Yes, Templer FX offers an Islamic Swap-free account to its Muslim clients who follow Sharia law. It is a standalone account with a separate application procedure. Customers with an Islamic trading account will not be charged overnight fees.
Templer FX At A Glance
| Broker’s Name | Templer FX |
| ? Headquartered | Kingstown, Saint Vincent and the Grenadines |
| ? Year Founded | 2004 |
| ⚖️ Regulating Authorities | Financial Services Authority of Saint Vincent and the Grenadines |
| ? Countries not accepted for trade | US, UK, EU, Canada, Turkey, Israel, and Japan |
| ☪️ Islamic Account (Swap Free) | Yes |
| ? Demo Account | Yes |
| ? Institutional Accounts | Yes |
| ? Managed Accounts | Yes |
| ? Maximum Leverage | 1:200 |
| ? Minimum Deposit | No minimum deposit |
| ? Deposit Options | Visa WeTransfer Skrill PerfectMoney FasaPay |
| ? Withdrawal Options | Visa WeTransfer Skrill PerfectMoney FasaPay |
| ? Platform Types | MetaTrader4, TemplerFX Trader |
| ? OS Compatibility | Web browsers, Windows, Linux, MacOS, Android, iOS |
| ? Tradable Assets | Forex, CFD, Indices, and Metals |
| ?? Languages supported on Website | English, Russian, Indonesian, Chinese |
| ? Customer Support Languages | English, Spanish, Czech, Chinese, German, French, Italian, Polish, Portuguese, Romanian, and Slovenian. |
| ? Customer Service Hours | 24/5 |
| ?Open an account | ? Click Here |
Templer FX Keypoint Overview
TemplerFX Overview
TemplerFX is a forex broker that was established in 2004 and has headquarters in Saint Vincent and the Grenadines. Templer Holding was originally founded by foreign exchange veterans with a combined experience of more than 40 years.
The broker operates as an institutional and retail ECN counterparty to clients trading in the forex market.
TemplerFX is regulated offshore and is a trademark of St. Vincent and the Grenadines financial investment firm, which is authorized by the local Financial Service Provider Commission (FSA).
The broker offers a variety of trading opportunities including Forex, CFD, Indices and Metals through its own proprietary TemplerFX Trader platform as well as the popular and industry leader, MetaTrader 4.
TemplerFX offers tight spreads, and the two platforms allow their clients to trade Forex from anywhere on multiple devices such as PC or Mac, iPhone, iPad, and Android.
TemplerFX’s customer support has an excellent reputation in the industry, and it assists in English, Russian, Indonesian, and Chinese.
Customers from the United States, United Kingdom, Canada, Turkey, Israel, and Japan are not accepted as clients at TemplerFX.
What exactly is an 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 offers 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 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 the Islamic law relate specifically to trading accounts, these elements are:
➡️️Riba is the prohibition of generating money from money, which in this case specifically refers to an 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 is 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. |
| ? Margin deposits and interest | which involves the accrual of interest on funds that are deposited into the trading account, which is prohibited. |
| ? Short sales | which affects mostly shares and involves borrowing and subsequent sale of an asset, 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. |
| ? 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. |
What are the steps involved in opening a TemplerFX Islamic Account?
Islamic Swap-Free accounts are only offered to clients of Islamic faith, and it is subjected to TemplerFX’ approval. Traders who are eligible for an Islamic Account must complete the live Islamic account application.
Step 1 – Open the Templer FX Website
Once the website is open, you can start the application process.
Step 2 – Naviagte to the Account Types page
Click on “Trading” menu option and select “Account types”.
Step 3 – Click on “open now”
Scroll down to the Muslim FX account option and click on the red “open now” button.
Step 4 – Apply for an Islamic Account
You will be redirected to a dashboard to complete an online form.
Step 5 – Submit the required documents and verify account
There may be certain documents, apart from proof of identity and residential address, that TemplerFX may require before approving an application for an Islamic account.
What is TemplerFX’ spread costs on an Islamic Account?
On the Islamic account type, traders can expect spreads that start from 0,10 pips. This will depend on the financial instrument, the time of day, and several other factors.
What other features does TemplerFX’ Islamic Account have?
With the Islamic account offered by TemplerFX, traders can expect the following features:
| ? The minimum deposit requirement is $ 25 |
| ? 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 5-digit spreads |
| ☪️ Traders can trade in both mini and micro lots |
| ? Direct execution on trades |
| ? Traders have access to Expert Advisors, (EAs) |
Markets open on Sunday at 11 pm CET and close on Fridays at 11 pm CET. In addition, there may be some restrictions and limits which apply to the Islamic Account.
TemplerFX Pros and Cons
| ✔️Pros | ❌Cons |
| Demo account offered | Clients from the United States, United Kingdom, Canada, Turkey, Israel, and Japan are not accepted |
| Islamic Swap-free account offered | Limited account currencies available |
| MetaTrader 4 offered | Limited trading instruments offered |
| No deposit or withdrawal fees | Off-shore regulation |
| No transaction fees charged | |
| Offers fixed spreads | |
| The minimum deposit requirement is low | |
| The proprietary trading platform offered | |
| Various payment methods |
Templer FX At A Glance
| Broker’s Name | Templer FX |
| ? Headquartered | Kingstown, Saint Vincent and the Grenadines |
| ? Year Founded | 2004 |
| ⚖️ Regulating Authorities | Financial Services Authority of Saint Vincent and the Grenadines |
| ? Countries not accepted for trade | US, UK, EU, Canada, Turkey, Israel, and Japan |
| ☪️ Islamic Account (Swap Free) | Yes |
| ? Demo Account | Yes |
| ? Institutional Accounts | Yes |
| ? Managed Accounts | Yes |
| ? Maximum Leverage | 1:200 |
| ? Minimum Deposit | No minimum deposit |
| ? Deposit Options | Visa WeTransfer Skrill PerfectMoney FasaPay |
| ? Withdrawal Options | Visa WeTransfer Skrill PerfectMoney FasaPay |
| ? Platform Types | MetaTrader4, TemplerFX Trader |
| ? OS Compatibility | Web browsers, Windows, Linux, MacOS, Android, iOS |
| ? Tradable Assets | Forex, CFD, Indices, and Metals |
| ?? Languages supported on Website | English, Russian, Indonesian, Chinese |
| ? Customer Support Languages | English, Spanish, Czech, Chinese, German, French, Italian, Polish, Portuguese, Romanian, and Slovenian. |
| ? Customer Service Hours | 24/5 |
| ?Open an account | ? Click Here |
Customer Reviews
This broker is not regulated
This broker is not regulated. But they have plenty of easy withdrawal options for East African customers
Advice to retail traders
Advice to retail traders. In simple words, be aware of this broker and their partners . Last time i have deposited using a service they call flutterwave ( MoMo) they didn’t reflect the amount to my account. I chatted with 3 of their agents, always telling me that my problem is going to be resolved within 24 hours. Now it’s 4 days without my money. I’m totally frustrated. This broker is not trustworthy, you can even see it’s reviews online, they are being shited. Be aware please ??
looks good
looks good, instant withdrawal, but not many options to receive money
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Templer FX Review
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Conclusion
Yes, Templer FX offers an Islamic Swap-free account to its Muslim clients who follow Sharia law. There is a seperate application procedure for Muslim applicants. Customers with an Islamic trading account will not be charged overnight fees.
FAQ
TRADING ENVIRONMENT
How many instruments can I trade with TemplerFX?
You can trade the following financial instruments:
- Forex
- Precious Metals
- Energies
- Cash Indices
- CFDs
Which platforms are supported by TemplerFX?
MetaTrader 4 and TemplerFX Trader.
Does TemplerFX offer leverage?
Yes. Leverage of up to 1: 2000.
What spreads can I expect with TemplerFX?
You can expect fixed spreads that start from 0.10 pips.
Does TemplerFX charge commission?
No. With TemplerFX there are no commission fees.
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?
Not that can be seen from TemplerFX’s website. However, there are transaction fees charged but Muslim traders are advised to contact the support team to find out about fees like wider spreads, additional commissions, or administration fees.
Is TemplerFX regulated?
No. TemplerFX is an offshore company. It is regulated through the FSA of St Vincent and the Grenadines regulated.
Is TemplerFX a recommended forex trading broker for experts and beginners?
Yes. TemplerFX offers a trading environment for both beginners and expert traders.
What is the overall rating out of 10 for TemplerFX?
6/10.
ACCOUNTS
What is the difference between a demo and a live trading account?
A demo account offers the use of virtual funds instead of actual capital. This allows for risk-free trading as well as exploring both the broker’s offer and the trading platform.
A demo account can be used for a variety of reasons including practice trading, testing trading strategies, exploring platforms and offers, and more.
Does TemplerFX offer a demo account?
Yes. The broker does offer a demo account that has the same features as the live account.
For how long is the demo account valid?
If you do not leave the demo account dormant for more than 30 days, then the demo account will never expire.
Does TemplerFX offer the option of an Islamic Account?
Yes. TemplerFX offers the option of an Islamic Account for traders of the Muslim faith.
Which live trading accounts does TemplerFX offer?
- Universal FX Account
- XBTC Account
- Cent FX Account
- MAM Account
- Segregated Account
What are the available deposit currencies for a live trading account?
EUR, USD and BTC depending on the account type.
DEPOSITS AND WITHDRAWALS
What is the minimum deposit for TemplerFX?
The minimum deposit requirement is $ 25 on the Cent Account.
How do I make a deposit and withdrawal with TemplerFX?
- Visa
- MasterCard
- OKPay
- advcash
- Mpesa
- PSB
- Qiwi
- Bitcoin
- Contact
- WeTransfer
- Skrill
- PerfectMoney
- FasaPay
- Bank Wire Transfer
Does TemplerFX charge withdrawal fees?
There are no deposit or withdrawal charges. However, traders should take note that depending on the financial institution that it uses, fees may apply.
How long does it take to make a withdrawal?
This will depend on the payment method used. Most withdrawals are done immediately, or it can take up to 5 working days.
Featured SA Shares Writer and Forex Analyst.
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