8 minute read
Does JustMarkets Have Islamic Account? A Clear Guide
from JustMarkets
by Exness_India
If you’re a Muslim trader looking to dive into forex or CFD trading while adhering to Sharia law, you’ve probably asked yourself, “Does JustMarkets have an Islamic account?” The answer is a resounding yes—JustMarkets offers swap-free Islamic accounts tailored for traders who follow Islamic principles. In this article, I’ll walk you through everything you need to know about JustMarkets’ Islamic accounts, from how they work to the steps to set one up, all in a to keep things clear and engaging. Let’s get started!
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What Is an Islamic Account, and Why Does It Matter?
Before we dive into the specifics of JustMarkets, let’s quickly clarify what an Islamic account is. In forex trading, a “swap” is the interest fee charged or credited for holding positions overnight. Islamic finance, guided by Sharia law, prohibits earning or paying interest (known as riba), making standard trading accounts incompatible for Muslim traders. Islamic accounts, also called swap-free accounts, eliminate these interest charges, ensuring compliance with Sharia principles.
For Muslim traders, this is a game-changer. It means you can trade forex, CFDs, or other instruments without worrying about violating your religious beliefs. JustMarkets recognizes this need and offers a solution that’s both practical and accessible.
JustMarkets Islamic Account: The Basics
JustMarkets, a global CFD and forex broker founded in 2012 and based in Limassol, Cyprus, provides Islamic swap-free accounts for traders who adhere to Sharia law. These accounts are available across all four main account types: Standard Cent, Standard, Pro, and Raw Spread. Whether you’re a beginner or a seasoned trader, you can convert any of these accounts into a swap-free version with a simple request to JustMarkets’ support team.
Here’s the kicker: JustMarkets offers swap-free status by default to clients in non-Islamic countries, making it super convenient for Muslim traders worldwide, including those in South Africa, Nigeria, and Botswana. No need to jump through hoops or provide religious documentation—just reach out to their support team, and they’ll handle the rest.
How Does JustMarkets’ Islamic Account Work?
The Islamic account at JustMarkets operates like a regular trading account but with one key difference: no swap fees are charged or credited for holding positions overnight. This aligns perfectly with Sharia law, which forbids interest-based transactions. Instead of swaps, JustMarkets may apply a fixed administration fee for certain instruments or extended holding periods, but this is considered a halal service cost rather than interest.
You can trade over 260 instruments, including forex pairs, commodities, indices, stocks, and cryptocurrencies, all while enjoying the same tight spreads, fast execution, and high leverage (up to 1:3000) as regular accounts. The platforms available—MetaTrader 4 (MT4) and MetaTrader 5 (MT5)—are accessible on web, desktop, or mobile, giving you flexibility to trade your way.
Who Can Open an Islamic Account with JustMarkets?
One of the best things about JustMarkets is how inclusive their Islamic accounts are. You don’t need to prove your religious affiliation to open one—anyone can request a swap-free account. This is great for Muslim traders who want a hassle-free process. Plus, you can maintain both a regular account and an Islamic account simultaneously, giving you flexibility if you trade for different purposes.
JustMarkets welcomes traders from various regions, including South Africa, Nigeria, and Kenya, though it’s worth noting they’re not regulated by local authorities like South Africa’s FSCA or Nigeria’s CBN. They are, however, regulated by CySEC (Cyprus) and the FSA (Seychelles), which adds a layer of credibility.
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How to Open a JustMarkets Islamic Account
Setting up an Islamic account with JustMarkets is straightforward. Here’s a step-by-step guide to get you started:
Register for a Standard Account: Head to JustMarkets’ website and sign up by providing your full name, email, password, and country of residence. You’ll need to verify your email to activate your client portal.
Complete KYC Verification: Submit a government-issued ID (passport, driver’s license, or national ID) and proof of address (like a utility bill or bank statement from the last three months). This step ensures compliance with global security standards.
Choose Your Account Type: Pick from Standard Cent, Standard, Pro, or Raw Spread. For beginners, the Standard Cent account is ideal, with a minimum deposit of just $10 (or 180 ZAR for South African traders). Pro and Raw Spread accounts require a $100 minimum deposit.
Request Swap-Free Status: Once your account is active, contact JustMarkets’ customer support via email or live chat to convert your account to a swap-free Islamic account. The process is quick, and the support team is known for being responsive.
Fund Your Account: Deposit funds using a variety of payment methods, including credit/debit cards, bank transfers, Skrill, Neteller, or even cryptocurrencies like Bitcoin. JustMarkets offers fee-free deposits and withdrawals, and processing is typically fast.
Start Trading: Download MT4 or MT5, or use the web or mobile platforms, and start trading without worrying about swap fees. You can also practice with a demo account first to test the waters.
Fees and Costs: Are There Hidden Charges?
You might be wondering, “If there are no swap fees, are there any hidden costs?” The good news is that JustMarkets is transparent about its fees. Islamic accounts have no hidden charges—you’ll only pay spreads or commissions based on your account type, just like regular accounts. For example:
Standard Cent and Standard Accounts: Spreads start at 0.3 pips, with no commissions.
Pro Account: Spreads start at 0.1 pips, commission-free.
Raw Spread Account: Spreads start at 0.0 pips, with a $3 commission per lot.
For certain instruments, like exotic currency pairs or commodities, a fixed administration fee may apply for holding positions overnight, but this is clearly outlined and doesn’t violate Sharia principles. Always check the contract specifications on JustMarkets’ website for details.
Pros and Cons of JustMarkets Islamic Account
Let’s break down the advantages and potential drawbacks to help you decide if JustMarkets’ Islamic account is right for you.
Pros
Sharia-Compliant: No swap fees, ensuring compliance with Islamic finance principles.
Flexible Account Options: Convert any of the four main account types (Standard Cent, Standard, Pro, Raw Spread) to swap-free.
Low Minimum Deposit: Start with just $10 for the Standard Cent account, perfect for beginners.
High Leverage: Up to 1:3000, amplifying your trading potential (but use cautiously!).
Wide Range of Instruments: Trade forex, stocks, commodities, indices, and cryptocurrencies.
Fast Execution and Tight Spreads: Competitive spreads (as low as 0.0 pips on Raw Spread accounts) and quick order execution.
No Religious Documentation Required: Open an Islamic account without proving your faith.
Cons
Not Regulated Locally in Some Regions: For example, JustMarkets isn’t regulated by South Africa’s FSCA or Nigeria’s CBN, which may concern some traders.
Limited Educational Resources: JustMarkets offers modest educational content, so beginners may need to look elsewhere for learning materials.
Potential Administration Fees: For certain instruments or long-term holdings, a fixed fee may apply instead of swaps.
Is JustMarkets’ Islamic Account Right for You?
If you’re a Muslim trader looking for a Sharia-compliant way to trade forex or CFDs, JustMarkets’ Islamic account is a solid choice. It’s user-friendly, cost-effective, and offers the same trading conditions as regular accounts without compromising your religious values. The ability to convert any account type to swap-free, combined with low minimum deposits and high leverage, makes it accessible for traders at all levels.
However, if local regulation is a priority for you, you might want to double-check JustMarkets’ regulatory status in your country. Also, if you’re new to trading, consider starting with their demo account to get a feel for the platform before going live.
Tips for Trading with JustMarkets’ Islamic Account
Practice with a Demo Account: Use JustMarkets’ free demo account to test strategies and get comfortable with MT4 or MT5.
Understand Leverage Risks: High leverage (1:3000) can amplify profits but also losses. Trade responsibly.
Monitor Administration Fees: Check for any fixed fees on long-term positions to avoid surprises.
Leverage Customer Support: JustMarkets’ support team is responsive—don’t hesitate to reach out for help with account setup or questions.
Stay Informed: Since JustMarkets offers limited educational resources, supplement your knowledge with external forex trading guides or communities.
Final Thoughts
So, does JustMarkets have an Islamic account? Absolutely, and it’s a great option for Muslim traders who want to trade without violating Sharia law. With no swap fees, a variety of account types, low minimum deposits, and access to MT4 and MT5, JustMarkets makes ethical trading accessible and efficient. Whether you’re scalping, hedging, or holding long-term positions, their Islamic accounts offer the flexibility and tools you need to succeed.
✅ Trade with JustMarkets now: Open An Account or Visit Brokers 👈
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