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To cater to a growing clientele of Muslims in forex trading, the No Riba or Islamic forex accounts was created. The principal belief of Muslims in financial speculation is that the concept of interest is bad and should be avoided at all costs. Muslims, by faith, cannot earn interest on their deposits. Investors can trade in forex, but not earn interest in their opening accounts.

Open an ISLAMIC Forex account today:

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Roll over fees

The policy of faithful Muslims is to avoid receiving or paying interest in any kind of economic activity. The interest charged in a usual forex account is known as SWAP or roll over fees and they can vary from one forex broker to another. As a Muslim, anyone can opt for an Islamic forex account in keeping with the person’s faith. Muslim forex traders are not charged interest on their opening accounts to avoid non Muslims from feeling discriminated against.

The reason why non Muslims feel they are not being fairly treated is that Muslims can keep their open accounts for a long period without any interest. This is one of the downsides of a Muslim forex account. Many people also misuse the facility by maintaining two accounts, one Islamic and a normal account. They take a short position on an Islamic account and go for a longer position on a non Islamic account. The profit in one account gets cancelled by the other.

Many Muslim forex accounts are called Sharia accounts as well with free options for getting more Muslim clients. Many traders using both accounts can offset the loss on one with the profit earned from another. This system is also known as carry trades and is not allowed by many forex brokers who want to stick to a fair rule for everybody. Many professional brokers do allow traders to maintain both accounts in keeping with the growing demand.

Total compliance with Sharia laws

You can find accounts with forex brokers that are in full compliance with Sharia laws and you can open a real money trading account. With the forex brokers, you can also get to practice at their demo account which is a great way to master the technical and fundamentals. Once you sign up, you can request the broking firm for a swap free account which is easily downloadable. You can send them back after signing to the broking firm where you have your Islamic forex account.

Usually, all broking firms have a set rule about the swap account. As soon as they receive your request after you send the filled out and signed form, the accounts department of the forex broking firm will file it according to Islamic accounts guidelines. The policy to be followed by the firm will automatically be swap free.

But the brokers will always verify whether you have submitted the right evidences for maintaining the account and also if there is any complaint, they can ask you to close the account with them. Once you get your Islamic forex accounting systems done, you will begin to enjoy the same features of the Metatrader platform that is available to others for availing the forex sign up bonuses.

You can also enjoy the leveraging facilities and the options trading that are enjoyed by others. These are common advantages that forex traders with a Sharia account can also enjoy. You can trade in more than 70 currencies, futures and CFD’s. Like others, Islamic forex account holders will be assigned a forex account manager and you will be entitled to 24/7 support and service for making money in the very high volume speculative of all trades.

Whether forex trading is perfectly legal in India and there has been a series of debates on this subject. Primarily, there is a feeling that India has long been a closed economy and many sectors open elsewhere in the world were closed as far as India was concerned. But with the reforms in place and the opening up of the economy to foreign investors in many sectors, there has been a never before opportunity to trade in the currency markets at the click of a mouse.

Online from home at the click of a mouse

Forex trading is done from home these days using the internet with an online forex broker. You can trade in the currency markets from the comfort of your home at the click of a mouse. Ever since the global forex trading office Many Forex brokers have opened its offices in India, the country has been reckoned as a favored destination for forex traders and on the same lines one can open a forex account free of cost with these brokers at very low commissions and fees.

And if you are a foreigner and want to stay on in India on business or work, you can play the currency markets as you are used to in your home country.

Compared to other nations where forex trading was perfectly legal years ago, India is now among the many nations where forex currency trading can be done from home at the click of a mouse. Forex trading is also nothing new to India as currency trading has been taking place for many years.

Forex trading has been going on in India for the last ten years and it was couched under transactions of capital accounts. But things are fast changing as India is poised to enter the big world as she steps up the race to keep up with China.

The premier bank of India, the Reserve Bank of India or the RBI had earlier banned remittances for currency trading. Remittances for margin money to facilitate forex trading were not allowed by the RBI in India. Many Indian multinational companies made way for this lucrative trade to take place in India.

Reliance Money started off by introducing Indians to their partners offshore in currency trading and also allowed the intrepid Indian investors used to commodities and stocks for speculation to participate in the global scenario.

CFD or contracts for differences

They were the ones that really kick started forex trading among Indians and brought in retail traders to the circuit. Earlier, the Indian investors could only look forward to stocks and commodities. CFD or contracts for differences was a new concept introduced by them so that investors could check out forex markets and also trade on different exchanges like indices, commodities, stocks, treasuries and forex.

Things are fast chancing in India and the country is racing to keep pace with China as the emerging Asian tiger. The main reason for India as a choice destination for westerners is that the country has a history of colonialism and there is a large pool of English speakers in India. Many of the business systems are at par with those in the UK and the US and the people are not averse to western influences as was the case with China some decades ago.

Forex offers great opportunities online with the launch of operations by Alpari in June 2009 opened the floodgates. The company has also invested loads in training brokers and investors to take advantage of the growing popularity in forex trading.  Compared to the ever popular stock market trading in India, many investors are logging in to trade in forex.

As the market is open 24/7 and the volume is unmatched at trillions of dollars each day, forex is fast gaining popularity in India.