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How to open Islamic Swap Free account with VantageFX?
Follow the simple steps below to open an Islamic Swap Free account with VantageFX.
- Go to VantageFX Official Website
- Click on “Live Account” at the top
- Fill in some personal information and click on “Open an Account”
- Continue with the online registration forms
- Receive login details of your account to your email address
- Login to the client portal from VantageFX Official Website
- Send a request to VantageFX to upgrade the account to Islamic Swap Free
In order to open a live Islamic account, Muslim clients must complete a simple online application form and provide the requested ID documents.
See the page here for the FAQs regarding to VantageFX’s account opening and trading.
What is Islamic Swap Free account of VantageFX?
VantageFX offers Islamic Swap Free Forex trading account, dedicated for traders who are unable to receive or pay swaps due to religious beliefs
The Islamic Swap Free account fully complies with Shariah Law.
VantageFX separates accounts which never mingle with conventional funds, and are ring fenced in Vantage FX for Shariah Compliance.
All clients funds are held in a segregated account with Australia’s AA rated National Australian Bank (NAB).
For the comparison of VantageFX’s all MT4 and MT5 account types, visit the page here.
Fund Deposit and Withdrawal for Islamic Swap Free account
As soon as VantageFX’s accounts team opens your live Vantage FX Islamic trading account, clients can initiate their first deposit by simply going to the secure Client Portal.
The Client Portal allows the client to choose their preferred deposit method.
Vantage FX clients can request withdrawal of their funds anytime by accessing their Client Portal and lodging a withdrawal request.
All withdrawal requests are processed once a day around 1pm AEST.
Any withdrawal request received after 1pm Sydney time is automatically processed the following business day around 1pm AEST.
Admin/Agency (Wakeel) Fee for Islamic Swap Free account
Vantage FX offers a legitimate service for which they can charge fees.
There is no substitute for interest or swap charges as in conventional accounts.
For the Islamic Swap Free accounts, there are no swap or interest charges.
VantageFX charges an admin/agency (Wakeel) fee justifiable for administration related expenses to manage your account.
In order to provide fair and transparent access to global markets, Vantage FX has to pass on the costs associated with maintaining their open positions.
All VantageFX’s liquidity providers charge certain fees to keep positions open and this cost is passed onto clients via the daily Administration fee.
Vantage FX calculates all administration fees exactly at 0:00 platform time on all open positions on all Islamic accounts.
The administration fee itself is then applied at 1:00am platform time.
Products (Financial Markets) with Shariah compliant
The relationship between Vantage FX and the client is that of Wakalah/agency.
Vantage FX being the agent that manages the accounts and charges an Administration fee based on a signed mandate.
The relationship between the liquidity providers and Vantage FX is that of Qardh (Loan) which is managed under a signed mandate by Vantage FX.
The account holders do not sign a mandate with the liquidity provider and have an agreement only with Vantage FX.
The actual trading is referred to as Bay al-Sarf (currency trading).
Here are the markets available to trade on an Islamic Forex Account with VantageFX.
1. Forex Currency Pairs
For all Forex currency pairs, clients are charged/credited a daily administration fee for forex positions held overnight.
2. Stock Indices
For all Stock Indices, clients are charged/credited a daily administration fee for Indices positions held overnight.
For “CHINA50”, clients are charged/credited a monthly cash adjustment for positions held over the change of contract.
For all Futures based products including the “CHINA50”, clients are charged/credited a monthly cash adjustment for positions held over the change of contract.
The applicable financial markets are OIL, HO, GAS, COPPER, NG and CHINA50.
In VantageFX’s Islamic Swap Free account, you can invest in all US Shares and HK Shares.
How orders are executed on Islamic Swap Free account?
Vantage FX guarantees absolute transparency in trading.
Whether you trade Forex, Commodities or Indicies, with VantageFX’s Islamic account you can be assured that all VantageFX’s pricing comes directly from Liquidity Providers, and thus be assured your trading and trading exposure are real; a basic requirement that makes VantageFX’s Islamic account Shariah compliant.
The client places the trade and Vantage FX transfer the trade to a liquidity provider.
This means that the client’s trade always has an effect on supply/demand as it is a position in the real market.
Clients can be assured that they are trading real prices and affecting prices via supply demand with their own positions.
The client is always responsible for the effect that his order has on the underlying market.
Positions, even small during times of low liquidity, can move the market.
The client has full ownership of his trade and its effect.
VantageFX and Liquidity Providers
If a broker does not use LP’s to access the interbank market then they are a market maker and there is a direct conflict of interest between broker and trader.
The account balances of all these different currency denominations are held within VantageFX’s segregated bank account.
In VantageFXs case this is with the National Australia Bank (NAB).
These funds then allow the client to trade up to 50 currency pairs via VantageFX’s liquidity providers.
Yes, there is always possession and we serve on your behalf as agent (Wakeel) to take possession on your behalf.
This is also known as A-Book broker model.
Open Islamic Swap Free account with VantageFX
At VantageFX, the broker is fully committed to delivering the first officially certified Islamic account.
VantageFX has worked alongside well known shariah scholars including Sheikh Hasan Qamra, Chairman of the Shariah Board and follow his strict requirements in order to receive official certification which proves that Vantage FX account is fully Shariah compliant.
The Vantage FX Islamic account has been designed only for forex traders who are unable to receive or pay swaps due to their religious beliefs.
Vantage FX offers fully Shariah compliant Islamic accounts, giving traders of the Muslim faith fair and transparent access to global markets.
Visit VantageFX Official Website to find out more about the broker today.