Tickmill Islamic Account offers swap-free trading on 2 trading account levels. Classic Swap-free and Raw Swap-free. Tickmill offers Extended Swap-free status by default to all applicable trading accounts created by clients in non-Islamic countries.
Tickmill Islamic Account Review – 8 Key Point Quick Overview
- ☑️Islamic Account Overview
- ☑️Tickmill at a Glance
- ☑️Overnight charges
- ☑️How to open an Islamic Account
- ☑️Customers Reviews
- ☑️Pros and Cons
- ☑️Conclusion
- ☑️Frequently Asked Questions
Islamic Account Overview
Tickmill offers an Islamic Account that is compliant with Sharia Law.
A Forex Islamic Account is also known as a swap-free account as there is no swap or rollover interest on overnight positions. Interest in overnight positions is against the Muslim faith. Muslim clients can benefit from Tickmill’s Islamic Trading account conditions by opening any account option- Classic, or Raw, and converting it to an Islamic account type.
Tickmill Islamic accounts carry the same trading conditions and terms as all regular Tickmill trading account types, with the only difference being that there are no swaps on trading instruments. However, a handling charge applies for holding several trading instruments overnight for more than three consecutive nights.
Tickmill At a Glance
Overnight Charges
When a position is held open for more than three consecutive trading days (including weekends), an Islamic account is subject to daily charges.
Example of Islamic Account Overnight Charges
If a position on, for example, the EURCZK currency pair is opened on Day, no fees will apply for the first three nights following the opening of a position. Daily charges will only start on the fourth night at 00:00 and continue every night until the position is closed.
- The above-mentioned charges are in USD but will automatically be converted to the account’s base currency if this is different.
How to open an Islamic account Step by-step
To open an Islamic account with Tickmill, South Africans can follow these steps:
Step 1: Start by going to the Tickmill Website
Find the “Open an Account” link, which is usually located on the front page.
Step 2: Select Account Types
Choose your preferred account type.
Step 3: Fill in Personal Details
When you click on it, you will be taken to a new page where you must enter your personal information. This information includes your full name and date of birth.
Step 4: Personal Details
You will be prompted for more information regarding your Country, select a product and click on Privacy Policy.
Step 5: Fill in your details
Fill in your phone number and email address.
Step 6: Verify your email
Go click on the email verification you received in your email.
Step 7 – Clients will be required to provide proof of identity.
The identification and address verification process, a common regulatory requirement to stop fraud and money laundering, will then be guided. You must upload copies of your identification—like a driver’s license or passport—and a current utility bill or bank statement with your complete name and address in plain sight.
After Tickmill correctly validates your documents, your account will be activated, enabling you to fund it and begin trading.
Once all steps have been successfully completed, Request an Islamic account status from Tickmill’s Client Support team
Wait for an email confirmation that the status has been set up.
Customer Reviews
🥇 Excellent!
Since its days as Armada in 2014, Tickmill has been my preferred broker. This is because they offer incredibly low spreads, execute trades at lightning speed, and provide highly responsive customer service—making it obvious why I choose them above others. – Emily Van Der Merwe
🥈 Top Choice.
Depositing funds with Tickmill is simple and quick. Moreover, you may open an account with your business license, making it suitable for people who want to trade utilizing their company’s resources. However, it is worth noting that gold spreads can be pretty high sometimes, which may result in pending orders not being triggered. – Joshua Van Zyl
🥉 Incredible.
My time with Tickmill has been incredible, and I wholeheartedly endorse them. With two years of trading under my belt, I can confidently say that their systems, customer support, and connectivity have never failed me once. They could only improve by expanding the list of global banks supported for transactions. – Sophia Pretorius
Pros and Cons
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Conclusion
Tickmill has an asset in the form of Islamic accounts that are coveted by investors who prefer investing in the commodity sector by Sharia law. As such, they do cut out the intermediation service, and this implies they do not have to incur swap fees, which are daily interest expenses. Consequently, all stock trades are charged a fee to cover serving investors whose shares have extended the usual 3-day holding period.
Frequently Asked Questions
Can Muslim traders from South Africa open a Tickmill Islamic account?
Yes, South African Muslim traders can open a Tickmill Islamic account
What is a Tickmill Islamic trading account?
A Tickmill Islamic trading account is based on Islamic principle/Sharia law, which states that interest does not apply to positions held open for longer than a single trading day.
Is the Islamic option available on all the Tickmill account types?
Yes, any of the Tickmill account types can be converted to an Islamic account
What charges are applied by Tickmill on Islamic accounts?
Should an open position be held for more than three consecutive trading days (including weekends), your Tickmill Islamic account will be subject to daily charges.
What are the deposit currencies for a Tickmill Islamic trading account?
The deposit currencies for a Tickmill Islamic trading account are USD, EUR, GBP, and PLN.
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