Based on looking at the website, Ictrading.com appears to be an online trading platform specializing in Contracts for Difference CFDs across various global markets, including Forex, Indices, Stocks, Commodities, Bonds, and Cryptocurrencies. The platform emphasizes “raw spreads” starting from 0.0 pips, high leverage up to 1:500, and access to popular trading terminals like MetaTrader 4, MetaTrader 5, and cTrader. While the site promotes features like fast order execution and dedicated support, it’s crucial to understand that engaging in CFD trading and high-leverage forex involves significant financial risks and often incorporates elements of Riba interest, which is impermissible in Islam. Many scholars view CFD trading as problematic due to its speculative nature, the presence of overnight financing fees which often constitute Riba, and the lack of actual asset ownership. This type of trading can lead to substantial losses and is generally discouraged due to its inherent uncertainty and potential for financial exploitation.
Instead of engaging in highly speculative and often Riba-laden CFD trading, better alternatives for financial growth and ethical investment align with Islamic principles. These include investing in halal stocks of ethically sound companies, participating in profit-sharing ventures Mudarabah, investing in real estate, or exploring Sukuk Islamic bonds. These alternatives offer avenues for wealth accumulation that are based on tangible assets, real economic activity, and are free from interest and excessive speculation, promoting a more stable and permissible approach to financial development.
Find detailed reviews on Trustpilot, Reddit, and BBB.org, for software products you can also check Producthunt.
IMPORTANT: We have not personally tested this company’s services. This review is based solely on information provided by the company on their website. For independent, verified user experiences, please refer to trusted sources such as Trustpilot, Reddit, and BBB.org.
Ictrading.com Review & First Look
Upon an initial review of Ictrading.com, the website presents itself as a robust platform for online CFD trading, highlighting its competitive spreads and diverse range of tradable instruments.
The layout is professional, clean, and navigation seems straightforward, directing users to information about their offerings, trading platforms, and account opening procedures.
The site prominently features real-time indicative prices for major currency pairs and commodities, creating an impression of an active and dynamic trading environment.
- User Interface and Accessibility: The website is designed with a clear focus on ease of use. Key information is easily accessible, and the “Start Trading” and “Try a Free Demo” calls to action are strategically placed. The multi-language support English, Portuguese, Spanish, Japanese suggests an intent for a global reach.
- Initial Impression of Offerings: Ictrading.com immediately advertises its core services: trading CFDs on Forex, Indices, Stocks, Commodities, Bonds, and Crypto. This broad spectrum aims to attract a wide range of traders looking for diverse market exposure. The emphasis on “raw spreads from 0.0 pips” is a major selling point in the competitive CFD brokerage market.
Ictrading.com Cons
While Ictrading.com highlights several features, it’s essential to address the inherent disadvantages and concerns associated with the services they provide, especially from an ethical and financial prudence perspective.
The very nature of CFD trading, particularly with high leverage, presents significant drawbacks.
- High Risk of Capital Loss: CFD trading is a highly speculative form of investment. Unlike traditional stock trading where you own an asset, with CFDs, you are merely speculating on price movements. A significant percentage of retail CFD accounts lose money. Reports from financial regulators often show that 70-80% of retail CFD investors lose capital. For instance, ESMA European Securities and Markets Authority data has consistently shown high loss rates among retail clients trading CFDs.
- Leverage Magnifies Losses: Ictrading.com advertises leverage up to 1:500. While leverage can amplify profits, it magnifies losses exponentially. A small unfavorable price movement can lead to a margin call, forcing you to deposit more funds or have your positions automatically closed, resulting in significant losses that can exceed your initial deposit. This is a critical factor often overlooked by novice traders.
- Presence of Riba Interest: A core concern with CFDs, particularly those held overnight, is the overnight financing charge swap fee. This fee is essentially interest paid or received for holding a position open past a certain time, which is considered Riba and is impermissible in Islamic finance. Even if a platform claims “swap-free” or “Islamic accounts,” the underlying mechanism of borrowing to open a leveraged position often contains elements that are problematic.
- Lack of Asset Ownership: When you trade CFDs, you don’t own the underlying asset e.g., a stock, a commodity, or a cryptocurrency. You are simply entering into a contract with the broker to exchange the difference in the price of an asset from the time the contract is opened until it is closed. This detachment from real economic activity can be seen as less beneficial than investing in tangible assets.
- Complexity and Market Volatility: The markets in which CFDs are traded Forex, Crypto, Commodities are highly volatile. This volatility, combined with the complexity of understanding CFD mechanics and market dynamics, makes it extremely challenging for individual traders to consistently profit. Sudden market shifts can quickly erase invested capital.
- Potential for Over-Trading and Emotional Decisions: The ease of opening and closing positions in CFD trading can encourage over-trading, where individuals make frequent, impulsive decisions based on emotion rather than sound analysis. This often leads to increased transaction costs and poor outcomes.
Ictrading.com Alternatives
Given the significant risks and ethical concerns associated with CFD trading and high-leverage forex, particularly from an Islamic perspective due to the presence of Riba and excessive speculation, exploring permissible and more stable financial alternatives is crucial.
These alternatives focus on real economic activity, asset ownership, and ethical principles.
- Halal Stock Investing:
- Concept: Investing in the shares of publicly traded companies that adhere to Islamic ethical guidelines. This means avoiding companies involved in industries like alcohol, gambling, conventional banking interest-based, pornography, and pork production.
- Benefits:
- Ownership: When you buy a stock, you become a part-owner of a real business, participating in its growth and profits.
- Transparency: Financial statements are publicly available, allowing for informed decision-making.
- Long-Term Growth: Historically, stock markets have provided substantial returns over the long term, offering a more stable path to wealth accumulation compared to speculative trading.
- Diversification: You can diversify your portfolio across various industries and companies.
- How to: Utilize Sharia-compliant brokerage services or screen companies using Islamic finance criteria. Resources like Islamicly, Zoya, and Wahed Invest can help identify halal stocks and funds.
- Real Estate Investment:
- Concept: Purchasing physical properties residential, commercial, or land for rental income, capital appreciation, or direct use.
- Tangible Asset: Real estate is a physical asset with inherent value.
- Income Generation: Rental income provides a steady cash flow.
- Inflation Hedge: Real estate often appreciates with inflation, preserving purchasing power.
- Leverage Permissible: If financing is needed, explore Islamic home financing Murabaha, Musharakah Mutanaqisah which are free from Riba.
- How to: Directly purchase properties, invest in Real Estate Investment Trusts REITs that are Sharia-compliant, or consider crowdfunding platforms for real estate projects.
- Concept: Purchasing physical properties residential, commercial, or land for rental income, capital appreciation, or direct use.
- Ethical Business Ventures and Entrepreneurship:
- Concept: Starting or investing in businesses that produce goods or services beneficial to society and operate within ethical boundaries. This could range from small businesses to larger enterprises.
- Direct Impact: You contribute to the economy and create value.
- Profit-Sharing: Aligns with Islamic finance principles of Mudarabah profit-sharing and Musharakah partnership.
- Job Creation: Contributes to community well-being.
- Innovation: Opportunity to develop new solutions and services.
- How to: Identify market needs, develop a business plan, seek capital from ethical investors or Islamic financing institutions, and build a team.
- Concept: Starting or investing in businesses that produce goods or services beneficial to society and operate within ethical boundaries. This could range from small businesses to larger enterprises.
- Sukuk Islamic Bonds:
- Concept: Sharia-compliant financial certificates that represent an undivided beneficial ownership interest in tangible assets, rather than debt. They are structured to avoid interest Riba.
- Fixed Income Alternative: Provides regular payments to investors, similar to conventional bonds but without interest.
- Asset-Backed: The income and capital are derived from real assets, making them more stable.
- Liquidity: Can be traded in secondary markets.
- How to: Invest through Islamic banks, financial institutions, or brokerage platforms that offer Sukuk.
- Concept: Sharia-compliant financial certificates that represent an undivided beneficial ownership interest in tangible assets, rather than debt. They are structured to avoid interest Riba.
- Commodity Investing Physical Commodities:
- Concept: Investing in physical commodities like gold, silver, or agricultural products, avoiding speculative instruments like commodity CFDs or futures that often involve Riba or Gharar excessive uncertainty.
- Store of Value: Gold and silver are historical stores of value and hedges against inflation.
- Tangible Asset: You own a physical asset.
- Diversification: Can diversify a portfolio away from traditional financial assets.
- How to: Purchase physical gold or silver from reputable dealers and ensure immediate possession or secure storage.
- Concept: Investing in physical commodities like gold, silver, or agricultural products, avoiding speculative instruments like commodity CFDs or futures that often involve Riba or Gharar excessive uncertainty.
These alternatives not only offer pathways for financial growth but also ensure that your investments align with deeply held ethical and religious principles, promoting long-term stability and blessings.
How to Cancel Ictrading.com Subscription
Given that Ictrading.com is a trading platform and not a subscription service in the traditional sense, cancelling involves closing your trading account rather than unsubscribing from a recurring payment.
If you have an account with Ictrading.com and wish to close it, the process typically involves several steps to ensure all funds are withdrawn and positions are closed.
- Step 1: Close All Open Positions. Before initiating an account closure, ensure all your trading positions are closed. You cannot close an account with open trades.
- Step 2: Withdraw All Funds. Access your client portal or account management section. Initiate a withdrawal request for the remaining balance in your account. Be aware of any minimum withdrawal amounts or potential withdrawal fees.
- Step 3: Contact Customer Support. The most direct way to formally close your account is to contact Ictrading.com’s customer support.
- Email: Send an email to their support team explicitly stating your intention to close your account. Include your account number and any necessary verification details.
- Live Chat/Phone: If available, use their live chat or phone support for a quicker resolution and to get confirmation on the closure process.
- Step 4: Confirm Account Closure. After your request, the broker will typically process it and send you a confirmation once the account is fully closed and all funds have been disbursed. Keep a record of all correspondence.
Important Considerations:
- Pending Withdrawals: Ensure all your funds have been successfully withdrawn before confirming closure.
- Account Balance: Some brokers may require a zero balance to close an account.
- Terms and Conditions: Review Ictrading.com’s terms and conditions regarding account closure for any specific requirements or dormancy fees.
How to Cancel Ictrading.com Free Trial
Ictrading.com offers a “Free Demo” account rather than a traditional free trial that transitions into a paid subscription.
A demo account is essentially a simulated trading environment that uses virtual money, allowing users to practice trading without risking real capital.
Therefore, there’s no “cancellation” process in the sense of stopping a billing cycle.
- Nature of a Demo Account: A demo account is designed for practice. It doesn’t incur any costs, nor does it automatically convert into a live, funded account. You are not obligated to deposit real money after using a demo account.
- Ending Your “Trial”: To stop using the demo account, you simply cease logging into it. There are no recurring fees or automatic charges associated with a demo account. If you wish to completely remove your associated data, you might need to contact their support as outlined in the “How to Cancel Subscription” section for account deletion, but this is usually not necessary for a demo account.
- No Automatic Charges: Since it’s a demo with virtual funds, there are no payment details linked to it, so there’s no risk of being charged inadvertently.
This approach is common for trading platforms, as it allows potential clients to experience the platform and its features risk-free before committing real funds, which, as previously discussed, carries significant financial and ethical implications.
Ictrading.com Pricing
Ictrading.com’s “pricing” structure for trading CFDs is primarily based on spreads and commissions, rather than fixed subscription fees. They promote a “Raw Spread Advantage” which means they offer spreads from 0.0 pips on certain assets, with a commission charged per trade.
- Spreads:
- Raw Spreads from 0.0 pips: Ictrading.com advertises raw spreads on major currency pairs, indicating the difference between the bid and ask price is very narrow, sometimes as low as zero. For instance, they mention an average spread of 0.1 pips for EURUSD.
- Variable Spreads: While some pairs might have raw spreads, spreads can vary significantly based on market conditions, liquidity, and the specific instrument being traded e.g., indices, stocks, crypto CFDs often have wider spreads.
- Commissions:
- Commission-based Model: When spreads are “raw” or extremely tight, brokers typically make their revenue through commissions charged per lot traded. The website mentions “0% commission” under payment methods which might refer to deposit/withdrawal fees, but for trading itself, a commission structure is implied for their raw spread accounts. Standard industry practice for raw spread accounts involves commissions, typically around $3 to $7 per standard lot per side.
- Overnight Financing Swap Fees:
- Interest-Based Fees: This is a crucial “cost” for traders holding positions overnight. These are interest charges or credits applied daily to leveraged positions. If you hold a buy position, you typically pay interest, and if you hold a sell position, you might pay or receive interest depending on the interest rate differentials of the currencies involved. As highlighted, these swap fees are a form of Riba interest, making overnight CFD trading impermissible in Islam.
- Deposit and Withdrawal Fees:
- The website states “0% Commission Payment methods” for deposits and withdrawals, implying that IC Trading itself does not charge fees for these transactions. However, third-party payment providers or banks might impose their own fees.
- Inactive Account Fees:
- Some brokers charge an inactivity fee if an account remains dormant for a certain period e.g., 6 months or 1 year without any trading activity. This is a common practice, and users should check Ictrading.com’s terms and conditions for such fees.
- VPS Hosting:
- Ictrading.com mentions “Free Low latency collocated VPS available.” This is typically offered to high-volume traders who meet certain criteria e.g., minimum deposit or monthly trading volume to ensure faster execution.
It’s important for anyone considering such a platform to meticulously review their full pricing schedule, particularly focusing on commissions and, most importantly, the overnight swap fees, as these are direct manifestations of Riba in the context of Islamic finance.
Ictrading.com vs. Competitors
Comparing Ictrading.com with its competitors in the CFD and Forex brokerage space reveals both similarities and key differentiators.
Many brokers vie for clients by offering competitive spreads, diverse instruments, and robust trading platforms.
- Key Similarities with Competitors:
- MetaTrader Platforms: Like many brokers, Ictrading.com offers MetaTrader 4 MT4 and MetaTrader 5 MT5, which are industry-standard platforms. Many competitors also provide these, making platform familiarity a common ground for traders.
- CFD Offerings: The range of CFD products Forex, Indices, Stocks, Commodities, Crypto, Bonds is typical across major CFD brokers.
- Leverage: High leverage options e.g., up to 1:500 are common in this competitive market, aiming to attract traders seeking amplified exposure.
- Demo Accounts: Most legitimate brokers offer free demo accounts for practice, mirroring Ictrading.com’s “Free Demo” offering.
- Ictrading.com’s Differentiators as advertised:
- “Raw Spreads from 0.0 pips”: Ictrading.com heavily promotes its extremely tight spreads. While many brokers offer ECN/STP accounts with low spreads, Ictrading.com emphasizes this as a core advantage, potentially making it attractive to scalpers and high-frequency traders. For example, brokers like Pepperstone or IC Markets also offer very tight raw spreads, often competing directly on this front.
- cTrader Platform: The inclusion of cTrader alongside MT4/MT5 is a notable differentiator. cTrader is favored by many algorithmic traders and those who prefer its cleaner interface and advanced charting tools. Not all brokers offer cTrader, giving Ictrading.com an edge for users who prefer this specific platform.
- Execution Speed: The claim of “Average execution speeds of under 40ms” and “low latency fibre optic and Equinix NY4 server” suggests a focus on speed and reliability, which is crucial for high-volume or algorithmic trading.
- Dedicated Support: Mentioning “24/7 Dedicated Support” is a common offering, but the emphasis on its availability indicates a commitment to client service, which can be a distinguishing factor in practice.
- Ethical Standpoint Where Ictrading.com and most competitors fall short:
- Riba and Speculation: The fundamental issue for Ictrading.com and most CFD/Forex brokers offering leveraged trading is the presence of Riba via overnight swap fees and the highly speculative nature of the activity. While some brokers offer “Islamic accounts” or “swap-free” options, the underlying structure of borrowing for leverage often still contains elements that are problematic in Islamic finance.
- Lack of Tangible Ownership: Almost all CFD brokers operate on the premise of speculation without actual asset ownership, which contrasts with Islamic investment principles that favor real economic activity and tangible assets.
In essence, while Ictrading.com competes effectively on technical features and pricing with other mainstream brokers, it, like its direct competitors in the CFD space, operates within a financial model that raises significant ethical and religious concerns for individuals seeking permissible investment avenues.
Frequently Asked Questions
What is Ictrading.com?
Ictrading.com is an online trading platform that allows users to trade Contracts for Difference CFDs on various global markets, including Forex, Indices, Stocks, Commodities, Bonds, and Cryptocurrencies.
Is CFD trading permissible in Islam?
No, generally, CFD trading is considered impermissible haram in Islam due to several factors, primarily the presence of Riba interest through overnight financing fees swaps, excessive speculation Gharar, and the lack of actual asset ownership.
Does Ictrading.com offer a demo account?
Yes, Ictrading.com offers a “Free Demo” account, which allows users to practice trading in a simulated environment with virtual money, without risking real capital.
What trading platforms does Ictrading.com support?
Ictrading.com supports popular trading platforms such as MetaTrader 4 MT4, MetaTrader 5 MT5, and cTrader.
What are the spreads offered by Ictrading.com?
Ictrading.com advertises “raw spreads from 0.0 pips” on certain instruments, meaning the difference between the bid and ask price can be very narrow. Prim-rose.com Reviews
How does Ictrading.com make money if spreads are low?
When spreads are very low or “raw,” brokers typically generate revenue through commissions charged per trade or per lot traded.
What is the maximum leverage offered by Ictrading.com?
Ictrading.com advertises leverage of up to 1:500, which means for every $1 of your capital, you can control up to $500 worth of assets.
Are there any deposit or withdrawal fees on Ictrading.com?
Ictrading.com states “0% Commission Payment methods” for deposits and withdrawals, implying they do not charge fees for these transactions, though third-party fees may apply.
How can I close my Ictrading.com account?
To close your Ictrading.com account, you typically need to close all open trading positions, withdraw all your funds, and then contact their customer support via email, live chat, or phone to formally request account closure.
Does Ictrading.com have Islamic accounts?
While the website doesn’t explicitly mention “Islamic accounts” or “swap-free” options, many brokers in this space offer them. Rapidpaints.co.uk Reviews
However, even these accounts often have underlying structures that can still be problematic from an Islamic finance perspective.
What are better alternatives to CFD trading for Muslims?
Better alternatives include investing in halal stocks Sharia-compliant companies, real estate, ethical business ventures, Sukuk Islamic bonds, and physical commodities like gold and silver.
What is Riba in the context of CFD trading?
Riba refers to interest.
In CFD trading, Riba often appears as overnight financing fees swap fees, which are charged for holding leveraged positions open past a certain time, making it impermissible in Islam.
Is Ictrading.com regulated?
The website mentions “Trade CFDs with Confidence” which implies regulation, but specific regulatory bodies and licenses would need to be verified on their official website or through financial regulatory databases. Globalconnection21.com Reviews
What is the minimum deposit to start trading with Ictrading.com?
The website encourages users to “Fund your trading account,” but the minimum deposit amount is not explicitly stated on the homepage and would typically be found in their account terms or FAQ section.
Can I trade cryptocurrencies as CFDs on Ictrading.com?
Yes, Ictrading.com lists “Crypto 21 products” under their Global Markets section, indicating that users can trade CFDs on various cryptocurrencies.
What are the risks of using high leverage in trading?
High leverage magnifies both potential profits and potential losses.
A small adverse price movement can lead to significant losses, potentially exceeding your initial deposit and resulting in margin calls.
How fast is order execution on Ictrading.com?
Ictrading.com claims an “Average execution speeds of under 40ms,” highlighting their focus on rapid trade processing. Atunushome.com Reviews
Does Ictrading.com offer educational resources?
The homepage mentions “Learn more” links for MetaTrader 4 and 5, suggesting they might offer some educational content, though the extent of it is not detailed.
Is Ictrading.com suitable for beginners?
While Ictrading.com offers a demo account for practice, CFD trading itself, especially with high leverage, is complex and carries high risks, making it generally unsuitable for novice investors without extensive knowledge and risk management skills.
Why is tangible asset ownership preferred in Islamic finance over CFDs?
Islamic finance generally favors investments in tangible assets and real economic activity e.g., real estate, ownership shares in companies because they represent a direct participation in production and wealth creation, as opposed to pure speculation on price movements without ownership, which is common in CFD trading.
Youvision.co.uk Reviews|
0.0 out of 5 stars (based on 0 reviews)
There are no reviews yet. Be the first one to write one. |
Amazon.com:
Check Amazon for Ictrading.com Reviews Latest Discussions & Reviews: |
Leave a Reply