Overall, VT Markets is considered average risk, with an overall Trust Score of 71 out of 100. VT Markets is licensed by 1 Tier-1 Regulator (high trust), 1 Tier-2 Regulator (average trust), and 1 Tier-3 Regulator (low trust). VT Markets offers two retail trading accounts, a Standard STP and Raw ECN Account, with the option for a Demo and Islamic Account.
VT Markets offers swap-free trading accounts designed for Muslim traders. These traders, who may not participate in swap transactions due to religious beliefs, can take advantage of the company’s Islamic accounts.
With VT Markets, Muslim traders have access to institutional-level liquidity directly streamed to MT4 and MT5 via either the Islamic Standard STP or the Islamic RAW ECN account options.
According to Islamic finance principles, overnight swaps or interest are not charged on VT Markets Forex Islamic Accounts. Instead, a position administration fee is applied and deducted from the account balance.
VT Markets at a glance
| ? Headquartered | Sydney, Australia |
| ? Global Offices | South Africa, Saint Vincent and the Grenadines, Taiwan |
| ?? Local Market Regulators in South Africa | Financial Sector Conduct Authority (FSCA) |
| ?? Foreign Direct Investment in South Africa | R10309.28 billion ZAR |
| ?? Foreign Exchange Reserves in South Africa | R46.3 billion ZAR |
| ?? Local office in South Africa? | No |
| ?? Governor of SEC in South Africa | None, the governor of the Reserve Bank in South Africa is EL (Lesetja) Kganyago |
| ?? Accepts South Africa Traders? | Yes |
| ? Year Founded | 2015 |
| ?? South Africa Office Contact Number | No |
| ? Social Media Platforms | |
| ⚖️ Regulation | ASIC, FSCA, SVG FSA |
| ? Tier-1 Licenses | Australian Securities and Investment Commission (ASIC) |
| ? Tier-2 Licenses | Financial Sector Conduct Authority (FSCA) |
| ? Tier-3 Licenses | Saint Vincent and the Grenadines Financial Services Authority (SVG FSA) |
| ? License Number | Australia – AFSL 516246
South Africa – FSP 50865 Saint Vincent and the Grenadines – 673 LLC 2020 |
| ⚖️ FSCA Regulation | Yes, FSP 50865 |
| ? Regional Restrictions | United States, North Korea |
| ☪️ Islamic Account | Yes |
| ? Demo Account | Yes |
| ? Retail Investor Accounts | 2 |
| ? PAMM Accounts | Yes |
| ? Liquidity Providers | Bank of America, Barclays, BNP Paribas, Crédit Agricole, HSBC, and JPMorgan Chase |
| ? Affiliate Program | Yes |
| ? Order Execution | Market Execution |
| ? Starting spread | 0.0 pips EUR/USD |
| ? Minimum Commission per Trade | $6 per round turn |
| ? Decimal Pricing | 5th Decimal |
| ?️ Margin Call | 100% |
| ? Stop-Out | 50% |
| ⬇️ Minimum Trade Size | 0.01 lots |
| ⬆️ Maximum Trade Size | 500 lots |
| ₿ Crypto trading offered? | No |
| ?? Offers a ZAR Account? | No |
| ?? Dedicated South Africa Account Manager? | No |
| ⬆️ Maximum Leverage | 1:500 |
| ?? Leverage Restrictions for South Africa? | No, not under FSCA regulation |
| ? Minimum Deposit (ZAR) | R1,700 ZAR ($100) |
| ?? ZAR Deposits Allowed? | Yes, via the South African office |
| ?? Active South Africa Trader Stats | 200,000+ |
| ?? Active South Africa -based VT Markets customers | Unknown |
| ?? South Africa Daily Forex Turnover | $13.1 billion USD |
| ? Deposit and Withdrawal Options | UnionPay transfer
Mobile Pay Skrill Neteller FasaPay Vietnam Instant Bank Wire Transfer UK Instant Bank Transfer Thailand Instant Bank Transfer USDT Credit/Debit Cards |
| ⌛ Minimum Withdrawal Time | Instant |
| ⌛ Maximum Estimated Withdrawal Time | Up to 7 workdays |
| ? Instant Deposits and Instant Withdrawals? | Yes |
| ?? Segregated Accounts with South African Banks? | Yes |
| ? Trading Platforms | MetaTrader 4
MetaTrader 5 VT Markets App |
| ? Tradable Assets | Forex
Indices Energies Precious Metals Soft Commodities ETFs US Share CFDs UK Share CFDs EU Share CFDs HK Share CFDs CFDs on Bonds |
| ? Offers USD/ZAR currency pair? | Yes |
| ? USD/ZAR Average Spread | 60 pips |
| ?? Offers South African Stocks and CFDs | No |
| ? Languages supported on the Website | English, French, Spanish, Portuguese, Italian, German, Turkish, Japanese, Thai, Malaysia, Vietnamese, Korean |
| ? Customer Support Languages | Multilingual |
| ℹ️ Copy Trading Support | Yes, VTrade |
| ℹ️ Customer Service Hours | 24/5 |
| ?? South Africa-based customer support? | Yes |
| ?? Bonuses and Promotions for South Africa Traders | Yes |
| ?? Education for South African beginners | Yes |
| Proprietary trading software | Yes |
| ?? Most Successful Trader in South Africa | Ref Wayne ($500 million USD+) |
| ?? Is VT Markets a safe broker for South Africa Traders? | Yes |
| ? Rating for VT Markets South Africa | 8/10 |
| ? Trust score for VT Markets South Africa | 71% |
VT Markets Islamic Swap-free account Pros and Cons
| ✅ Pros | ❌ Cons |
| ✅ VT Markets offers a comprehensive Swap-Free account for Muslim traders who cannot pay or earn interest | ❌ Administrative fees might apply to overnight positions |
| ✅ Traders can choose between the ECN and STP account to convert to a Swap-Free option | ❌ The demo account is not unlimited |
| ✅ The spreads are competitive and, according to the base account being converted | ❌ The mark-up on the STP Account can become expensive |
| ✅ Commission-free trading is available on the STP account | |
| ✅ Zero-pip spreads are available on major instruments using the ECN Account | |
| ✅ There is a free demo account that traders can use to test the features and conditions of VT Markets before committing capital | |
| ✅ There is a standard minimum deposit of $100 / 1,700 when traders register an account | |
| ✅ VT Markets offers excellent customer support that can guide traders through the process involved with opening an Islamic Account |
What exactly is an Islamic Account for Traders?
An Islamic account in forex trading is a type of trading account designed to conform to the principles of Islamic finance. The account is intended for Muslim traders who wish to trade in the forex market in a way that is consistent with their religious beliefs.
Islamic finance prohibits the collection and payment of interest, which Islam considers usury and sinful. As a result, traditional forex trading, which involves the rollover of positions overnight, is not permissible under Islamic law.
This is because it involves the payment of interest on the borrowed currency, which is a form of Riba.
To accommodate the needs of Muslim traders, many online forex brokers now offer Islamic accounts designed to be interest-free. These accounts use a special mechanism to avoid the payment of Riba while still allowing traders to participate in the forex market.
For example, instead of overnight swaps, the account may require traders to hold positions for a minimum of 24 hours or close all positions before the end of each trading day.
Islamic accounts are necessary for forex trading because they allow Muslim traders to participate in the market while observing their religious beliefs.
By offering an interest-free alternative to traditional forex trading, these accounts enable Muslim traders to trade in the forex market in a way that is consistent with their values and beliefs.
Riba refers to the collection or payment of interest, which is considered usury in Islamic finance. Gharar is the concept of excessive uncertainty in a financial transaction. Therefore, Riba and Gharar are prohibited in Islamic finance, as they are harmful and unjust.
By offering an Islamic account, online forex brokers allow Muslim traders to trade in the forex market without participating in transactions that involve Riba or Gharar.
Therefore, this provides a more fair and ethical trading environment for Muslim traders, which aligns with the principles of Islamic finance.
What are the steps involved in opening a VT Markets Islamic Account?
To register a VT Markets Islamic Account, South African Muslim traders must register either an STP or ECN account by following these steps:
- Visit VT Markets’ official website to gather information about the company and its services
- Choose the account type that aligns with your trading goals and objectives. VT Markets offers several account types, each with its own benefits and features.
- Fill out the online application form with your personal details and other necessary information.
- Provide identification and address verification documents (if required). These will be used for verification purposes.
- After accepting your application and activating your account, fund your account through bank transfers, credit/debit cards, or electronic payment methods.
- Next, contact VT Markets customer support via telephone, live chat, or email to request an account type conversion to Swap-Free or Islamic Status.
What are VT Markets’ spread costs on an Islamic Account?
The spreads that Islamic Account holders can expect from VT Markets will depend on the account type they choose (STP or ECN), the instrument being traded, and the market conditions on the trading day. Some typical spreads according to the instrument and account type are as follows:
| ℹ️ VT Markets live account types | ? Minimum deposit | ? Average spread | ? Commissions | ? Average trading cost |
| ? Standard STP account | R1,700 ZAR / $100 | 1.2 pips | None | R204 ZAR / $12 USD |
| ? RAW ECN account | R1,700 ZAR / $100 | 0.0 pips | R102 ZAR / $6 USD | R102 ZAR / $6 USD |
| ☪️ Islamic Standard STP account | R1,700 ZAR / $100 | 1.2 pips | None | R204 ZAR / $12 USD |
| ☪️ Islamic RAW ECN account | R1,700 ZAR / $100 | 0.0 pops | R102 ZAR / $6 USD | R102 ZAR / $6 USD |
What other features does VT Markets’ Islamic Account offer traders?
Muslim South African traders who use the VT Markets Swap-Free Account can expect these features from the account:
| ☪️ VT Markets Islamic Account | ℹ️ Information |
| ? Account Currency | AUD, USD, GBP, EUR, and CAD |
| ? Network Bandwidth | 100GB per second |
| ? Minimum Deposit | R1,700 ZAR / $100 |
| ? Average Spread | 1.2 pips (STP) / 0.0 pips (ECN) |
| Trade Execution Type | STP / ECN |
| ? Commissions charged | None on STP / $6 on ECN |
| ? Maximum lots per order | 0.01 lots |
| ? Maximum open orders | 500 lots |
| ? Maximum Leverage Ratio | 1:500 |
| ? Margin Call Percentage | 100% |
| ? Stop-Out Level | 50% |
| Trading Platform Available | MetaTrader 4 MetaTrader 5 |
| ? Access to Auto Trading? | Yes |
| ☪️ Swap-Free Available? | Yes |
| ? Instruments Available on this Account | All |
| ? Is a trading Bonus available? | Yes |
Frequently asked questions
What is a VT Markets Swap-Free Account?
It is a type of account designed for Islamic traders with a fixed fee rather than a swap. The fee is not an interest and depends on the order’s direction.
Is trading with Swap-Free better?
It depends on the individual trader’s personal preference and trading style. For example, some traders prefer swap-free trading accounts as they align with their religious beliefs and values. These accounts do not involve overnight swaps or interest charges.
However, for other traders, the absence of swaps may limit their ability to hold positions overnight and affect their overall trading strategy.
Can I use my Swap-Free Account on the VT Markets App?
You can use your Swap-free account across all trading platforms that VT Markets supports, including MetaTrader 4, MetaTrader 5, and the VT Markets app.
Which VT Markets Account Types can I convert to a Swap-Free Option?
You can convert the ECN or STP accounts according to your trading strategies and objectives.
Can I use my Islamic Account on the VT Markets MT4 platform?
You can use your Islamic Account on VT Markets MT4 across the web, mobile, and desktop applications.
Can I participate in VT Markets’ copy trading with my Swap-Free Account?
Because VT Markets offers copy trading, you could use your Swap-Free account to copy the trades of others to your account.
However, suppose you are using an Islamic account. In that case, it is important to ensure that the copy trading features offered by the broker comply with the principles of Islamic finance, such as avoiding Riba (usury) and Gharar (uncertainty).
Addendum/Disclosure
No matter how diligently we strive to maintain accuracy, the forex market is a volatile environment that may change at any time, even if the information supplied is correct at the time of going live.
Featured SA Shares Writer and Forex Analyst.
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