Top 8 Locally Based Brokers
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 account, Standard account, MAX account, and Terra Accounts.
- Louis Schoeman
Jump to:
Axiory Overview
What is an Islamic Account?
How to Open an Islamic Account?
Pros and Cons
Final Verdict
FAQ
Overall Rating
- 4.8/5
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 Islamic Account – 11 key points quick overview:
- ✅ Axiory Overview
- ✅ Axiory At a Glance
- ✅ What exactly is an Islamic Account for Traders?
- Why is interest discouraged or prohibited by Sharia law?
- What are the steps involved in opening an Axiory Islamic Account?
- What are the steps involved in opening an Axiory Islamic Account?
- What is Axiory’s spread costs on an Islamic Account?
- What other features does Axiory’s Islamic Account offer traders?
- Axiory Kenya Pros and Cons
- Verdict on Axiory
- FAQ
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
| 🏛 Headquartered | Belize |
| 🏙 Kenyan Based Office | None |
| ✅ Accepts Kenyan Traders? | Yes |
| 🗓 Year Founded | 2011 |
| 📞 Kenyan Office Contact Number | None |
| 🤳 Social Media Platforms | • Facebook • YouTube |
| ⚖️ Regulation | FSC Belize, FSC Mauritius, FCA |
| 🪪 License Number | • Belize – 000122/163 • Mauritius (Tradit) – GB21026376 • United Kingdom (London & Eastern LLP) – 534484 |
| ⚖️ CMA Regulation | None |
| 🚫 Regional Restrictions | United 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 Account | Yes |
| 💻 Demo Account | Yes |
| 🛍 Retail Investor Accounts | 6 |
| 📊 PAMM Accounts | No |
| 🤝 Liquidity Providers | Several Partner Banks |
| 💸 Affiliate Program | Yes |
| 📲 Order Execution | Market |
| 📊 Average spread | From 0.13 pips |
| 📞 Margin Call | 50% |
| 🛑 Stop-Out | 20% |
| ✅ Crypto trading offered? | No |
| 💰 Offers a Kenyan shilling Account? | No |
| 👨💻 Dedicated Kenyan Account Manager? | No |
| 📊 Maximum Leverage | 1:777 |
| 🚫 Leverage Restrictions for Kenya? | None |
| 💰 Minimum Deposit (KES) | 1,100 KES or equivalent to $10 |
| ✅ Kenyan shilling Deposits Allowed? | No |
| 📊 Active Kenyan Trader Stats | 70,000+ |
| 👥 Active Kenyan-based AvaTrade customers | Unknown |
| 💳 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 Spread | N/A |
| 📉 Offers Kenyan Stocks and CFDs | None |
| 🗣 Languages supported on Website | Thai, Portuguese, Russian, Spanish, Vietnamese, Chinese, English, Arabic |
| 📞 Customer Support Languages | Multilingual |
| ⏰ Customer Service Hours | 24/5 |
| 👥 Kenyan-based customer support? | None |
| ✅ Bonuses and Promotions for Kenyans | None |
| 📚 Education for Kenyan beginners | Yes |
| 📱 Proprietary trading software | Yes |
| 💰 Most Successful Kenyan Trader | Patrick Mahinge (Net Worth – Private) |
| ✅ Is AvaTrade a safe broker for Kenyans? | Yes |
| 📊 Rating for AvaTrade Kenya | 8/10 |
| 🤝 Trust score for AvaTrade Kenya | 90% |
| 👉 Open an account | 👉 Open Account |
What exactly is an Islamic Account for Traders?
👉 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?
👉 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.
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.
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.
Step 4: Select your preferred Trading Platform
Choose between cTrader, MetaTrader4, and MetaTrader5.
Step 5: Setup your Trading Account
Select and change the platform currency and Leverage of their choice to create their new account.
👉 Step 6: Your Axiory account has now been created
Overall Rating
- 4.8/5
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 Feature | Value |
| 💸 Minimum Deposit Requirement | 1,100 KES equivalent to $10 |
| 💻 Platforms Available for Account Type | MetaTrader 4, cTrader |
| 📊 Average Spread on Forex Major Pairs | 0.3 pips |
| 📈 Maximum Leverage Ratio | 1:400 |
| 💰 Commission Charges on Trades | $6 per lot |
| 💵 Commissions on Stock CFDs | $0.04 per CFD with a minimum of $6 |
| 💳 Account Base Currency Options | EUR or USD |
| 📉 Negative Balance Protection Offered | Yes |
| ✔️ Is Hedging Allowed? | Yes |
| 💰 Minimum Forex Trading Volume | 0.01 lots |
| 📈 Maximum Forex Position Size | 1 Standard Lot or 100,000 |
| 💸 Maximum Open and Pending Positions | Unlimited |
| ☪️ Islamic Account Conversion Offered? | Yes |
| 💵 Access given to Axiory CopyTrade? | No |
Standard Account
| Account Feature | Value |
| 💸 Minimum Deposit Requirement | 1,100 KES equivalent to $10 |
| 💻 Platforms Available for Account Type | MetaTrader 4, cTrader |
| 📊 Average Spread on Forex Major Pairs | 0.13 pips |
| 📈 Maximum Leverage Ratio | 1:400 |
| 💰 Commission Charges on Trades | None |
| 💵 Commissions on Stock CFDs | $0.04 per CFD with a minimum of $6 |
| 💳 Account Base Currency Options | EUR or USD |
| 📉 Negative Balance Protection Offered | Yes |
| ✔️ Is Hedging Allowed? | Yes |
| 💰 Minimum Forex Trading Volume | 0.01 lots |
| 📈 Maximum Forex Position Size | 1 Standard Lot or 100,000 |
| 💸 Maximum Open and Pending Positions | Unlimited |
| ☪️ Islamic Account Conversion Offered? | Yes |
| 💵 Access given to Axiory CopyTrade? | No |
Max Account
| Account Feature | Value |
| 💸 Minimum Deposit Requirement | 1,100 KES equivalent to $10 |
| 💻 Platforms Available for Account Type | MetaTrader 4, cTrader |
| 📊 Average Spread on Forex Major Pairs | 0.2 pips |
| 📈 Maximum Leverage Ratio | 1:777 |
| 💰 Commission Charges on Trades | None |
| 💵 Commissions on Stock CFDs | $0.06 per CFD with a minimum of $8 |
| 💳 Account Base Currency Options | EUR or USD |
| 📉 Negative Balance Protection Offered | Yes |
| ✔️ Is Hedging Allowed? | Yes |
| 💰 Minimum Forex Trading Volume | 0.01 lots |
| 📈 Maximum Forex Position Size | 1 Standard Lot or 100,000 |
| 💸 Maximum Open and Pending Positions | Unlimited |
| ☪️ Islamic Account Conversion Offered? | Yes |
| 💵 Access given to Axiory CopyTrade? | Yes |
Tera Account
| Account Feature | Value |
| 💸 Minimum Deposit Requirement | 1,100 KES equivalent to $10 |
| 💻 Platforms Available for Account Type | MetaTrader 5 |
| 📊 Average Spread on Forex Major Pairs | 0.3 pips |
| 📈 Maximum Leverage Ratio | 1:400 |
| 💰 Commission Charges on Trades | $6 per lot |
| 💵 Commissions on Stock CFDs | $0.04 per CFD with a minimum of $6 |
| 💳 Account Base Currency Options | EUR or USD |
| 📉 Negative Balance Protection Offered | Yes |
| ✔️ Is Hedging Allowed? | Yes |
| 💰 Minimum Forex Trading Volume | 0.01 lots |
| 📈 Maximum Forex Position Size | 1 Standard Lot or 100,000 |
| 💸 Maximum Open and Pending Positions | Unlimited |
| ☪️ 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 Commissios | Kenyan traders are not given the benefit of local deposit and withdrawal options |
| Client Funds are kept in segregated with top financial institutions | The Kenyan shilling is not a base currency option for a trading account |
| Traders can choose between dynamic and flexible trading accounts | Holding commissions are applied to the Islamic account |
| Traders can choose between robust and reliable trading platforms | Cryptocurrencies 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.
