FXRoad Review — One of the best Islamic Accounts

FXRoad is a regulated Forex and CFDs broker providing access to a multitude of financial markets such as Forex currency pairs, crypto assets, commodities, indices, and stock CFDs. The website of FXRoad.com is owned and operated by the company 4Square SY Ltd, which is registered in Seychelles with a payment provider entity registered also in Cyprus. The broker is only regulated by the Seychelles local authorities and not in Cyprus. The broker has a very well-ordered website with all the details available transparently and provides a user-friendly design. FXRoad has 0 commissions on all its account types and spreads start from 0.6 pips, which is super competitive in the FX industry right now. The minimum deposit starts from 250 EUR or equivalent in US dollars.

FXRoad Safety and Regulations

FXRoad is a well-regulated Forex broker overseen by the Financial Services Authority (FSA) of Seychelles. The broker follows strict AML and KYC policies, but the verification process is super simple and straightforward. Traders just need to submit proof of identity and proof of address documents to get verified within 24 hours. As for other important policies, FXRoad provides a negative balance protection (NBP). The NBP policy prevents traders from losing more than their initial investment, in other words, traders at FXRoad can not go into minuses and will not have to deposit additional funds to cover losses beyond their account balance.

FXRoad also keeps all client or trader funds in segregated bank accounts with top-tier banks, preventing employees from touching traders’ funds.

FXRoad Account Types

FXRoad provides diverse trading account types to cater to traders with different trading needs. The silver account of FXRoad comes with 1:200 leverage, a 250 EUR minimum deposit requirement, and has slightly expensive spreads from 2.6 pips on major FX pairs. This account is targeted at experienced traders for general FX trading, as it does not provide educational support or News alerts. FXRoad silver account is not for scalpers but can be attractive for swing traders as it has no trading commissions. The FXRoad Gold account is one tier up from the silver as it offers 2 pips spreads, 0 USD commissions, 1:200 leverage, and a 25% discount on swaps. As for dedicated services, the gold account comes with its own perks including educational videos, trading webinars, a dedicated account manager, and more. This account is also suitable for general FX trading but especially for beginners and medium-level traders because of its high-quality educational resources. The most feature-rich account type from FXRoad is the Platinum account with VIP-level services. Typical spreads on EURUSD on FXRoad Platinum accounts are around 1.4 pips, which is a very attractive swing for day traders. Commissions are low, and the account offers traders various perks and bonuses including News alerts, dedicated support and an account manager, a 50% discount on swaps, and more. All accounts are allowed to use hedging methods, and fifth decimal pricing is also available for all. So, if you are an FX trader who has already developed a trading strategy, all FXRoad accounts provide the same level of safe trading environment. Except Gold and Platinum provide educational resources.

FXRoad Assets

FXRoad provides access to diverse financial markets including Forex, cryptos, indices, commodities, and stock CFDs. The leverage system is designed to offer a value for all traders and has different leverage ratios for different asset classes:

• Forex pairs — 1:200
• Indices — 1:50
• Stock CFDs — 1:10
• Commodities — 1:50
• Cryptocurrencies — 1:5

These leverage levels are flexible and allow traders to enhance their trading power without abusing their trading accounts. This was possible because Seychelles FSA allows such leverage levels, unlike EU-based regulators who restrict leverages to just 1:20 on Forex for retail traders in most cases.

FXRoad Trading Platforms

All the trading instruments mentioned above are accessible and tradable on FXRoad’s custom trading platform, powered by TradingView charting capabilities. The platform comes for both desktop and mobile devices and has advanced functionality. However, it is still a disadvantage that the broker is not offering MT4 or other popular platforms. There is also a web trader variant to quickly access the FXRoad trading platforms without a download and installation process.

FXRoad Deposits and Withdrawals

FXRoad accepts several types of popular payments for both deposits and withdrawals. There are no fees charged from the broker’s side and withdrawals take between 1-7 business days depending on the method used. Supported payment methods include Apple Pay, Google Pay, Visa, Mastercard, and wire transfers.

FXRoad Education and Support

FXRoad provides excellent support with several popular channels including live chat, email, and hotline options. Both the website and support are provided in several different languages, and live chat is available 24/5. There is also an extensive FAQ section where answers are given to most of the questions. Live chat of FXRoad is a very convenient way to connect with broker support at a low cost and get fast responses.

FXRoad educational resources are available for gold and platinum account holders and include webinars and educational videos. Traders can watch videos to learn trading and then access webinars to further deepen their understanding of financial markets and main trading concepts.

Summary

FXRoad presents a robust choice for Forex and CFDs traders, especially for those seeking compliance with Islamic finance principles. FXRoad’s standout feature is its Islamic accounts with ultra-competitive spreads from 0.6 pips for zero commissions. The broker is regulated by the FSA of Seychelles and provides strong safety policies including negative balance protection and segregated bank accounts. While the broker is not offering popular platforms such as MT4/5 it has a proprietary trading platform powered by TradingView charts. Accounts include silver, gold, and platinum, and come with a robust list of features and discounts on swaps. The platinum account also offers news alerts and superior educational resources. Overall, FXRoad presents a solid choice of an FX broker that also offers trading cryptos and stock CFDs all in one platform.