Best Forex Broker - 7 Things to Consider Before Signing Up With a Foreign Exchange Broker ( Islamic Forex Broker )

Islamic Forex Broker

If you are interested to take part in online currency trading, one of the first things you need to do is to register with an foreign exchange broker. However there are so many brokers out there, how do you know the best forex broker for you?

Here are some factors that are useful to know:

User Interface:

You need to be comfortable with the user interface and the ease in which you can execute trades, obtain the most updated economic news, and perform technical analysis. The user interface should be easy to use as you do not want to spend too much time finding out how it works. You should definitely be able to register for a demo account at no charge so that you can play around with the software since often the best forex broker is the one you feel the most comfortable with.

Charting Feature:

A good foreign exchange broker should have a charting facility and most of the common indicators such as stochastics, MACD, etc for you to execute technical analysis.

Minimum deposit:

This is important especially if you have limited initial trading capital. A few online forex brokers require a bare minimum of only $1 to begin trading but others require quite a bit more.

Leverage:

Leverage is an important consideration for some traders but not for all. Some online forex brokers can offer leverage as high as 1:500.

Support:

An important criteria of a good online foreign exchange broker is a good support team. They should preferably have multiple methods in which you can reach them displayed prominently on their website, because you do not want to be left in the lurch when you are facing difficulties.

Islamic accounts:

This is an important factor for Muslim traders as they have to sign up with a online foreign exchange broker that offers swap free accounts.

MetaTrader 4 support:

If you plan to use automated forex software like FAPTurbo, then an online foreign exchange broker that supports the MT4 platform is essential. Forex traders sometimes have not decided on the strategy they'll employ when they register for an online forex broker and subsequently when they decide on using automated forex software, they realise that their broker doesn't support it. I suggest signing up for a broker that supports the MT4 platform even if you don't plan to use an automated forex robot.

Remember, the best forex broker for your friends may not be the best foreign exchange broker for you. A lot depends on your forex trading strategies and requirements.

The foreign exchange broker that we recommend is fxopen.com. You can take a look at our FXOpen review here.

Islamic Forex Broker

Islamic Forex Trading - The New Horizons of Forex Trading ( Islamic Forex Broker )

Islamic Forex Broker 

Forex trading has entered an expansion era in these recent years and it has become the largest global market ever known to man. It is a global currency market where you can use a great number of particular currencies, according to what you find more suitable to your trader's taste. However the more used currencies are those known as "majors", such as USD, EUR, GBP, AUD, JPY and their pair combinations.

But despite this great and accelerated expansion of forex around the world there was still a region where forex was not totally available, which sounded extrange considering the great interest present among the people of this region in forex trading. The part of the world I'm talking about is what is commonly known as the "Islamic World". They had been left apart and people from such big countries as Saudi Arabia and Iran were not participating at their full potential in the forex market.

Thankfully in recent times a wave of "Islamic Brokers" or "Islamic Forex Trading" has been moving and penetrating the internet forex community and they have implemented suitable forex services for people from this region of the world.

But what is different in an "Islamic forex trading" account to the "regular" forex trading account that we all know in non-islamic countries? Well, the difference resides mainly in the observance of the "Shariah Law" by the "Islamic forex broker" in the services offered to traders from these countries. This means two things that will make different one "Islamic account " account from the regular one.

First: the interest payment on account balance is waived in the Islamic account.

Second: instead of swaps, based on interest, an Islamic account will be charged a service charge for each lot left overnight regarded to the currency pair.

So with these adjustments forex trading opens to all regions of the world making this market, as I mentioned above, the largest known by man.

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Islamic Forex Broker

Why and How Do Some Entrepreneurs Use an Islamic Forex Broker?

Islamic Forex Broker

The creation of an Islamic forex broker is a reflection of the diversity within the sector. We can no longer presume that all transactions take place in Western Europe where Christianity is the professed religion. In any case many so called religious people do not practice any of the tenets that are required of them. This innovation is yet another attempt to get everybody involved.

Muslims are very concerned about accounts which bring overnight interest. Therefore the non Riba accounts are preferred for this group. Countries in the Middle East such as Iran and Saudi Arabia fall within this category. Trading Point is one of those companies with a leverage reading of 1:500. Individuals concerned about interest rates can visit these establishments.

Identifying forex institutions which are friendly.

A simple search protocol on the company characteristics will tell you whether they meet the minimum requirements for your religious leanings. Under Shariah laws, adherents are not supposed to accept interest payment. Nonetheless this industry has rollover rates which are paid as part of the commission structure. Only verified Muslims can benefit from these swap free arrangements.

The missing revenue gap is replaced by a flat fee. Fast Brokers is an American exception to the rule in as much as there is no additional fee. Watch out for the ECN sign and ensure that there are no conflicts of interest in the Islamic forex broker arrangements. A case in point is where there is a second quotation of prices in order to trade against existing clients.

If the company has a variable spread that is as low as zero pips then you have to work out the maximum point. Some of the schemes include 19 currency pairs, silver, gold and futures. The Meta Trader 4 platform is an absolutely must because it allows you to trail stops, hedge, use your mobile phone and automate your processes.

How the companies set their forex entry criteria.

The flat fee arrangement is so attractive that some unscrupulous characters have opted to abuse the facility. That is why companies such as FX Open have decided to restrict the Shariah account to Muslim countries. Look for a fixed spread which ranges between 2 to 3 pips on majors. Leverage can be as high as 500:1 but that does not mean that you use it all.

Some of these companies require minimum deposits of as little as $1. This means that you are in the perfect position to learn without attracting risks. Watch out for the customer support because it may be provided in foreign languages. The Islamic forex broker works well if you follow the entry criteria and are willing to use the single deposit rule.

Adam has been trading forex for 5 years and has tried various strategies, robots and so called copy a pro trading systems. Although Adam now trades independently on a full time basis he owes his success to the World Forex Club. It is their training, live rooms and continued patience that have helped Adam see his full potential.

Islamic Forex Broker
 

How to Choose an Islamic Forex Broker

Islamic Forex Broker

Among the many different Forex brokers and Forex trading accounts available to the Forex trader, there is one particular type of broker and trading account that stands out. An Islamic account, provided by an Islamic Forex broker is a very unique type of trading account that we do not find in other trading markets.

An Islamic Forex broker might offer its customer base the option of opening an Islamic Forex account, which is of course not limited to Muslims only. No Forex broker, not even an Islamic Forex broker can or will ask you your religion when trading Forex.

What an Forex Islamic account is in simple terms is an interest free, also known as a No Riba trading account. So how does this all work? For example, if a Forex trader decides to leave his or her trading positions open overnight, the standard broker will charge rollover fees, which are basically the interest the broker pays the bank to leave the trade open overnight.

The thing about these fees is that they are problematic for the Islamic community. According to the Islamic Shariah law, Muslims are forbidden to take any money in return for their "giving". That means if a Muslim is investing in Forex, he/she is not allowed to pay or receive any type of interest on their payment. By the way, this is something that exists in the Jewish religion as well.

In order to meet the needs of the Islamic population and to enable them to trade Forex, the concept of an Forex Islamic account was invented. Anyone can open such an account in theory, but it might not be right for everyone. An Islamic Forex account is in fact interest-free but it often times comes with higher spreads or other down sides, all depending on the Islamic broker.

If you are a trader that leaves trades open overnight on a regular basis and regularly pay high rollover fees, an Islamic account might be the perfect solution for you. Once you decide to trade with an Forex Islamic account, the next step is choosing the best Islamic Forex broker for you. The most effective way to do that is to read Forex broker reviews by some of the Web's leading sites, and simply filter out all brokers that do not have the option to trade with a Forex Islamic account.

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Islamic Forex Broker