Top 8 Locally Based Brokers
Windsor Brokers Islamic Account
Windsor Brokers does offer a Islamic account for Muslim faith traders with a fixed fee instead of a swap. The fee is not an interest and depends on the direction of the order. Windsor Brokers is considered low-risk, with an overall Trust Score of 88% out of 100.
- Louis Schoeman
Jump to:
Windsor Brokers Overview
What is an Islamic Account?
How to Open an Islamic Account?
Pros and Cons
Final Verdict
FAQ
Overall Rating
- 4.7/5
Total Pairs
50
Islamic Account
No
Trading Fees
Low
Account Activation Time
24 Hours
Windsor Brokers At a Glance
| 🏛 Headquartered | Cyprus, Jordan, Kenya, Belize, Seychelles |
| ⚖️ Local Market Regulator in Kenya | Capital Markets Authority (CMA) |
| 💰 Foreign Direct Investment in Kenya | 1.3% of the overall GDP |
| 💸 Foreign Exchange Reserves in Kenya | 8.2 billion USD |
| 🏛 Local office in Nairobi? | Yes |
| ⚖️ Governor of SEC in Kenya | None |
| ✔️ Accepts Kenyan Traders? | Yes |
| 🗓 Year Founded | 1988 |
| 📞 Kenyan Office Contact Number | +254 205029240 |
| 📱 Social Media Platforms | • Facebook • YouTube |
| ⚖️ Regulation | FSC, CySEC, JSC, FSA, CMA |
| 1️⃣ Tier-1 Licenses | None |
| 2️⃣ Tier-2 Licenses | • Cyprus Securities and Exchange Commission (CySEC) • Capital Markets Authority (CMA) |
| 3️⃣ Tier-3 Licenses | • Financial Service Commission (FSC) Belize • Jordan Securities Commission (JSC) • Financial Services Authority (FSA) Seychelles |
| 🪪 License Number | • Belize – 000153/179, 000153/180 • Cyprus – 030/04 • Jordan – 200168191 • Seychelles – SD072 • Kenya – 156 |
| ⚖️ CMA Regulation | Yes |
| ❌ Regional Restrictions | United States |
| ☪️ Islamic Account | Yes |
| 💻 Demo Account | Yes |
| 🛍 Retail Investor Accounts | 3 |
| ✔️ PAMM Accounts | No |
| 💧 Liquidity Providers | None |
| 💰 Affiliate Program | Yes |
| 💻 Order Execution | Instant, Market |
| 📊 Starting spread | 0.0 pips |
| 💰 Minimum Commission per Trade | $8 Round Turn |
| 💸 Decimal Pricing | Up to 5 digits after the comma |
| 📞 Margin Call | 100% |
| 🛑 Stop-Out | 50% |
| 💰 Minimum Trade Size | 0.01 lots |
| 💵 Maximum Trade Size | 50 lots |
| ✔️ Crypto trading offered? | Yes |
| ✔️ Offers a KES Account? | No |
| 👥 Dedicated Kenyan Account Manager? | No |
| 📈 Maximum Leverage | 1:400 for Kenya, 1:500 for other regions |
| 📋 Leverage Restrictions for Kenya? | Yes, Kenyans can only use leverage up to 1:400 |
| 💰 Minimum Deposit (KES) | 11,500 KES or an equivalent to $100 |
| ✔️ Kenyan shilling Deposits Allowed? | No |
| 👥 Active Kenyan Trader Stats | 70,000+ |
| 🤝 Active Kenyan-based Windsor Brokers customers | Unknown |
| 💰 Kenya Daily Forex Turnover | $100 million+ |
| 💵 Deposit and Withdrawal Options | • Credit Card • Debit Card • Bank Wire Transfer • Skrill • Neteller • WebMoney |
| ⏰ Minimum Withdrawal Time | Instant |
| 🕙 Maximum Estimated Withdrawal Time | Maximum 5 to 7 working days |
| ✔️ Instant Deposits and Instant Withdrawals? | Yes |
| 🏧 Segregated Accounts with Kenyan Banks? | No |
| 💻 Trading Platforms | • MetaTrader 4 • Windsor Brokers App |
| 💵 Tradable Assets | • Forex • Spot Metals • Energies • Soft Commodities • Indices • Treasuries • Spot Indices • Forex CFDs • Precious Metals • Shares • Crypto CFDs |
| ✔️ Offers USD/KES currency pair? | No |
| 📊 USD/KES Average Spread | N/A |
| ✔️ Offers Kenyan Stocks and CFDs | None |
| 🗣 Languages supported on the Website | English, Arabic, Chinese Simplified, French, Malaysian, Korean, Thai, Indonesian, Vietnamese, Spanish, Japanese, Portuguese |
| 📞 Customer Support Languages | Multilingual |
| ✔️ Copy Trading Support | No |
| ⏰ Customer Service Hours | 24/5 |
| 🧑💻 Kenyan-based customer support? | Yes, via Email, Live Chat, and Telephone |
| 💰 Bonuses and Promotions for Kenyans | Yes |
| 📚 Education for Kenyan beginners | Yes |
| ✔️ Proprietary trading software | Yes |
| 🥇 Most Successful Kenyan Trader | Patrick Mahinge (Net Worth – Private) |
| ✔️ Is Windsor Brokers a safe broker for Kenyans? | Yes |
| 🥇 Rating for Windsor Brokers Kenya | 7/10 |
| 🎖 Trust score for Windsor Brokers Kenya | 88% |
| 👉 Open Account | 👉 Open Account |
Windsor Brokers Islamic Account – 9 key points quick overview:
Windsor Brokers Overview - What exactly is an Islamic Account for Traders?
- Why is interest discouraged or prohibited by Sharia law?
- What are the steps involved in opening a Windsor Brokers Islamic Account?
- What are Windsor Brokers’ spread costs on an Islamic Account?
- What other features does Windsor Brokers’ Islamic Account offer traders?
- Windsor Brokers Pros and Cons
- Verdict on Windsor Brokers
- Frequently asked questions
Windsor Brokers Overview
Overall, Windsor Brokers is considered low-risk, with an overall Trust Score of 88 out of 100. Windsor Brokers is licensed by zero Tier-1 Regulators (high trust), two Tier-2 Regulators (average trust), and three Tier-3 Regulators (low trust). Windsor Brokers offers three retail trading accounts: an MT4 Prime Account, MT4 Zero Account, and VIP ZERO Account.
What exactly is an Islamic Account for Traders?
An Islamic Account is a trading account that follows the principles of Islamic Sharia law. This type of account is also known as a swap-free account and is allowed under Sharia law.
The primary feature of an Islamic Account is the prohibition of interest on open positions held for longer than a trading day after the trading day has concluded. In addition, CFD and Forex brokers offer Islamic Account conversions to Middle Eastern clients and clients of the Islamic faith from other areas.
The features of an Islamic Account align with the Sharia law, which prohibits the accrual of interest on funds deposited into the account. In addition, immediate settlement of transactions is required in an Islamic Account, which means that direct payment is necessary.
Furthermore, currencies must be transferred from one account to another right after the transaction has been completed and paid for in full. In addition, two critical elements of Islamic law relate specifically to trading accounts. These elements are Riba and Gharar.
Why is interest discouraged or prohibited by Sharia law?
Riba is the prohibition of generating money from money, which refers specifically to interest. This element of Sharia law is particularly significant for Islamic Accounts, as interest is not allowed. Interest is viewed as unjust and exploitive gains on trade or business.
Because of the restrictions and specific prohibitions placed on Muslim traders when considering the intricate details involved with trading activities, several trading activities are significantly affected.
- Overnight Rollovers: Sharia law prohibits swap points incurred or received on positions held for longer after the trading day has concluded at the New York close at 5 PM EST.
- Margin Deposits and Interest: Interest accrual on funds deposited into the trading account is prohibited.
- Loans: When followers of Sharia law have funds transferred by a bank or other financial institution, it involves interest terms. This is prohibited per the critical element, Riba.
- Margin Trading: Islamic traders are liable for paying interest when engaging in margin trading. This interest refers to money borrowed from the broker to buy or sell equities, which Sharia law prohibits.
- Short Sales: Short sales, which involve borrowing and subsequent sale of an asset, are prohibited as they affect shares.
- Forward Sales: Forward sales affect forward contracts, and their influence extends to the trading of futures contracts. This is because it involves the buying and selling contracts at a future date according to a price agreed upon on the day of entering such a contract.
In addition, Gharar refers to uncertainty or risk and is not permitted under Sharia law. This means that trading activities involving excessive risk or speculation are prohibited in Islamic Accounts.
What are the steps involved in opening a Windsor Brokers Islamic Account?
Here are the steps to open a Windsor Brokers Islamic Account:
Step 1 – Register for an MT4 Prime Account
Go to the Windsor Brokers website and register for an MT4 Prime Account by selecting the MT4 Prime Account type.
Step 2 – Complete verification process
Complete the full verification process by providing your personal and financial information and uploading the required identification documents.
Step 3 – Contact customer support
Contact Windsor Brokers customer support to request an Islamic/Swap-Free Account conversion.
Kenyans must note that Islamic Account requests may take additional time to process, and Windsor Brokers might require additional information or documents to verify eligibility.
What are Windsor Brokers’ spread costs on an Islamic Account?
Windsor Brokers does not charge interest or swap fees on its Islamic Account in compliance with Sharia law. However, the broker charges spread on trades vary depending on the asset being traded and market conditions.
Furthermore, the spreads on an Islamic Account are the same as those on the Prime Account, which is as follows:
| 🌐 Instrument | 📈 Minimum Spreads | 📊 Typical Spreads |
| EUR/USD | 1 pip | 1.5 pips |
| XAU/USD | 0.24 pips | 0.28 pips |
| XAG/USD | 0.019 pips | 0.022 pips |
| US Crude Oil | 0.03 pips | 0.03 pips |
| Natural Gas | 0.015 pips | 0.015 pips |
| Soybeans | 1.25 pips | 1.25 pips |
| NASDAQ | 1.6 pips | 2 pips |
| Apple, Inc Shares CFDs | 0.14 pips | 0.14 pips |
| ETF CFDs | 0.06 – 0.07 pips | 0.08 – 0.09 pips |
Overall Rating
- 4.7/5
Min Deposit
USD 100 / 11667 KES
Regulators
CySEC
Trading Desk
MetaTrader 4
Crypto
Yes
Total Pairs
50
Islamic Account
No
Trading Fees
Low
Account Activation Time
24 Hours
What other features does Windsor Brokers’ Islamic Account offer traders?
Because Kenyans can convert to the Prime Account, they can expect these unique features:
| Account Feature | Value |
| 💰 Minimum Deposit | 1,800 ZAR or an equivalent of $100 |
| 📈 Average spreads | From 1 pip |
| 📒 Commission charges | None |
| 🌐 Maximum Leverage | 1:500 for other regions, 1:400 for South Africa |
| ⚖️ Minimum Trade Volume | 0.01 lots |
| ⚖️ Maximum Trade Volume | 50 lots |
| 📍 Hedging Allowed? | Yes |
| ☪️ Islamic Account? | Yes |
| 📅 Negative Balance Protection? | Yes |
| 📓 Personal Account Manager offered? | Yes |
| 💰 Account base currencies | USD, EUR, GBP, or JPY |
| 👉 Training offered? | Yes |
| 📈 Stop-Out | 20% |
| 📈 Margin Call | 100% |
Windsor Brokers Pros and Cons
| ✔️ Pros | ❌ Cons |
| Windsor Brokers does not charge additional commissions or wider spreads on the Islamic Account option | Only the Prime Account can be converted to an Islamic Option |
| Traders can expect competitive spreads across instruments | The spreads on this account are much wider than that of competitors |
| Windsor Brokers allows all types of trading strategies |
Verdict on Windsor Brokers
Windsor Brokers is a well-respected and award-winning internet broker. The firm has shown its strength and dependability through its years of expertise. Customers’ money is safe since it is a regulated brand that has put in place adequate security procedures.
The MT4 Accounts and the VIP ZERO Account cater for traders despite their trading experience and skill. The accessible platforms are sophisticated and suitable for both novice and seasoned traders.
Frequently asked questions
What is a Windsor Brokers Islamic Account?
A Windsor Brokers Islamic Account is a Sharia-compliant trading account that does not charge interest or swap fees on trades per Islamic principles.
Can anyone open a Windsor Brokers Islamic Account?
Yes, anyone who wishes to trade per Sharia law can open a Windsor Brokers Islamic Account, subject to eligibility verification.
How does a Windsor Brokers Islamic Account differ from a regular account?
A Windsor Brokers Islamic Account does not charge interest or swap fees on trades, while a regular account may charge such fees. All other features and services are the same.
What assets can I trade on a Windsor Brokers Islamic Account?
You can trade the same range of assets on a Windsor Brokers Islamic Account as on any other account type, including forex, commodities, indices, stocks, and more.
Are there any fees associated with a Windsor Brokers Islamic Account?
Windsor Brokers does not charge interest or swap fees on its Islamic Account. However, other fees, such as spreads, commissions, and transaction costs, still apply.
How do I switch my existing Windsor Brokers account to an Islamic Account?
To switch your existing Windsor Brokers account to an Islamic Account, you must contact customer support and request an account conversion, given that you have an MT4 Prime Account. You must also provide additional information to demonstrate your compliance with Sharia law.
Can I still use leverage on a Windsor Brokers Islamic Account?
Yes, Windsor Brokers Islamic Account holders can still use leverage, subject to the broker’s maximum allowable leverage for each asset. However, any leverage used must be Sharia-compliant and not involve interest-based transactions.
Addendum/Disclosure:
No matter how diligently we strive to maintain accuracy, the forex market is volatile and may change anytime, even if the information supplied is correct when going live.
