Exness Review
IC Markets Islamic Account
IC Markets offers an Islamic Account for Muslim traders. IC Markets offers swap-free trading for Muslim traders on 3 trading account levels namely the cTrader account, Raw Spread account, and Standard account.
- Lesche Duvenage
Jump to:
Islamic Account Overview
What is an Islamic Account
How to open an IC Markets Islamic Account
Pros and Cons
Final Verdict
FAQ
IC Markets at a Glance
| 🏛 Headquartered | Sydney, Australia |
| 🌎 Global Offices | Australia |
| 🏛 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 | 2007 |
| 📞 Botswana Office Contact Number | None |
| 📱 Social Media Platforms | • Facebook |
| ⚖️ Regulation | ASIC, CySEC, FSA, SCB |
| 1️⃣ Tier-1 Licenses | • Australian Securities and Investments Commission (ASIC) |
| 2️⃣ Tier-2 Licenses | • Cyprus Securities and Exchange Commission (CySEC) |
| 3️⃣ Tier-3 Licenses | • Financial Services Authority (FSA) • Securities Commission of the Bahamas (SCB) |
| 🪪 License Number | • Seychelles – SD018 • Australia – AFSL 335692 • Cyprus – 362/18 • Bahamas – SIA-F214 |
| ⚖️ MFED, BoB, or NBFIRA Regulation | No |
| ✔️ Regional Restrictions | United States, Canada, Iran, Yemen, and OFAC countries |
| ☪️ Islamic Account | Yes |
| 💻 Demo Account | Yes |
| 🛍 Retail Investor Accounts | 3 |
| ✔️ PAMM Accounts | MAM Accounts |
| 💻 Liquidity Providers | 25 |
| ✔️ Affiliate Program | Yes |
| 📱 Order Execution | Market |
| 📊 Starting spread | 0.0 pips |
| 📉 Minimum Commission per Trade | From $3 to $3.5 |
| 💰 Decimal Pricing | 5th decimal pricing after the comma |
| 📞 Margin Call | 100% |
| 🛑 Stop-Out | 50% |
| 📉 Minimum Trade Size | 0.01 lots |
| 📈 Maximum Trade Size | Unlimited |
| ✅ 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) | 3850 Botswanan Pula or an equivalent to $200 |
| ✔️ Botswana Pula Deposits Allowed? | No |
| 📊 Active Botswana Trader Stats | 250,000+ |
| 👥 Active Botswana-based IC Markets customers | Unknown |
| 🔁 Botswana Daily Forex Turnover | Unknown, Forex overall is $6.6 Trillion |
| 💰 Deposit and Withdrawal Options | • Credit Card • Debit Card • PayPal • Neteller • Neteller VIP • Skrill • UnionPay • Bank Wire Transfer • Bpay • FasaPay • Broker to Broker • POLi • Thai Internet Banking • Vietnamese Internet • Banking • Rapidpay • Klarna |
| 💻 Minimum Withdrawal Time | Instant |
| ⏰ Maximum Estimated Withdrawal Time | Up to 14 business days |
| 💳 Instant Deposits and Instant Withdrawals? | Yes, on PayPal, Neteller, and Skrill |
| 🏛 Segregated Accounts with Botswana Banks? | No |
| 📱 Trading Platforms | • MetaTrader 4 • MetaTrader 5 • cTrader |
| 💻 Tradable Assets | • Forex • Commodities • Indices • Bonds • Cryptocurrencies • Stocks • Futures |
| ✔️ Offers USD/BWP currency pair? | No |
| 📊 USD/BWP Average Spread | N/A |
| ✅ Offers Botswana Stocks and CFDs | No |
| 💻 Languages supported on the Website | English, Spanish, Russian, Thai, Malay, Vietnamese, Italian, Portuguese, and several others |
| ☎️ 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 | No |
| 🤝 Most Successful Trader in Botswana | Unknown |
| ✔️ Is IC Markets a safe broker for Botswana Traders? | Yes |
| 🎖 Rating for IC Markets Botswana | 9/10 |
| 🥇 Trust score for IC Markets Botswana | 86% |
| 👉 Open Account | 👉 Open Account |
IC Markets Islamic Account Overview
IC Markets, an Australian trading broker established in 2007 and headquartered in Sydney, has grown to become one of the biggest trading brokers in the world. IC Markets is governed by a few prestigious agencies, including the Australian Securities and Investments Commission (ASIC).
However, the Financial Services Authority of the Seychelles, which has limited regulatory authority, will oversee the Seychelles-based business of IC Markets via which Botswanan traders would be onboarded.
IC Markets provides three accounts compared to other brokers, which is the standard number. A 200 USD minimum deposit is required for each account.
Bank transfers, debit/credit cards, and a variety of eWallets are just a few of the account financing and deposit options available with IC Markets. In addition, IC Markets is one of the few brokers that supports cTrader, one of the greatest trading platforms.
With a contemporary layout, integrated instructional material, and cutting-edge risk-management capabilities, it is one of the most beginner-friendly third-party trading platforms accessible. In addition, more trading platforms are supported by IC Markets than other brokers, including MT4, MT5, and cTrader.
The cTrader mobile app has almost as many features as the desktop version, including the entire suite of order types, transaction analysis, and watchlists.
Because of its simplicity of use, feature-rich environment, and capacity for automated trading, MetaTrader 4 (MT4) continues to be, without a doubt, the most widely used trading platform in the world for forex traders.
More traders are constantly switching to the more recent MT5 edition of the MetaTrader platform package. All the essential elements of MT4 are included in MT5, along with an environment ideal for EA trading.
What is an Islamic account at IC Markets, and what are its key features?
An Islamic account, also known as a swap-free account, is designed to cater to traders who adhere to Islamic principles, which prohibit the payment or receipt of interest. IC Markets offers Islamic accounts to provide an inclusive trading environment for such traders.
Who is eligible for an Islamic account at IC Markets, and how can I apply for one?
Islamic accounts at IC Markets are available to traders who can demonstrate that they meet the eligibility criteria set by the broker. To apply for an Islamic account, traders typically need to provide documentation verifying their adherence to Islamic principles.
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.
What is an Islamic account for traders in Botswana, and how does it work?
An Islamic account, also known as a swap-free account, is a specialized trading account designed to cater to traders in Botswana who adhere to Islamic principles.
Who is eligible for an Islamic account in Botswana, and how can I open one?
Islamic accounts are available to traders in Botswana who follow Islamic principles and wish to trade in compliance with Sharia law. To open an Islamic account, traders typically need to provide documentation verifying their adherence to Islamic finance principles.
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.
Why is interest prohibited by Sharia law?
Interest, or riba in Arabic, is prohibited by Sharia law for several reasons. First and foremost, it is considered exploitative and unjust, as it allows lenders to profit from the misfortunes or financial difficulties of borrowers.
How does the prohibition of interest impact Islamic finance and banking practices?
What are the steps involved in opening an IC Markets Islamic Account?
To convert the trading account into that of an IC Markets Islamic Account, Muslim traders can follow these steps:
1. Step 1 – Select the option “open an account”
Traders can navigate to the IC Markets website and select the relevant banner to start the online application by clicking on the “open account” option.
2. Step 2 – Complete information
Complete all the personal information sections and select next.
3. Step 3 – Select your trading platform
Select the account you would like to trade-in from the list with Standard- & Raw accounts being the options that allow for Swap-free selection.
4. Step 4 – Security Question & Answer
Select a security question and answer as well as read through the terms and conditions, once ready, select submit.
5. Step 5 – Verification
Security verification to be completed
When these required fields have been completed, traders will be required to upload supporting documentation to prove both their identity and their residential address as part of the ‘Know Your Client’, or KYC, procedure.
Once this has been completed, traders can fund their account with the minimum deposit and proceed to request for their live trading account to be converted into that of an Islamic Account.
What are IC Markets’ spread costs on an Islamic Account?
The spreads that Muslim Botswana traders can expect will depend on the live trading account they convert to an Islamic Account. Average spreads offered by IC Markets are as follows:
➡️ cTrader Account – 0.0 pips
➡️ Raw Spread Account – 0.0 pips
➡️ Standard Account – 0.6 pips
What are the spread costs on IC Markets’ Islamic Account?
IC Markets’ Islamic Account, also known as a swap-free account, typically features variable spreads, just like its other account types.
How do IC Markets’ spread costs on Islamic Accounts compare to other brokers?
IC Markets is known for offering competitive spreads across its account types, including Islamic Accounts. The specific spread costs can vary depending on market conditions and the account type chosen.
What other features does IC Markets’ Islamic Account offer Botswana traders?
The precise features that Muslim traders in Botswana can expect from their IC Markets Islamic Account will depend on the account type that they choose to convert. Some common features offered by IC Markets include the following:
➡️ Tight and competitive spreads that start from 0.0 pips.
➡️ Commission-free trading is offered and where commissions are charged, they are competitive.
➡️ There is an additional commission charged on the Islamic Account when traders keep their positions open.
➡️ Traders can choose between three robust trading platforms and social trading is supported.
➡️ IC Markets is a True ECN broker which means that there is deep liquidity and reliable trade execution.
➡️ Access to more than 90 Sharia-compliant financial instruments.
➡️ Access to leverage up to a maximum of 1:500.
Botswana Muslim traders who use the IC Markets Islamic account can expect a flat rate financing charge on specific financial products, even though they do not earn or pay swap fees. Market circumstances may affect the rates that are charged, and the length of the holding period allowed.
As with a conventional account where swaps are paid, traders should keep in mind that both the Raw Spread as well as Standard Account charges and spreads apply to Islamic accounts.
Flat fees vary from $5 per lot to a maximum of $80 per lot for traders. If positions are left open beyond the close of business on Friday, they will be subject to a threefold charge.
What are the additional features of IC Markets’ Islamic Account for traders in Botswana?
IC Markets’ Islamic Account, designed to comply with Sharia law, offers Botswana traders a range of features beyond the absence of swap or rollover interest charges. These features include access to the broker’s diverse selection of financial instruments, encompassing forex currency pairs, commodities, indices, and cryptocurrencies.
Are there any restrictions or limitations with IC Markets’ Islamic Account for traders in Botswana?
IC Markets’ Islamic Account is designed to provide a Sharia-compliant trading environment for Botswana traders, but it’s essential to be aware of certain conditions and limitations.
IC Markets Botswana Pros and Cons
| ✔️ Pros | ❌ Cons |
| IC Markets is very trustworthy and well-regulated | IC Markets applies holding fees and commissions when Muslim traders hold positions open on the Islamic account |
| There are several financing and withdrawal options | Fixed spreads accounts are not provided |
| Botswanan traders can use social trading alternatives through dedicated software offered by IC Markets | IC Markets might apply currency conversion fees when Botswanans deposit/withdraw in BWP |
| All live trading accounts have the option of an Islamic account | |
| There are several trading tools accessible, and IC Markets provides client service around-the-clock | |
| There are managed accounts in addition to FIX API | |
| As a prominent and well-known real ECN broker, IC Markets provides Botswanans with access to three effective trading platforms |
IC Markets Final Verdict
Overall, IC Markets is considered a low-risk and can be summarized as trustworthy and reliable. IC Markets is regulated by the top-tier ASIC and is very competitive in terms of its trading fees, (against major currency pairs), with spreads that are very low.
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Conclusion
Now it is your turn to participate:
Do you have any prior experience with IC Markets?
What was the determining factor in your decision to engage with IC Markets?
Was it because of the minimum deposit, regulation, retail trading accounts, or any other factors?
Have you experienced any issues with IC Markets such as difficulty withdrawing funds, inability to verify regulations, irresponsive customer support, etc.?
Regardless, please share your thoughts in the comments below.
Frequently Asked Questions
Do I pay commissions on the IC Markets Islamic Account?
Commissions are charged on the cTrader and Raw Spread Account despite the swap-free status of your account.
Does IC Markets adhere to Sharia law?
Halal trading is available via IC Markets’ Islamic Account choices and conforms with Sharia law and all other Islamic standards.
What is the typical spread on IC Markets that I can anticipate?
On the cTrader and Raw Spread Account, the typical spread you could anticipate is from 0.0 pips.
Does IC Markets charge an additional fee for the Islamic Account?
Yes, traders who leave their positions open are subject to extra holding costs.
Does IC Markets provide an account for Muslims?
Yes, all trading accounts provided by IC Markets may be converted to Swap-Free or Islamic Accounts.
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.
