INGOT Islamic Account Reviewed ☑️ (Updated 2024) (2024)

Yes, an INGOT BrokersIslamic accountfor Muslim faith traders including a swap-free account is offered. The Islamicforex trading environment is ideal for traders following strict sharia law. The fee is not an interest and depends on the direction of the order.

INGOT Brokers at a glance

INGOT Islamic Account Revealed – A Key 11 Point Quick Overview

1. ✅INGOT Brokers at a glance
2. ✅INGOT Brokers Overview
3. ✅What exactly is an Islamic Account?
4. Which financial activities are restricted and prohibited by Sharia law?
5. What are the steps involved in opening an INGOT Brokers Islamic Account?
6. What is INGOT Brokers’ spread costs on an Islamic Account?
7. What other features does INGOT Brokers’ Islamic Account have?
8. INGOT Brokers Pros and Cons
9. INGOT Brokers Customer Reviews
10. Final Thoughts
11. Frequently Asked Questions

INGOT Brokers Overview

INGOT Brokers was established in 2006 and is based in Saint Vincent, Grenadines, and Australia. INGOT Brokers has over 15 years of experience in the various financial markets, offering traders from around the world endless trading opportunities on one innovative platform.

INGOT Brokers is known for offering the trade-in of more than 1 000 financial instruments spread across several asset classes. These can be traded through the advanced, user-friendly, and sophisticated MetaTrader 4 and MetaTrader 5 trading platforms.

In addition, when trading with INGOT Brokers, traders are given access to a variety of educational material, trading tools, and a dedicated and professional customer support team. Traders also have a choice between dynamic account types, each tailormade to suit the needs of different traders.

What exactly is an Islamic Account?

An Islamic, or swap-free, trading account is one that is allowed by Islamic Sharia law. These accounts are based on the Islamic principle where interest is not applied to positions that are held open for longer than a trading day after the trading day has concluded.

Islamic Accounts are provided by brokers who serve Middle Eastern clients along with clients from other jurisdictions and offer certain features that are in line with the Sharia law, which prohibits the accrual of interest on funds deposited into the account.

The other important feature on an Islamic Account is that transactions must be settled immediately, requiring that currencies be transferred from one account to the other right after the transaction has been completed and therefore paid for in full.

There are two key elements of the Islamic law that relate specifically to trading accounts, these elements are:

Riba is the prohibition of generating money from money, which in this case specifically refers to interest, which is not allowed according to the Sharia law. This type of interest is seen as both unjust and exploitive gains pertaining to trade or business.

Which financial activities are restricted and prohibited by Sharia law?

Due to the restrictions and certain prohibitions placed on Muslim traders when considering the intricate details involved with trading activities, the following are affected greatly:

What are the steps involved in opening an INGOT Brokers Islamic Account?

To convert the Professional Account into that of an Islamic Account, traders must complete their live trading account registration, verify, and approve their account, and submit a request to INGOT Brokers customer support for the conversion. Setting up an Islamicaccount with INGOT Brokers is an easy and straightforward process that consists of the following steps:

Step 1 – Navigate to the INGOT Brokers’ official website

Select “Start Trading” from the homepage to proceed to the application process.

Step 2 – INGOT Online Application

An online application will load, and the trader can provide their First Name, Last Name, email address, country of residence, mobile number, and a user-selected password.

Select the account that you wish to choose, as well as the preferred trading platform. Lastly, traders can read the declaration at the bottom and tick the box to indicate that it is understood and accepted before selecting “Register”.

Step 3 – Access the INGOT Broker Trading Account

Next, traders will be able to use the liveaccount login number provided on the Trader’s dashboard along with their user-selected password. Alternatively, traders can use their chosen platform’s web trader for easy access to their new liveaccount.

Step 4 – Contact the INGOT Broker support team to convert to a swap-free account

What are INGOT Brokers’ spread costs on an Islamic Account?

The spreads that traders can expect from the INGOT Islamic Account will reflect that of the Professional Account. Traders can expect variable spreads that start from 1 pip when they use the Islamic Account. The spreads will, however, depend on the financial instrument being traded along with the market conditions on the day of trading.

What other features does INGOT Brokers’ Islamic Account have?

The only live trading account that traders can convert is the Professional Account. Once converted, traders can expect the following unique features that will reflect on their INGOT Brokers Islamic Account:

Traders who convert their account to an Islamic Account must, however, take note that there is a grace period of 5 days during which they can keep their positions open free of charge. Once this 5-day grace period is exceeded, Islamic Account holders will be subjected to a storage charge per lot per day that they keep open.

The storage charges that traders can expect are as follows:

INGOT Brokers Pros and Cons

INGOT Brokers Customer Reviews

Good customer support

INGOT Brokers gives the best support service so far. I feel very fortunate to be part of a Multilingual broker – Bob

Great account offerings…

Great website with service offerings, good detail on live/trading options.. – Eunice

Affiliate and IB program on the website – Check it out

I enjoy the opportunities to earn an income through IB and White label programs offered by forex brokers – Dominique

Final Thoughts

Overall, INGOT Brokers has a good track record of providing innovative tools and market instruments to traders worldwide. It is well-known for its ultra-fast order execution while delivering competitive spreads and commission. The company’s wide selection of account types is impressive with so many benefits and features to choose from.

As INGOT Brokers is regulated by the Australian Securities and Investment Commission and complies with certain rules and regulations, it is safe to say that this broker would be a great choice for traders of all experience levels and trading styles.

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Frequently Asked Questions

Are Muslim traders from South Africa allowed to open a trading account with INGOT Brokers?

Muslim traders from South Africa are offered the option of opening a professional swap-free account with INGOT Brokers.

Do spread costs apply to an INGOT Brokers Islamic account?

INGOT Brokers apply spread costs to the Islamic accounts

How many instruments can I trade with INGOT Brokers Islamic account?

You can trade more than 1000 financial instruments spread across:

• Commodities
• Stocks
• Indices
• ETFs
• Forex
• Cryptocurrencies

Does INGOT Brokers offer leverage on the Islamic account?

Yes, INGOT Brokers offers leverage up to a maximum of 1:500.

Are there additional charges on the Islamic account?

Yes, the Islamic Account has a grace period of 5 days during which positions can be held free of charge. Once this grace period expires, traders are subjected to storage fees per lot per night ranging from between 10 USD (160 ZAR) and 15 USD (250 ZAR).