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IC Markets - Islamic Non Swap account

  • #1
  • First Post: Jul 26, 2019 6:44am Jul 26, 2019 6:44am
I have just chatted to IC markets and their islamic non swap account does not apply swaps to overnight positions on non-exotic currency pairs (for exotic pairs there is flat rate fee to pay https://www.icmarkets.com/au/en/trad...slamic-account]. No additional charges or hidden admin fees either apparently to make up the swap. Can one of our muslim brothers/sisters who has one of these accounts confirm that there really is no hidden charges as it seems discriminatory that non-muslims have to pay extra charges.
  • #2
  • Jul 28, 2019 12:20pm Jul 28, 2019 12:20pm
Islamic accounts at ICmarkets pay a fee instead of interest

https://www.icmarkets.com/au/en/trad...slamic-account
  • #3
  • Jul 28, 2019 8:50pm Jul 28, 2019 8:50pm
Yes you have to pay daily fees both sell or buy and the fees in greater than that of a normal account.
  • #4
  • Jul 29, 2019 3:55am Jul 29, 2019 3:55am
hi forexwoman, that's slightly different to what IC Markets customer service are saying but I find they are often clueless anyway.

"Kindly be advised that there are no swaps charged for Islamic accounts.
If your account is Swap free there will only be a commission for trades left over night on Exotic pairs only."
  • #5
  • Jul 29, 2019 5:23pm Jul 29, 2019 5:23pm
maybe find a broker that doesn't charge fees and spreads at all along with no-interest? there's plenty of brokers like that.
  • #6
  • Aug 1, 2019 10:38am Aug 1, 2019 10:38am
Quoting lindiewins
maybe find a broker that doesn't charge fees and spreads at all along with no-interest? there's plenty of brokers like that.
any recommendations?
  • #7
  • Aug 7, 2019 4:47am Aug 7, 2019 4:47am
Quoting Sc11
I have just chatted to IC markets and their islamic non swap account does not apply swaps to overnight positions on non-exotic currency pairs (for exotic pairs there is flat rate fee to pay https://www.icmarkets.com/au/en/trad...slamic-account]. No additional charges or hidden admin fees either apparently to make up the swap. Can one of our muslim brothers/sisters who has one of these accounts confirm that there really is no hidden charges as it seems discriminatory that non-muslims have to pay extra charges.
before you cry about the huge discrimination against non-muslims, let me tell you that there is no real benefits to having a muslim account compared to a non-muslim one. the muslim accounts are swap free, yet they have high commission charges instead. so you still pay, but you just have the option of opting out from collecting profits when the swaps are positive (its mostly just a renaming of swap to commission, because of religious rules that make swap profits Haram in Islam)
  • #8
  • Aug 7, 2019 6:35pm Aug 7, 2019 6:35pm
Quote
let me tell you that there is no real benefits to having a muslim account compared to a non-muslim one.
Of course there is a benefit. It depends on your strategy. If you have open orders for 1 month, the negative swap will eat into your profit. IC Market confirmed that the markup is the same i.e spread same for standard account for swap and swap-free account for major pairs, which means IC Market is absorbing the negative swap.

The key point is that the trader should be given an option to use or not to use swap free account regardless of religion. It shouldn't matter to IC Market.
  • #9
  • Aug 7, 2019 10:05pm Aug 7, 2019 10:05pm
Quoting reddevil
{quote} Of course there is a benefit. It depends on your strategy. If you have open orders for 1 month, the negative swap will eat into your profit. IC Market confirmed that the markup is the same i.e spread same for standard account for swap and swap-free account for major pairs, which means IC Market is absorbing the negative swap. The key point is that the trader should be given an option to use or not to use swap free account regardless of religion. It shouldn't matter to IC Market.
that's the point exactly, you don't get the benefit of not having swap, because instead of swap they charge you for commissions. its just a new name for swaps to make it okay with Islamic laws. so you open the position, and every night, you incur carry commissions.

the only thing about islamic accounts is that while you are still technically paying for the swaps in form of extra commissions, you won't benefit from positive swaps either (meaning you won't get profits from swaps and when the swap is positive you just don't get charged the extra commission)
  • #10
  • Aug 21, 2019 11:52am Aug 21, 2019 11:52am
Quoting Sc11
{quote} any recommendations?
i only know of one broker that does that inclusively with everyone they're called Nanopips you can google it it's crypto. If you're looking for a forex broker usually they do that exclusively for clients within systems that bring in millions of dollars like All Savings Trading?
  • #11
  • Dec 7, 2019 5:10am Dec 7, 2019 5:10am
Quoting loyd
Islamic accounts at ICmarkets pay a fee instead of interest https://www.icmarkets.com/au/en/trad...slamic-account
Yes, a fee is paid instead, but it's not interest, so it's allowed in Islam.
  • #12
  • Dec 7, 2019 12:28pm Dec 7, 2019 12:28pm
Quoting Sc11
{quote} any recommendations?
I'm with xm with Islamic account and I don't pay swap and the spread is less than 1 pip
  • #13
  • Dec 12, 2019 8:54am Dec 12, 2019 8:54am
Quoting wpacino
{quote} I'm with xm with Islamic account and I don't pay swap and the spread is less than 1 pip
No fees?
  • #14
  • Dec 12, 2019 10:16am Dec 12, 2019 10:16am
Quoting ChilledT
{quote} No fees?
No fees bro
  • #15
  • Dec 12, 2019 10:56am Dec 12, 2019 10:56am
Quoting wpacino
{quote} No fees bro
Dream on. You are paying a fee for sure! It is just not visible to you.

If you cannot separate the spread markup from the raw spread feed you might simply get slipped by the fee amount. There is no free lunch.
  • #16
  • Dec 12, 2019 11:10am Dec 12, 2019 11:10am
Quoting Drolph
{quote} Dream on. You are paying a fee for sure! It is just not visible to you. If you cannot separate the spread markup from the raw spread feed you might simply get slipped by the fee amount. There is no free lunch.
There is a fee for sure. But we are speaking about the swap free for Islamic account but yes im paying à fee with xm
  • #17
  • Dec 13, 2019 4:04pm Dec 13, 2019 4:04pm
Quoting Sc11
I have just chatted to IC markets and their islamic non swap account does not apply swaps to overnight positions on non-exotic currency pairs (for exotic pairs there is flat rate fee to pay https://www.icmarkets.com/au/en/trad...slamic-account]. No additional charges or hidden admin fees either apparently to make up the swap. Can one of our muslim brothers/sisters who has one of these accounts confirm that there really is no hidden charges as it seems discriminatory that non-muslims have to pay extra charges.
if you truly care about islam just leave from icmarkets and try to find real spot forex becasue markets they offer cfd forx not spot
  • #18
  • Dec 23, 2019 1:46pm Dec 23, 2019 1:46pm
Quoting yamin2000
{quote} if you truly care about islam just leave from icmarkets and try to find real spot forex becasue markets they offer cfd forx not spot

Why's that? What's the difference between spot and CFD in terms of the Islamic faith? Genuinely interested.
  • #19
  • Dec 23, 2019 2:50pm Dec 23, 2019 2:50pm
Quoting ChilledT
{quote} Why's that? What's the difference between spot and CFD in terms of the Islamic faith? Genuinely interested.
In a ‘Contract for Difference’ (CFD), the client does not become the owner of the shares. In fact, he does not receive any asset or service in exchange for the money he invests. He may gain money or he may have to pay more money (and also lose the initial amount) based on the difference of the value of the shares between the time the CFD contract opens and closes. Therefore, in essence, CFD is tantamount to exchanging fewer amounts of money for more, or vice versa. Such an exchange is not permitted in the Shariah as it falls in the purview of Riba (interest).

CFD trading also resembles Qimaar (gambling), in which two people agree that whoever loses the bet on an uncertain outcome will pay the other a specific amount.[i]

Additionally, interest is applied daily to open CFD contracts by many CFD providers.[ii]

In short, CFD contracts contain elements of interest and gambling, both of which are explicitly prohibited in the Holy Quran. It is, therefore, not permissible for a Muslim to trade in CFD.
http://www.fatwa.org.au/cfd.html

this why i am looking for real spot brokers ,most of the brokers they are cfd
  • #20
  • Dec 24, 2019 5:59am Dec 24, 2019 5:59am
Quoting yamin2000
{quote} In a ‘Contract for Difference’ (CFD), the client does not become the owner of the shares. In fact, he does not receive any asset or service in exchange for the money he invests. He may gain money or he may have to pay more money (and also lose the initial amount) based on the difference of the value of the shares between the time the CFD contract opens and closes. Therefore, in essence, CFD is tantamount to exchanging fewer amounts of money for more, or vice versa. Such an exchange is not permitted in the Shariah as it falls in the purview...
Ahh I see! I didn't realise. Thanks for explaining :-)
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