Considering that this is a different account type especially created for Muslim traders, it comes as no surprise that its trading features are different as well. It is important to get familiar with each of them, so you are fully aware of what awaits you on your trading journey. 

Spreads

Spreads are as low as 1 pip for the Pepperstone Islamic account and can go up to 1.2 pips. Pepperstone offers the lowest average spreads across two of the three most popular Euro currency pairs. That makes this account type much more attractive to the users of Pepperstone for Forex. 

Leverage

There is no difference between the leverage levels of other accounts and Islamic accounts. Pepperstone offers some of the most competitive ratios in the industry. From 30:1 all the way up to 500:1, (for retail traders it is capped at 200:1). They give traders the ability to really maximize their potential profits. 

However, if you are a beginner, it would be a better idea to stop yourself from using high leverage because in this case, there is a higher chance of losing all your money. 

Commission Fees

The Pepperstone Islamic account has no commission fees. On the other hand, Islamic accounts have a minimum account opening balance which is 200AUD or the equivalent, which sometimes can be a big disadvantage for newbies who want to start trading with just a few dollars.

The Pepperstone Islamic account gives unique opportunities for one segment of traders but let's look at the bigger picture and talk about its pros and cons.

Pros

• Allows Muslim traders who strictly follow Sharia law to trade Forex. Without this chance, they have no other way to trade
• Without having to pay any overnight costs for open positions, you can trade futures
• Free deposit and withdrawal
• Good customer service
• Aside from ordinary trading and non-trading expenses, there would be no additional charges for Muslim traders
• Easy process of opening an account

Cons

• Muslim traders are not charged additional charges, so they may be charged more than the usual trading fees
• Mostly CFDs offered: The cons of it can be limiting for some investors. For example, CFDs tend to be short-term investments, so investors who are looking for long-term investments may be disappointed
• The fees associated with CFDs can be expensive, so investors need to be aware of that before they trade
• Only the MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms are offered. While MetaTrader 4 is considered more user-friendly and MetaTrader 5 offers more advanced features, it is not good that a trader has such a limited selection of choices.