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for Gold

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Types

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Type

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Methods

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Details

Markets.com

Offers five ways to trade: Forex, Shares, Indices, Commodities, ETF and CFD

 
Markets.com
See Details Try a Demo
Your capital is at risk/span>
$100Min. Deposit Learn More
  • MT4
  • WebTrader
  • Mobile apps
See Platforms
  • Micro
  • Standard
  • VIP
See All Accounts
  • Fixed
  • Variable

See Spreads
  • Bank transfer
  • Credit cards
  • PayPal
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  • Live chat
  • Phone support
  • Email support
Contact Details
  • Market Maker
  • DMA
  • ECN
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Trust Score:

B

0

Established in:

2008

Regulated by:

CySEC, Financial Services Boar...

ThinkMarkets

Offers five ways to trade: Forex, CFDs, Spread Betting, Autotrade, Autochartist

ThinkMarkets
See Details Try a Demo
Losses can exceed deposits/span>
0.20pointsSee All Spreads
$250Min. Deposit Learn More
  • MT4
  • WebTrader
  • Mobile apps
See Platforms
  • Micro
  • Standard
  • VIP
See All Accounts
  • Fixed
  • Variable

See Spreads
  • Bank transfer
  • Credit cards
  • PayPal
See Methods
  • Live chat
  • Phone support
  • Email support
Contact Details
  • Market Maker
  • DMA
  • ECN
Learn More
Trust Score:

B

0

Established in:

2010

Regulated by:

Financial Conduct Authority an...

See DetailsTry a Demo
Losses can exceed deposits
CFDs are leveraged products and can result in the loss of your capital. Rankings are influenced by affiliate commissions. All information collected on 1/11/2017.

The Ultimate Guide to

Choosing a Broker
For Islamic Accounts

Not sure which broker is right for you?

Don’t worry - we’ve got you covered. In this guide, you’ll learn:

Ready?

Part 1

Why Choose Markets.com
For Islamic Accounts?

Markets.com scored best in our review of the top brokers for islamic accounts, which takes into account 120+ factors across eight categories. Here are some areas where Markets.com scored highly in:

  • 9+ years in business
  • Offers + instruments
  • A range of platform inc. MT4, Web Trader, Tablet & Mobile apps
  • 24/7 customer service
  • Tight spreads from 2.0 pips
  • Used by + traders
  • Allows hedging
  • 5 languages
  • Leverage up to 100:1

Markets.com offers five ways to trade: Forex, Shares, Indices, Commodities, ETF and CFD. If you wanted to trade GOLD through copy trading or other means, skip to part two.

The two most important categories in our rating system are the cost of trading and the broker’s trust score. To calculate a broker’s trust score, we take into account a range of factors, including their regulation history, years in business, liquidity provider etc.

Markets.com have a B trust score, which is good. This is largely down to them being regulated by CySEC, Financial Services Board, segregating client funds, being established for over 9 years, and much more. For comparison:

Trust Score comparsion

Markets.com ThinkMarkets
Trust Score B B
Year Established 2008 2010
Regulated by CySEC, Financial Services Board Financial Conduct Authority and ASiC
Uses tier 1 banks
Company Type Public Private Private
Segregates client funds

The second thing we look for is the competitiveness of the spreads, and what fees they charge. We've compared these in detail in part three of this guide.

Part 2

Who Markets.com is (& Isn’t)
Suitable For

As mentioned, Markets.com allows you to trade in five ways: Forex, Shares, Indices, Commodities, ETF and CFD.

Suitable for:

  • CFD Trading
  • Forex Trading

Not Suitable for:

To trade with Markets.com, you'll need a minimum deposit of $100. Markets.com offers a range of different account types for different traders including a mini account, vip account.

Finally, Markets.com isn't available in the following countries: AF, DZ, AS, AO, AU, BE, BA, BR, KH, CA, CN, CU, KR, GU, GY, HK, ID, IR, IQ, IL, JP, LA, MO, MY, MM, NZ, MP, PA, PG, PH, PR, RU, SG, KR, SD, SY, TW, TH, TR, UG, VI, VU, USA, VN, YE.

Part 3

A Comparison of Markets.com vs. ThinkMarkets vs.


Want to see how Markets.com stacks up against ThinkMarkets and ? We've compared their spreads, features, and key information below.



Spread & fee comparsion

The spreads below are illustrative. For more accurate pricing information, click on the names of the brokers at the top of the table to open their websites in a new tab.
Markets.com ThinkMarkets
Fixed Spreads
Variable Spreads
EUR/USD Spread 2.0 0.5
GBP/USD Spread 2.0 1.2
Gold spreads from 0.70.20
Silver spreads from 0.070.03
Copper spreads from 0.006N/A
Crude Oil spreads from 0.050.03
Natural gas spreads from 0.005N/A
DAX Spread 2
FTSE 100 Spread 2 N/A
S&P500 Spread 1

Comparison of account & trading features

Markets.com ThinkMarkets
Spread type B
EUR/USD Spread 2008 2010
EUR/GBP Spread CySEC, Financial Services Board Financial Conduct Authority and ASiC
Crude Oil Spread
Gold Spread Public Private Private
DAX Spread

Part 4

Islamic friendly forex broker - avatrade

What is an Islamic forex account?

An Islamic Forex Account is an interest-free account that supports the rulings of Islamic Sharia. In a regular forex trading account, there are certain situations where interest charges may be charged, for example, with London Capital Group, a low 0.0027% overnight financing fee is charged for each open position at 22:00 each day. However, in a halal Islamic Forex account, no interest is charged for an overnight open position in the market like the other conventional trading accounts.

Why regular forex accounts are not Sharia compliant (halal)?

Muslims cannot just open a regular forex account which makes money from money, by charging interest, and making money from money is not permissible in Islam and referred to as Riba.
The interest that is termed as Riba in Islam refers to the amount that is charged above the originally decided amount or any payment that is made without any benefit from the other side. Riba – interest – is not supported in Islam but in the regular forex accounts, there is certain interests and commission charged on a trade.

Secondly, there is another prohibited activity when it comes to Islam which is referred to as Gharar or simply put gambling. Gharar refers to the volatile conditions in the forex market which make it difficult to predict without certainty the what is likely to happen in the future and is akin to gambling. When in any deal, terms and procedures that are not defined and the buyer is not actually aware of all the hazards and outcomes that lead to Gharar and it is declared forbidden in Islam.

Types of trading that are not Sharia compliant

The common forex trends followed by the international markets are not complainant according to Sharia.
Riba – an interest that is charged from the buyer under different conditions
Pledge – a signed commitment that is signed by the customer agreeing to the terms to pay the loan back in the limited time or else the agent is permitted to sell out the contract and recover the loan if the customer is unable to reach the specific percentage of the margin.
Loans – money was given by the agent (Bank) to the customer on some settled terms of interest
Short selling, trading on margin and forwards sales are also not permitted by Islam

How do you get an Islamic account?

Getting an Islamic forex account is not a big deal today; a number of brokers and companies are offering the Islamic forex account services. The accounts are designed in the support of all the Islamic rulings on business and investments.

Summary

Islamic Forex Trading account is something that is Riba free and follows the Islamic Sharia rulings for business and investment.


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