✔️ Is the broker a safe broker for Botswana Traders? | Yes |
| 🎖 Rating for Exness Botswana | 8/10 |
| 🥇 Trust score for Exness Botswana | 97% |
| 👉 Open Account | 👉 Open Account |
Exness Overview
Overall, Exness is considered low-risk, with an overall Trust Score of 97 out of 100. Exness is licensed by one Tier-1 Regulator (high trust), two Tier-2 Regulators (average trust), and four Tier-3 Regulators (low trust). Exness offers five different retail trading accounts namely a Standard Account, Standard Cent Account, Raw Spread Account, Zero Account, and Pro Account.
Since 2008, Exness has been one of the most well-known and successful worldwide brokerage firms. If you are considering creating a trading account, using Exness is one of the greatest alternatives that you have available to you.
Exness not only offers Botswana the chance to trade one hundred different currency pairings, but the Standard Account also comes with a minimal spread and unlimited leverage.
The fact that Exness allows for quick withdrawals is one of the features that the broker is most pleased with.
Another benefit is that Exness claims that the withdrawal process takes no more than a few minutes to complete, and there is no need for any manual processing, with withdrawals being completed at any time, including on the weekends.
Clients from Botswana are welcome to open accounts with Exness, which offers an average spread starting at 0.0 pips and fees starting from $0.1 per lot, per side. Exness provides demo accounts and accounts that comply with Islamic law.
The popular MT4 and MT5 platforms in addition to Exness’ proprietary iOS and Android apps are supported.
While the divisional structure of Exness makes it possible for clients all over the world to take advantage of personalized financial services and investment solutions, the company’s global brand makes available a vast array of opportunities for retail and primarily corporate solutions or collaborations, as well as corporate alliances.
As a retail broker, Exness has been recognized with several awards attributable to the fact that the broker offers superior brokerage services that are consistent and dependable, as well as a pleasant trading environment that is adapted to meet the requirements of the most discerning traders.
The trading process is managed with the help of the user-friendly MT4 and MT5 platforms, which provide the opportunity to trade several CFDs and Futures contracts on several different marketplaces.
Exness does not charge any administration fees, and it does not cost anything to start an account with this broker (but the minimum deposit required to open an account might range anywhere from ten dollars to two hundred dollars).
Even though there are no fees for deposits or withdrawals and Botswana can open accounts in BWP currency.
What is the Overview of Exness Islamic Account?
The Exness Islamic Account, a swap-free account, is tailored to accommodate traders who adhere to Islamic finance principles. In Islamic finance, earning or paying interest (usury) is prohibited. The Islamic Account addresses this by offering a solution where traders can trade without incurring interest-bearing swaps or rollover fees typically associated with holding positions overnight.
How Does the Exness Islamic Account Work and Who is it Suitable For?
The Exness Islamic Account operates similarly to standard trading accounts but without the involvement of interest. When traders hold positions overnight, they are not subjected to interest-bearing swaps, aligning with Islamic finance principles. Instead, a minimal administrative fee may be applied. This account suits traders who follow Islamic finance guidelines and seek a trading environment that respects their religious beliefs.
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.
What is an Islamic Account for Traders at Exness?
An Islamic Account, also referred to as a swap-free account, is an offering by Exness designed to accommodate traders who adhere to Islamic finance principles. In Islamic finance, engaging in interest-based transactions is prohibited.
How Does the Exness Islamic Account Work and Who Can Use It?
The Exness Islamic Account operates similarly to other trading accounts but without the presence of interest-based swaps or rollover fees. Traders who hold positions overnight do not accrue interest charges; instead, they might incur a minor administrative fee. This account is suitable for traders who follow Islamic financial guidelines and wish to ensure their trading activities are consistent with their faith.
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.
Why is Interest Discouraged or Prohibited by Sharia Law?
The prohibition of interest aims to promote economic justice, and fairness, and discourage exploitation. Riba is considered unfair because it guarantees a return to the lender regardless of the outcome of the borrower’s efforts. Islamic finance emphasizes risk-sharing and mutually beneficial transactions.
Interest is seen as creating an unjust burden on borrowers and can lead to economic inequality and instability. As a result, adherents of Islamic finance seek alternatives that adhere to these principles, such as profit-sharing arrangements, leasing, and the use of Islamic financial instruments that align with Sharia law guidelines.
How Does the Prohibition of Interest Impact Islamic Finance Practices?
The prohibition of interest significantly influences the structure of financial transactions and practices in Islamic finance. Instead of traditional interest-bearing loans, Islamic finance promotes equity participation, where risks and rewards are shared between parties. This can lead to innovative financial arrangements that prioritize economic fairness and ethical considerations.
What are the steps involved in opening an Exness Islamic Account?
Before converting a live trading account to an Islamic account, Botswana traders must first complete the live trading account registration process.
1. Step 1: Start Process
The applicant can start the account registration process by simply clicking on the yellow Open Account button that is located at the top right or throughout the Exness webpage.
2. Step 2: Complete Registration
The applicant will be required to complete a short registration form and create a unique account password for the registration process to be completed.
3. Step 3: Select Account Type
The Applicant will now be greeted with the screen pictured below. Here they will be able to select either a Demo or Live Trading Account. Once the Live Trading Account option has been selected, a deposit can be made and trading can continue.
What is Exness’ spread costs on an Islamic Account?
The spreads paid to traders will vary based on the kind of account that they choose since each account is intended to support a certain type of trader. The following are examples of common spreads for Islamic accounts:
➡️ Standard Account – from 0.3 pips EUR/USD
➡️ Standard Cent Account – from 0.3 pips EUR/USD
➡️ Raw Spread Account – from 0.0 pips EUR/USD
➡️ Zero Account – from 0.0 pips EUR/USD
➡️ Pro Account – 0.1 pips EUR/USD
What Are Exness’ Spread Costs on an Islamic Account?
Exness’ Islamic Account, also known as a swap-free account, is designed to accommodate traders who adhere to Islamic finance principles. In this account, the concept of interest is replaced with an administrative fee to cover operational costs related to maintaining positions overnight.
As for spread costs, Exness offers competitive spreads on its trading instruments, similar to its other account types. The specific spread costs on an Islamic Account may vary based on market conditions, trading instruments, and account type.
How Do Spread Costs on an Exness Islamic Account Compare to Other Account Types?
The spread costs on an Exness Islamic Account are generally aligned with the broker’s other account types. However, the key difference is in the absence of interest-bearing swaps for overnight positions.
What other features does Exness’ Islamic Account offer traders?
The parameters of the Exness live trading account inform the Islamic trading features. In addition, traders from Islamic areas, including Muslim traders from Botswana , who create a live trading account with Exness will be awarded Islamic account status.
Standard Swap-free and Extended Swap-free are the two levels of swap-free that traders could expect while trading outside of Islamic countries. Exness offers five active trading accounts, and the swap-free level is determined by trading activity.
➡️ Standard Swap-free includes XAU/USD, indices, stocks, minor forex pairings, and other assets.
➡️ This level includes over 20 currency pairs, indexes, and equities, among others. This account is debited or credited for typical swaps involving instruments not included on the Extended list.
The frequency of level adjustments will depend on the trader’s activity. If their trading volume qualifies, Botswana traders might be shifted from the Standard Swap-Free program to the Extended Swap-Free program.
If volume decreases, trades at the Extended Swap-Free level are automatically lowered to the Standard Swap-Free level.
What Other Features Does Exness’ Islamic Account Offer Traders?
Exness’ Islamic Account generally provides access to the same features as Exness’ other account types, with the primary distinction being the absence of interest-bearing swaps for holding positions overnight. Traders using the Islamic Account can still benefit from Exness’ competitive spreads, fast order execution, and multiple trading instruments, including forex, commodities, and indices. Additionally, traders have access to Exness’ range of trading platforms, such as MetaTrader 4 and MetaTrader 5.
How Does the Exness Islamic Account Cater to Traders’ Preferences?
The Exness Islamic Account caters to traders who prioritize adhering to Islamic finance principles while participating in the financial markets. It enables traders to engage in trading without incurring interest-bearing swaps for overnight positions. The account ensures that traders can hold positions overnight in compliance with their faith. Beyond the swap-free structure, the account offers features that support traders’ needs, including access to a wide range of trading instruments, competitive spreads, and advanced trading platforms.
Exness Botswana Pros and Cons
| ✔️ Pros | ❌ Cons |
| Exness is a prominent name in the forex and CFD industry | The financial instruments offered are extremely limited |
| Exness is multi-regulated and has a record of accomplishment in offering superior trading solutions | There are only a few payment methods supported for deposits and withdrawals |
| Botswanans can register a BWP-denominated account | There is a lack of educational materials |
| Exness offers robust trading platforms and mobile apps | |
| There is 24/7 customer support available through several channels | |
| Exness has affordable trading fees, tight spreads, and competitive commissions | |
| There is a Cent Account offered to beginners and those who want to test their strategies | |
| There is a free demo account and Islamic options |
Verdict on Exness
Overall, Exness is very competitive in terms of its trading fees and spreads.
What is the Verdict on Exness Islamic Account?
The verdict on Exness’ Islamic Account is generally positive, especially for traders who prioritize aligning their trading activities with Islamic finance principles. The Islamic Account offers a swap-free structure, allowing traders to hold positions overnight without incurring interest charges, which aligns with Sharia law.
What Factors Should I Consider When Forming My Verdict on Exness Islamic Account?
When forming a verdict on Exness’ Islamic Account, consider the specific features that cater to your adherence to Islamic finance principles. The absence of interest-bearing swaps for holding positions overnight is a key highlight. Evaluate other aspects such as competitive spreads, available trading instruments, trading platforms, and customer support quality.
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FAQ
Who can register an Islamic Account with Exness?
Only traders who follow the Sharia law and reside in Islamic countries can register an Islamic Account.
What is the minimum spread on an Exness Islamic Account?
You can expect the minimum spread from 0.0 pips on EUR/USD.
Is Exness regulated?
Exness is well-regulated by FSA, CBCS, FSC, FSC BVI, FSCA, CySEC, and FCA.
What is the minimum deposit on an Exness trading account?
The minimum deposit you pay when registering an account is 120 BWP / 10 USD on the Standard and Standard Cent Accounts.
Which trading platforms can I use with my Exness Islamic Account?
You can choose between MetaTrader 4 or MetaTrader 5 on mobile, desktop, or internet browsers.
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.
