Exness Review
FP Markets Islamic Account
FP Markets offers an Islamic account for Muslim traders. AvaTrade offers swap-free trading for Muslim traders on 2 trading account levels. FP Markets has over 70 000 active Botswana traders and has a verified trust score of 81% out of 100.
- Lesche Duvenage
Jump to:
FP Markets Overview
What is an Islamic Account?
How to Open an Islamic Account?
Pros and Cons
Final Verdict
FAQ
FP Markets Islamic Account – 10 key points quick overview:
FP Markets OverviewFP Markets Overview
👉 Overall, FP Markets is considered low-risk, with an overall Trust Score of 82 out of 100. FP Markets is licensed by one Tier-1 Regulator (high trust), one Tier-2 Regulator (average trust), and zero Tier-3 Regulators (low trust). FP Markets offers four different retail trading accounts namely an MT4/5 Standard Account, MT4/5 Raw Account, MT4/5 Islamic Standard Account, and a MT 4/5 Islamic Raw Account.
👉 FP Markets is an Australian CFD and forex broker that has been in operation since 2005, supervised by both the Australian Securities and Investments Commission (ASIC) and the Cyprus Securities and Exchange Commission (CySEC).
👉 Most of FP Markets’ business is in Sydney, but the broker also has an office in Saint Vincent and the Grenadines via one of its subsidiaries. Clientele frequenting this establishment originate from various corners of the globe, including India, Malaysia, and Europe, to name a few.
👉 The multi-award-winning broker offers over 12,000 assorted products, including but not limited to forex, share CFDs, indices, commodities, and cryptocurrency trading.
👉 All tiers of customers have access to ECN and DMA pricing options, as well as a selection of trading instruments to use at their discretion. As part of its regulatory requirements, FP Markets is subjected to audits by BDO Australia, an independent auditing firm.
👉 In addition, funds belonging to customers are held in a separate location and are safeguarded by financial institutions with a rating of AAA, such as the National Australia Bank and the Commonwealth Bank of Australia.
👉 It is important to be aware that the Australian entity of FP Markets does not protect negative balances.
👉 Muslim traders can take advantage of FP Markets’ Islamic account, which complies with Sharia law. Each Islamic transaction is subject to an administrative fee, the amount of which might be determined in response to a request.
👉 Swap-free accounts are offered for Raw and Standard account types on the MT4 and MT5 trading platforms. Additionally, Kenyan Islamic clients have access to all trading instruments.
FP Markets At a Glance
| 🏛 Headquartered | Australia |
| 🌎 Global Offices | Australia and Cyprus |
| 🏛 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 | 2005 |
| 📞 Botswana Office Contact Number | None |
| 📱 Social Media Platforms | • Facebook • YouTube • Telegram |
| ⚖️ Regulation | ASIC, CySEC, FSCA, CMA |
| 1️⃣ Tier-1 Licenses | • Australian Securities and Investments Commission (ASIC) |
| 2️⃣ Tier-2 Licenses | • Cyprus Securities and Exchange Commission (CySEC) |
| 3️⃣ Tier-3 Licenses | None |
| 🪪 License Number | • Australia – ABN 16112600281 • Cyprus – 371/18 |
| ⚖️ MFED, BoB, or NBFIRA Regulation | No |
| ✔️ Regional Restrictions | United States, Japan, New Zealand |
| ☪️ Islamic Account | Yes |
| 💻 Demo Account | Yes |
| 🛍 Retail Investor Accounts | 4 |
| ✔️ PAMM Accounts | Yes |
| 💻 Liquidity Providers | Barclays, BNP Paribas, Commerzbank, Credit Suisse, Goldman Sachs |
| ✔️ Affiliate Program | Yes |
| 📱 Order Execution | Market |
| 📊 Starting spread | 0.0 pips |
| 📉 Minimum Commission per Trade | US$3 per side |
| 💰 Decimal Pricing | 5th decimal pricing after the comma |
| 📞 Margin Call | 100% |
| 🛑 Stop-Out | 50% |
| 📉 Minimum Trade Size | 0.01 lots |
| 📈 Maximum Trade Size | 50 lots |
| ✅ Crypto trading offered? | Yes |
| ✔️ Offers a BWP Account? | No |
| 📉 Dedicated Botswana Account Manager? | No |
| 📈 Maximum Leverage | 1:500 |
| 📊 Leverage Restrictions for Botswana? | No |
| 💳 Minimum Deposit (BWP) | 1352 BWP or an equivalent to AU$100 |
| ✔️ Botswana Pula Deposits Allowed? | Yes |
| 📊 Active Botswana Trader Stats | 250,000+ |
| 👥 Active Botswana-based FP Markets customers | Unknown |
| 🔁 Botswana Daily Forex Turnover | Unknown, Forex overall is $6.6 Trillion |
| 💰 Deposit and Withdrawal Options | SticPay, PerfectMoney, DragonPay, Rupee, Pagsmile, Rapyd, Rapid, XPay, Finrax, LetKnowPay, LuqaPay, PayRetailers, ApplePay, GooglePay, VirtualPay |
| 💻 Minimum Withdrawal Time | Instant |
| ⏰ Maximum Estimated Withdrawal Time | Up to 5 working days |
| 💳 Instant Deposits and Instant Withdrawals? | Yes, Sticpay wallet withdrawals |
| 🏛 Segregated Accounts with Botswana Banks? | No |
| 📱 Trading Platforms | • MetaTrader 4 • MetaTrader 5 • Myfxbook AutoTrade • FP Markets App |
| 💻 Tradable Assets | • Forex • Shares • Metals • Commodities • Indices • Cryptocurrencies • Bonds • ETFs |
| ✔️ Offers USD/BWP currency pair? | No |
| 📊 USD/BWP Average Spread | N/A |
| ✅ Offers Botswana Stocks and CFDs | No |
| 💻 Languages supported on the Website | English, Arabic, German, Portuguese, Vietnamese, Indonesian, French, Malay, Italian, Russian |
| ☎️ 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 | Yes |
| 📱 Proprietary trading software | Yes |
| 🤝 Most Successful Trader in Botswana | Unknown |
| ✔️ Is FP Markets a safe broker for Botswana Traders? | Yes |
| 🎖 Rating for FP Markets Botswana | 9/10 |
| 🥇 Trust score for FP Markets Botswana | 81% |
| 👉 Open Account | 👉 Open Account |
What exactly is an Islamic Account for Traders?
👉 An Islamic, or swap-free, a 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 FP Markets Islamic Account?
👉 Step 1 – Open a trading account
➡️ Open a MetaTrader 4 or MetaTrader 5 (MT4/MT5) trading account.
👉 Step 2 – Request for it to be converted to Islamic.
➡️ Email the account number to [email protected] and request for it to be converted to Islamic.
👉 Step 3 – Wait for a confirmation
➡️ Wait for a confirmation from the broker’s Onboarding team.
What are FP Markets’ spread costs on an Islamic Account?
👉 The cost of the spread that traders could anticipate incurring on their Islamic account will vary depending on the kind of account to which they convert it. The following are the typical spreads:
➡️ MT4/5 Standard Account – 1 pip EUR/USD
➡️ MT4/5 Raw Account – 0.0 pips EUR/USD
➡️ MT4/5 Islamic Standard Account – 1 pip EUR/USD
➡️ MT4/5 Islamic Raw Account – 0.0 pips EUR/USD
👉 In addition, apart from these spreads, Botswana traders can expect these typical spreads:
| 🔧 Instrument | 📊 Standard Spreads | 📈 Raw ECN Spreads |
| AUD/USD | 1.4 pips | 0.0 pips |
| GBP/USD | 1.5 pips | 0.0 pips |
| XAG/USD | 0.02 pips | 0.0 pips |
| XAU/USD | 0.31 pips | 0.0 pips |
| Bonds | From 0.43 pips | – |
| Energies | From 0.024 pips | – |
| Soft Commodities | From 0.63 pips | – |
| US Tech 100 | 1.5 pips | – |
| VIX | 0.1 pips | – |
| BTC/USD | 9.13 pips | – |
What other features does FP Markets’ Islamic Account offer traders?
👉 The sort of account that is converted determines the usual characteristics that Botswana traders may anticipate receiving from their FP Markets Islamic Account. These features can be expected from their FP Markets Islamic Account. These characteristics are highlighted in the tables below.
MT4/5 Islamic Standard Account
👉 The Standard Islamic Account may accommodate either MetaTrader 4 or MetaTrader 5 trading platforms. It is reasonable to anticipate that the Islamic Standard Account will exhibit the qualities listed below:
| Account Feature | Value |
| 💰 Minimum Deposit | 880 Botswanan Pula or an equivalent to AU$100 |
| 📊 Average Spreads | Variable, from 1 pip |
| ✔️ Instruments Available | 60+ Forex pairs, metals, indices, commodities |
| 📈 Maximum Leverage Ratio | 1:500 |
| 📱 Execution Type | ECN |
| 💵 Commissions | None |
| 👥 Expert Advisors Offered? | Yes |
| 📲 Mobile App Offered? | Yes |
| ✔️ VPS Available? | Yes |
MT4/5 Islamic Raw Account
👉 Botswana traders now have access to the most favourable trading circumstances thanks to the Islamic Raw Account, which lives up to its name. Day traders, active traders, and traders who trade regularly will find this account to be especially useful.
| Account Feature | Value |
| 💰 Minimum Deposit | 850 Botswanan Pula or an equivalent to AU$100 |
| 📊 Average Spreads | Variable, from 0.0 pips |
| ✔️ Instruments Available | 60+ Forex pairs, metals, indices, commodities |
| 📈 Maximum Leverage Ratio | 1:500 |
| 📱 Execution Type | ECN |
| 💵 Commissions | US$3 per side |
| 👥 Expert Advisors Offered? | Yes |
| 📲 Mobile App Offered? | Yes |
| ✔️ VPS Available? | Yes |
👉 On top of that, FP Markets guarantees the following for customers who use their Islamic accounts:
➡️ Charges for interest and swap are waived on certain currency pairings and trading combinations.
➡️ Market circumstances, services, and features are all an exceptionally high standard.
➡️ Trading systems that are dependable, safe, and user-friendly, with a promise that there will be no requotes or any other hidden fees.
➡️ Quick trade execution times, with orders being completed in less than 40 milliseconds.
➡️ Access to both MetaTrader 4 and MetaTrader 5 across all devices, without charge and with no restrictions.
➡️ The acknowledgement of a diverse array of trading tactics, such as day trading, swing trading, expert advisers, scalping, and many more.
👉 Traders from Botswana who are Muslim and who wish to open an account with FP Markets and then convert it to an Islamic Account will be subject to administrative fees, however. These fees are assessed against certain financial instruments and are denominated in US Dollars per lot, every night that the position is held open.
| Instrument | Admin Fee Charged |
| AUS200, CHINA50, FRA40, GER30, HK50, JP225, US100, EURO50, UK100 | $1 |
| AUD/USD, EUR/USD, GBP/USD, USD/CAD, USD/CHF, USD/JPY, NZD/USD, XAG/USD, XAU/USD | $5 |
| AUD/NZD, US500, LTC/USD, XRP/USD | $2 |
| US30, EUR/SEK, USD/SGD | $3 |
| AUD/SGD, CAD/JPY, EUR/CHF, EUR/JPY, GBP/CAD, NZD/SGD | $4 |
| AUD/CAD, CAD/CHF, CHF/JPY, EUR/DKK, EUR/GBP, NZD/CAD, USD/THB, XAG/AUD, USD/CZK | $5 |
| BTC/USD, GBP/JPY, GBP/SEK, XAU/AUD, XPT/USD | $6 |
| AUD/JPY, EUR/CAD, GBP/CHF, NZD/JPY | $7 |
| AUD/CHF, EUR/SGD, GBP/AUD, GBP/PLN, NZD/CHF, USD/CNH, USD/PLN, USD/SEK | $8 |
| CHF/SGD, EUR/AUD, EUR/NOK, EUR/NZD, EUR/PLN, GBP/DKK, GBP/SGD, GBP/NZD, USD/DKK, USD/NOK, XTI/USD, EUR/HUF, USD/HUF, EUR/CZK | $10 |
| EUR/ZAR, USD/MXN, USD/ZAR, XBR/USD, XTI/USD, XPD/USD | $20 |
| EUR/MXN, GBP/MXN, USD/RUB | $30 |
| EUR/TRY, GBP/TRY, USD/TRY | $70 |
| XNG/USD | $80 |
FP Markets Botswana Pros and Cons
| ✔️ Pros | ❌ Cons |
| FP Markets is well-regulated by CySEC and the ASIC | There are no fixed spread accounts offered |
| FP Markets offers Botswanans the chance to convert their live account into an Islamic or Swap-Free Account | Botswanan traders could face currency conversion fees |
| Dedicated 24/7 customer support is offered through various channels | Admin fees apply to the Islamic account when traders keep their positions open overnight |
| FP Markets supports flexible payment methods for deposits and withdrawals | |
| Botswanans can trade over 12,000 financial instruments over several asset classes | |
| There is a free demo account offered that suits both beginners and professional traders | |
| The account types are flexible and feature favourable trading conditions | |
| FP Markets guarantees that client funds are kept secure in segregated accounts |
Verdict on FP Markets
👉 Overall, FP Markets is very competitive in terms of its trading fees and spreads.
FAQ
Is FP Markets regulated in Botswanan?
FP Markets is not regulated in Botswana. However, FP Markets is regulated in Australia by the ASIC and CySEC in Cyprus.
What are the average spreads on the FP Markets Islamic Account?
The average spreads you can expect from FP Markets is 0.0 pips on EUR/USD when traders use the MT4/5 Raw Account.
Are there additional fees on the FP Markets Islamic Account?
Yes, administrative fees on the FP Markets Islamic Account range from 1 to 80 USD according to the financial instrument being held.
Who can register an Islamic Account with FP Markets?
Only Muslim traders can register an account and request an Islamic Account conversion. Traders might be required to provide proof of their religion when requesting this account option.
Which instruments can I trade through the FP Markets Islamic Account?
Muslim traders can trade Forex, metals, indices, commodities, shares, and other asset classes.
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.
