Top 7 Islamic Forex Brokers with Swap-Free Trading Accounts in 2023

What is Islamic forex account?

Islamic accounts, also referred to as swap-free accounts, are a type of trading account offered by some financial institutions, including forex brokers. These accounts are designed to cater to the needs of Muslim traders who wish to engage in online trading while adhering to the principles of Shariah law, which prohibits the charging or receiving of interest. In Islamic accounts, no swap or rollover fee is charged when positions are held open overnight, making them suitable for traders who wish to avoid interest-based transactions.

In this article, we will provide a list of the 7 most reputable Islamic forex brokers and outline their key features, enabling religious traders to choose the best option for their trading account in 2023. These brokers offer swap-free trading accounts, allowing traders to hold overnight positions without incurring any interest charges, such as swap or rollover fees. In addition, it facilitates the creation of an account without compromising one’s religious beliefs.

1. Fxview
Topping our list of the best trading brokers is Fxview, a highly regarded brokerage with a rapidly expanding client base, owing to their ability to cater to the needs of all trader types, including those seeking Islamic account facilities. Regulated by reputable bodies like CySEC, Fxview is a dependable and trustworthy platform for forex trading.

Here are the key features of Fxview’s trading platform:

  • The minimum deposit required is $200 for EU users and $50 for global users.
  • Fxview offers pure ECN accounts with tight spreads starting from 0.2 pips.
  • The trading platform charges low commissions of $1/100k per side.
  • Traders can leverage up to 500x their investment.
  • The platform provides negative balance protection to mitigate trading risks.
  • The use of EA trading and hedging strategies is allowed.
  • Fxview’s Islamic accounts are exclusively operated on the MT4 platform.
  • The platform does not charge any additional fees for trades that are closed within three days.
  • Trades that are held for four days or longer will incur charges based on the specific instrument being traded.

2. IC Markets
IC Markets secures the second position in our list of brokers. This esteemed broker is subject to regulation by reputable authorities, including ASIC and CySEC. They provide multiple account types, catering to the diverse needs of traders.

Key features of IC Markets include:

  • Provision of 3 trading platforms, namely MT4, MT5, and cTrader.
  • Employment of an ECN pricing model.
  • A minimum deposit requirement of $200.
  • Raw spread account, offering spreads starting from 0.2 pips, and a standard account that provides spreads from 0.6 pips.
  • Commission-free standard accounts, while raw spread accounts attract a commission of $3.5/100k per side.
  • Up to 1000x leverage.
  • Application of a flat rate financing charge to trades on specific instruments kept open for more than a day.

3. Fxpro
The third position on our list of brokers is held by Fxpro. This esteemed broker is regulated by top authorities such as FCA and CySEC, making it a reliable platform for traders. Fxpro offers a wide range of account types to meet the needs of traders worldwide, including Islamic accounts that are free from any interest charges.

Key features:

  • Exclusive trading platform in addition to popular platforms such as MT4, MT5, and cTrader.
  • Initial funding of $100, but recommended minimum deposit is $1,000.
  • No dealing desk execution with fixed and floating spreads starting at 0.9 pips.
  • Commission-free accounts with marked-up spreads, and raw spread accounts with a commission of $3.5/100k per side.
  • Available leverage depends on the jurisdiction of the trader.
  • Fees will be charged on trades held open for a specific number of days based on the instrument.

4. Pepperstone
Pepperstone is a highly reputable forex broker and secures the fourth place in our list. The broker has multiple regulations, including CySEC and FCA, and offers different account types to cater to the needs of traders worldwide, including those seeking a forex swap-free account.

Here are some key features of Pepperstone:

  • Offers three trading platforms: MT4, MT5, and cTrader, which can be connected to Tradingview.
  • Minimum deposit requirement is a $200.
  • Spreads on Islamic accounts range from 1.0 – 1.2 pips.
  • No commission is charged for Islamic accounts.
  • Leverage of up to 500x is available.
  • Usage of EAs and hedging are allowed.
  • No extra charges for overnight positions that are closed within 10 days.

In our lineup of top forex brokers, FXTM secures the fifth position due to its extensive regulatory coverage, including FSC. FXTM offers trading account that allows traders to avoid swaps also.

Key features of FXTM include:

  • FXTM offers the popular trading platforms, MT4 and MT5.
  • The broker offers three account types: Micro, Advantage, and Advantage Plus.
  • The minimum deposit requirement is $10 for a Micro account and $500 for other account types.
  • Spreads start from 0.1 pips for Advantage accounts and 1.5 pips for the other two account types.
  • Only Advantage accounts incur a commission, ranging from $0.4 to $2, based on the trading volume.
  • The maximum leverage for Micro accounts is 1000x, and for other account types, it is 2000x.
  • FXTM charges a swap-free fee when multiple positions exceeding the specified swap-free day allowance are opened.
  • Swap-free accounts are not available for exotic pairs.
  • Eligibility for swap-free accounts is restricted to clients from specific regions.

The sixth broker on our list for forex trading accounts is FXCM. This well-respected broker is regulated by multiple authorities including ASIC, which guarantees a high level of security and trust for traders.

Key features:

  • FXCM provides a variety of trading platforms including MT4, Trading station, Trading view pro, and Capitalise AI, giving traders flexibility in their trading choices.
  • The minimum deposit requirement for opening an account is only $50, making it accessible for traders of all levels.
  • FXCM offers a range of competitive spreads, starting from as low as 0.8 pips, and no commission is charged on trades.
  • Traders can benefit from leverage of up to 400x, depending on the jurisdiction and the type of account they choose.
  • FXCM provides ECN execution, which means that orders are executed directly with liquidity providers, leading to fast and efficient order execution.
  • Mark up on spreads and commission will be charged based on the primary account type and instruments traded, allowing traders to choose the account type that best suits their trading needs.

7. AvaTrade
The last broker in our list of halal forex brokers is Avatrade, a well-known broker regulated by multiple authorities including ASIC.

Here are the key features of Avatrade’s trading platform:

  • Offers Avatrade’s own trading platform along with MT4 and MT5.
  • Requires a minimum deposit of $100.
  • Spreads start from 0.9 pips and no commission is charged.
  • Swap-free status must be applied for after funding the account.
  • A swap will be applied for trades that are kept open for more than 5 days.
  • Certain forex pairs and cryptocurrencies are not available for trading in Islamic accounts.

The article lists several brokers that offer interest-free trading accounts, which can be appealing to traders who prioritize ethical considerations. These accounts may be of particular interest to those who follow certain religious or ethical principles that prohibit the charging or paying of interest. The article outlines the main features of each broker, including the platforms they offer, minimum deposit requirements, spreads, and commissions. It also notes any fees that may be charged for holding positions open for a certain period. Overall, the article provides a useful resource for those seeking brokers that offer interest-free accounts.

If you have any inquiries or feedback, please feel free to share them in the comments section below.

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