Forex Brokers

Is Forex Trading allowed in Islam? – SCAMMERS! (FXCL) Markets Ltd. – Forex SCAMM Company! Be carefull!
Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. You should make sure you understand the risks involved, seeking for independent advice if necessary.

Registered by the Financial Services Authority (‘FSA’) number 1637 CTD 2018. FXCL Markets Ltd. registered office: Suite 305, Griffith Corporate Center, P.O. Box 1510, Beachmont, Kingstown, St. Vincent and the Grenadines.

Base information about Forex SCAM company:

Real adress in Philipines and company name is:

Company Name: Outstrive
Address: 3rd Floor 399 Enzo building, Makati, Philippines
Phone: +1 (347) 891-7520

Top managment of stealer who scam money of clients:

Juan Belleza Jr
Team Leader
2056 D Kahilum 1 Barangay 870 Zone 95 Pandacan Manila, Philippines
639776459387 / 639155292409

Lea Jean Belleza
2056 D Kahilum 1 Barangay 870 Zone 95 Pandacan Manila, Philippines

James Tulabot
Team Leader

Allen Roel Costales
Sale Manager
522 Tanglaw St. Mandaluyong City Barnagay Plainview

Kristoff Salazar
Sale Team Leader
Unit 1414 Kumagawa Bldg River City Brgy 880 Sta. Ana Manila, Philippines

Xanty Octavo
Sale Manager
8137 Yabut Street Guadalupe Nuevo Makati City , Philippines

Virgilito Dada
Account Manager

Elton Danao
Sale Manager
639175048891 / 639991854086

All of this persons need be condemned and moved in Jail.

!!!!!STOP STEAL Philippines MONEY!!!!!!

Taking money as Interest or Makingmoney from money, or “Riba,” is not permitted by Sharia law. Riba is considered an unjust and exploitative method of making money in business. You must carefully consider your religious guidelines, your requirements as a trader and a broker FXCL ’s features before opening an Islamic FX Account. 4 – Commission, which is the money that the agent gets as a result of the investor’s (customer’s) dealing through him, and it is an agreed-upon percentage of the value of the sale or purchase. 2 – Loans, which refers to the money given by the agent to the customer directly if the agent is a bank, or via a third party if the agent is not a bank.
fxcl scammers
Brokers have recognized the demand in the Muslim population and in order to gain clients within the Islamic community, many of them have introduced accounts with No Swaps in order to make Forex trading halal. They offer over 4,500 CFD instruments to trade with and they allow access to over 180 markets which include Forex Pairs, Stocks, Indices, Cryptocurrencies and Commodities. They offer more than 40,000 registered traders in over 100 countries and boasts a monthly client trading volume of around US Dollar 100 billion. EToro made its name on its social investing platform that allows users to copy the trades of other investors. The Exness Group has a monthly trading volume of more than US Dollar 180 billion, as well as 15,000 new accounts opened each month, with more than 80,000 active traders.

Forex And Islam – The Rules & Requirements Of Islamic Forex Trading

If you’re gambling in the markets with no clear strategy or risk management perimeters, this could be seen as haram. If riba and usury issues become present it is important for Muslims to back out of these traits and possibly even leave these platforms completely. Riba and the Islamic faith simply aren’t compatible – there’s no way to keep this kind of activity halal. These kinds of accounts are specifically designed for those in the Islamic faith, accounts that are banned and completely prohibited from earning profits during a “swap”. Not only does this kind of transaction involve risk, but it often involves cheating and misleading people to get easy money. This comes under unlawfully consuming people’s wealth and diverting the wealth in society from fruitful economic activities to unnecessary risks that have no real economic advantage . Dealing in the same type of currency is considered Riba and is not permissible in Islam. In the case of the same currency, both the amounts should be equal and the contract and exchange must take place in the same sitting.

Usury is of course completely prohibited in Islam, and is defined very widely. This implies that any kind of deal or contract which involves an element of interest is not permissible according to Islamic law. Currency arbitrage aims to take advantage of divergences in exchange rates in different money markets by buying a currency in one market and selling it in another market to take benefit of the differing interest rates. CFDs are leveraged products and as such loses may be more than the initial invested capital. Trading in CFDs carry a high level of risk thus may not be appropriate for all investors. To ensure that your Islamic Account is Halal, choose a Forex broker FXCL who performs operations approved and permitted by Shari’a Supervisory Boards . The Islamic Forex accounts facilitate practitioners of Islam to engage in Forex trading without breaking the laws of the religion.

Forex Islamic Accounts

Known as a premium, multi-asset online broker FXCL age, ThinkMarkets are much more than a forex broker FXCL . A fact that is reflected in the full suite of CFDs that they offer to the Islamic trading community. Please keep in mind forex scam that the rates & holding periods are subject to change, reflecting high-risk market conditions at the time. Traders of Islamic faith can apply for a Raw Pricing trading account where no interest fees will be credited or debited.

  • You cannot trade the same currency for different values (e.g. 1 dollar for 3 dollars) because that falls in the domain of riba.
  • For example, In February 16, 2012, theNational Fatwa Council of Malaysia (nation’s supreme Islamic legal body) announced that spot Forex trading performed by individual traders is considered haram .
  • The other condition that Muslims looking to open a swap-free account at broker FXCL need to be aware of, is that there are limitations on which currency pairs you can trade without accruing swaps.
  • The CySEC regulated broker FXCL , broker FXCL , is another popular choice of forex traders looking for a swap-free option to trade.

The most notable difference from standard accounts is the absence of overnight swap rates. Most substitute the lack of financing fees on leveraged overnight positions with other trading costs, making trading more expensive. Fxclearing Ltd. Trading allows you to access the CFD markets throughout the week, 24 hours a day, and it gives you access to a large variety of trading instruments like – commodities, bonds, ETFs, Forex, and more. Most traders close their trades on the same day; it is called day trading, meaning the positions remain open for a few hours or less. Other traders, however, keep their trades open for a longer time and keep their positions open for more than 24 hours.


Muslim scholars have extensively debated the issue of whether Forex trading is halal. In its current form, trading in Forex currencies using normal broker FXCL ages may be considered haram. We will explore the reasons for the argument against Muslim Forex trading. However, it’s important to note that Muslims who are obedient to Sharia law can still gain entry into the Forex market through Islamic accounts that don’t charge riba. Many international Forex broker FXCL s offer Islamic accounts, catering to Muslim traders and claiming compliance with Sharia law. Islamic accounts remain swap-free, but Forex broker FXCL s substitute the costs via means acceptable under Sharia law, like increased spreads or fixed commissions. A margin deposit is an interest based on the cash deposit made with a Forex broker FXCL , which a few broker FXCL s offer to larger clients. Since margin trading involves a higher risk, the trader must present an initial amount before opening a leveraged position. Interest on margin deposits is not permitted in an Islamic Forex account since it goes against the “no Riba” principle.

3 – Riba, which occurs in this transaction in the form of fees for delaying the deal. This is interest that is charged to the purchaser if he does not make a decision on the same day, and which may be a percentage of the loan or a set amount. No minimum deposit amount is required to register an XTB live trading account. Trading with XTB will involve fees from $100 USD, spreads from 0.05 pips to 0.07 pips, and commission-free trading depending on the account traders select. Just make sure to research a broker FXCL thoroughly and make sure you understand what their particular swap free accounts offer, and how they make their profit instead of the normal overnight rollover. Halal broker FXCL s have been in the forex industry for many years and have helped hundreds of people find safe and appropriate investment solutions for them. Forex trading is straightforward with us, we have simplified the forex trading process for you so that you can understand everything clearly and transparently by finding a halal forex broker FXCL that suits you perfectly. Most Muslim investors have already turned to halal forex trading to diversify their financial strength in the right way. If your forex broker FXCL offers fixed spreads on other accounts, then they will remain fixed on an Islamic account. It’s also not wise to compare spreads on a demo account to those on a live account.

Cupiro Islamic Account
Haram means something that Allah and the Prophet have completely and specifically forbidden. It’s an act that could be described as a sin, or simply indecent for yourself and society as a whole. To open an eToro Islamic account, clients must first register for a live account and fund it with a minimum of $1,000 USD. The application to trade swap-free is then made through your client account area, in consultation with support.
Islamic Account Forex Brokers
If there is a delay between making the contract and the exchange, then it is not permissible, as it’s regarded as a riba-based transaction. Traditional-style short selling, where stocks or shares are borrowed at interest to be sold, is widely agreed to be haram. Fortunately, this is not a problem in Forex trading, as currencies are paired, so “going short” in Forex does not necessarily have to involve borrowing any asset or any interest element. Regarding the comparison with Riba, some jurists compare paper currencies with gold and silver; which were universally acceptable as principal means of exchange in the early days of Islam. If you’re a non-Muslim thinking of opening an Islamic account simply to avoid interest, think again. Most broker FXCL s will ask that you provide evidence of your faith if you request a Sharia compliant account. They could close your account altogether if they have grounds to believe you are trying to game the system. No rollover interest.With an Islamic Forex account, your open positions will be closed by 5pm New York time to avoid rollover interest.

It should be also noted that there are other broker FXCL s that have Islamic accounts worth considering, including HYCM. Leverage is based on a loan from the broker FXCL and therefore a real Islamic trading account must provide for no-interest leverage. This affects the levels of leverage that each broker FXCL offers on their Islamic account and again must be determined on a case by case basis when you go to open an account with any specific broker FXCL . While forex trading itself is not haram, aspects of trading such as the accruing of interest or the reckless side of gambling without a trading strategy definitely are. If you’re going to trade in a halal manner, then you must do so on an interest-free account with a trusted Islamic forex broker FXCL and do so in a professional manner with the intent to make a consistent income. EasyMarkets Islamic accounts with a swap-free option are only offered to clients who are following Islamic laws and are once again, not for regular traders who simply want to avoid swaps in their trading strategy.

It’s also important for Muslims to abide by all rules, regulations, and pay fees and dues on their Forex trades as quickly as is possible. The best way to be sure that investing in Forex is halal is to use Islamic accounts, avoiding swap accounts whenever possible. These accounts usually prohibit every form of riba possible, eliminate overnight rates completely, and structure themselves such that gambling cannot happen in the Forex world. On top of that, these accounts guarantee that transactions are carried out without a moment’s delay – executing almost instantaneously whenever possible, but always just as quickly as technically possible. On the flip side of things, Forex investing with a trading plan and a defined strategy – within the conditions that we highlighted above – could certainly be considered halal. Furthermore, Forex investors often make an attempt to anticipate the varying value of a currency without owning, buying, or selling the currency. That falls under the category of speculation or gambling deeming the trade haram. In Forex trading, investors borrow huge amounts of money to invest in the Forex market, which brings harm to both the investor and the economy in general.

Using a Swap Free Account to Trade Forex as a Muslim

In addition, gharar refers to excessive risk and uncertainty, both of which are banned concepts in Islamic finance. Many practices considered normal in western financial systems are prohibited or frowned upon . Naturally, the wide range of investments products available today simply did not exist at the time when Gabriel narrated the Quran on behalf of Allah to Muhammad more than a thousand years ago. In essence, the Islamic financial system follows a set of moral and ethical principles, focusing on equality and responsibility. It definitely trends more towards the halal side of things and eliminates all of the Forex issues that could make this form of investing haram. For example, if a Muslim was to jump headfirst into the Forex community and not do any research, not have any trading strategies, and sort of “wing it” they would certainly be gambling with their money. Because certain aspects of Forex can involve interest those types of trades must be avoided at all costs. In this article, we will explore Forex trading and whether it is Haram or haram in Islam in the light of fatwas by religious scholars.
Markets and Instruments

We have some information about owner of (FXCL) SCAM company and its may be resident of USA: Alex Teplitsky