Forex Brokers with Islamic Accounts
- Written By thinkforexbrokers
- Updated:
Looking for reliable brokers that operate in full compliance with Sharia finance principles? At Best Brokers, we have carefully curated a list of the top-rated trading platforms offering authentic Islamic accounts. Our rankings are the result of thorough, first-hand analysis and meticulous research conducted by our in-house team of experts. Each broker featured in our shortlist provides swap-free accounts with exceptional trading conditions, enabling Muslim traders to enjoy a fair, interest-free trading experience while maximizing the value of their sessions.
74-89 % of retails CFD accounts lose money
73.85 % of retails CFD accounts lose money
59.57 % of retails CFD accounts lose money
Trading leveraged product is risky
75.5 % of retails CFD accounts lose money
74-89% of retails CFD accounts lose money
76 % of retails investors lose money
eToro
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TicketMill
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Top 13 Brokers with Islamic Accounts
1. Pepperstone
Pepperstone, headquartered in Melbourne, serves over 750,000 clients across 170 countries, cementing its position as a truly global broker. Known for its razor-thin spreads, lightning-fast execution, and strong regulatory credentials, Pepperstone delivers highly competitive pricing across more than 1,200 financial markets. Clients can trade using industry-leading platforms such as MT4, MT5, cTrader, and TradingView.
For traders whose religious beliefs prohibit paying or receiving interest, Pepperstone offers commission-free Islamic accounts. These swap-free accounts feature average spreads of 1.0 to 1.2 pips on EUR/USD and allow trading in micro lots. They are available in four base currencies—USD, AUD, GBP, and EUR—and come with no restrictions on hedging or scalping. Opening an account requires a $200 minimum deposit, while a $100 administrative fee applies after a five-day grace period.
Risk Warning: CFDs are complex financial instruments and carry a high risk of rapid losses due to leverage. 75.5% of retail investor accounts lose money when trading CFDs with this provider. Consider carefully whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
2. FP Markets
FP Markets stands out as a trusted choice for both retail and professional traders seeking competitive trading conditions. Licensed by leading regulators such as ASIC and CySEC, the broker provides a secure and transparent environment. Retail clients also benefit from extra safeguards, including investor compensation schemes and negative balance protection.
Traders can choose between a Standard or Raw Forex account, while those following Islamic finance principles have access to a swap-free Islamic account. This option allows Muslim traders to operate without paying or receiving interest, in full compliance with Sharia law.
Clients can begin with a Demo Islamic Account or switch directly to live trading on MT4 or MT5. Swap-free accounts incur an administrative fee of $1 to $80, depending on the instrument, and give access to more than 70 Forex pairs, 19 indices, 120 stocks, and commodities such as gold and silver. Eligibility requirements apply, and availability may be restricted in certain countries. Full details are provided on the official FP Markets website.
CFDs are complex instruments and carry a significant risk of rapid losses due to leverage. 72.92% of retail investor accounts lose money when trading CFDs with this provider. You should carefully assess whether you understand how CFDs operate and whether you can afford to take the high risk of losing your capital.
3. Fusion Markets
Fusion Markets is a leading discount broker renowned for its competitive trading conditions, ultra-low commissions, and razor-sharp spreads starting from zero pips. Regulated in Vanuatu, Australia, and the Seychelles, the broker provides access to 250+ financial instruments across two main account types — Classic and Zero. Eligible Islamic clients can open swap-free MT4 and MT5 accounts in eight base currencies, ensuring Sharia-compliant trading.
For Islamic traders, Fusion Markets offers minimum spreads from 1.4 pips, zero commissions, and micro-lot trading. Swap-free accounts come with no strategy restrictions, no minimum balance requirements, and full access to scalping, hedging, and algorithmic trading. Positions can remain open for up to seven days without incurring any overnight fees, making it a flexible choice for Sharia-compliant investing.
Gleneagle Asset Management Limited (ABN 29 103 162 278), trading as Fusion Markets, is the issuer of the Fusion Markets products referenced in this communication. Trading these products carries both the potential for profit and the risk of significant loss, which may exceed your initial deposit. Such trading is not suitable for all investors. Before you invest, you should carefully read the Financial Product Service Terms, the Product Disclosure Statement (PDS), and the Financial Services Guide — all available on our website. Consider your financial situation, investment needs, and objectives, and seek independent financial advice to ensure these products are appropriate for you.
4. BlackBull Markets
BlackBull Markets, a reputable New Zealand–based forex broker, offers a tailored solution for traders who avoid interest-bearing transactions due to religious beliefs. Its Islamic (swap-free) account enables Muslim traders to participate in the global markets without paying or receiving interest on overnight positions.
Accessible via MT4 and MT5, these accounts feature competitive spreads and a smooth trading experience across a wide range of markets, including Forex and CFDs. BlackBull Markets supports scalping, hedging, and algorithmic trading, giving swap-free account holders the flexibility to manage positions in line with both their trading strategies and their faith.
5. eToro
Founded in 2007, eToro operates the world’s largest social and copy trading network, connecting a global community of over 35 million registered users. Its proprietary multi-asset platform offers access to 7,000+ tradable markets across all major asset classes, including forex, stocks, indices, commodities, and cryptocurrencies—all with competitive, low-cost trading.
Trading on eToro can be done with or without leverage. For clients seeking interest-free trading, eToro provides Sharia-compliant Islamic accounts with no swaps or account management fees. To apply, users must register, verify their identity, and deposit a minimum of $1,000. Administrative fees only apply when overnight positions are held beyond seven days, ranging from $0.10 for indices such as the Nikkei 225 to $20 for commodities and certain forex pairs involving currencies like MXN, COP, CLP, BRL, and TRY.
CFDs are complex financial instruments that involve a high risk of losing money quickly due to leverage. 61% of retail investor accounts lose money when trading CFDs with this provider. You should carefully assess whether you understand how CFDs work and whether you can afford to take the high risk of losing your capital.
6. AvaTrade
Founded over 18 years ago, AvaTrade is a reputable online broker delivering low-cost trading services to more than 400,000 clients worldwide. Regulated by leading authorities including CySEC, KNF, and ASIC, the broker offers a secure and transparent trading environment. Clients can access over 1,000 financial instruments—covering forex, stocks, bonds, treasuries, commodities, and more—at competitive spreads.
For Islamic traders, AvaTrade provides swap-free accounts, enabling positions to remain open for up to five days without incurring overnight charges. To open a swap-free account, clients must complete identity verification and fund their live account. Requests are typically reviewed within one to two business days.
CFDs are complex financial instruments that carry a high risk of rapid capital loss due to leverage. 76% of retail investor accounts lose money when trading CFDs with this provider. You should carefully assess whether you fully understand how CFDs work and whether you can afford to take the high risk of losing your money.
7. Vantage FX
Founded in 2009, Vantage is a well-established broker known for its competitive and transparent pricing across more than 1,000 CFD instruments. Headquartered in Sydney, the company serves clients in over 170 jurisdictions and operates under the regulation of ASIC, FSCA, and VFSC. Traders can access the markets through MT4, MT5, TradingView, or ProTrader platforms.
For clients opting for swap-free (Islamic) accounts, the minimum deposit requirement is $50. These accounts benefit from institutional-grade liquidity sourced from top-tier liquidity providers. Based on available information, swap-free accounts are compatible exclusively with MetaTrader 4. Vantage offers three Islamic account types: Pro ECN, Raw ECN, and Standard STP.
8. Tickmill
With over a decade of market presence, Tickmill has built a strong reputation for ultra-tight spreads, below-average commissions, and lightning-fast order execution. Regulated by CySEC, FCA, and FSCA, the broker offers a high level of credibility and trust. Its diverse portfolio includes 600+ financial instruments, covering more than 60 forex pairs alongside indices, commodities, and other markets.
Tickmill also supports traders’ growth with a broad range of educational resources, including video tutorials, ebooks, infographics, market insights, and expert articles. For Muslim traders, Tickmill provides Sharia-compliant swap-free accounts, with competitive administrative fees applied after three to six grace-period days—though certain instruments, such as natural gas and GBP/TRY, have no grace period. Administrative fees vary by symbol, starting from $0.01 for Nikkei 225 up to $200 for GBP/TRY.
Risk Warning: CFDs are complex financial instruments and carry a high risk of losing money rapidly due to leverage. 70% of retail investor accounts lose money when trading CFDs with Tickmill Europe Ltd. You should carefully consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your capital.
9. IC Markets
Founded in 2007, IC Markets has evolved into one of the world’s leading forex brokers, serving over 200,000 active clients globally. Known for its deep institutional-grade liquidity, rapid order execution, and raw spreads, the broker appeals strongly to experienced traders seeking competitive conditions. With access to more than 2,200 financial instruments, IC Markets offers extensive opportunities across forex, commodities, indices, shares, bonds, and cryptocurrencies.
Clients can choose from MT4, MT5, or cTrader platforms, with account types including Standard and Raw Spread options. Muslim traders benefit from Sharia-compliant Islamic accounts, enabling interest-free overnight trading on more than 90 markets. Spreads can be as low as 0.0 pips, with leverage up to 1:1000 through the broker’s Seychelles-regulated entity. Administrative fees vary by instrument, starting at $0.01 and reaching $140 for XNG/USD.
Risk Warning: CFDs are complex instruments and carry a high risk of losing money rapidly due to leverage. 70.64% of retail investor accounts lose money when trading CFDs with this provider. You should carefully consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your capital.
10. Axi
Axi is a low-cost forex broker regulated in the UK, Australia, and Cyprus. The multi-licensed brand has built a reputation as a global leader, offering competitive spreads, reliable order execution, and best-in-class customer support. Traders can access transparent pricing across more than 220 financial instruments, backed by a comprehensive library of educational materials and in-depth market research.
The broker supports fee-free deposits and withdrawals via trusted payment providers such as Mastercard, Visa, and Neteller, with standard bank transfers also available. Islamic account holders enjoy swap-free trading on over 140 instruments, spanning currencies, commodities, and stock indices.
CFDs are complex financial instruments that involve a high risk of losing money rapidly due to leverage. The majority of retail investor accounts lose money when trading CFDs. You should carefully consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your capital.
11. FxPro
Founded in 2006, FxPro is a globally trusted online broker, serving over 7.8 million clients with seamless order execution and competitive trading conditions. Regulated by CySEC, SCB, FCA, and FSCA, the broker offers access to more than 2,000 financial instruments, including 70 currency pairs, stocks, futures, commodities, cryptocurrencies, and indices.
Clients can trade via MT4, MT5, cTrader, or FxPro’s proprietary platform, with the option to open up to five live accounts. Islamic (swap-free) accounts are available for traders who wish to avoid paying or receiving interest, by submitting a request to the FxPro back-office at backoffice@fxpro.com.
Trade Responsibly. CFDs are complex financial instruments that carry a high risk of losing money rapidly due to leverage. 74% of retail investor accounts lose money when trading CFDs with this provider. Consider carefully whether you understand how CFDs work and whether you can afford to take the high risk of losing your capital.
12. Plus500
Plus500, a globally recognized and trusted broker, offers Islamic CFD trading accounts that fully comply with Shariah principles. These accounts are free from overnight financing charges, commissions, and fees on deposits or withdrawals. Muslim traders can access a wide range of markets—including forex, cryptocurrencies, indices, and commodities—while adhering to Islamic finance guidelines.
To open a swap-free account, traders must first register for a Plus500 trading account and select the ‘Islamic Trading Account’ option during the sign-up process. Alternatively, they may start with a demo account. For further details on terms and conditions, traders can contact Plus500’s dedicated 24/7 customer support team.
82% of retail investor accounts lose money when trading CFDs with this provider. Consider carefully whether you can afford to take the high risk of losing your capital.
13. ActivTrades
Launched in 2001, ActivTrades is a multi-regulated broker authorized by the FCA, SCB, CMVM, FSC, and CVM. The broker offers competitive spreads starting from 0.5 pips across more than 1,000 financial markets, including 54 currency pairs, 913 shares, indices, commodities, and cryptocurrencies. It also provides access to more complex instruments such as bonds, futures, and ETFs.
ActivTrades caters to Muslim clients with Islamic (swap-free) accounts, which do not incur rollover interest on overnight positions. These accounts come with no minimum deposit requirement and benefit from enhanced funds protection with coverage up to €1 million. Islamic accounts can be linked to popular platforms including MT4, MT5, and the proprietary ActivTrader platform. Swap-free trading is available for clients from 13 countries, including Qatar, Kuwait, Malaysia, Egypt, Oman, and the UAE.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% of retail investor accounts lose money when trading CFDs with this provider. You should carefully consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money
Comprehensive Comparison of the Top 11 Forex Brokers with Islamic Accounts
Forex Broker | Min Deposit | Supported Currencies | Spread | Commission | Administrative Fees | Scalping | Hedging | Platforms | Availability |
$50 (AU$100) | 1.0 pips Standard; 0.0 pips Raw | $0 Standard Account; $6 round turn on Pro Account | Yes | MetaTrader4, MetaTrader5, WebTrader, IRESS, cTrader, TradingView | |||||
$200 | USD, AUD, EUR, GBP, SGD, NZD, JPY, CHF, HKD, CAD. | 0.8 pips Standard, 0.0 pips Raw Accounts | $0 Standard MT; $6 round turn on Raw cTrader; $7 round turn on Raw MT | $2 - $9 per lot (varies depending on currency pair) | Yes | Yes | MetaTrader4, MetaTrader5, cTrader, ZuluTrade | All supported countries | |
$100 | USD, CHF, EUR, GBP | From 0.9 pips (retail), 0.6 pips (pro) | $0 | Fee charged after holding positions open for over 5 days (amount not specified) | Yes | Yes | MetaTrader4, MetaTrader5, WebTrader, AvaTade App, AvaSocial, AvaOptions, DupliTrade | All supported countries | |
$0 | AUD, CAD, EUR, GBP, JPY, THB, SGD, USD | from 0.9 pips Classic; from 0.0 pips Zero | $0 Classic Account, $4.50 round turn on Zero Account | $50 once every 7 days (may vary depending on currency pair | Yes | Yes | MetaTrader4, MetaTrader5, cTrader, DupliTrade, Fusion+ Copy Trade, TradingView | All supported countries | |
$0; $5 (EU and UK) | EUR, USD, PLN | From 0.0 pips (Elite and Pro Accounts), 0.9 pips (Standard Account) | $0 on Standard Account; $7 round trip on Pro Account | $7.5 - $10 per lot on major currency pairs after positions are held open over 5 days | Yes | Yes | MetaTrader4, MT4 WebTrader, Axi Mobile | All supported countries | |
$0 | AUD, EUR, GBP, USD | From 0.0 pips (Razor Accounts), 1 pip (Standard Accounts) | $0 (Standard Account), $7 round-turn (Razor Account) | $100 admin charge for trades held open over 5 days | Yes | Yes | MetaTrader 4, MetaTrader 5, cTrader, TradingView | Albania, Bangladesh, Burkina Faso, Bahrain, Brunei, Brunei Darussalam, Algeria, Egypt, Indonesia, Jordan, Kyrgyzstan, Kuwait, Morocco, Mauritania, Maldives, Malaysia, Niger, Oman, Pakistan, Qatar, Sierra Leona, Turkey, Uzbekistan, and Kosovo. | |
$50 ($10,000 for Pro ECN accounts) | USD, GBP, EUR, NZD, SGD, JPY, CAD, HKD | 1.1 pips on Standard Account; 0.0 pips on Raw, Cent, and Pro Accounts | $3 per side on Raw; $1.50 per side on Pro | varies due to floating charge rates of liquidity providers | Yes | Yes | MetaTrader4, MetaTrader5, ProTrader, TradingView, Copy Trading | All supported countries | |
$100 | USD, EUR, GBP, AUD, CHF, JPY, PLN | 0.0 pips (Raw, Elite), 1.2 pips (Standard) | $0 on Standard Account; $3.5 per side on Raw+ and Elite Accounts | Not specified | Yes | Yes | MetaTrader4, MetaTrader5, cTrader, FxPro Edge (proprietary) | All supported countries | |
$50 or $100 based on country ($10 for the UK, $1 in the US) | USD | From 1 pip | $1 or $2 (stocks only) | $10 - $20 charged after holding a trade for over 7 days (varies depending on currency pair) | No | Permitted | eToro Investing, eToro App, TradingView, eToro CopyTrader, Proprietary | All supported countries | |
$100 | USD, EUR, GBP, PLN, CHF | From 0.0 pips (Raw Account), 1.6 pips (Classic Account) | $0 on Classic Account; $3 per side on Raw Account | $10 per lot after holding a position open for over 3 days (charge may vary depending on currency pair) | Yes | Yes | MT4, MT5, WebTrader, ZuluTrade, TradingView | All supported countries | |
$100 ($1 for Invest MT5 Account) | EUR, GBP, USD, CHF, BGN, CZK, HRK, HUF, PLN, RON | From 0.0 pips (Invest and Zero Accounts), 0.5 pips (Trade Accounts) | $3 per lot | after holding trade for more than 3 days you are charged $10 on starting day; $7 per lot (EUR/USD) | Yes | Yes | MetaTrader4, MetaTrader5, WebTrader, MT Supreme Edition, StereoTrader | All supported countries |
Best Forex Brokers with Islamic Accounts Ranked by Trustpilot Score
Forex Broker | Trustpilot Reviews | |
9050 | ||
46525 | ||
10593 | ||
3911 | ||
4155 | ||
3071 | ||
8575 | ||
1095 | ||
28189 | ||
1071 | ||
1988 | ||
What Are Islamic Accounts?
Islamic finance follows religious principles outlined in Sharia law, which prohibits activities such as charging or paying interest (riba), gambling (maisir), and engaging in financial transactions involving excessive uncertainty or speculation (gharar). These practices are considered “haram,” or forbidden, under Islamic law.
In trading derivatives like contracts for difference (CFDs), traders often pay or receive interest on leveraged positions held overnight. Forex brokers typically apply swap fees when positions extend beyond the daily rollover time. However, since swaps are considered a form of interest (riba), this practice conflicts with Sharia principles and poses challenges for Muslim traders.
To address this, many brokers offer Islamic accounts that do not charge swap fees on overnight positions. Instead, these accounts may apply administrative fees or fixed commissions for positions held overnight. This approach allows Muslim clients to participate in trading while adhering to their religious beliefs.
Costs Associated with Islamic Accounts
Islamic accounts facilitate interest-free trading, but alternative charges are in place to compensate for the absence of swaps. Islamic accounts incur fixed administrative fees on positions held past the market’s daily closing time. In some cases, brokers may also widen their spreads slightly to accommodate the requirements of Islamic finance. In forex trading, the size of the administrative fees depends on trade volume and the type of the respective currency pair (major, minor, crosses).
There is usually a grace period of several business days before your overnight positions start incurring administrative fees. Many brokers adjust their administrative charges on certain days to compensate for the increased holding costs during weekends. Holding fees for overnight forex positions triple on Wednesdays, while those for indices triple on Fridays. To put it differently, Wednesday and Friday each count as three days, incurring trice as high administrative charges.
Traders go into additional expenses through the spreads, which represent the difference between ask and bid prices. Commissions per lot per side also apply in some cases. Muslim customers may be subject to monthly dormancy fees if their Islamic accounts remain inactive for one to twelve months, depending on the broker. Islamic traders generally benefit from fee-free deposits but withdrawals below a certain threshold may attract additional processing fees at some brokers. Currency conversion charges are also in place whenever traders transact in currencies other than their base account currency.
Market Restrictions with Islamic Accounts
While Islamic accounts generally provide trading conditions similar to those of standard accounts, Muslim traders often face a more limited selection of tradable markets. To comply with the principles of Islamic finance, Sharia-compliant brokers deliberately exclude certain “haram” products from Islamic accounts, ensuring all offerings align with Islamic ethical standards.
Bonds, Futures and Forward Contracts
Customers trading via swap-free accounts typically cannot participate in forwards and futures contracts. These instruments are considered highly speculative, carry excessive risk, and do not confer ownership of the underlying assets—traits that many Islamic scholars deem inconsistent with Sharia principles. Similarly, conventional debt securities such as bonds are generally inaccessible to Muslim traders, as they involve earning interest, which is prohibited under Islamic finance.
Exotic Currency Pairs
Some brokers also restrict trading certain exotic currency pairs through Islamic accounts. Exotic currencies from developing economies often carry higher central bank interest rates, making it unprofitable for brokers to offer these pairs to swap-free traders.
Spread Betting
Spread betting is considered impermissible under Sharia law because it involves short-term speculation on future price movements without actual ownership of the underlying assets. This practice closely resembles gambling (maisir) and carries excessive risk (gharar), as one party risks money on an uncertain outcome, hoping to profit at the expense of the other.
Commodity Trading with Islamic Accounts
Engaging in commodity trading is considered permissible (halal) under Islamic law, provided certain conditions are met. For instance, trades involving hard commodities such as gold or silver must be backed by the actual physical metals to comply with Sharia principles. Transactions should be conducted on the spot, with immediate transfer of ownership and funds between buyer and seller.
More specifically, Muslim traders instruct their brokers to purchase a defined quantity of precious metals, with the corresponding amount deducted from their trading balance. Similar to forex trading, Sharia-compliant brokers are prohibited from charging rollover or swap fees on overnight commodity positions. Additionally, selling deferred commodities for deferred prices (i.e., transactions on credit or futures) is not allowed in Islamic trading.
Criteria and Application Process for Opening Islamic Accounts
Some brokers limit the availability of swap-free accounts to clients residing in countries with predominantly Muslim populations, though this is not always the case. For example, Pepperstone offers swap-free accounts only to traders from specific countries such as Morocco, Egypt, Algeria, Malaysia, Kuwait, Turkey, and Qatar, among others. It is advisable to contact the broker’s customer support to confirm whether your country of residence is eligible for an Islamic account.
To open a swap-free account, you must first register a live trading account by providing personal and residential details via the broker’s registration form. The next step is identity verification, which typically involves submitting documents such as a government-issued ID, utility bill, bank statement, and copies of your credit/debit card (front and back).
Only verified and funded accounts qualify for swap-free account applications. If your identity documents do not explicitly mention your religion, you may also be required to provide proof of faith to confirm eligibility.
It is important to note that applying for an Islamic account usually means you forfeit eligibility for standard or professional account types with the same broker. Because swap-free accounts have specific conditions and associated fees, they cannot be combined or mixed with the features of other account types.
Most Sharia-compliant brokers require official confirmation of faith, often in the form of a letter from a mosque leader (imam) or other recognized religious authority. This requirement helps prevent misuse, as otherwise anyone might claim Islamic status to benefit from interest-free trading. Once submitted, applications generally take a few business days to be reviewed by the broker’s compliance department.
Unfortunately, Muslim traders residing outside the broker’s list of eligible regions for swap-free trading may be unable to open Islamic accounts with that broker.
Pros and Cons of Trading with Islamic Accounts
- Key Pros
- One key advantage of Islamic accounts is that they allow Muslim traders to participate in financial markets without compromising their religious principles.
- Another clear benefit of Islamic accounts is the absence of swap fees on positions held overnight, aligning trading practices with Sharia principles.
- Muslim traders can hold long-term positions without incurring daily interest charges, which can potentially lower their overall trading costs. Instead, administrative fees apply, which are often less expensive than the negative swaps typically deducted from standard accounts.
- Key Cons
- One potential drawback of trading with Islamic accounts is the presence of wider spreads. Brokers often incorporate larger spreads into their bid-ask prices to offset the absence of swap fees, which typically constitute a significant part of their revenue.
- Some online brokers charge fixed commissions per trade in addition to their spreads, which can increase overall trading costs. It’s advisable to check these fees beforehand to avoid any unexpected charges. The brokers featured here all maintain transparent pricing structures, enabling customers to clearly understand and anticipate their trading expenses.
- While brokers replace negative swaps with administrative fees, Islamic accounts do not provide an equivalent to positive swaps. This means Muslim traders cannot earn interest on overnight positions, which may be seen as a slight disadvantage despite adhering to their religious principles. Additionally, Islamic accounts often feature a more limited selection of financial instruments, resulting in fewer trading opportunities for Muslim customers.
