StormGain is proud to announce the debut of Islamic accounts on our platform, opening all the possibilities of the cryptocurrency world to our Muslim clients who wish to practice ethical trading according to their religious beliefs.
Who can use a StormGain Islamic Account?
The StormGain Islamic Account has been designed for Crypto traders who are unable to receive or pay swaps due to religious beliefs. Please note that StormGain is not a religious institution; therefore does not take the Islamic Account definition as permission to trade.Please independently verify that all your trading by your beliefs.
What’s unique about an Islamic account?
The religious strictures of Islam forbid riba (usury) or gharar (gambling). An Islamic trading account is a trading account that complies with Islamic law. Therefore the StormGain Islamic account is swap-free and does not incur interest or any rollover commissions.
The validity of cryptocurrencies in the Islamic banking philosophy has been a matter of discussion among many respected scholars. At first, there was scepticism about this new technology. However, as the understanding of cryptocurrencies developed, Muslim innovators tried to create technologies that would comply with Sharia from their inception. Furthermore, Islamic banking experts also recognised the transformative effect that blockchain and crypto technology could have in empowering individuals in the Muslim world, especially in areas where traditional banking services are underdeveloped or unfair. In this case, cryptocurrency can be seen as desirable according to the principle of maslaha (public interest).
You can register for a StormGain Islamic account here .
Note that Islamic accounts are not available for users who already hold a non-Islamic account with us.
FAQ
How can I open an StormGain Islamic Account?
To open a live StormGain Islamic Account, Muslim clients must sign up for an account through this page . Please note that this option is not available if you already have a non-Islamic account with us.
How can I deposit funds into my StormGain Islamic Account?
After registration from the Islamic accounts landing, you can initiate your first deposit via StormGain's platform using your preferred deposit method.
How can I withdraw funds from my StormGain Islamic Account?
You can request a withdrawal of your funds at any time via StormGain platform. We normally process withdrawal requests within 24 hours on business days.
Is there swap or interest charges on StormGain Islamic Accounts?
There are no swap or interest charges. We apply an administration fee justifiable for the administration of related expenses to manage your account.
Which types of fees apply to Islamic accounts?
Islamic accounts are free of any swap credit or deduction (financing) during trading and also don't offer any interest accrual.
However, when making trading and exchange operations, the standard fees apply. You can see their amounts in the Fees and Limits section.