Exness Islamic Account Review - Pros and Cons

Exness offers swap-free trading to Muslim traders in two ways. Accounts registered in 33 eligible Islamic countries are set to swap-free automatically, on every account type and every instrument. Elsewhere, swap-free trading still covers a fixed list of popular instruments, including the major pairs, gold, oil, all indices and all cryptocurrencies.

In this Exness Islamic account review, we explain how both versions work, how to check your swap-free status, and the pros and cons to weigh before you open an account.

Understanding Islamic Trading Accounts

Before diving into the specifics of Exness's offering, it helps to understand the core principles behind Islamic trading accounts. In trading, investors usually hold positions overnight which incur interest charges called swap fees.

However, this is against Islamic financial principles which prohibit the paying of interest. Islamic accounts are tailored for Muslim traders who wish to participate in financial markets without violating the principles of Sharia law. They achieve this by eliminating swap fees. But how exactly does this work on Exness? Let’s take a look at swap-free trading on Exness.

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Exness Islamic Accounts

How Exness applies swap-free status depends on where your account is registered. According to the Exness Help Center, accounts registered in one of 33 eligible Islamic countries are set to swap-free automatically, with no request needed. No swap is charged on positions held overnight, on any account type or instrument in your Personal Area. The full list of eligible countries is published in the Exness Help Center.

Exness also confirmed to us that no additional charges are applied in place of swaps on these accounts. The swap is simply not applied. You can check your swap-free status in your Personal Area.

Swap-Free Instruments for Other Countries

For traders outside the eligible Islamic countries, swap-free trading covers a fixed list of instruments. According to the Exness Help Center, these are:

Swaps still apply to: all other minor and exotic pairs, metals and energies, and stocks.

How You Can Lose Swap-Free Status Outside the Eligible Countries

These rules come from Exness’s standard swap-free programme, which applies to traders registered outside the eligible Islamic countries:

• Default: Every account starts as swap-free.
• Monitoring: Exness checks your trading behaviour with an algorithm.
• Risk: Trading mostly outside trading hours and regularly holding large amounts of orders open overnight can make you unqualified.
• Effect: The status is cancelled on all your trading accounts, and swaps apply to both current and future open orders.
• Notification: Any change is shown in your Personal Area.

Also note that the standard swap-free programme and the automatic Islamic swap-free status cannot be converted into one another.

How to Check Your Exness Swap-Free Status

Exness applies swap-free status at the level of your Personal Area, so every trading account you hold in it shares the same status. You can check it in a few clicks:

1. Log in to your Personal Area: Sign in to your Exness account on the website or in the app.
2. Open Exness benefits: Find the Exness benefits section in the menu of your Personal Area.
3. Go to Trading conditions: Under Exness benefits, open the Trading conditions page.
4. Select Swap-Free: Click Swap-Free to see your current status and which instruments it covers.

If your status changes, Exness will notify you in your Personal Area, so it is worth checking these notifications regularly, especially if you hold positions overnight.

Pros of the Exness Islamic Account

• No swap interest: The most significant advantage is that no swap is charged on positions held overnight, which removes the interest element that conflicts with Islamic finance principles. Whether trading itself is halal is a wider question, so Muslim traders may want to consult a qualified scholar.
• Competitive trading conditions: Exness is known for its competitive spreads and fast execution speeds, and Exness applies the same trading conditions to swap-free accounts, with no separate Islamic account type to open.
• Swap-free on the most popular instruments: Even outside the eligible Islamic countries, swap-free trading covers the major pairs, gold, silver, crude oil, all indices and all cryptocurrencies. These are the instruments traders most often hold overnight, which is where swap costs add up.
• Multiple account types: The ability to choose from various account types allows traders to tailor their trading experience to their individual needs and preferences. The Islamic, swap-free status is automatically applied to any Exness account type (two Standard and three Professional) for traders from the eligible Islamic countries. This means they can access all Exness account types while enjoying the benefits of swap-free trading.
• Works on every platform: Because swap-free status is set at the Personal Area level, it applies whether you trade on MT4, MT5, the Exness Terminal or the Exness Trade app, with nothing extra to configure.

Cons of Exness Swap-Free Trading

The cons below apply to traders outside the eligible Islamic countries, where swap-free status comes with certain limitations.

• Swaps still apply to many instruments: Outside the eligible Islamic countries, stocks, most exotic pairs and the remaining metals and energies are still charged swaps, so longer term stock positions in particular are not swap-free.
• Status can be withdrawn: Exness monitors trading behaviour with an algorithm. If it cancels your swap-free status, the change applies to all your trading accounts and to positions you already have open.
• Full Islamic status depends on your country: Exness assigns Islamic swap-free status by country of registration, and the two swap-free programmes cannot be converted into one another, so Muslim traders registered outside the eligible Islamic countries only get swap-free on the listed instruments.

Trading Conditions on Exness

Since swap-free status applies to every Exness account type, it is worth knowing what each one costs. Exness offers five accounts: two Standard accounts and three Professional accounts.

How to Lower Your Trading Costs

Traders who register with the TradingBeasts Exness partner code i5i10zputd receive 35% of the commission Exness pays us as a daily rebate. The rebate applies to every Exness account type, including swap-free accounts, but it is not paid automatically, so you need to request it. The rebate is a partial refund of the spreads and commissions you pay, not interest, and it is calculated without any swap component. You can find the full details in our Exness partner code guide.

Exness’ Credibility

While Exness has a compelling offering on its Islamic accounts, it is always advisable to check a broker’s credibility before opening an account. We look at two things: regulation and feedback from traders who use the platform.

On regulation, the Exness group operates through several licensed entities. These include the FSA in Seychelles, the FSCA in South Africa, the CMA in Kenya, the CBCS in Curaçao and the FSC in the British Virgin Islands, among others. The Exness entity you are onboarded to depends on where you live.

On feedback, Exness has a Trustpilot rating of 4.7 out of 5 from over 31,800 reviews, with around 89% of them rated five stars. Exness actively invites its customers to leave reviews, so the score is best read alongside other sources.

Final Verdict

Exness Islamic accounts provide a viable option for Muslim traders to participate in trading without swap interest, a key concern for many Muslim traders. The swap-free feature, coupled with competitive trading conditions and a wide range of instruments, makes Exness a potentially attractive choice.

The most significant downside for swap-free trading on Exness is for traders outside the eligible Islamic countries, where swap-free status is limited to certain instruments. Overall, Exness’ reputation as a regulated broker makes it a worthy choice for Muslim traders looking for a swap-free account. As always, it’s recommended to conduct thorough research and consider your individual trading goals before choosing a broker.

Your capital is at risk. Leveraged products may not be suitable for everyone.