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There are two TriumphFX Islamic Account to choose from, the Islamic Variable and Islamic Platinum. What are the differences and how to choose between the two?
TriumphFX is a popular brokerage regulated by Financial Services Authority (FSA). There are many reasons why this broker has managed to uphold its popularity for many years. One reason is that TriumphFX brokers cater to all kinds of traders. One way to prove this is by looking at how many trading accounts they offer. Each trading account has a designated trading condition for different traders. In light of this, TriumphFX is equipped with not only one but two Islamic accounts that traders can choose from:
- Islamic Variable: Good for beginners
- Islamic Platinum: Good for professionals
To actually understand both accounts and why each is better suited for beginners while the other is for professionals, let's go to the next part of discussion.
TriumphFX Islamic Variable Account
As the name suggests, this account offers a variable spread from 1.6 pips. While the spreads are not the tightest among TriumphFX accounts, it does not charge traders a commission fee. Technically, this is a standard Islamic Account where every trader from any background is welcome to join.
To start trading with this account, traders must deposit a minimum of $100. Considering this is an Islamic Account, there will be no swap fee charged. In addition, TriumphFX Islamic Variable Account provides traders with a maximum leverage of 1:500.
TriumphFX Islamic Platinum Account
In addition to the Islamic Variable, TriumphFX also comes up with Islamic Platinum. This is an Islamic Account designed for Platinum traders in TriumphFX. The best part of this is that it comes with tight spreads starting from 0.6 pips. While other low-spread accounts typically come with commission fees, this is not true with TriumphFX Islamic Platinum. That means traders can enjoy low-spread trading with no commission fees. This TriumphFX Islamic Account also has a maximum leverage of 1:500. However, the drawback is their $2000 minimum deposits.
Which TriumphFX Islamic Account is the Best?
If both provides the ability to trade without swap fees, which TriumphFX Islamic account has the best trading conditions for Muslim traders?
The easiest way to answer that is to choose the account based on the trader's level. For example, it's best for a beginner to choose a trading account with smaller minimum deposits. Here's a brief explanation on what aspects you should look for depending on your expertise:
1. For Beginners
When it comes to the trading account, what beginner traders need are low trading costs. This can come in many forms, such as small minimum deposit, low spread, and low commission fees. In TriumphFX, the Islamic Variable account is the only one that fulfills such conditions for Muslim traders. It offers a low minimum deposit of $100, does not charge commission fees, and comes with affordable spreads.
2. For Professionals
Professionals will never say no to low spreads and commissions. That is because they want to maximize their profits. However, they might be more willing to pay higher minimum deposits in exchange for premium features to help their well-built trading plans. As such, TriumphFX Platinum Account is a good answer for professional traders. This account has an extra tight spread and does not charge commission fees. In exchange, traders need to prepare a deposit fund of $2000. But, this is expected of professionals considering they might be opening many positions. Large deposits might help them avoid getting margin calls too soon.
For a better understanding, check out this comparison table:
| Features | Islamic Variable | Islamic Platinum |
| 🔃Swap Fee | ❌ | ❌ |
| 💰Minimum Deposit | $100 | $2000 |
| 🔢Spread | 1.6 | 0.6 |
| 💸Commission | ❌ | ❌ |
| ⚖Leverage | 1:500 | 1:500 |
As TriumphFX is regulated in CySEC and Vanuatu's regulatory agency, it can be said that this broker is a multi-licensed broker. What does it mean? Find out everything about it in A to Z on Forex Brokers with Multiple Licenses.
10 Comments
Palmer
May 13 2023
Just read about the Islamic account in here and really amaze with TriumphFX offers the Islamic account in their trading platform. And what makes me wonder is the fees in Islamic account that offered by TriumphFX is none! I mean, Why do some brokers charge additional fees in Islamic accounts, such as administration fees, higher commissions, and wider spreads, while TriumphFX offers a fee-free and swap-free Islamic account? What are the reasons behind these fee differences and what factors should be considered when choosing an Islamic account with favorable fee structures?
Alex
May 22 2023
It's interesting how TriumphFX offers an Islamic account with no commission fees and is completely swap-free. Some other brokers may charge various fees in their Islamic accounts, such as administration fees, higher commissions, or wider spreads. In my opinion, the fee structure can vary depending on the broker's business model and the services they provide. When choosing a broker, it's important to consider not only the fees but also other factors like trading conditions, customer support, and regulatory compliance. It's about finding a broker that suits your needs and offers a fair trading environment.
Nick
May 16 2023
Hey there! I came across this interesting article about TriumphFX accounts, especially the Islamic variable. It claims to be a great option for beginners, and I have to agree! What caught my attention is that you can start trading with just $100 without any additional deposit if you activate the Islamic account. This is quite rare, as many brokers usually require a higher deposit for Islamic accounts. It's awesome that TriumphFX offers this without any extra requirements.
But before jumping into live trading, the article mentions that TriumphFX is regulated by the Financial Services Authority (FSA). However, it doesn't specify which FSA it is referring to. Many countries have their own FSAs, so I'm curious to know which specific regulatory body oversees TriumphFX. Safety is crucial when it comes to choosing a broker, so it would be helpful to find out more about the specific FSA mentioned and its reputation.
George
May 17 2023
As I know, TriumphFX is regulated by the Financial Services Authority (FSA) of Seychelles. While the article doesn't provide more specific details about this particular FSA, it is important to note that Seychelles has its own regulatory framework for financial services. The FSA of Seychelles is responsible for overseeing and regulating financial activities within the country, including brokerage services.
When considering the safety of a broker, it's essential to assess the reputation and credibility of the regulatory body. While Seychelles may not be as well-known as some other jurisdictions, the FSA of Seychelles still has regulations and requirements in place to ensure fair trading practices and investor protection. how safe is it? It can be considered safe but not so strong as other regulator such as CySEC, ASIC, and FCA for example.
Memphis
May 19 2023
The Financial Services Authority (FSA) in Seychelles is categorized as an offshore regulatory body. Offshore regulators oversee financial activities in jurisdictions outside of major financial centers like the United States, European Union, or Australia.
Now, when it comes to safety, it's a bit subjective. While offshore regulation may not have the same level of strictness as regulators in major financial centers, it doesn't mean TriumphFX is automatically unsafe. Offshore regulators still have their own set of rules and requirements to ensure fair trading practices, protect investors, and maintain the integrity of the market.
If you want to learn more about offshore brokers and their regulations, you can dive into further at here : Your Simple Guide to Offshore Trading . It's always a good idea to gather more information and make an informed decision. Remember to consider factors such as the broker's reputation, customer reviews, and how well they comply with the regulatory requirements.
Vonny
Jul 19 2023
Based on my findings in the article, I stumbled upon something quite intriguing about TriumphFX Islamic Platinum Account. With its attractive features like tight spreads starting from just 0.6 pips, the absence of commission fees, and a maximum leverage of 1:500, I can't help but wonder: how can traders truly unleash the full potential of this account? It's fascinating to think about the possibilities, especially when considering the $2000 minimum deposit requirement. So, in light of these details, I'm eager to explore further and gather insights on the strategies and techniques that traders can employ to optimize their trading experience with the TriumphFX Islamic Platinum Account. Let's dive in and uncover the secrets to making the most of this exceptional account. Any thoughts or advice on this matter would be greatly appreciated!
Larson
Jul 20 2023
In my opinion, Swing trading and position trading are great strategies to consider when there are no swap charges involved. I mean, why would you sign to the Islamic account if you don't trade with swing and position trading that which is involved swap if you use standard account?
With TriumphFX Islamic Platinum Account, you can take advantage of tight spreads and no commission fees. In swing trading, look for short to medium-term price swings within larger trends. Use technical indicators to confirm entry and exit points and aim to profit from price movements over a few days to several weeks. For position trading, focus on longer-term positions based on fundamental analysis. Monitor economic indicators and geopolitical factors that can impact the markets. Hold positions for weeks, months, or even years to benefit from significant market moves. Remember to manage your risks and adjust your strategies according to market conditions for optimal performance.
Brandon
Jul 19 2023
Hey there! I want to ask you some questions to help clarify things. How does TriumphFX Platinum Account cater to the needs of professional traders? Why might professional traders be more willing to accept higher minimum deposits in exchange for premium features? What is the significance of avoiding margin calls for professional traders, and how does a larger deposit help them in this regard? Feel free to share your insights and knowledge on these topics. Thank you!
Elkan
Jul 20 2023
Hey! TriumphFX Platinum Account is designed to meet the needs of professional traders with its tight spreads and zero commission fees. Professional traders willingly accept higher minimum deposits in exchange for premium features that support their trading plans, providing them with the necessary tools and resources to make informed decisions and potentially enhance their trading performance. By avoiding margin calls, professional traders can maintain their positions without facing forced liquidation. The larger deposit required by the account serves as a buffer, protecting them from falling below the required margin level and allowing for greater flexibility and control in executing their trading strategies. Overall, TriumphFX Platinum Account offers professional traders a competitive edge, enabling them to trade more efficiently and effectively while managing their risks.
Hans
Jul 21 2023
Bro, as I know, Professional traders aim to avoid margin calls too soon in order to maintain control over their positions and trading strategies. Margin calls occur when the account's equity falls below the required margin level, which can trigger forced liquidation of positions. By having a larger deposit, professional traders have a greater buffer against market fluctuations, reducing the likelihood of falling below the required margin level and triggering margin calls. This allows them to sustain their positions during temporary market downturns, giving them the flexibility to wait for potential price reversals or execute their planned trading strategies without the pressure of imminent liquidation. Avoiding margin calls too soon is essential for professional traders to preserve their trading capital and maximize their trading opportunities in the market.