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 » Micro Account ?	More »
	HotForex » Islamic Account ?	More »
	HotForex » Fixed Account ?	More »
	AvaTrade » Islamic Account ?	More »
	AvaTrade » MT4 Fixed ?	More »
	AvaTrade » MT4 Floating ?	More »
	FXTM » Standard Account ?	More »
	FXTM » ECN Account ?	More »
	FXTM » FXTM Pro ?	More »
	eToro » Islamic Account ?	More »
	eToro » Premium Account ?	More »
	easyMarkets » Standard Account ?	More »
	FxPro » MT4 Fixed - Instant Exec. ?	More »
	FxPro » FxPro cTrader ?	More »
	easyMarkets » VIP Account ?	More »
	FxPro » MT4 Floating - Instant Exec. ?	More »
	FxPro » MT5 Floating - Market Exec. ?	More »
	FxPro » MT4 Floating - Market Exec. ?	More »
	HYCM » Micro Account ?	More »
	HYCM » Standard Account ?	More »
	HYCM » VIP Account ?	More »
	Fortrade » Instant Execution ?	More »
	LQDFX » Islamic Account ?	More »
	Plus500 » Live Account ?	More »
	LiteForex » Cent Account ?	More »
	LiteForex » Classic Account ?	More »
	LiteForex » ECN Account ?	More »
	FXOpen » STP MT4 Account ?	More »
	FXOpen » ECN MT4 Account ?	More »
	FXPRIMUS » Floating Spreads ?	More »
	FXPRIMUS » ECN Premier ?	More »

	EURUSD AUDUSD EURUSD GBPUSD USDCHF USDINR	Leverage ?	Commission / lot ?	Min. deposit ?
HotForex » Micro Account ?	2 pips 1.2 pips 2.1 pips 2 pips NA NA	1:1000 1:1000 1:1000 1:1000 NA NA	$0	$50	Visit broker
HotForex » Islamic Account ?	2 pips 1.2 pips 2.1 pips 2 pips NA NA	1:400 1:400 1:400 1:400 NA NA	$0	$500	Visit broker
HotForex » Fixed Account ?	2.3 pips 1.8 pips 2.5 pips 3.9 pips NA NA	1:400 1:400 1:400 1:400 NA NA	$5	$500	Visit broker
AvaTrade » Islamic Account ?	2.5 pips 1.9 pips 2.4 pips 2.5 pips NA NA	1:200 1:200 1:200 1:50 NA NA	$0	$100	Visit broker
AvaTrade » MT4 Fixed ?	2.5 pips 1.9 pips 2.4 pips 2.5 pips NA NA	1:400 1:400 1:400 1:50 NA NA	$0	$100	Visit broker
AvaTrade » MT4 Floating ?	2.2 pips 1.5 pips 2 pips 2.1 pips NA NA	1:400 1:400 1:400 1:40 NA NA	$0	$100	Visit broker
FXTM » Standard Account ?	1.8 pips 1.6 pips 1.8 pips 1.6 pips NA NA	1:500 1:500 1:500 1:500 NA NA	$0	$100	Visit broker
FXTM » ECN Account ?	0.4 pips 0.1 pips 0.4 pips 0.6 pips NA NA	1:500 1:500 1:500 1:500 NA NA	$2	$500	Visit broker
FXTM » FXTM Pro ?	0.1 pips 0.1 pips 0.2 pips 0.2 pips NA NA	1:200 1:200 1:200 1:200 NA NA	$0	$25000	Visit broker
eToro » Islamic Account ?	4 pips 3 pips 4 pips 3 pips NA NA	1:400 1:400 1:400 1:400 NA NA	$0	$200	Visit broker
eToro » Premium Account ?	4 pips 3 pips 4 pips 3 pips NA NA	1:400 1:400 1:400 1:400 NA NA	$0	$20000	Visit broker
easyMarkets » Standard Account ?	2.6 pips 1.8 pips 3 pips 2.8 pips NA NA	1:200 1:200 1:200 1:200 NA NA	$0	$100	Visit broker
FxPro » MT4 Fixed - Instant Exec. ?	1.7 pips 1.6 pips 1.8 pips 1.6 pips NA NA	1:500 1:500 1:500 1:100 NA NA	$0	$500	Visit broker
FxPro » FxPro cTrader ?	0.8 pips 0.3 pips 0.7 pips 1.9 pips NA NA	1:500 1:500 1:500 1:100 NA NA	$9	$500	Visit broker
easyMarkets » VIP Account ?	1 pip 1 pip 1 pip 1 pip NA NA	1:400 1:400 1:400 1:400 NA NA	$0	$2500	Visit broker
FxPro » MT4 Floating - Instant Exec. ?	1.6 pips 1.4 pips 2 pips 1.8 pips NA NA	1:500 1:500 1:500 1:100 NA NA	$0	$500	Visit broker
FxPro » MT5 Floating - Market Exec. ?	1.6 pips 1.4 pips 2 pips 1.8 pips NA NA	1:500 1:500 1:500 1:100 NA NA	$0	$500	Visit broker
FxPro » MT4 Floating - Market Exec. ?	1.4 pips 1.2 pips 1.8 pips 1.8 pips NA NA	1:500 1:500 1:500 1:100 NA NA	$0	$500	Visit broker
HYCM » Micro Account ?	2.7 pips 2 pips 2.7 pips 3 pips NA NA	1:200 1:200 1:200 1:200 NA NA	$0	$100	Visit broker
HYCM » Standard Account ?	2.5 pips 1.8 pips 2.5 pips 2.8 pips 50 pips NA	1:200 1:200 1:200 1:200 1:100 NA	$0	$1000	Visit broker
HYCM » VIP Account ?	2.0 pips 1.5 pips 2.0 pips 2.3 pips 50 pips NA	1:200 1:200 1:200 1:200 1:100 NA	$0	$10000	Visit broker
Fortrade » Instant Execution ?	3 pips 2 pips 2 pips 4 pips NA NA	1:200 1:200 1:200 1:200 NA NA	$0	$100	Visit broker
LQDFX » Islamic Account ?	1.2 pips 0.8 pips 1.1 pips 1.8 pips NA NA	1:300 1:300 1:300 1:300 NA NA	$0	$20	Visit broker
Plus500 » Live Account ?	4 pips 2 pips 1 pip 8 pips NA NA	1:300 1:300 1:300 1:300 NA NA	£0	£100	Visit broker
LiteForex » Cent Account ?	3 pips 3 pips 3 pips 5 pips NA NA	1:1000 1:1000 1:1000 1:1000 NA NA	$0	$10	Visit broker
LiteForex » Classic Account ?	2 pips 2 pips 2 pips 4 pips NA NA	1:500 1:500 1:500 1:500 NA NA	$0	$100	Visit broker
LiteForex » ECN Account ?	1.3 pips 1.1 pips 1.5 pips 1.5 pips NA NA	1:400 1:400 1:400 NA NA	$0	$1	Visit broker
FXOpen » STP MT4 Account ?	2.5 pips 1.4 pips 1.9 pips 2.5 pips NA NA	1:500 1:500 1:500 1:500 NA NA	$0	$10	Visit broker
FXOpen » ECN MT4 Account ?	0 pips 0 pips 0 pips 0 pips NA NA	1:500 1:500 1:500 1:500 NA NA	$1.8	$1000	Visit broker
FXPRIMUS » Floating Spreads ?	1.6 pips 1.6 pips 1.6 pips 2.3 pips NA NA	1:1000 1:1000 1:1000 1:1000 NA NA	$0	$100	Visit broker
FXPRIMUS » ECN Premier ?	0.5 pips 0.4 pips 0.4 pips 1.2 pips NA NA	1:1000 1:1000 1:1000 1:1000 NA NA	$10	$100	Visit 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.

Best Execution

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

Visit broker

Best for Beginners

Trade Forex and CFDs on metals, commodities and indices on tight fixed spreads from a... More »

Visit broker

Best for Pros

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

Visit broker

Best Islamic

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

Visit broker

Website	Click to call	Click to email
AvaTrade	+1-212-941-9609	NA
easyMarkets	+357-25-828-899	NA
eToro	NA	NA
Fortrade	+44-2078621761	[email protected]
FXCC	+357-25-870750	[email protected]
FXOpen	NA	NA
FXPRIMUS	+357-25262084	NA
FxPro	+44-203-151-5550	[email protected]
FXTM	NA	NA
HotForex	+91-800-100-7060	NA
HYCM	NA	[email protected]
LiteForex	+44-808-189-1398	NA
LQDFX	+44-2035988261	[email protected]
Plus500	NA	NA