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 (AvaTrade.com) is an award winning online broker. Access a wide range of markets spanning Forex, crypto-currencies, shares, metals and more on competitive spreads.

  • Currency pairs: 60
  • Markets: Commodities, Forex, Gold and metals, Indices, Oil, Shares
  • Platforms: Copy trading, MetaTrader 4, MetaTrader 5
  • Regulators: Australia, BVI, Ireland, Japan, South Africa, UAE
  • Incorporated: 2006

$100
deposit

1:200
leverage

2.5 pips
EUR/USD

$100
deposit

1:20
leverage

1.8 pips
EUR/USD

$100
deposit

1:400
leverage

1.8 pips
EUR/USD

$100
deposit

1:400
leverage

1.8 pips
EUR/USD

Risk warning ?

FxPro (FxPro.com) is a global broker, winner of 60+ awards including "Best FX Provider" in the 2019, 2017 and 2016 Online Personal Wealth Awards.

  • Currency pairs: 70+
  • Markets: Commodities, Forex, Gold and metals, Indices, Oil, Shares
  • Platforms: Copy trading, cTrader, MetaTrader 4, MetaTrader 5
  • Regulators: Bahamas, CySEC, South Africa, UK
  • Incorporated: 2006

$500
deposit

1:500
leverage

1.7 pips
EUR/USD

$500
deposit

1:500
leverage

0.8 pips
EUR/USD

$500
deposit

1:500
leverage

1.6 pips
EUR/USD

$500
deposit

1:500
leverage

1.4 pips
EUR/USD

Risk warning ?

easyMarkets is an award-winning international Forex and CFD broker. Unlike most brokers, it allows you to trade spot, forward as well as vanilla option contracts (calls and puts) across a particularly wide range of markets.

  • Currency pairs: 135
  • Markets: Commodities, Forex, Gold and metals, Indices, Oil
  • Platforms: MetaTrader 4, Mirror trading
  • Regulators: Australia, CySEC
  • Incorporated: 2001

$100
deposit

1:125
leverage

1.8 pips
EUR/USD

$2500
deposit

1:125
leverage

1.8 pips
EUR/USD

Risk warning ?

Access over 10,000 financial instruments when you open an account with FPMarkets, also known as First Prudential Markets.

  • Currency pairs: 50+
  • Markets: Commodities, Forex, Gold and metals, Indices, Oil, Shares
  • Platforms: MetaTrader 4, MetaTrader 5
  • Regulators: Australia
  • Incorporated: 2005

$100
deposit

1:500
leverage

1.66 pips
EUR/USD

$100
deposit

1:500
leverage

0.66 pips
EUR/USD

$100
deposit

1:500
leverage

1.66 pips
EUR/USD

$100
deposit

1:500
leverage

0.66 pips
EUR/USD

Buy shares outright or trade CFDs on shares, indices, Forex, cryptocurrencies and more*. Connect with over 6 million other investors, follow or copy their trades in real-time on eToro.com.

  • Currency pairs: 47
  • Markets: Commodities, Forex, Gold and metals, Indices, Oil, Shares
  • Platforms: Copy trading, Mirror trading
  • Regulators: Australia, CySEC, UK
  • Incorporated: 2007

$1000
deposit

1:30
leverage

1 pips
EUR/USD

$20000
deposit

1:30
leverage

1 pips
EUR/USD

Risk warning ?

HotForex (HotForex.com) is an award winning Forex and commodity broker, providing trading services and platforms to both retail and institutional clients.

  • Currency pairs: 47
  • Markets: Commodities, Forex, Gold and metals, Indices, Oil, Shares
  • Platforms: Copy trading, Currenex, MetaTrader 4, MetaTrader 5, Mirror trading
  • Regulators: CySEC, France, Germany, Mauritius, South Africa, UK
  • Incorporated: 2010

$5
deposit

1:1000
leverage

1.5 pips
EUR/USD

$100
deposit

1:400
leverage

1.5 pips
EUR/USD

Trade without restrictions with OctaFX (OctaFX.com), an international broker headquartered in St. Vincent & The Grenadines. Access CFDs on currency pairs, indices, precious metals and commodities on MetaTrader 4, MetaTrader 5 or cTrader.

  • Currency pairs: 28
  • Markets: Forex, Gold and metals, Indices, Oil
  • Platforms: Copy trading, cTrader, MetaTrader 4, MetaTrader 5
  • Regulators: Saint Vincent and the Grenadines
  • Incorporated: 2011

$100
deposit

1:500
leverage

0.9 pips
EUR/USD

$100
deposit

1:500
leverage

0.7 pips
EUR/USD

$500
deposit

1:200
leverage

0.7 pips
EUR/USD

  • Currency pairs: NA
  • Markets: Bonds, Commodities, Forex, Gold and metals, Indices, Oil, Shares
  • Platforms: MetaTrader 4, Mirror trading
  • Regulators: Australia, UK
  • Incorporated: 2013

$100
deposit

1:30
leverage

3 pips
EUR/USD

$100
deposit

1:200
leverage

3 pips
EUR/USD

Risk warning ?

LiteForex (LiteForex.com) is an international Forex and CFD broker with a compelling product offering for beginners and experienced traders.

  • Currency pairs: 56
  • Markets: Forex, Gold and metals, Indices, Oil, Shares
  • Platforms: Copy trading, MetaTrader 4, MetaTrader 5, Mirror trading
  • Regulators: None
  • Incorporated: 2005

$50
deposit

1:500
leverage

2.8 pips
EUR/USD

$50
deposit

1:500
leverage

0.5 pips
EUR/USD

Risk warning ?

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. FPMarkets 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 2 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 HotForex have dedicated Islamic accounts, in which case signing up is straight forward. Others like 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.


FxPro

MT4 Fixed - Instant Execution

Trade 70+ currency pairs, spot indices, energies, metals and shares on fixed spreads with instant ... More

  • $500 deposit
  • 1:500 leverage ?
Risk warning ?

AvaTrade

MT4 Account

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

  • $100 deposit
  • 1:20 leverage ?
Risk warning ?

HotForex

Premium Account

Trade Forex as well as CFDs on cryptocurrencies, shares, indices and metals on floating spreads ... More

  • $100 deposit
  • 1:400 leverage ?

eToro

Premium Account

Get direct access to the trading desk 24/5, unique promotional offers, a special deposit bonus, ... More

  • $20000 deposit
  • 1:30 leverage ?
Risk warning ?