Islamic Account Forex Brokers Top 10 Brokers (2024)☑️ (2024)

What is Islamic Forex Account Broker?
Best Islamic Trading Brokers
What is Islamic Account?
What is Swap Rollover rate?
Islamic Forex Brokers List

What is Islamic Broker?

Islamic Broker is a Broker with an Islamic Account designed for traders following Islamic Finance, which is a specific method of financing and banking operations based and compliant with the principles of the Islamic or Sharia laws, while guided by Islamic economics.

Islamic laws applied rules to the trading industry, since by its nature Forex in Islamic perspective might be a forbidden type of investment, and created a specialized Islamic Account to enable worldwide traders of the Islamic religion to join international trading of global markets. Read aboutIslamic Trading via Wikipedia.

💰 Rollover/ Swap	No
📊 Spreads	Standard as offered by Broker
📈 Trading Instruments	All, as offered by Broker
💻 Trading Platform	MT4, MT5, cTrader, Proprietary platforms

Islamic Trading Platform

Trading in Islam is often considered haram, so traders who respect Quran should check brokers that offer Sharia-compliant trading accounts offered on their trading platforms. Also, read our findings on the Islamic Forex Account

Islamic Account Advantages	Islamic Account Disadvantages
Trading in comply with Sharia Laws	Some Broker charge high Fees to compensate the lack of Swap
Enhanced Trading Transparency	Limited Capacity for deversifying and hedging
No Swap Fees
Trading Islamic Stocks
Traders can stay true to their ethics and Morals

Top 5 Islamic Trading Brokers

There are many leading Swap Free forex brokers offering Islamic accounts, here we select only the best one in the category.

HFM – Best Overall Islamic Broker 2024
BlackBull Markets – Best Low-Spread Islamic Broker 2024
FP Markets – Best MT4 Islamic Account Broker 2024
Eightcap– Best for Beginners Islamic Account Broker 2024
BDSwiss – Best VIP Islamic Account Broker 2024

What is Forex Islamic Account?

Islamic Account is specifically designed to account for traders who respect Quran and adhere to Islamic laws and offer halal trading conditions with no Swaps.

What is Swap Rollover rate?

Swap rates are overnight adjustment fees that are depending on the instrument you trade and might be negative or positive depending on the position sell or buy.

Islamic Forex Broker Malaysia

Most of the Brokers operating or accepting Malaysian clients offer Islamic or Swap Free accounts. You can check FP Markets, IG, or XM

Is Bitcoin halal in Islam?

The status of Bitcoin and other digital assets is not clarified in Sharia laws. While some Muslim scholars suggest investing in Bitcoin is halal, there will be some Muslims who will assert otherwise. So as long as Bitcoin trading doesn’t contravene any Islamic finance principles – it is halal.

List of Islamic Forex Brokers

This is our list of Best Islamic Forex Brokers that adhere to Sharia Laws:

Broker	Detail
HFM	Min. Deposit: 0 US$ Max. Leverage: 1:2000 Trading Platforms: MT4, MT5, HFM Trading App Regulation: CySEC, FCA, DFSA, FSCA, FSA, CMA	1 HFM Review
BlackBull Markets	Min. Deposit: 0 US$ Max. Leverage: 1:500 Trading Platforms: MT4, MT5 Regulation: FMA, FSA	2 BlackBull Markets Review
FP Markets	Min. Deposit: 100 US$ Max. Leverage: 1:30 Trading Platforms: IRESS, MT4, MT5, cTrader Regulation: ASIC, CySEC, St. Vincent and the Grenadines, FSP, CMA	3 FP Markets Review
Eightcap	Min. Deposit: 100 US$ Max. Leverage: 1:500 Trading Platforms: MT4, MT5, TradingView Regulation: ASIC, SCB, CySEC, FCA	4 Eightcap Review
BDSwiss	Min. Deposit: 10 US$ Max. Leverage: 1:400 \| 1:2000 Trading Platforms: MT4, MT5, BDSwiss Webtrader, and BDSwiss Mobile App Regulation: FSC, FSA, FSCA, MISA	5 BDSwiss Review
GO Markets	Min. Deposit: 0 US$ Max. Leverage: 1:30, 1:500 Trading Platforms: MT4, MT5, cTrader, WebTrader Regulation: ASIC, CySEC, FSC, FSA	GO Markets Review
Pepperstone	Min. Deposit: 200 US$ Max. Leverage: 1:30 to 1:400 Trading Platforms: MT4, MT5, cTrader, TradingView Regulation: ASIC, FCA, DFSA, SCB, CMA, CySEC, BaFIN	Pepperstone Review
FXCC	Min. Deposit: No minimum deposit Max. Leverage: 1:30 \| 1:500 Trading Platforms: MT4 Regulation: CySEC, SVG FSA	FXCC Review
Octa	Min. Deposit: $25 Max. Leverage: 1:30 \| 1:500 Trading Platforms: MT4, MT5, Octatrader Regulation: CySEC, SVGFSA, FSCA	Octa Review
SquaredDirect \| SquaredFinancial	Min. Deposit: $250 Max. Leverage: 1:30 \| 1:500 Trading Platforms: MT4, MT5, Mobile App Regulation: CySEC, FSA	SquaredDirect \| SquaredFinancial Review

FAQs

Islamic Account Forex Brokers Top 10 Brokers (2024)☑️? ›

To open an Islamic Forex account, Muslim customers must register and open an Trade. MT5 account, and provide the necessary documents to open a halal trading account.

Read On ›

Which broker gives an Islamic account? ›

Forex broker Islamic account comparison

Company	Minimum Deposit	Islamic Account
AvaTrade	$100	Yes
OANDA	$0	Yes
Pepperstone	$200	Yes
XM Group	$5	Yes

3 more rows

Mar 14, 2024

Discover More Details ›

Can anyone open an Islamic forex account? ›

To open an Islamic Forex account, Muslim customers must register and open an Trade. MT5 account, and provide the necessary documents to open a halal trading account.

Does Oanda have an Islamic account? ›

Yes, Islamic or swap-free accounts are available at Oanda.

See Details ›

Which forex is halal? ›

In Islamic finance, spot forex trading, involving the immediate exchange of currencies, is generally considered permissible as long as it adheres to the principles of avoiding interest (riba) and ensures immediate settlement.

Find Out More ›

Which brokers are halal? ›

Our Opinion: Exness is a reliable broker with competitive trading conditions and a strong focus on providing a halal trading environment for Muslim traders. Their proprietary trading platform and high leverage options make them a popular choice among traders.

Tell Me More ›

How to open an Islamic forex account? ›

How to open an Islamic account in 3 simple steps:

Verify your account by sending all the relevant documentation.
Fund your current trading account.
After you've funded your account, you can apply for an Islamic account, which operates under the Sharia Law.

Show Me More ›

Can Muslims trade forex? ›

Additionally, forex trading can be seen as a form of gambling, as there is always a risk of losing money when trading. While some forms of gambling are permissible in Islam, such as horse racing or archery contests, forex trading is generally considered to be excessive and speculative, which would make it haram.

Explore More ›

Which app is halal for trading? ›

Zoya - #1 Halal Investing App | Shariah Compliant Stocks & ETFs.

How does an Islamic forex account work? ›

Islamic accounts, also known as swap-free accounts, are designed for traders who adhere to Islamic principles, which prohibit earning or paying interest (Riba). Islamic accounts operate in compliance with Islamic Shariah law by eliminating swap or rollover fees on positions held overnight.

Show Me More ›

Does FP markets have an Islamic account? ›

The swap-free account option is available on both our Raw and Standard account types on the MT4 and MT5 trading platforms. An Islamic client can trade all the instruments available on the platforms.

Read The Full Story ›

What is the Islamic account in Pepperstone? ›

Pepperstone's Islamic account provides access to a wide range of financial instruments, including forex, CFDs on stocks, indices, commodities, and cryptocurrencies. This diverse offering allows traders to explore various trading strategies and asset classes while adhering to Islamic finance principles.

See Details ›

How much money do you need for OANDA? ›

There is no minimum deposit amount. Note: you can only deposit up to 50% of your net worth.

Get More Info Here ›

Is octafx halal in Islam? ›

All Octa accounts are already swap-free and Sharia-compliant, allowing halal trading. You do not need to turn swaps off manually. Where can I find all of my accounts? You can find all your accounts in the Trading accounts tab in the sidebar menu of your Personal Area.

Is US forex trading halal? ›

Yes, Muslims can participate in Forex trading if it aligns with Islamic finance principles. This involves avoiding Riba (interest), Gharar (uncertainty), and Maysir (gambling).

Is FXTM halal? ›

In conclusion, FXTM offers Islamic Accounts that are compliant with Sharia Law, making them Halal in Islam.

View Details ›

Which bank is best for Islamic banking? ›

Meezan Bank, Bank Islam Malaysia (BIMB) and Maybank Islamic are the top three strongest Islamic banks in Asia.

Does IG offer Islamic accounts? ›

IG Group does not offer an Islamic, Swap-Free trading account option on any trading account level. IG Group does not offer Extended Swap-free status by default to all applicable trading accounts created by clients in non-Islamic countries.

Learn More ›

Does eToro offer Islamic accounts? ›

Here at eToro, we are able to offer Islamic accounts in accordance with Sharia law. Islamic accounts have: No interest-based overnight fees.

Discover More Details ›

Does FBS offer an Islamic account? ›

FBS, as a reputable online broker, offers its Islamic Account services to traders worldwide. This global accessibility allows Muslim traders from various regions to participate in financial markets while adhering to their religious principles.

Show Me More ›