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Axiory Islamic Account

Axiory Islamic Account

Axiory offers an Islamic account for Muslim traders. Axiory offers swap-free trading for Muslim traders on 4 trading account levels namely the NANO accountStandard accountMAX account, and Terra Accounts.

Updated : September 27, 2022

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Axiory Islamic Account

Axiory Overview

Axiory Islamic Account

What is an Islamic Account?

Axiory Islamic Account

How to Open an Islamic Account?

Axiory Islamic Account

Pros and Cons

Axiory Islamic Account

Final Verdict

Axiory Islamic Account

FAQ

Overall Rating

Min Deposit

10 USD / 1156 KES

Regulators

IFSC, MFSC and FSC

Trading Desk

MetaTrader4, MetaTrader5, CopyTrade and cTrader

Crypto

No

Total Pairs

62

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

Axiory Overview

 

👉 Axiory has been in business since 2011 and provides an extensive selection of industry-leading trading platforms, including cTrader, MetaTrader, and FIX API access for institutional trading circumstances.

 

👉 In addition, you get free access to additional trading tools and educational resources to aid you in your day trading operations.

 

👉 The minimum deposit to open an account with the broker is simply $10 / 1,100 KES, and there is always the option of a free and unlimited demo account if you want to test out their services before committing.

 

👉 Axiory is proud of its “person to human” approach as a broker. This mentality is reflected in the desk’s attentive, proactive, and resourceful nature.

 

👉 Axiory claims that its support staff is highly educated and well-trained. The crew is available 24 hours per day by email, instant online chat, and phone calls. Low minimum deposit restrictions and excellent training resources make Axiory a popular choice for novice traders.

 

👉 Beginner traders will find Axiory’s instructional and market analysis products to be well-organized, informative, and comprehensive. Experts in the sector conduct biweekly webinars, and Axiory’s trading school provides seminars, articles, and tutorials, among other things.

 

👉 Axiory has a few more trading tools, but nothing extraordinary. AutoChartist is accessible at no extra cost to all actual account members. AutoChartist is a wonderful MT4 plugin that monitors markets, does analysis, and informs traders.

 

👉 Axiory permits copy-trading, hedging, and scalping, however only EUR and USD are supported for account currencies. On all accounts, Axiory also offers Islamic Swap-Free options.

 

👉 Note that instead of a swap, a commission is levied if a position remains open overnight. The commissions and holding time are subject to vary as required based on market circumstances.

Axiory At a Glance

🏛 HeadquarteredBelize
🏙 Kenyan Based OfficeNone
✅ Accepts Kenyan Traders?Yes
🗓 Year Founded2011
📞 Kenyan Office Contact NumberNone
🤳 Social Media Platforms• Facebook
• Instagram
• Twitter
• LinkedIn
• YouTube
⚖️ RegulationFSC Belize, FSC Mauritius, FCA
🪪 License Number• Belize – 000122/163
• Mauritius (Tradit) – GB21026376
• United Kingdom (London & Eastern LLP) – 534484
⚖️ CMA RegulationNone
🚫 Regional RestrictionsUnited States, Canada, EU Countries, Japan, The Islamic Republic of Iran, Indonesia, North Korea, Belize, Russia, Albania, Barbados, Burkina Faso, Cambodia, Cayman Islands, Haiti, Jamaica, Morocco, Myanmar, Nicaragua, Pakistan, Panama, Philippines, Senegal, South Sudan, Syria, Uganda, Yemen, Jordan, Mali, Turkey
☪️ Islamic AccountYes
💻 Demo AccountYes
🛍 Retail Investor Accounts6
📊 PAMM AccountsNo
🤝 Liquidity ProvidersSeveral Partner Banks
💸 Affiliate ProgramYes
📲 Order ExecutionMarket
📊 Average spreadFrom 0.13 pips
📞 Margin Call50%
🛑 Stop-Out20%
Crypto trading offered?No
💰 Offers a Kenyan shilling Account?No
👨‍💻 Dedicated Kenyan Account Manager?No
📊 Maximum Leverage1:777
🚫 Leverage Restrictions for Kenya?None
💰 Minimum Deposit (KES)1,100 KES or equivalent to $10
✅ Kenyan shilling Deposits Allowed?No
📊 Active Kenyan Trader Stats70,000+
👥 Active Kenyan-based AvaTrade customersUnknown
💳 Kenya Daily Forex Turnover$100 million+
💵 Deposit and Withdrawal Options• Credit Cards
• Debit Cards
• Bank Transfer
• Sticpay
• Neteller
• Skrill
• Vload
• ThunderXPay
🏦 Segregated Accounts with Kenyan Banks?No
📊 Trading Platforms• MetaTrader 4
• MetaTrader 5
• cTrader
• Axiory CopyTrade
✔️ Tradable Assets• Forex
• Gold and Precious Metals
• Oil and Energies
• CFD Indices
• CFD Stocks
• Exchange Stocks
• Exchange ETFs
💸 Offers USD/KES currency pair?No
📈 USD/KES Average SpreadN/A
📉 Offers Kenyan Stocks and CFDsNone
🗣 Languages supported on WebsiteThai, Portuguese, Russian, Spanish, Vietnamese, Chinese, English, Arabic
📞 Customer Support LanguagesMultilingual
⏰ Customer Service Hours24/5
👥 Kenyan-based customer support?None
✅ Bonuses and Promotions for KenyansNone
📚 Education for Kenyan beginnersYes
📱 Proprietary trading softwareYes
💰 Most Successful Kenyan TraderPatrick Mahinge (Net Worth – Private)
✅ Is AvaTrade a safe broker for Kenyans?Yes
📊 Rating for AvaTrade Kenya8/10
🤝 Trust score for AvaTrade Kenya90%
👉 Open an account👉 Open Account

What exactly is an Islamic Account for Traders?

Axiory Islamic Account

👉 An Islamic, or swap-free, trading account is allowed by Islamic Sharia law. These accounts are based on the Islamic principle where interest is not applied to positions that are held open for longer than a trading day after the trading day has concluded.

 

👉 Islamic Accounts are provided by brokers who serve Middle Eastern clients along with clients from other jurisdictions and offer certain features that are in line with Sharia law, which prohibits the accrual of interest on funds deposited into the account.

 

👉 The other 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 Islamic law relate specifically to trading accounts, these elements are:

➡️ Riba, and

➡️ Gharar

 

👉 Riba is the prohibition of generating money from money, which in this case specifically refers to an interest, which is not allowed according to Sharia law. This type of interest is seen as both unjust and exploitive gains on trade or business.

Why is interest discouraged or prohibited by Sharia law?

axiory islamic account

👉 Because of the restrictions and certain prohibitions placed on Muslim traders when considering the intricate details involved with trading activities, the following are affected greatly:

➡️ Overnight rollovers – which involve the incurrence or receiving of swap points on positions that are held open for longer after the trading day has concluded at the New York close at 5 PM EST which is prohibited by the Sharia law.

➡️ Margin deposits and interest – which involves the accrual of interest on funds that are deposited into the trading account, which is prohibited.

➡️ Loans – when followers of the Sharia law have funds transferred by either a bank or other financial institution and it involves interest terms, this is prohibited by the Sharia law as per the key element, Riba.

➡️ Margin trading – stocks that are traded on margin result in the trader being liable for paying interest, which amounts to Riba, as money is borrowed from the broker to buy or sell such equities, which is prohibited by Sharia law.

➡️ Short sales – which affects mostly shares and involves borrowing and subsequent sale of an asset, which is prohibited.

➡️ Forward sales – which affects forward contracts as well as the trading of futures contracts which 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 an Axiory Islamic Account?

Here are the steps to open an Islamic account on Axiory:

 

👉 Step 1: Navigate to the Axiory Homepage.

Traders can navigate to the Axiory home page to open an Islamic account by selecting ‘Accounts’ then ‘Islamic accounts’ to register for a trading account with Axiory.

Open a axiory demo account step 1

 

👉 Step 2: Add your personal information

Traders will be redirected to the Axiory registration page where they will be required to choose between an individual/ corporate account by filling in their required generic information.

Open a axiory demo account step 2

 

👉 Step 3: Choose your account type

Traders will follow the prompted steps to choose between creating a demo account or a live account in order to start trading with Axiory, the live account will require a verification process.

Open a axiory demo account step 3

 

👉 Step 4: Select your preferred Trading Platform

Choose between cTrader, MetaTrader4, and MetaTrader5.

Open a axiory demo account step 4

 

👉 Step 5: Setup your Trading Account

Select and change the platform currency and Leverage of their choice to create their new account.

Open a axiory demo account step 5

 

👉 Step 6: Your Axiory account has now been created

Open a axiory demo account step 6

Overall Rating

Min Deposit

10 USD / 1156 KES

Regulators

IFSC, MFSC and FSC

Trading Desk

MetaTrader4, MetaTrader5, CopyTrade and cTrader

Crypto

No

Total Pairs

62

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

What is Axiory’s spread costs on an Islamic Account?

👉 The spreads on the Islamic Account will be the same as those on the live trading account that was converted into an Islamic Account. The following is a list of typical spreads that traders should be prepared for:

➡️ Nano Account – from 0.2 pips EUR/USD

➡️ Standard Account – from 1.2 pips EUR/USD

➡️ Max Account – from 1.8 pips EUR/USD

➡️ Tera Account – from 0.2 pips EUR/USD

 

What other features does Axiory’s Islamic Account offer traders?

👉 When working with Axiory, Muslim traders in Kenya could anticipate the following trading conditions and characteristics, among others:

 

Nano Account

Account FeatureValue
💸 Minimum Deposit Requirement1,100 KES equivalent to $10
💻 Platforms Available for Account TypeMetaTrader 4, cTrader
📊 Average Spread on Forex Major Pairs0.3 pips
📈 Maximum Leverage Ratio1:400
💰 Commission Charges on Trades$6 per lot
💵 Commissions on Stock CFDs$0.04 per CFD with a minimum of $6
💳 Account Base Currency OptionsEUR or USD
📉 Negative Balance Protection OfferedYes
✔️ Is Hedging Allowed?Yes
💰 Minimum Forex Trading Volume0.01 lots
📈 Maximum Forex Position Size1 Standard Lot or 100,000
💸 Maximum Open and Pending PositionsUnlimited
☪️ Islamic Account Conversion Offered?Yes
💵 Access given to Axiory CopyTrade?No

 

Standard Account

Account FeatureValue
💸 Minimum Deposit Requirement1,100 KES equivalent to $10
💻 Platforms Available for Account TypeMetaTrader 4, cTrader
📊 Average Spread on Forex Major Pairs0.13 pips
📈 Maximum Leverage Ratio1:400
💰 Commission Charges on TradesNone
💵 Commissions on Stock CFDs$0.04 per CFD with a minimum of $6
💳 Account Base Currency OptionsEUR or USD
📉 Negative Balance Protection OfferedYes
✔️ Is Hedging Allowed?Yes
💰 Minimum Forex Trading Volume0.01 lots
📈 Maximum Forex Position Size1 Standard Lot or 100,000
💸 Maximum Open and Pending PositionsUnlimited
☪️ Islamic Account Conversion Offered?Yes
💵 Access given to Axiory CopyTrade?No

 

Max Account

Account FeatureValue
💸 Minimum Deposit Requirement1,100 KES equivalent to $10
💻 Platforms Available for Account TypeMetaTrader 4, cTrader
📊 Average Spread on Forex Major Pairs0.2 pips
📈 Maximum Leverage Ratio1:777
💰 Commission Charges on TradesNone
💵 Commissions on Stock CFDs$0.06 per CFD with a minimum of $8
💳 Account Base Currency OptionsEUR or USD
📉 Negative Balance Protection OfferedYes
✔️ Is Hedging Allowed?Yes
💰 Minimum Forex Trading Volume0.01 lots
📈 Maximum Forex Position Size1 Standard Lot or 100,000
💸 Maximum Open and Pending PositionsUnlimited
☪️ Islamic Account Conversion Offered?Yes
💵 Access given to Axiory CopyTrade?Yes

 

Tera Account

Account FeatureValue
💸 Minimum Deposit Requirement1,100 KES equivalent to $10
💻 Platforms Available for Account TypeMetaTrader 5
📊 Average Spread on Forex Major Pairs0.3 pips
📈 Maximum Leverage Ratio1:400
💰 Commission Charges on Trades$6 per lot
💵 Commissions on Stock CFDs$0.04 per CFD with a minimum of $6
💳 Account Base Currency OptionsEUR or USD
📉 Negative Balance Protection OfferedYes
✔️ Is Hedging Allowed?Yes
💰 Minimum Forex Trading Volume0.01 lots
📈 Maximum Forex Position Size1 Standard Lot or 100,000
💸 Maximum Open and Pending PositionsUnlimited
☪️ Islamic Account Conversion Offered?Yes
💵 Access given to Axiory CopyTrade?No

Axiory Kenya Pros and Cons

✔️ Pros❌ Cons
Axiory is multi-regulated and offers investor protection through the Financial CommissiosKenyan traders are not given the benefit of local deposit and withdrawal options
Client Funds are kept in segregated with top financial institutionsThe Kenyan shilling is not a base currency option for a trading account
Traders can choose between dynamic and flexible trading accountsHolding commissions are applied to the Islamic account
Traders can choose between robust and reliable trading platformsCryptocurrencies cannot be traded through Axiory
Both an Islamic account and a practice trading account available
Traders can use AutoChartist and a few other helpful tools
Kenyan traders can use several trading strategies
Axiory offers competitive trading conditions across all account types and financial markets

Verdict on Axiory

👉 Overall, Axiory is very competitive in terms of its trading fees and spreads.

FAQ

Does Axiory offer an Islamic Account on all its account types?

No, Axiory offers the option for an Islamic Account on four of five accounts offered. There is no Islamic option on the Alpha account. 

Does Axiory charge any additional fees on Islamic Accounts?

Yes, Axiory charges a holding fee on certain financial instruments.

What is the minimum deposit to register an Axiory Islamic Account?

The minimum deposit for an Islamic Account is the same as that of the live accounts. When Kenyan traders register a live trading account, they need a minimum of 1,100 KES on the Nano, Standard, Tera, and Max Accounts.

The Alpha Account is the share dealing account that does not have a set minimum deposit requirement.

Can anyone register an Islamic Account with Axiory?

No, only Muslim traders who follow Sharia law can request an Islamic Account.

What is the maximum forex trading volume with Axiory?

The maximum forex position size is 1 standard lot or 100,000 base currency units.

9.6/10 - (16 votes)