Exness Review
FXChoice Islamic Account
FXChoice offers an Islamic account for Muslim traders. FXChoice offers swap-free trading for Muslim traders on all trading account levels. FXChoiceis considered low-risk, with an overall rating of 7 out of 10.
- Lesche Duvenage
Jump to:
FXChoice Overview
What is an Islamic Account?
How to Open an Islamic Account?
Pros and Cons
Final Verdict
FAQ
Overall Rating
- 4.1/5
Min Deposit
USD 10
Regulators
IFSC
Trading Desk
MT4, MT5
Crypto
Yes
Total Pairs
0
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
FXChoice Islamic Account – 9 key points quick overview:
FXChoice Overview
👉 Overall, FXChoice is considered high risk, with an overall Trust Score of 50 out of 100. FXChoice is licensed by zero Tier-1 Regulators (high trust), zero Tier-2 Regulators (average trust), and one Tier-3 Regulator (low trust). FXChoice offers two retail trading accounts, namely an MT4 Classic and MT4/5 Pro Account.
👉 With years of market experience, FXChoice has gained the trust of traders worldwide. The company has been active in the forex market since 2010. In addition, FXChoice offers traders worldwide an innovative, appealing, and simple interface to access the FX and CFD markets.
👉 With its headquarters in Belize and over 10 years of trading experience, FXChoice has become a well-known broker for ECN execution and some of the lowest spreads across financial instruments. In addition, FXChoice offers consistent, clear, and competitive trading conditions.
👉 For retail customers, professional investors, and fund managers, FXChoice specializes in forex and CFD trading that caters to all trading styles and strategies. Forex, cryptocurrency CFDs, index CFDs, and commodities CFD trading are all available via FXChoice on MetaTrader 4 and MetaTrader 5.
👉 The accepted leverage ratios on the platform can go up to 1:200, which means that Botswanans can enter positions 200 times larger than their initial deposit of 100 USD / 1,200 BWP.
👉 In addition, all deposits made to FXChoice will be kept in segregated accounts with top-tier banks. Frequent audits on FXChoice by reputable organizations show a sustained level of transparency.
👉 The two basic account types that FXChoice offers are Classic and Pro. A benefit of FXChoice in terms of the Classic Account is that the broker fee is included in the spread, which is the main difference between these account types.
👉 In addition, on the Classic Account, spreads that have been marked up could lower trading costs without a flat commission fee.
👉 However, the best spreads are offered by Pro accounts, but while there are zero spreads charged on this account, there is a commission fee that will depend on how active traders are.
👉 Casual traders will face higher commissions of 3.5 USD per lot, while high-volume traders can get reduced pricing of 1.5 USD per lot. To gain access to the modern, updated, and popular MT5, and all trading instruments, Botswanans must register for a Pro account.
👉 However, Botswanans must note that the type of account you choose will depend on their trading strategy, as the accounts cater to different methods and styles.
👉 FXChoice discloses all spreads and fees on the websites for each asset. Botswanans should budget for extra expenses, including overnight fees and additional broker fees.
👉 Additionally, suppose Botswanans deposit/withdraw funds in a currency other than their base currency. In that case, they will incur a currency conversion fee.
FXChoice At a Glance
| 🏛 Headquartered | Belize |
| 🌎 Global Offices | Belize |
| 🏛 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 | 2010 |
| 📞 Botswana Office Contact Number | None |
| 📱 Social Media Platforms | • YouTube |
| ⚖️ Regulation | International Financial Services Commission (IFSC) |
| 1️⃣ Tier-1 Licenses | None |
| 2️⃣ Tier-2 Licenses | None |
| 3️⃣ Tier-3 Licenses | International Financial Services Commission (IFSC) |
| 🪪 License Number | • Belize – 00007/301 |
| ⚖️ MFED, BoB, or NBFIRA Regulation | No |
| ✔️ Regional Restrictions | Afghanistan, Belize, Iraq, Italy, North Korea, Spain, Sudan, Syrian Arab Republic, Guam, Northern Mariana Islands, Puerto Rico, United States, US Virgin Islands |
| ☪️ Islamic Account | Yes |
| 💻 Demo Account | Yes |
| 🛍 Retail Investor Accounts | 2 |
| ✔️ PAMM Accounts | Yes, MAM |
| 💻 Liquidity Providers | Unknown |
| ✔️ Affiliate Program | Yes |
| 📱 Order Execution | NDD, Market |
| 📊 Starting spread | 0.0 pips |
| 📉 Minimum Commission per Trade | 3.5 USD |
| 💰 Decimal Pricing | 5 points after the comma |
| 📞 Margin Call | 25% |
| 🛑 Stop-Out | 15% |
| 📉 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 | 1:200 |
| 📊 Leverage Restrictions for Botswana? | No |
| 💳 Minimum Deposit (BWP) | 1,200 BWP or 100 USD |
| ✔️ Botswana Pula Deposits Allowed? | Yes |
| 📊 Active Botswana Trader Stats | 250,000+ |
| 👥 Active Botswana-based FXChoice customers | Unknown |
| 🔁 Botswana Daily Forex Turnover | Unknown, Forex overall is $6.6 Trillion |
| 💰 Deposit and Withdrawal Options | • Crypto Payments • Credit/Debit Card • AirTM • Skrill • Neteller • Perfect Money • PaySafeCard • AstroPay • Poli • PayRedeem • Sticpay • Payop • ADVCash • PromptPay • EPay • FasaPay |
| 💻 Minimum Withdrawal Time | Within 24 hours |
| ⏰ Maximum Estimated Withdrawal Time | 1 to 3 days |
| 💳 Instant Deposits and Instant Withdrawals? | Yes, deposits |
| 🏛 Segregated Accounts with Botswana Banks? | No |
| 📱 Trading Platforms | • MetaTrader 4 • MetaTrader 5 |
| 💻 Tradable Assets | • Forex • Cryptocurrency • Indices • Commodities • Shares |
| ✔️ Offers USD/BWP currency pair? | No |
| 📊 USD/BWP Average Spread | No |
| ✅ Offers Botswana Stocks and CFDs | No |
| 💻 Languages supported on the Website | English, Spanish, French, Portuguese, Thai, Chinese |
| ☎️ Customer Support Languages | Multilingual |
| 👥 Copy Trading Support | Yes, through ZuluTrade |
| ⏰ Customer Service Hours | 24/5 |
| 📞 Botswana-based customer support? | No |
| 💸 Bonuses and Promotions for Botswanans? | Yes |
| 📚 Education for Botswanan beginner traders | Yes |
| 📱 Proprietary trading software | No |
| 🤝 Most Successful Trader in Botswana | Unknown |
| ✔️ Is FXChoice a safe broker for Botswana Traders? | Yes |
| 🎖 Rating for FXChoice Botswana | 7/10 |
| 🥇 Trust score for FXChoice Botswana | 50% |
| 👉 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. An Islamic Account follows the Islamic principle where interest does not apply to open positions held for longer than a trading day after the trading day has concluded.
👉 CFD and Forex brokers who serve Middle Eastern clients off Islamic Account conversions. CFD and Forex Brokers offer this option to clients from other jurisdictions who are of the Islamic faith.
👉 Certain features align with the Sharia law, which prohibits the accrual interest on funds deposited into the account.
👉 The other important feature of an Islamic Account is the immediate settlement of transactions. Direct payment requires the transfer of currencies from one account to the other right after the transaction has been completed and paid for in full.
👉 Two critical 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 interest is 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 FX Choice Islamic Account?
👉 Step 1 – Log in to FXChoice Backoffice
➡️ If a trader from a Muslim country wants to open an Islamic account, he can simply log into his back-office profile, go to the Profile section, select Islamic account, and submit his request for a swap-free account.
👉 Step 2 – Verify your profile
➡️ FX Choice may also require certain additional documents, apart from proof of identity and residential address, before approving an application for an Islamic account.
👉 Step 3 – Download the trading platform
➡️ Islamic accounts are available on the MT4 and MT5platforms.
What is FXChoice’s spread costs on an Islamic Account?
👉 Whether they own a Classic or Pro Account, Botswanans should anticipate different spreads on their Islamic accounts. The usual EUR/USD spreads for these accounts are as follows:
➡️ MT4 Classic Account – 0.5 pips EUR/USD
➡️ MT4/5 Pro Account – 0.0 pips EUR/USD
👉 In addition, other typical spreads include:
| 🔨 Instrument | 💰 Number of Assets Offered | 📈 Max Leverage Offered |
| ➡️ Forex | 36 | 1:200 |
| ➡️ Cryptocurrency | 3 | 1:33 |
| ➡️ Commodities | 6 | 1:200 |
| ➡️ Indices | 6 | 1:50 |
| ➡️ Shares | 50+ | 1:5 |
Overall Rating
- 4.1/5
Min Deposit
USD 10
Regulators
IFSC
Trading Desk
MT4, MT5
Crypto
Yes
Total Pairs
0
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
FXChoice Kenya Pros and Cons
| ✔️ Pros | ❌ Cons |
| FXChoice offers some commission-free options | FXChoice is not currently overseen by strict market regulators such as FCA, ASIC, FSCA, or others |
| Muslim traders can convert their live account with FXChoice into an Islamic Account | The educational section is limited |
| FXChoice offers a maximum of 20 demo accounts that can be opened | There is a lack of comprehensive market analysis |
| FXChoice has a superior customer support | |
| Botswanans can use any trading style and strategy, including hedging, EAs, and scalping | |
| Botswanans can deposit and withdraw in BWP using local and flexible options | |
| Eligible Botswanan traders have access to VPS | |
| FXChoice offers user-friendly solutions to all traders |
Verdict on FXChoice
👉 Overall, FXChoice is very competitive in terms of its trading fees and spreads.
FAQ
Can any trader register an Islamic Account with FXChoice?
FXChoice allows only Muslim traders who adhere to Sharia law to register for an Islamic Account. FXChoice does not require traders to give evidence of their faith. However, this might be requested per the Islamic Account’s terms and conditions.
Suppose FXChoice detects abuse or misuse of the Islamic Account. In that case, the status could be altered to a standard account, and Botswanans might be required to pay any outstanding swap costs.
What are the spreads that FXChoice charges on the Islamic Account?
The typical spreads that Botswanans expect to start from 0.0 pips EUR/USD on the Pro Account.
Can I apply leverage while trading on the FXChoice Islamic Account?
You may apply leverage even if you trade using the Islamic Account. However, you must ensure that you are trading halal instruments.
What is the minimum deposit on the FXChoice Islamic Account?
Regardless of your chosen account, the minimum deposit is 100 USD / 1,200 BWP.
How long does it take to withdraw my funds from FXChoice?
Withdrawals can take between one and three working days.
