Trade360 Islamic Account Reviewed ☑️ (Updated 2023)

 

Trade360 offers an Islamic Account to traders of the Muslim faith, which can be opened as a swap-free version of any of the three swap-rated accounts with the same access to all the trading conditions, tools, and features.

 

Trade360 at a Glance

 

? Broker’s Name	Trade360
? Headquartered	Limassol, Cyprus
? Year Founded	2013
⚖️ Regulating Authorities	CySEC, MiFID
? Countries not accepted for trade	United States
☪️ Islamic account (swap-free)	Yes
? Demo Account	Yes
? Institutional Accounts	No
? Managed Accounts	No
? Maximum Leverage	400:1
? Minimum Deposit	$ 250 / R 4 290,34
? Deposit Options	Bank Wire, Debit, and Credit Cards
? Withdrawal Options	Bank Wire, Debit, and Credit Cards
? Platform Types	Proprietary platform
? OS Compatibility	Mac, Windows, Linux, Mobile, Web, iPhone, iPad
? Tradable assets offered	ETFs, CFDs, Metals, Oil
?‍? Languages supported on Website	English, Arabic, Italian, German
? Customer Support Languages	English, Arabic, Italian, German
? Customer Service Hours	9 hours per day, 5 days per week
? Open an Account	? Click Here

 

 

Trade360 Islamic Account – 12 key points quick overview:

 

1. Trade360 at a Glance
2. Trade360 Islamic Account – 12 key points quick overview:
3. Trade360 Trade360 Overview
4. What exactly is a Trade360 Islamic Account?
5. Which financial activities are restricted and prohibited by Sharia law?
6. What are the steps involved in opening a Trade360 Islamic Account?
7. What are Trade360’s spread costs on an Islamic Account?
8. What other features does Trade360’ Islamic Account have?
9. Trade360 Customer Reviews
10. Trade360 Pros and Cons
11. Conclusion
12. Frequently Asked Questions

 

Trade360 Trade360 Overview

 

 

Trade360 is an online Cypriot forex broker company that is headquarters in Limassol, Cyprus, and was established in 2013.

 

The Trade360 brand is owned and operated exclusively by Crowd Tech Ltd. strictly regulated under ESMA’s Markets in Financial Instruments Directive II (MiFID II), and by the Cyprus Securities Exchange Commission (CySEC).

 

In addition, the broker is also regulated in Australia by the Australian Securities and Investments Commission (ASIC).

 

The company delivers a secure and transparent trading venue for retail and professional traders and focuses on democratizing financial markets through its proprietary CrowdTrading environment.

 

The innovative CrowdTrading platform is based on research signifying that group behavior patterns may reveal market trends before they appear as exchange rates or prices in the market.

 

With this CrowdTrading traders can trade a wide variety of assets, such as forex, commodities, indexes, ETFs, and Stocks. It offers various live account types to choose from including an Islamic Swap Free account.

 

Customers from the United States, Australia, New Zealand, Canada, Iran, North Korea, and Belgium are not accepted as clients at Trade360.

 

What exactly is a Trade360 Islamic Account?

 

 

An Islamic Account, for the greater part as offered by most brokers, is not a standalone account, although some brokers dedicate one account to being an Islamic or Swap Free account, in most cases, this is an option offered by especially Forex brokers.

 

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

 

The other important feature of 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.

 

Two key elements of Islamic law relate specifically to trading accounts, these elements are:

Riba

Gharar

 

Riba is the prohibition of generating money from money, which in this case specifically refers to an interest, which is not allowed according to 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:

Overnight rollovers – which involve the incurrence or receiving of swap points on positions that are held open for longer after the trading day has concluded at the New York close at 5 PM EST which is prohibited by the Sharia law.

Loans – when followers of the Sharia law have funds transferred by either a bank or other financial institution and it involves interest terms, this is prohibited by the Sharia law as per the key element, Riba.

Margin deposits and interest – which involves the accrual of interest on funds that are deposited into the trading account, which is prohibited.

Trading on margin – stocks that are traded on margin result in the trader being liable for paying interest, which amounts to Riba, as money is borrowed from the broker to buy or sell such equities, and which is prohibited by the Sharia law.

Forward sales – which affects forward contracts as well as the trading of futures contracts which involves the buying and selling of contracts at a future date according to a price agreed upon on the day of entering such a contract.

Short sales – which affects mostly shares and involves borrowing and subsequent sale of an asset, which is prohibited.

 

What are the steps involved in opening a Trade360 Islamic Account?

 

Islamic Swap-Free accounts are only offered to clients of Islamic faith, and it is subject to Trade360’s approval. Clients need to register for a live account first before applying for an Islamic Account. They need to contact customer services.

 

What are Trade360’s spread costs on an Islamic Account?

 

This information is only available for traders who have approved Islamic accounts.

 

What other features does Trade360’ Islamic Account have?

 

When making use of the Trade360 Islamic account, traders can expect the following key features:

Interest is not charged on contracts that are held for more than 24 hours. There is a consistent zero rollover interest.

There are no additional rollover commissions where contracts are held for longer than 24 hours.

Traders have access to Expert Advisors, which allows for automated trading.

Direct execution on trades.

 

Traders should take note that markets open on Sundays at 11 pm CET and close on Fridays at 11 pm CET.

 

Trade360 Customer Reviews

 

This company taught me how to work and…

This company taught me how to work and make real money I admire this great company

It is a great company with a lot of…

It is a great company with a lot of experience and very good signals and profit

I wanted to invest in zero commission…

I wanted to invest in zero-commission stocks. Recently one of my colleagues invested for the same in Trade 360 and was getting good results so I thought to get the same. Really, It is a great place to grow more.

 

Trade360 Pros and Cons

 

✔️ Pros	❌ Cons
Commission-free trading available	Clients United States, Australia, New Zealand, Canada, Iran, North Korea, and Belgium are not accepted as clients not accepted
CrowdTrading algorithm available	Limited educational tools offered
Offers commission-free trading	Limited payment methods
Offers demo account	No tight spreads
Offers Islamic Account	Only USD accepted as the base currency
Offers MetaTrader5
Regulated through CySEC and ASIC

 

Conclusion

 

Overall, Trade360 offers an Islamic Account to traders of the Muslim faith, which can be opened as a swap-free version of any of the three swap-rated accounts with the same access to all the trading conditions, tools, and features.

 

You might also like: Trade360 Review

You might also like: Trade360 Account Types

You might also like: Trade360 Demo Account

You might also like: Trade360 Fees and Spreads

You might also like: Trade360 Minimum Deposit

You might also like: Trade360 Sign-Up Bonus

 

Frequently Asked Questions

 

TRADING ENVIRONMENT

How many instruments can I trade with Trade360?

You can trade in the following financial instruments

• Forex
• Commodities
• Indexes
• ETFs
• Stocks

 

Does Trade360 charge a commission?

It does not seem like Trade360 charges a commission, but the price difference between the bid and asks price ensures a significant client-driven revenue stream.

It is unclear whether Islamic account holders are subjected to the same commission charges. Traders must verify this information with the broker as it is not stated on the website.

 

Are there additional charges on the Islamic account?

This information is not available on the Trader360 website.

Some brokers charge extra fees on Islamic accounts which are either through wider spreads, additional commissions, or administration fees to make up for money that they lose since they do not charge overnight fees.

Islamic clients who would like to open an Islamic Account should enquire about these special conditions or extra fees before joining since it is not indicated on the account features pages.

 

Does Trade360 offer the option of an Islamic Account?

Yes. Trade360 offers the option of an Islamic Account for traders of the Muslim faith.

 

What is the overall rating out of 10 for Trade360?

6/10.