Exness Islamic Swap-Free Account

Quick Overview: 7 Key Points

The Exness Islamic Swap-Free Account includes:

• Trading that follows Sharia law
• No swap fees for overnight positions
• Works with all Exness account types
• Competitive spreads and leverage
• Use of MetaTrader 4 and 5 platforms
• Support available 24/7
• Quick and safe withdrawals

Create Exness Islamic Account

What is an Exness Islamic Swap-Free Account?

The Exness Islamic Swap-Free Account is a unique account targeted towards Muslim traders who comply with the principles of Sharia law. In the case of swap fees (in general caused by holding a position open over night), they have no effect. Such a structure is consistent with Islamic financial principles, which prohibit paying or receiving interest. This is available on all of Exness account types which mean that Muslim traders can trade in forex and CFDs without violating their belief.

Exness started offering these accounts because more Muslim traders wanted to use forex services. This shows that Exness tries to serve different types of traders from around the world.

Exness Account Types and Comparison

The broker offers several account types to suit different trading needs. Each account has its own features, including spreads, leverage, and minimum deposit requirements.

Here’s a comparison of the main account types:

All these account types are available as Islamic Swap-Free accounts.

How to Open an Exness Islamic Swap-Free Account 

Opening an Swap-Free account is a straightforward process. Here’s how to do it:

Step 1: Registration 

Head over to official site and click on “Register”. Type in your Email and Password, also select the country you live in. Check that you agree to the terms and click “Continue”.

Step 2: Account Selection 

Log in, select My Accounts and then Open New Account. Select the type of account you would prefer (Standard, Cent, Zero Spread or Pro). Select “Islamic” as the account option.

Step 3: Verification 

To fully use your account, you need to verify your identity. Upload a clear photo or scan of your government-issued ID (passport, driver’s license, or national ID card) and a recent proof of address (utility bill or bank statement).

Step 4: Funding Your Account

Once you are verified, your account can be funded through Visa or MasterCard. First of all, go to the “Deposit” section in the personal account. Select how you would like to pay, whether through a bank transfer or your credit/debit card (as well as e-wallets such as Skrill and Neteller). Type in the amount and carefully do all that is required to process this deposit.

Start Trading With Exness

Available Instruments for Exness Islamic Account

Islamic accounts providing an extensive range of trading instruments. These include major, minor, and exotic currency pairs, as well as metals like gold and silver.

Traders can also access CFDs on stocks, indices, and commodities. The exact number of instruments may vary, but typically includes over 100 currency pairs and several hundred CFDs.

Deposit and Withdrawal Options

Exness offers a variety of secure and convenient deposit and withdrawal options for traders in the UAE, ensuring that funds can be managed efficiently. Here are the available methods for deposits and withdrawals:

Deposits:

• Bank transfer
• Credit/debit cards (Visa, Mastercard)
• Skrill
• Neteller
• Perfect Money
• FasaPay

Withdrawals:

• Bank transfer
• Credit/debit cards (Visa, Mastercard)
• Skrill
• Neteller
• Perfect Money
• FasaPay

These flexible options provide UAE traders with easy access to global financial markets and ensure smooth transaction processing through multiple payment methods.

Exness Regulatory Compliance and Legal Status in UAE

Exness is regulated by the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM), ensuring that the broker adheres to strict financial standards to protect customer funds. The FSRA has jurisdiction throughout the UAE, offering a secure environment for traders. Exness maintains segregated accounts for client funds, ensuring that they are kept separate from company funds for added security. The platform operates legally for UAE traders and follows anti-money laundering (AML) and know-your-customer (KYC) procedures to maintain regulatory compliance. Additionally, retail clients benefit from negative balance protection, ensuring they are not at risk of losing more than their deposited funds.

Islamic Account Pros and Cons

The Islamic Swap-Free Account is specifically designed for traders who wish to comply with Sharia law while engaging in forex trading. This account offers several benefits but also comes with some limitations. Here are the pros and cons:

Despite the few drawbacks, the Islamic account remains a solid choice for Muslim traders, providing a transparent and accountable financial environment with the flexibility to manage your trades according to Sharia principles.

Frequently Asked Questions