Finding the broker that suits your needs is an essential part of your trading preparations. Having the right tools and resources at your disposal will boost your trading performance. With that in mind, read the following Almahfaza review to help you understand why Almahfaza could be a perfect fit for your financial strategy.
A major plus
Almahfaza charges no trading commission or fees. What’s more, it offers swap-free trading accounts for its Muslim clients, and its trading platform is both simple and intuitive, at the same time as being advanced, robust and reliable.
On the flip side
Almahfaza only accepts U.S. dollars as its main trading account currency and the MT4 platform is only available with certain type of accounts like Gold and Platinum.
Who runs Almahfaza?
The legal holder of the trade name Almahfaza Global is Progressive Tech Limited, which is incorporated in the Marshall Islands.
This broker specializes in providing CFDs and Forex financial products to its traders with neither commission nor fees. There are over 300 financial assets available on the platform, across asset classes such as currencies, stocks, indices, commodities and ETFs.
So far, Almahfaza is only available in English and Arabic, and its swap-free account makes it the natural choice of traders from around the Arab world who demand Sharia-compliant trading conditions.
Being a regulated broker, Almahfaza will require a trader to verify their identity as part of the KYC (Know Your Customer) process, to protect both the company and its community.
The broker also applies very strict rules when it comes to clients’ money. For instance, it works with top-tier banks to ensure that members’ funds are safe and secure. Almahfaza also keep its traders’ money in segregated accounts, guaranteeing that the company cannot use it to cover business expenses.
What is different about Almafahza?
While many brokers are market makers, Almahfaza is an STP (Straight-Through-Processing) broker that only plays the role of intermediary between its clients and its liquidity providers. It uses ECNs (Electronic Communications Networks) to provide the best-priced executions.
Almahfaza provides its Gold and Platinum traders with MetaTrader 4 (MT4) – the world’s most popular trading platform. One of the greatest things about MT4 is that it can be used by both beginners and professional traders. But Almahfaza also provides its traders with another highly responsive, user-friendly and intuitive trading interface: the ParagonEX web and mobile trading platform.
Another reason why Almahfaza is proving so popular with money-minded Muslims is the selection of resources on offer on the trading platform. These range from a simple but effective economic and financial calendar to a sophisticated live data feed analyzing current trader sentiment called WisdomHub™.
Almahfaza developed WisdomHub™, as it believes traders should use “the wisdom of the masses” to be able to achieve better results through more informed trading decisions. This proprietary technology gives traders constant access to live updates on the trading behavior of the members of Almahfaza’s trading community.
The most significant activity alerts are Trending, Volume Growth, Volatility Spotted, Turnaround, Going Up, Going Down and Increase in Openings. These all show potential changes in the direction of a trend or an increase in trading activity on a specific asset.
Writing this Almahfaza review showed us that Almahfaza is a broker that truly works for its traders, enabling them to enjoy the best services and trading conditions through reliable and advanced platforms and trading tools.
For instance, trading on the world-class MetaTrader 4 platform is possible with Almahfaza, although the ParagonEX interface is ideally suited to virtually all trading styles.
Moreover, Almahfaza only makes money on fixed spreads, which helps its day traders and scalpers to achieve better results. Knowing trading costs in advance when employing active or aggressive trading styles is much better than using a broker that offers variable spreads, as in that case, trading costs will increase depending on market conditions.
As an STP broker using ECNs, Almahfaza’s interests are aligned with those of its traders. This broker doesn’t need to hedge its traders’ positions, which is always better for them, as there is no conflict of interest.