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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.

AvaTrade
Islamic Account
20% cashback
Risk warning ?
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AvaTrade
Retail Account
20% cashback
Risk warning ?
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AvaTrade
Pro Account
20% cashback
Risk warning ?
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AvaTrade
MT4 Standard
20% cashback
Risk warning ?
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HotForex ZA
Micro AccountMore »
HotForex ZA
Islamic AccountMore »
HotForex ZA
Fixed AccountMore »
Plus500
Retail Account
Risk warning ?
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FXTM
Standard Account
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FXTM
ECN Account
Risk warning ?
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FXTM
FXTM Pro
Risk warning ?
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eToro
Islamic Account
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eToro
Premium Account
Risk warning ?
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ForexMart
ECN Standard
Risk warning ?
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ForexMart
ECN Zero Spread
Risk warning ?
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HYCM
Fixed Account
Risk warning ?
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HYCM
Classic Account
Risk warning ?
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HYCM
Raw Account
Risk warning ?
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Fortrade
Retail Account
Risk warning ?
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FxPro
MT4 Fixed - Instant Exec.
Risk warning ?
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FxPro
FxPro cTrader
Risk warning ?
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FxPro
MT4 Floating - Instant Exec.
Risk warning ?
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FxPro
MT5 Floating - Market Exec.
Risk warning ?
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FxPro
MT4 Floating - Market Exec.
Risk warning ?
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Fortrade
Pro Account
Risk warning ?
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easyMarkets
Standard Account
20% cashback
Risk warning ?
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FP Markets
Standard ECN Account (MT4)More »
easyMarkets
Premium Account
20% cashback
Risk warning ?
More »
LQDFX
Islamic AccountMore »
easyMarkets
VIP Account
20% cashback
Risk warning ?
More »
FP Markets
ECN Raw Account (MT4)More »
FP Markets
Standard ECN Account (MT5)More »
FP Markets
ECN Raw Account (MT5)More »
LiteForex
Classic Account
20% cashback
Risk warning ?
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LiteForex
ECN Account
20% cashback
Risk warning ?
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FXPRIMUS
Variable Spreads [EU]
Risk warning ?
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FXPRIMUS
ECN Premier [EU]
Risk warning ?
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FXPRIMUS
Variable Spreads [Vanuatu]
Risk warning ?
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FXPRIMUS
ECN Premier [Vanuatu]
Risk warning ?
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InstaForex
Standard AccountMore »
InstaForex
Eurica AccountMore »
Flexible leverage ?Commission / lot ?Min. deposit ? 
AvaTrade
AvaTrade
Islamic Account
Risk warning ?
1.9 pips
1:200
$0$250
AvaTrade
AvaTrade
Retail Account
Risk warning ?
1.3 pips
1:30
$0$250
AvaTrade
AvaTrade
Pro Account
Risk warning ?
1.3 pips
1:400
$0$250
AvaTrade
AvaTrade
MT4 Standard
Risk warning ?
1.3 pips
1:400
$0$250
HotForex ZA
HotForex ZA
Micro Account
1.1 pips
1:500
$0$50
Read review »
HotForex ZA
HotForex ZA
Islamic Account
0 pips
1:500
$0$500
Read review »
HotForex ZA
HotForex ZA
Fixed Account
1.8 pips
1:400
$0$500
Read review »
Plus500
Plus500
Retail Account
Risk warning ?
Variable pips
1:30
£0£100
Read review »
FXTM
FXTM
Standard Account
Risk warning ?
1.6 pips
1:30
$0$100
Read review »
FXTM
FXTM
ECN Account
Risk warning ?
0.1 pips
1:30
$2$500
Read review »
FXTM
FXTM
FXTM Pro
Risk warning ?
0.1 pips
1:30
$0$25000
Read review »
eToro
eToro
Islamic Account
Risk warning ?
3 pips
1:30
$0$200
Read review »
eToro
eToro
Premium Account
Risk warning ?
3 pips
1:30
$0$20000
Read review »
ForexMart
ForexMart
ECN Standard
Risk warning ?
2 pips
1:500
$0$1
Read review »
ForexMart
ForexMart
ECN Zero Spread
Risk warning ?
0 pips
1:500
$Variable$1
Read review »
HYCM
HYCM
Fixed Account
Risk warning ?
1.8 pips
1:30
$0$100
Read review »
HYCM
HYCM
Classic Account
Risk warning ?
1.4 pips
1:30
$0$100
Read review »
HYCM
HYCM
Raw Account
Risk warning ?
0.2 pips
1:30
$4$200
Read review »
Fortrade
Fortrade
Retail Account
Risk warning ?
2 pips
1:30
$0$100
Read review »
FxPro
FxPro
MT4 Fixed - Instant Exec.
Risk warning ?
1.6 pips
1:500
$0$500
Read review »
FxPro
FxPro
FxPro cTrader
Risk warning ?
0.3 pips
1:500
$9$500
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FxPro
FxPro
MT4 Floating - Instant Exec.
Risk warning ?
1.4 pips
1:500
$0$500
Read review »
FxPro
FxPro
MT5 Floating - Market Exec.
Risk warning ?
1.4 pips
1:500
$0$500
Read review »
FxPro
FxPro
MT4 Floating - Market Exec.
Risk warning ?
1.2 pips
1:500
$0$500
Read review »
Fortrade
Fortrade
Pro Account
Risk warning ?
2 pips
1:200
$0$100
Read review »
easyMarkets
easyMarkets
Standard Account
Risk warning ?
3 pips
1:200
$0$100
FP Markets
FP Markets
Standard ECN Account (MT4)
1.45 pips
1:500
$0$100
Read review »
easyMarkets
easyMarkets
Premium Account
Risk warning ?
2.5 pips
1:400
$0$1000
LQDFX
LQDFX
Islamic Account
0.8 pips
1:300
$0$20
Read review »
easyMarkets
easyMarkets
VIP Account
Risk warning ?
1.8 pips
1:400
$0$2500
FP Markets
FP Markets
ECN Raw Account (MT4)
0.45 pips
1:500
$3.5$1000
Read review »
FP Markets
FP Markets
Standard ECN Account (MT5)
1.45 pips
1:500
$3.5$100
Read review »
FP Markets
FP Markets
ECN Raw Account (MT5)
0.45 pips
1:500
$3.5$1000
Read review »
LiteForex
LiteForex
Classic Account
Risk warning ?
2.2 pips
1:500
$0$50
LiteForex
LiteForex
ECN Account
Risk warning ?
0.4 pips
1:500
$10$50
FXPRIMUS
FXPRIMUS
Variable Spreads [EU]
Risk warning ?
1.6 pips
1:30
$0$100
Read review »
FXPRIMUS
FXPRIMUS
ECN Premier [EU]
Risk warning ?
0.3 pips
1:30
$10$500
Read review »
FXPRIMUS
FXPRIMUS
Variable Spreads [Vanuatu]
Risk warning ?
0.3 pips
1:30
$0$100
Read review »
FXPRIMUS
FXPRIMUS
ECN Premier [Vanuatu]
Risk warning ?
0.3 pips
1:1000
$10$500
Read review »
InstaForex
InstaForex
Standard Account
3 pips
1:1000
$0$1
Read review »
InstaForex
InstaForex
Eurica Account
0 pips
1:1000
$30$1
Read review »
     

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

Risk warning ?

AvaTrade

Trade 55 currency pairs on fixed spreads, plus CFDs on crypto-currencies, stocks, ind... More

Risk warning ?

Fortrade

Trade a wide range of asset classes on low fixed spreads all from Fortrade's MT4 plat... More

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HotForex ZA

Islamic account with no swap or rollover charges. Trade Forex and CFDs on indices, co... More