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Islamic Forex Brokers

Forex trading can be challenging for religion-abiding Muslims. However, solutions exist to trade currencies in a way that is ḥalāl. Compare the top 5 brokers with Islamic Forex accounts.

HotForex
HotForex »
Micro Account ?
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HotForex
HotForex »
Islamic Account ?
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HotForex
HotForex »
Fixed Account ?
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AvaTrade
AvaTrade »
Islamic Account ?
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AvaTrade
AvaTrade »
MT4 Fixed ?
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AvaTrade
AvaTrade »
MT4 Floating ?
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FXTM
FXTM »
Standard Account ?
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FXTM
FXTM »
ECN Account ?
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FXTM
FXTM »
FXTM Pro ?
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FxPro
FxPro »
MT4 Fixed - Instant Exec. ?
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FxPro
FxPro »
FxPro cTrader ?
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FxPro
FxPro »
MT4 Floating - Instant Exec. ?
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FxPro
FxPro »
MT5 Floating - Market Exec. ?
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FxPro
FxPro »
MT4 Floating - Market Exec. ?
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LQDFX
LQDFX »
Islamic Account ?
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Plus500
Plus500 »
Live Account ?
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FXOpen
FXOpen »
STP MT4 Account ?
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FXOpen
FXOpen »
ECN MT4 Account ?
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FXPRIMUS
FXPRIMUS »
Floating Spreads ?
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FXPRIMUS
FXPRIMUS »
ECN Premier ?
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Leverage ?Commission / lot ?Min. deposit ? 
HotForex
HotForex »
Micro Account ?
1.2 pips
1:1000
$0$50Visit broker
HotForex
HotForex »
Islamic Account ?
1.2 pips
1:400
$0$500Visit broker
HotForex
HotForex »
Fixed Account ?
1.8 pips
1:400
$5$500Visit broker
AvaTrade
AvaTrade »
Islamic Account ?
1.9 pips
1:200
$0$100Visit broker
AvaTrade
AvaTrade »
MT4 Fixed ?
1.9 pips
1:400
$0$100Visit broker
AvaTrade
AvaTrade »
MT4 Floating ?
1.5 pips
1:400
$0$100Visit broker
FXTM
FXTM »
Standard Account ?
1.6 pips
1:500
$0$100Visit broker
FXTM
FXTM »
ECN Account ?
0.1 pips
1:500
$2$500Visit broker
FXTM
FXTM »
FXTM Pro ?
0.1 pips
1:200
$0$25000Visit broker
FxPro
FxPro »
MT4 Fixed - Instant Exec. ?
1.6 pips
1:500
$0$500Visit broker
FxPro
FxPro »
FxPro cTrader ?
0.3 pips
1:500
$9$500Visit broker
FxPro
FxPro »
MT4 Floating - Instant Exec. ?
1.4 pips
1:500
$0$500Visit broker
FxPro
FxPro »
MT5 Floating - Market Exec. ?
1.4 pips
1:500
$0$500Visit broker
FxPro
FxPro »
MT4 Floating - Market Exec. ?
1.2 pips
1:500
$0$500Visit broker
LQDFX
LQDFX »
Islamic Account ?
0.8 pips
1:300
$0$20Visit broker
Plus500
Plus500 »
Live Account ?
2 pips
1:300
£0£100Visit broker
FXOpen
FXOpen »
STP MT4 Account ?
1.4 pips
1:500
$0$10Visit broker
FXOpen
FXOpen »
ECN MT4 Account ?
0 pips
1:500
$1.8$1000Visit broker
FXPRIMUS
FXPRIMUS »
Floating Spreads ?
1.6 pips
1:1000
$0$100Visit broker
FXPRIMUS
FXPRIMUS »
ECN Premier ?
0.4 pips
1:1000
$10$100Visit broker
     

Forex trading and the Sharia

Traditional Forex trading can pose problems for religion-abiding Muslims because it often involves interest. Your Forex broker could charge interest if you borrow to open a position. And if you keep your position open overnight, you could stand to receive or pay interest depending on the prevailing interest rates.

It is possible to trade currencies without incurring interest: 1) invest no more than you can afford and 2) remember to close any open positions by 5pm New York time. However, this is likely to reduce how much you can afford to invest and may not be an option if 5pm New York time (10 pm UTC/GMT) is in the middle of your night time.

Benefits of an Islamic broker

Instead, you could open an account with a Sharia-compliant broker Forex broker to enjoy interest-free leverage and avoid interest on rollovers.

  • Interest-free leverage. Islamic Forex brokers will provide interest-free leverage. In other words, you can borrow entirely free of charge.
  • No rollover interest.With an Islamic Forex account, your open positions will be closed by 5pm New York time to avoid rollover interest. You can them re-open them immediately after that. Some brokers will open them on your behalf free of charge.

Are there any disadvantages?

If you're a non-Muslim thinking of opening an Islamic account simply to avoid interest, think again. Most brokers will ask that you provide evidence of your faith if you request a Sharia compliant account. They could close your account altogether if they have grounds to believe you are trying to game the system.

Interest-free doesn't necessarily mean you'll be at an advantage, as some brokers will look for alternative sources of revenue if they cannot charge interest. This is why Islamic accounts can have marginally wider spreads than conventional accounts. Other brokers may require higher minimum deposits.

However, this isn't always the case. easyMarkets offers Forex and commodity trading accounts in Islamic format to all clients of Muslim faith. In addition, you can keep your open positions overnight for up to 14 days at no additional cost. Others, such as HotForex EU tend to apply a carry charge after 7 days.

How to open an Islamic account

Our comparison table shows popular Forex brokers with Islamic accounts.

  • Some brokers such as easyMarkets or HotForex have dedicated Islamic accounts, in which case signing up is straight forward.
  • Finally, others such as AvaTrade.com can convert a conventional Forex account into a Sharia compliant account on request. You'll need to speak to your account manager to make that happen before placing your first trade.

FXTM

Trade 45 currency pairs and CFDs on shares, indices and metals with market execution ... More »

AvaTrade

Trade 59 currency pairs on fixed spreads, plus CFDs on stocks, indices, bonds and com... More »

FxPro

Trade 69 currency pairs, spot indices, energies, metals and shares on floating spread... More »

HotForex

Trade Forex as well as CFDs on cryptocurrencies, shares, indices, metals and more on ... More »