Halal Forex » islamic forex accounts

Top Ten Islamic Forex Sites

Admin — Sun, 05 Jul 2009 12:51:49 +0000

I have done quite a bit of research on Islamic Forex sites and can tell you there are many that are available to you. The top ten Islamic Forex sites that I have found are as follows.

1. ACM Online Trading Services. This company has offices in New York, Geneva, Zurich, Montevideo, and Dubai. Its online trading system is performed by the Swiss Federal Department of Finance. They boast about being completely safe with their Forex trading technology.
2. FXOpen provides online support to their customers 24 hours a day, seven days a week. You can open a mini account with as little as one dollar. Their trades are in real time and they offer instant trade execution.
3. MoneyForex Financial offers traditional Forex accounts as well as swap free Islamic Forex accounts. You simply have to request and sign up for the swap free account and fax your request to them to get started. This will allow you to comply with Shariah law concerning trades and interest charges.
4. Muslim-Investor.com is another great place to set up your Islamic Forex trading account. This website is a Forex site that is devoted solely to Forex accounts that comply with Shariah laws. It has been developed to assist Muslims worldwide with their Forex trades.
5. Tadawulfx.com was the first website to offer Forex accounts with Islamic conditions that met Shariah laws. They offer trading software that you can download directly from their website.
6. ForexandPips.com offer Islamic trading accounts that you can manage on your own or have a broker to manage them for you. They offer a free course to get you started in your quest to learn Forex trading.
7. TopForexCompanies.com will let you open a practice account until you are reading to get started with the real thing. They offer tutorials to get you started and will help you get your real Islamic Forex trading account off to a good start.
8. Marketiva has been online since 2005. They have great support for you and offer fast order execution. They offer no interest for Muslim investors. There are no accounts available to U.S. citizens though.
9. Forex4you is based in the United Kingdom and has been doing Forex trading since 2007. They offer oil trading as well as Islamic Forex trading. You can fund your account with a credit card or wire transfer.
10. Arab Financial Broker is based in Kuwait and has been conducting Islamic Forex trades since 2008. They are a little newer to the market, but offer close to home services for those doing business out of the Middle Eastern countries.

So in the world of Islamic Forex websites there are a lot of choices. I would suggest doing research on each company you are interested in to see if their clients are satisfied with the service they receive from their brokers. Select someone who you trust and can work with.

Managing your Islamic Forex Trading Account

Admin — Fri, 05 Jun 2009 12:21:57 +0000

While some people will choose to manage their own Islamic Forex trading account, others will decide to let a broker do it for them. In this case they simply do not have enough time to devote to watching and monitoring their accounts. Some simply do not feel they have enough experience to manage their Islamic Forex trading account on their own. This is where it would be a great idea to hire a broker to help them out.

Many people are choosing to put some of their investments in Islamic Forex accounts instead of having all their money in stocks and bonds. This reduces their risk in today’s economy. Stocks and bonds are volatile and tend to depend more on the economic conditions for profit. This will give a little more balance to your investment portfolio. Islamic Forex trading is separate from stock trading and thus it’s gains and losses are also separate.

When you choose someone to manage your Islamic Forex trading account you will want to look for someone who has a lot of experience and expertise in the Forex market. Most banks only hire the best people to handle Forex trading accounts. The person with the most experience should be the person you search for to handle your account. You will not want to try to break into the Islamic Forex trading market without having someone to advise you.

When managing your Islamic Forex trading account the broker should be able to give you a weekly or monthly report on your account. This would depend on your preference of how closely you want to follow their work. If you don’t really understand all that is happening with your account you should ask questions of your broker and have them teach you more about how the trades are made.

The broker you have chosen to manage your Islamic Forex trading account should be able to discern when a good profit can be made and when it is time to lessen the loss. They know how to watch the real time market and seize opportunities when they present themselves. They are the experts and will be able to employ strategies that will benefit you in the long run. They want you to succeed and will do their best to make sure that you do.

When managing your Islamic Forex trading account make sure that you get real time information. Keep track of what is going on in the world that could affect your account. Keep a watchful eye on events that make one currency more valuable than another. Remember that if something sounds too good to be true, it probably is. Don’t fall for get rich quick schemes that could cost you in the long run.

Let a professional get you started and when you feel more comfortable with the trades start making suggestions that you might like to try. Your broker can guide you in your final decision of whether to make a trade or wait and see what happens for a little while.