GIBRALTAR, April 14, 2023 /PRNewswire/ -- In March 2023, IQ Option, the leading online trading platform, introduced Islamic accounts to its Android users. Islamic accounts are meant for Muslim traders who were unable to trade due to religious restrictions on overnight commissions or swaps, which are considered usury and prohibited by Sharia law. Thanks to the IQ Option Islamic account, Muslim traders can now operate the market without consequences for their faith and from the device of their choice.
Benefits of the IQ Option Islamic account
- Zero-swap trading. The Islamic account has no swaps — traders can extend their positions to the next trading day for free, without having to pay any overnight commissions. This feature is great news for Muslim traders who were previously unable to trade on this platform.
- Exclusive halal assets. Islamic account users have access to 21 exclusive halal stocks. These are shares of companies that do not sell alcohol and tobacco, as well as companies known in the Islamic world and traded on Islamic exchanges.
List of IQ Option Islamic account assets
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- One-time fee. IQ Option's Islamic account is cost-effective, with a one-time commission of just $1. Unlike with other competitors, traders are not required to make huge deposits to open an account. Instead, they just pay a small fixed amount once and use the Islamic account for life.
- Personal account manager. All IQ Option Islamic account holders are assigned a personal account manager, a feature previously reserved only for VIP account holders.
- Easy switch. The registration process is easy, and traders can get an Islamic account on their own without contacting support. Note that for now, registering an Islamic account is only possible on desktop, but after the registration, traders can log in to this account from any Android device.
How to register the IQ Option Islamic account
If you are new to IQ Option:
1. Register a standard account on the IQ Option website first. You will only need your email.
2. Log in with your email and password and click on your profile icon.
3. Press the Islamic account activation link.
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4. Deposit $10 or an equivalent in your account currency.
5. Soon after that, your Islamic account will go live and you'll be able to trade on the IQ Option platform.
If you already have an IQ Option account:
- Log in with your email and password and click on your profile icon.
- Press the Islamic account activation link.
- Make sure you have at least $1 on your account balance.
- Enjoy your Islamic account!
Just as standard IQ Option accounts, Islamic accounts are also available in regular and VIP statuses. To upgrade your account to VIP, you need to deposit $3,000+.
IQ Option Islamic account geography
The Islamic accounts are available for traders from 20 countries, including Algeria, Bahrain, Bangladesh, Egypt, India, Indonesia, Iraq, Jordan, Kuwait, Lebanon, Libya, Malaysia, Morocco, Oman, Pakistan, Qatar, Saudi Arabia, Somalia, Tunisia, United Arab Emirates, and Yemen.
IQ Option's new feature aims to cater to the needs of Muslim traders, who were previously excluded from the trading market due to religious restrictions. With the introduction of Islamic accounts, IQ Option hopes to promote inclusivity and provide equal opportunities for all traders.
The IQ Option Islamic account comes at a one-time fixed fee of $1 and features 21 halal stocks for trading. Users can trade without any "haram" swap fees and get a personal account manager to address any questions.
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