Comments on: 5 cheapest forex brokers with Islamic swap-free accounts http://www.forex-learning-site.com/blog/2008/5-cheapest-forex-brokers-with-islamic-swap-free-accounts/ in support of *serious* forex education. Fri, 13 Jan 2012 03:27:19 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: mirsad http://www.forex-learning-site.com/blog/2008/5-cheapest-forex-brokers-with-islamic-swap-free-accounts/comment-page-1/#comment-509 mirsad Fri, 13 Jan 2012 03:27:19 +0000 http://www.forex-learning-site.com/blog/?p=15#comment-509 WWW.FXCM.COM - they offer Islamic accounts. $2,000 minimum on MT4. Also available to US residents. Keep in mind that you have to have 1:1 leverage which makes it halal and you can only BUY/SELL(long). You can't sell/buy(short) as this is haraam. http://WWW.FXCM.COM – they offer Islamic accounts. $2,000 minimum on MT4. Also available to US residents. Keep in mind that you have to have 1:1 leverage which makes it halal and you can only BUY/SELL(long). You can’t sell/buy(short) as this is haraam.

]]> By: Aziz http://www.forex-learning-site.com/blog/2008/5-cheapest-forex-brokers-with-islamic-swap-free-accounts/comment-page-1/#comment-502 Aziz Tue, 29 Nov 2011 15:39:08 +0000 http://www.forex-learning-site.com/blog/?p=15#comment-502 Hi I'm Aziz from Malaysia. I trade on micro swap-free account in tradersway.com I want try ecn account but they don't allow swap-free there. Can you recommend me swap-free ecn account broker. Hi I’m Aziz from Malaysia. I trade on micro swap-free account in tradersway.com
I want try ecn account but they don’t allow swap-free there. Can you recommend me swap-free ecn account broker.

]]> By: Abdul http://www.forex-learning-site.com/blog/2008/5-cheapest-forex-brokers-with-islamic-swap-free-accounts/comment-page-1/#comment-500 Abdul Mon, 21 Nov 2011 14:07:42 +0000 http://www.forex-learning-site.com/blog/?p=15#comment-500 re: one lone pip Islamic law prohibits charging interest when you lend money. But it is all right to borrow money (without paying any interest) and use them to run your business. And this is exactly what leverage in forex does. Yes, you have to repay the borrowed money back to the forex broker even if your trade is not profitable. But you would do the same if you were a barber and took a loan from a bank or from your uncle. Leverage is not against Islam! And spread is not against Islam either. You pay few pips as a transaction fee. You always pay transaction fees when you are moving money (or goods) around. This is all right. The only thing that it against Islam is rollover interest. But you can avoid it if you use a forex broker with a a swap-free account. The article is right in this regard. re: one lone pip

Islamic law prohibits charging interest when you lend money. But it is all right to borrow money (without paying any interest) and use them to run your business. And this is exactly what leverage in forex does. Yes, you have to repay the borrowed money back to the forex broker even if your trade is not profitable. But you would do the same if you were a barber and took a loan from a bank or from your uncle. Leverage is not against Islam!

And spread is not against Islam either. You pay few pips as a transaction fee. You always pay transaction fees when you are moving money (or goods) around. This is all right.

The only thing that it against Islam is rollover interest. But you can avoid it if you use a forex broker with a a swap-free account. The article is right in this regard.

]]> By: one lone pip http://www.forex-learning-site.com/blog/2008/5-cheapest-forex-brokers-with-islamic-swap-free-accounts/comment-page-1/#comment-499 one lone pip Mon, 21 Nov 2011 06:24:16 +0000 http://www.forex-learning-site.com/blog/?p=15#comment-499 re: asim "if th leverege is more than 1:1 and there is no interest then what is wrong with leverege" A reply to this can be found here (I dont know how creditable this is, so you decide on your own): http://www.islamqa.com/en/ref/106094/forex Based on my limited understanding (which is VERY VERY little). You can not profit from loans. So when you apply leverage for a trade the broker(or lender) makes profit by charging pips for every trade transaction on top of the loan that was given to you. And if you get stopped out then the lender takes back their money in full without sharing the loss. Therefore when you trade you need to use only your own cash without taking a loan. Please note, the latter explanation is based on my opinion and my understanding (which is very VERY little) of Forex in light of Islam. Please do your own research and be sincere to yourself. re: asim

“if th leverege is more than 1:1 and there is no interest then what is wrong with leverege”

A reply to this can be found here (I dont know how creditable this is, so you decide on your own):

http://www.islamqa.com/en/ref/106094/forex

Based on my limited understanding (which is VERY VERY little). You can not profit from loans. So when you apply leverage for a trade the broker(or lender) makes profit by charging pips for every trade transaction on top of the loan that was given to you. And if you get stopped out then the lender takes back their money in full without sharing the loss. Therefore when you trade you need to use only your own cash without taking a loan.

Please note, the latter explanation is based on my opinion and my understanding (which is very VERY little) of Forex in light of Islam. Please do your own research and be sincere to yourself.

]]> By: Jagged http://www.forex-learning-site.com/blog/2008/5-cheapest-forex-brokers-with-islamic-swap-free-accounts/comment-page-1/#comment-498 Jagged Thu, 03 Nov 2011 20:38:33 +0000 http://www.forex-learning-site.com/blog/?p=15#comment-498 could someone provide me a link for an account with 1:1 leverage, any help appreciated. thanks could someone provide me a link for an account with 1:1 leverage, any help appreciated. thanks

]]> By: mohamed http://www.forex-learning-site.com/blog/2008/5-cheapest-forex-brokers-with-islamic-swap-free-accounts/comment-page-1/#comment-471 mohamed Thu, 29 Sep 2011 12:05:35 +0000 http://www.forex-learning-site.com/blog/?p=15#comment-471 ECN THANKS. ECN THANKS.

]]> By: mazher http://www.forex-learning-site.com/blog/2008/5-cheapest-forex-brokers-with-islamic-swap-free-accounts/comment-page-1/#comment-467 mazher Fri, 05 Aug 2011 07:14:04 +0000 http://www.forex-learning-site.com/blog/?p=15#comment-467 assalamu wa alaikum, i want to knw which broker provide islamic account wid mobile wap trader. Nd want to learn more abt fx nd cfd trading...please add me in yahoo or g talk account: Mazher88@yahoo.co.in Mazher88gmail.com Shukran assalamu wa alaikum,
i want to knw which broker provide islamic account wid mobile wap trader. Nd want to learn more abt fx nd cfd trading…please add me in yahoo or g talk account:
Mazher88@yahoo.co.in
Mazher88gmail.com
Shukran

]]> By: asim http://www.forex-learning-site.com/blog/2008/5-cheapest-forex-brokers-with-islamic-swap-free-accounts/comment-page-1/#comment-464 asim Sun, 19 Jun 2011 06:26:22 +0000 http://www.forex-learning-site.com/blog/?p=15#comment-464 if th leverege is more than 1:1 and there is no interest then what is wrong with leverege if th leverege is more than 1:1 and there is no interest then what is wrong with leverege

]]> By: newbietrader http://www.forex-learning-site.com/blog/2008/5-cheapest-forex-brokers-with-islamic-swap-free-accounts/comment-page-1/#comment-462 newbietrader Fri, 27 May 2011 17:19:32 +0000 http://www.forex-learning-site.com/blog/?p=15#comment-462 no leverqge 1:1 halal leverage if the broker offer 200:1 then u only can trade amount of money you have on your account..deposit $100 then u cannot trade $101...if the amount of money you have on your account is $20 then u trade $100, u already in loan...islamic religion is so easy to folow and understand... :) no leverqge

1:1 halal leverage
if the broker offer 200:1
then u only can trade amount of money you have on your account..deposit $100 then u cannot trade $101…if the amount of money you have on your account is $20 then u trade $100, u already in loan…islamic religion is so easy to folow and understand…
:)

]]> By: Anonymous http://www.forex-learning-site.com/blog/2008/5-cheapest-forex-brokers-with-islamic-swap-free-accounts/comment-page-1/#comment-460 Anonymous Mon, 16 May 2011 15:05:59 +0000 http://www.forex-learning-site.com/blog/?p=15#comment-460 is helpul info to muslim brothers thanx is helpul info to muslim brothers
thanx

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