Galore Pro Islamic account | Swap-free trading with Galore Pro
Galore Pro forex broker that has operations across Europe in English and soon Russian and German
Their website was launched in 2019 going more for the clean and informative look, this Galore Pro is a very innovating broker, they always look how to optimize their trading experience and tools they are offering.
in this Galore Pro Review, we will show you that this is a good brokerage for clients that look to trade in cryptocurrencies and want to start the right way. due to the options, they offer in trading platforms traders of all levels are able to trade there.
Besides their Islamic account, they also have a very good demo account.
the best thing here s that the demo account is automatically created at the moment you make a registration, so there is no additional process for this. within their webtrader, you have the options to instantly switch between the real trader and demo trader for your convenience.
Galore pro Trading Platforms
There is Metatrader 4, which does not really require any introduction. Most brokers have this platform among the platforms they offer to their traders. It’s pretty much the standard of the market for and has been for the last 10 years.
And they have another trading platform which is their web trader and an easy intuitive trading platform with a very small learning curve but suited to traders of all levels.
ADVANTAGES OF WEBTRADER
- Open a position with the web broker and close it inside of the Metatrader platform
- Access from any PC, Mac or Linux workstations
- Incorporated electronic diagramming
- WebTrader platform
- A huge number of financial instruments
- Simple and intuitive interface
- Quotes in real-time
- Monitoring the status of accounts and trading desks
- Graphs of various time periods, with the possibility of printing
- A large number of technical indicators and tools
- Ability to use custom indicators and automated trading programs
Account Types & Spreads of Galore pro
Galore Pro offers different account types.
Educational ($250 minimum deposit limit),
Standard ($2500 minimum deposit limit),
Premium ($15.000 minimum deposit limit),
VIP ($40.000 minimum deposit limit),
Galore Pro trading conditions
Leverage is up to 1:400 but this depends on the type of account you are trading with.
This broker is looking to accommodate most traders while aiming for the experienced traders.
the service and customer support is adequate till good, this could always be
I like their MetaTrader 4 and how straight forward the entire operation is, you see what you get and they are young and energetic and you feel this when you are dealing with them.
So with Galore pro the Islamic account is a regular account for Forex trading, but without fees in the form of interests. Under Islamic laws, Muslims are prohibited from taking or giving interests from any kind of activity. It’s with this in mind that Islamic Forex accounts were created.
No fees in the form of interests apply for Islamic accounts. The fee for rolling over a position to the next trading day (rollover fee) in the Forex market may be used as an example of this interest payment, which is made at the time of carrying over an open position to the next trading day. The rollover fees are not charged on Islamic Forex accounts.
What’s Swap-Free Account?
A swap-free account (“account with no swaps”) is the same as an Islamic account. An integral part of Forex trading is payment of various fees in the form of interests, for example, rollover fees. All these fees don’t apply to Islamic Forex accounts. That’s why they’re also called interest-free accounts.
Why do the Sharia Laws Prohibit Dealing With Interests?
The Sharia laws, namely, the Islamic laws, prohibit giving or taking interest in any form. The reason for this prohibition lies in the belief that observant Muslims should give only for the sake of giving, but not for taking something back. That’s why interest-free Islamic Forex accounts were created.
What Rules Regarding Forex Trading Were Established by Islamic Scholars?
As in the case with stocks and various types of online trading, disputes over the compliance of Forex trading with the norms of the Islamic Sharia are still going on. Nevertheless, a large number of Islamic scholars set out the cautionary rules. If observant Muslims adhere to these rules, they may trade in the Forex market.
Who May Open Islamic Account with Galore Pro?
In principle, nobody verify your religious affiliation, so anyone may open Islamic account. best is to contact the support of Galore pro and they will explain how you will be able to get this type of account
Where Does the “Rollover Fee” Come From?
The Forex market closes at the end of every day. If a trader wants to hold a position open overnight, he/she will have to pay the rollover fee. This is an interest payment made for carrying over an open position to the next trading day. The fee is calculated based on the difference between interest rates. For example, 1.75% (NZD) – 0.5% (USD) = 1.25%. Next, we divide the difference by 365 days and get the interest to be paid. By the way, swap can be both positive and negative.
Riba is the Arabic word for “interest”. According to the Islamic laws, the riba shall be prohibited: they state that observant Muslims should give without requesting to take something back, such as an interest. Islamic Forex account doesn’t deal with the riba, so it’s also referred to as swap-free or interest-free account.
“Musharaka” is a partnership or joint venture established for doing a particular type of business and with intent to make a profit, while profit and losses are distributed according to the predefined ratio among all the parties involved.
The term refers to gift or donation for a loan given. Many brokers, who offer Islamic Forex accounts, provide a service in the heeb: they devote traders’ profits to charities allowing for the state of their accounts and positions opened in the Forex market.
Are Islamic Forex Accounts Contrary to the Islamic Laws?
There is an ongoing debate between Islamic scholars about whether Forex trading is allowed for observant Muslims. At present, opinions of the scholars are divided: some believe it’s OK, while others prohibit it completely due to the fact that interests are included in some fees. The following conditions must be met so that Forex trading complies with the Islamic laws:
Buy and Sell trades must be made in the currency spot market and without delay.
Currency of a trade must be transferred to the accounts owned by both sides of a trade/a trade must be settled in a single currency by both parties.
The full amount of money must be paid for a trade in full, not in parts.
All trades must be made without awarding/charging interests.
In short Galore pro is solid broker that offers a good Islamic account for those that need or want it .