Best Islamic Forex Brokers | Halāl Islamic Forex Trading

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 »
	eToro Islamic Account	More »
	eToro Premium Account	More »
	easyMarkets Standard Account	More »
	easyMarkets VIP Account	More »
	AvaTrade AvaTrader Account	More »
	AvaTrade MT4 Fixed	More »
	AvaTrade MT4 Floating	More »
	FxPro MT4 Fixed - Instant Exec.	More »
	FxPro FxPro cTrader	More »
	FxPro MT4 Floating - Instant Exec.	More »
	FxPro MT5 Floating - Market Exec.	More »
	FxPro MT4 Floating - Market Exec.	More »
	Plus500 Live Account	More »
	HYCM Micro Account	More »
	HYCM Standard Account	More »
	HYCM VIP Account	More »
	LQDFX Islamic Account	More »
	LiteForex Cent Account	More »
	LiteForex Classic Account	More »
	LiteForex ECN Account	More »
	LCG CFD Trading - MT4	More »
	LCG ECN Trading - MT4	More »
	FXOpen STP MT4 Account	More »
	FXOpen ECN MT4 Account	More »
	FXPRIMUS Floating Spreads	More »
	FXPRIMUS ECN Premier	More »
	FOREXYARD Standard Account	More »
	FOREXYARD VIP Account	More »

	EUR/USD (EURUSD) AUD/USD (AUDUSD) EUR/USD (EURUSD) GBP/USD (GBPUSD) USD/CHF (USDCHF) USD/INR (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	$5	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 »
eToro Islamic Account	3 pips 3 pips 4 pips 3 pips NA NA	1:400 1:400 1:400 1:400 NA NA	$0	$400	Visit broker »
eToro Premium Account	3 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 »
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 »
AvaTrade AvaTrader 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 »
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 »
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 »
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 »
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 »
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 »
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 »
LCG CFD Trading - MT4	1.3 pips 0.95 pips 1.8 pips 2.5 pips NA NA	1:500 1:500 1:500 1:50 NA NA	$0	$10	Visit broker »
LCG ECN Trading - MT4	0.4 pips 0.2 pips 0.6 pips 0.6 pips NA NA	1:500 1:500 1:500 1:500 NA NA	$10	$10000	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 »
FOREXYARD Standard Account	3.1 pips 2.2 pips 2.8 pips 2.9 pips NA NA	1:200 1:200 1:200 1:200 NA NA	$0	$100	Visit broker »
FOREXYARD VIP Account	3.1 pips 2.2 pips 2.8 pips 2.9 pips NA NA	1:200 1:200 1:200 1:200 NA NA	$0	$10000	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 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.