Tradersway offers an Islamic account for Muslim faith traders including a swap-free account is offered. The Islamic forex trading environment is ideal for traders following strict sharia law.
Tradersway at a glance
| Broker’s Name | TradersWay |
| ?️ Headquarters | Dominica |
| ? Year Founded | 2011 |
| ⚖️ Regulating Authorities | None |
| ? Countries not accepted for trade | United States |
| ☪️ Islamic account (swap-free) | Yes |
| ? Demo Account | Yes |
| ✴️ Institutional Accounts | No |
| ??? Managed Accounts | No |
| ⬆️ Maximum Leverage | 1:1000 |
| ? Minimum Deposit | $10 |
| ? Deposit Options | Bank Wire Transfer Credit/Debit Cards Neteller Skrill Crypto, and more |
| ? Withdrawal Options | Bank Wire Transfer Credit/Debit Cards Neteller Skrill Crypto, and more |
| ? Platform Types | cTrader, MetaTrader 4, MetaTrader 5 |
| ? OS Compatibility | Web browsers, Windows, MacOS, Linux, Android, iPhone, tablets, iPads |
| ? Tradable assets offered | Forex, metals, energies, cryptocurrencies |
| ? Languages supported on Website | 11 Languages supported |
| ? Customer Support Languages | 11 Languages supported |
| ⏲️ Customer Service Hours | 24 hours/5 days a week |
| ? Open an account | Click Here |
Tradersway Islamic Account Revealed – 11 Key Point Quick Overview
- ✅Tradersway at a glance
- ✅Tradersway Overview
- ✅What exactly is an Islamic Account?
- Which financial activities are restricted and prohibited by Sharia law?
- What are the steps involved in opening a Tradersway Islamic Account?
- What are Tradersway’s spread costs on an Islamic Account?
- What other features does Tradersway’s Islamic Account have?
- Tradersway Pros and Cons
- Tradersway Customer Reviews
- Conclusion
- Frequently Asked Questions
Tradersway Overview
Tradersway is a forex broker in Dominica, which aims to provide traders with the widest trading opportunities available on the financial markets. Tradersway provides all types of traders the experience of a wide range of trading tools, tradable products, and good trading conditions.
Tradersway’s minimum deposit is only $10, which is equivalent to 170 ZAR. Tradersway also provides practice accounts to help you get started before opening a live Forex account. Depositing and withdrawing money is quite simple and quick. additionally, Tradersway offers four account types – MICRO and ECN Standard accounts with fixed (FIX) and variable (VAR) spread as well as four trading platforms – MetaTrader 4, MetaTrader 5, WebTrader and Mobile applications, to use.
Five classes of market instruments can be traded: FOREX, Stock indices, Metals, Energies, and Commodities. Trader’s Way is a no-dealing desk/STP Forex broker which provides traders with a range of interesting trading opportunities. When signing up with Tradersway, a client can claim a deposit bonus, although this is the only promotion offered.
All in all, Tradersway is not properly regulated especially since the broker also does not require any documentation to open an account. Tradersway offers both fixed and variable spreads on their standard accounts and offers ECN and micro account options.
What exactly is an Islamic Account?
Islamic accounts, known as swap-free accounts, are compliant with the Sharia law because there is no swap or rollover interest on overnight positions, which is against the Muslim faith. Muslim clients can benefit from these same trading conditions and terms as regular trading account types, with the only difference having no swaps on trading instruments.
Another 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, namely Riba and Gharar. Riba is a concept that refers to increasing or exceeding growth, which forbids interest credited from loans or deposits. Gharar is an Arabic word associated with uncertainty, deception, and risk, which in modern finance include futures and options contracts, which have dates of delivery in the future.
Which financial activities are restricted and prohibited by Sharia law?
Due to the restrictions and prohibitions on Muslim traders when considering the intricate details involved with trading activities, the following may be affected or prohibited:
| ☪️️ | |
| Overnight rollovers | because it involves the receiving of swap points on positions that are held open for longer after the trading day has concluded at the New York close at 17:00 EST, as is prohibited by the Sharia law |
| Margin deposits and interest | because it involves the accrual of interest on funds that are deposited into the trading account, which is prohibited. |
| Loans | are prohibited by the Sharia law as per the element of Riba. Followers of the Sharia law is prohibited from having funds transferred by either a bank or other financial institution and involving interest |
| Trading on margin | results in a trader being liable for paying interest, which also amounts to Riba and is prohibited by Sharia law, as money is borrowed from the broker to buy or sell such equities. |
| Short sales | which affects mostly shares and involves borrowing and subsequent sale of an asset, is prohibited |
| Forwards sales | are affected. The trading of futures contracts 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. |
What are the steps involved in opening a Tradersway Islamic Account?
Traders who are eligible for an Islamic Account must complete the live account application and then state that they want to apply for the Islamic option. Tradersway may also require certain additional documents, apart from proof of identity and residential address, before approving an application for an Islamic account.
Follow these steps to open a Tradersway Islamic account:
Step 1 – Go to the Tradersway official website
Click on the Private Office button at the top of the landing page.
Step 2 –Tradersway Private Office
Select new account registration and click on “open account now” to begin the Tradersway account registration process.
Step 3 –Tradersway Account Registration
You will be redirected to an online registration page. Provide your details, including your full name, email address, and country of residence
Step 4 – Select Account Type and currency
To complete the registration process select the type of Tradersway trading account you would like to open as well as the desired currency of trade.
Click on “Open Account Now” to successfully register the Tradersway account and recieve the log in details.
Step 5 – Recieve your Tradersway log-in details.
Contact the Tradersway support team to convert to a swap-free account.
What are Tradersway’s spread costs on an Islamic Account?
To make up for money lost by not charging overnight fees, a broker like Tradersway usually charges extra fees on Islamic accounts – either in administration fees, wider spreads, or additional commissions. New Islamic traders should contact the broker’s customer service team to enquire about any special conditions or extra fees before joining, because it is often overlooked or not clearly indicated on the account features pages.
What other features does Tradersway’s Islamic Account have?
When making use of the Tradersway Islamic account, traders can expect key features like the following:
| ▶ Interest is not charged on contracts that are held for more than 24-hours |
| ▶ Accounts are activated with a required minimum deposit |
| ▶ Some specific restrictions and limits may apply to the Islamic Account |
| ▶ Traders have access to Expert Advisors, which allow for automated trading |
| ▶ Direct execution of trades |
| ▶ Accounts are activated with a minimum deposit requirement as stipulated by the broker |
| ? Click Here ? |
Before registering an account, traders should ensure that they contact the support desk to find out more regarding any restrictions and/or limits.
Tradersway Pros and Cons
| ✔️ PROS | ❌ CONS |
| A fair choice of account types with swap-free options is provided | Broker is not properly regulated |
| Islamic or swap-free accounts are available | No specific information on the website about fees applicable to Islamic accounts |
| minimum deposit recommended $10 |
Tradersway Customer Reviews
Good Broker
Tradersway is a good FX broker.. good job ..100% Recommended! – Tammy
Tradersway website
All in all, Tradersway’s website is easily accessible and user-friendly, also any minor issue I had was eventually resolved…. – Erin
Tradersway Affiliate Program
I enjoy the opportunities to earn an income through IB programs offered by forex brokers, Check it out! – Su
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Conclusion
Although unregulated, TradersWay offers trading conditions that set it apart from its peers with low trading and non-trading fees along with a variety of accounts that cater for various traders despite their knowledge, skill, and experience. TradersWay caters to both beginner and more experienced traders in its comprehensive offering in addition to providing adequate education and research to aid traders in improving their trading skills and knowledge.
TradersWay provides access to four of the largest financial markets through its offering and provides access to three of the most powerful trading platforms through which trades can be executed, and trading skills improved with an array of features.
Despite the trading conditions and claims that it is a legitimate broker, TradersWay does not offer traders guarantees pertaining to client fund security and traders still need to proceed with caution when dealing with unregulated brokers.
Frequently Asked Questions
How many instruments can I trade with Tradersway Islamic account?
You can trade several different instruments with Tradersway, which include the following:
- More than 45 currencies
- More than 5 Cryptocurrencies, including Bitcoin, Litecoin and Ethereum
- More than 5 CFDs, including Gold, Silver, Stock Indexes, Oil, and Other Commodities
Which platforms are supported by Tradersway Islamic account?
Tradersway provides the following popular trading platforms:
- MT4
- MT5
- cTrader
- Mobile apps
Does Tradersway offer leverage on the Islamic account?
Yes, Tradersway offers maximum leverage of up to 1: 1000.
What spreads can I expect with Tradersway Islamic account?
Tradersway offers the smallest spreads possible on the market starting from 0.1 pips on EUR/USD.
Are Muslim traders from South Africa allowed to open a trading account with Tradersway?
Yes, Tradersway gives Muslim traders from South Africa the opportunity to open an account.
Featured SA Shares Writer and Forex Analyst.
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