FXRoad Review — Best Islamic Accounts in Industry?!

FXRoad is a regulated Forex and CFDs broker. 4Square SY Ltd operates the website of FXRoad, and the deposits start from 250 EUR. Spreads are low, especially for Islamic accounts, from 0.6 pips on major FX pairs without commissions. The broker provides access to diverse markets including FX pairs, cryptos, stock CFDs, indices, and commodities. FXRoad offers its proprietary trading platform developed in-house and accessible on both desktop and mobile.

FXRoad Safety

FXRoad is a broker that is well-regulated by the Financial Services Commission of Seychelles. The regulator ensures investor safety and transparency. The broker follows several important policies to ensure trader safety and comfort. Negative balance protection prevents traders from losing more than their initial investment, meaning traders can not lose more than their account balance. FXRoad also keeps trader funds in segregated bank accounts with reliable banks, preventing its employees from touching client money. There are also AML or Anti-money laundering and KYC policies allowing traders to trade in a safe environment. All in all, FXRoad provides high levels of safety to traders, allowing them to only worry about trading activities and not the safety of their trading accounts.

FXRoad Trading Assets, Spreads, and Fees

FXRoad provides access to an extended list of instruments in Forex, commodities, indices, stock CFDs, and cryptos. The spreads are super competitive, especially on Islamic accounts from 0.6 pips, and for Gold, the spreads are around 0.38 depending on the account type. The broker seems like a perfect one for traders following Sharia laws because of its attractive conditions and low spreads. There are no fees or trading commissions charged on any accounts of FXRoad allowing traders to access markets at low cost. As for non-trading fees, FXRoad charges no fees on deposits and withdrawals, which is super nice for beginners with a low budget.

Here are some examples of spreads on popular assets:

• Typical spreads on EURUSD on Islamic account – from 0.6 pips
• Typical spreads on Gold (XAUUSD pair) – from 38
• Typical spreads on Crude oil (CL) – from 6
• Average spreads on Dax – 202

The broker is focused on providing low-commission trading experience by providing low spreads on popular assets.

FXRoad Trading Platforms

FXRoad custom trading platform is powered by TradingView charts and allows for extensive technical analysis of any asset selected by the trader. The platform is available for both web and mobile devices and allows for quick and convenient access to trading on the go. FXRoad does not provide access to MT4 or any other popular platform, which is a minor drawback for this broker. However, the TradingView experience allows traders to be flexible and use a large base of indicators to analyze markets.

FXRoad Account Types, Deposits, and Withdrawals

FXRoad offers several account types such as Silver, Gold, Platinum, and Islamic. The silver account is targeted at experienced traders and has spread from 2.4 pips on major FX pairs, which is expensive. However, there are no commissions for trading FX pairs. The maximum leverage is capped at 1:200 and can vary depending on the asset class. Indices and communities come with 1:50 leverage, while stocks and cryptos have 1:10 and 1:5 respectively.

FXRoad gold account offers a bit lower spreads at 2 pips but is still expensive for scalping. However, for swing trading or general FX trading, these spreads are not that expensive, but still higher than the industry average of 1 pip. The platinum account comes with 1.4 pips spreads which is competitive and there are also no commissions. The leverage system is the same with 1:200 on FX pairs. Here is the list of additional services Gold and Platinum account holders are getting at FXRoad:

• Dedicated video education and webinars
• Dedicated account manager
• Discounts on swaps of 25% and 50% compared to silver
• News alerts
• Dedicated support

FXRoad provides commission-less deposits and withdrawals and accepts several payment methods such as bank cards (Visa, Mastercard), Google Pay, and Apple Pay. The withdrawal processing can take between 1-2 or 2-7 business day days depending on the payment option selected. Wire transfers are usually slower, while other options provide faster processing times.

FXRoad Promotions

FXRoad is not offering promotions or any type of bonuses at the moment. The broker seems to be targeting Islamic traders with its offerings of low spreads on Islamic accounts. There are discounts on swaps for gold and platinum account holders, reducing their trading costs when holding positions for more than 24 hours.

FXRoad Support and Education

FXRoad provides plenty of educational videos and webinars to its traders who have gold and platinum accounts. Silver account holders are not getting these materials, which is a downside. However, with dedicated video education and webinars, the broker seems very attractive for beginner and intermediate traders who want to get quality education. As for support, FXRoad offers live chat, email, and hotline channels. All support options and the website are multilingual and provided in three different languages. There is an extensive FAQ section explaining many important details about the broker.

Conclusion

FXRoad is a reliable Forex and CFDs broker. It offers superior Islamic accounts with a spread from 0.6 pips. Regulated by the FSA of Seychelles, the broker ensures a secure trading environment with negative balance protection and segregated bank accounts. Offering competitive spreads from 0.6 pips and no commissions on major pairs, FXRoad is attractive for both general and Islamic traders. Despite lacking popular platforms like MT4 and MT5, its proprietary platform is equipped with TradingView charts with technical indicators. With comprehensive account options, robust customer support, and educational resources, FXRoad is a solid choice for traders at all levels.