Best Forex Brokers with Islamic Accounts in 2025

The platform also provides hourly market analysis, training materials, and risk management tools, making it ideal for both novice and experienced traders. In addition to controlling your trading accounts and monitoring balance statistics, the Octa app has added integrations with trading platforms so you can start trading quickly and easily. MetaTrader 4 (MT4) remains a popular trading platform, offering a robust set of features for both beginners and experienced traders. Additionally, the frequent buying and selling of stocks or other financial instruments may involve short-term speculation rather than long-term investment. Islam encourages investment in real, tangible assets that contribute to the economy and benefit society.

This explains the need for Islamic trading, a special type of trading that respects the dictates of Shariah Law as they relate to finance. Here are some of the practical considerations that arise when employing specific trading approaches. With the largest trading volume globally, the FOREX market allows traders to speculate on the future movements of currency prices, trading pairs like EUR/USD, GBP/JPY and many more.

HF Markets

Pepperstone is an excellent choice for traders of all experience levels. With a unique combination of educational materials, trading tools, and high-quality customer service, this broker ensures excellent conditions for successful trading. Pepperstone is a significant and reliable broker that offers a broad range of trading instruments and attractive trading conditions. With regulation by serious authorities, clients can be confident in the security of their funds. A common scam in the forex and CFD industry involves vendors offering a trading strategy that guarantees an outlandishly high return in little time. These may be based on automated trading using bots or a signal service where trades are shared via chat or social media.

It’s prudent to steer clear of unregulated, offshore-based brokers, given the lack of legal recourse if such entities abscond with your capital. Our live fee test on the Raw ECN account revealed that the spread for EUR/USD averaged 0.1 pips during the London and 0.2 pips during the New York trading session. This account also has a 3 USD per lot, per side commission which is still better than the 3.50 USD industry average. Best for scalping and fast execution with tight spreads and low latency.

As this is a commission-based account, there is also a fee of USD 3 per lot (100,000 units of currency traded) per side which is better than the industry average of USD 3.50. When traders short positions, they receive positive interest payments when they make profits. Muslim traders do not have the benefit of earning interest from shorting strategies. Also, when broker interest fees are removed, many brokers either make up for this through flat admin fees or by increasing the spreads on FOREX pairs, often to the detriment of Islamic traders.

• Moreover, the company offers its customers a handy credit card to withdraw their profits, in addition to enabling customers to use various deposit methods.
• Meanwhile, other brokers charge a fee for all of them, including popular instruments such as EUR/USD.
• The bank’s net profit was $115 million in 2024, with a healthy return on assets (ROA) of 1.4%.
• We provide personalised recommendations based on your activity on our platform.
• XM is regulated by multiple authorities including CySEC, ASIC, and IFSC.

This means that financing should be linked to tangible assets or services, fp markets reviews and the financial contract should have a clear connection to the underlying asset. What this does is that it prevents transactions based on speculation and promotes real economic activity. Swap rates in conventional finance can sometimes involve speculative or unclear elements.

Best for Copy and Social Trading

• Plus500 is a primary online trading portal providing a variety of products such as foreign exchange, shares, commodities, indices, options, and other instruments in the form of CFDs.
• The trade must be conducted in a manner that is free from riba, and the exchange should take place on a spot basis, meaning that the currencies must be exchanged immediately without any deferred payments.
• However, when it comes to our research, it suggests that AvaTrade is the best platform for Muslim broker traders, overall.

SCS is Standard Chartered Banking’s global Islamic network, which spans Asia, Africa, and the Middle East. It combines Shariah expertise with a strong product portfolio.SCS has been involved in Islamic banking for over 16 years and is the only international bank with a complete Islamic-financing product suite. Another important principle in Islamic trading is the prohibition of gharar, which refers to excessive uncertainty or ambiguity in contracts or transactions. Gharar occurs when there is a lack of clarity about the terms of a trade or when the buyer or seller is unaware of the details of the transaction. In Islamic finance, contracts should be clear, and both parties must have full knowledge of the terms of the agreement.

Which Brokers Offer Islamic Forex Accounts?

They also provide education, market analysis tools and convenient funding options. As for forex options, there is an entire custom platform called AvaOptions, which is also available on web or via mobile app, and it is very user-friendly and convenient to use. The platform is regulated by ASIC and the FCA, both of which are highly reputable, and its customer support is available for 24 hours per day during workdays. The best thing that Muslim traders will appreciate regarding this platform is that they can open Islamic accounts and deposit as little as $100 in order to access swap-free trading. It is essential to read the terms and conditions carefully, as sometimes the minimum deposit is increased, or the swap-free offer is time-limited. Local bank transfers in the Malaysian Ringgit will ensure easy money management to and from the broker, while mobile trading remains a fast-growing trend across the Malaysian retail sector.

Muslim traders must send a copy of their government-issued ID and one proof of residency document issued within the past three to six months. Some brokers require verification of faith in the written form issued by a Mosque or Imam. Trading Forex through an appropriate Islamic Forex trading account can be halal not haram.

Saxo Bank is considered one of the best investment banks in financial markets and currencies, as it offers the very best trading platform and tools from all the companies we have reviewed. Meanwhile, its spreads are very low and, as such, suitable for short-term deals; and it offers a large number of asset classes, including currencies, commodities, indices etc. Finally, its customer service is excellent and very responsive to traders’ needs. Opening an Islamic account is usually as easy as contacting the customer support team of any top forex broker. With some brokers, but not many, the trading costs could be higher to make up for the absence of swap fees. They may impose a fee that is not interest and is, therefore, compliant with Islamic trading law.

Best Islamic (Swap-Free) Forex Accounts for 2025

Many brokers also offer you the chance to practice on an Islamic demo account. It is a good idea to take advantage of this as you can practice your strategies in real market conditions without any of the risk. You will also start to get familiar with the ways in which pricing and fees work within an Islamic account. Some brokers restrict the availability of swap-free accounts to customers from countries with a predominantly Muslim population but not necessarily always so. Such is the case with our third pick, Pepperstone, where swap-free accounts are only available to clients from Morocco, Egypt, Algeria, Malaysia, Kuwait, Turkey, and Qatar, among several other regions.

Otherwise, everyone would apply for Islamic accounts to reap the benefits of interest-free trading. Muslim customers should allow a couple alvexo forex broker of business days for the broker’s relevant department to assess their applications. Unfortunately, it should be noted that Muslim traders who reside in countries outside of a broker’s list of swap-free trading eligible regions may not be able to apply for Islamic trading accounts.

If you still have doubts, you are advised to seek counsel from religious experts. BestBrokers.com is free to use for everyone and it may earn a commission from some of the listed trading platforms with no additional cost to you. Prior to dabbling into margin trading, each reader should take the time to determine their individual investment goals, risk tolerance, and level of expertise.

Key Features of Forex Trading Apps:

There is a healthy debate among Islamic scholars about the use of leverage. Some feel leverage trading can be permissible within limits if it complies with the principles of Islamic finance. However, other scholars argue that leverage trading is not permissible in Islam due to its association with excessive speculation and gambling, which is prohibited. Two notable items that you cannot trade as an Islamic trader are bonds and treasury bills. Bonds are issued based on a fixed interest rate, the proceeds of which will be paid at the end of the life of the bond. Similarly, futures contracts contravene Shariah law as the exchange of goods happens at a future date, violating the hand-to-hand principle.

Owned by Morocco’s largest bank, Attijariwafa, Bank Assafa had a good year in 2024, with 41 branches covering the major cities of Morocco. The bank provides a range of services, from every- day banking operations to savings products and takaful. In terms of financing, it supports its clients through diversified offerings, fxpcm including real estate, automobiles, equipment, and the purchase of construction materials.