To introduce a list of best forex brokers offering Islamic accounts, we searched and tested several brokers.
We opened real accounts with each of the brokers and deposited between $4,000 and $8,000 with each of them. For the purpose of getting the real spreads, we also placed trades in their popular markets.
Afterwards, we reached out to the customer support team, to determine whether they are able to solve the possible issues. At last, we checked the withdrawal process, by withdrawing our funds.
Based on our experience and the collected data, we came up with the best forex brokers with Islamic accounts.
Forex Trading in Islam. Is Forex Trading Halal?
Islamic Accounts are mostly used by Islamic Forex account traders. They are developed, taking into consideration the principles of the Islamic or Sharia laws. Even though Forex from Islamic Perspective is no halal, yet with Islamic Accounts users are able to join Islamic Forex trading. Read about Islamic Trading via Wikipedia.
What is Forex Islamic Account?
These accounts are specifically designed for Islamic traders (thus Islamic accounts) as Sharia laws prohibit any Muslim to earn or pay interest. Islamic swap-free accounts enable any Muslim to trade forex fully complying with the Sharia laws, thus making forex trading Halal.
Many brokers often charge an account opening fee for opening an Islamic account. Brokers might ask for reasons behind opening such accounts.
Most forex brokers voluntarily offer Islamic accounts to attract Muslim traders. But, the financial market regulators in the Middle Eastern countries, including the Dubai Financial Services Authority (DFSA) make it mandatory for forex brokers to offer such accounts.
Brokers with Islamic Forex Accounts
To select the best islamic forex brokers, we tested and reviewed several forex brokers. We opened live accounts and deposited real money with each broker. We also placed trades in popular markets to get the real picture of the spread and commission, trading platform, deposits and withdrawals conditions, education, and customer service.
- Pepperstone – Best Overall Islamic Forex Broker
- AvaTrade– Best Islamic Broker for Beginners
- Dukascopy – Best Islamic High Leverage Forex Broker
- Amana Capital – Best MT4 Islamic Forex Broker
- Go Markets – Best Lowest Fees Islamic Forex Broker
Best Overall Islamic Forex Broker
As the best overall islamic broker we have chosen Pepperstone.
Pepperstone offers excellent services and is quite flexible and versatile. In markets across forex, indices, stocks, commodities, and cryptocurrencies it offers over 158 trading instruments. Also, traders can choose the most convenient trading platform for them from several options the broker offers – MT4, MT5, and cTrader.
Pepperstone offers two main account types; Standard account and Razor account (excluding Islamic account). Additionally, Pepperstone offers raw market spreads, which are the tightest in the market, with minimum trading and non-trading fees.
Best Islamic Forex Brokers for Beginners
As the best islamic forex broker for beginners, we have picked AvaTrade.
There are several reasons why exactly AvaTrade is considered the best islamic forex broker. Most importantly, it offers good educational resources to train new traders for the forex market and trading techniques. Moreover, it has a demo account that allows the traders to execute trades without being afraid of losing money. Also, AvaTrade has quality Customer Service that is ready to solve the possible issues.
AvaTrade offers copy trading services. It has no limits in trading strategies. This enables the rookie traders to copy the exact strategy and positions of experts and get profits even while still learning about trading.
Best MT4 Islamic Forex Broker
We have picked Amana Capital as the best MT4 islamic forex broker.
Amana Capital holds multiple regulatory licenses and operates globally. It is an excellent broker for Muslim traders who trade with an islamic account. It offers trading services on MT4. Moreover, it also enables the customers to trade on the latest MT5 platform.
Amana Capital’s primary platform is MT4, so this is the reason why all its tools and additional features are to be found here. The broker offers MT4 to clients on web, desktop and mobile devices.
Amana Capital is also strictly regulated in the UK, Cyprus, UAE, Lebanon, Malaysia, and Mauritius.
Lowest Fees Islamic Forex Broker
We have picked Go Markets as the best islamic forex broker with low spread and fees.
GO Markets is among the top forex and CFDs brokers. It offers forex pairs and CFDs of indices, metals, commodities, and shares, in total about 378 trading instruments.
GO Markets is also attractive as one of the best zero spread brokers. Traders have three account options to choose from: Standard, GO Plus+, and Pro. Although standard accounts do not offer any commission, Go Plus+ and Pro accounts offer spread from zero, additionally, commission for every transaction.
Islamic Account Forex Broker List
Here is a complete list of forex brokers that offer islamic accounts, which we have tested and reviewed.
| Forex Broker | Islamic Account | Test Details | Broker Review |
|---|---|---|---|
| FxPro | Yes | Deposit Amount: Over €5,000 Total Trade: 15 trades | FxPro Review |
| Admiral Markets | Yes | Deposit Amount: Over €4,500 Total Trade: 12 trades | Admiral Markets Review |
| BlackBull Markets | Yes | Deposit Amount: Over €4,000 Total Trade: 12 trades | Visit BlackBull Markets |
| GO Markets | Yes | Deposit Amount: Over €4,500 Total Trade: 12 trades | Go Markets Review |
| ActivTrades | Yes | Deposit Amount: Over €5,000 Total Trade: 12 trades | ActivTrades Review |
| XM | Yes | Deposit Amount: Over €5,000 Total Trade: 12 trades | XM Review |
| FXTM | Yes | Deposit Amount: Over €6,000 Total Trade: 12 trades | FXTM Review |
| ICM Capital | Yes | Deposit Amount: Over €5,000 Total Trade: 12 trades | ICM Capital Review |
| Tickmill | Yes | Deposit Amount: Over $8,000 Total Trade: 12 trades | Tickmill Review |
| XTB | Yes | Deposit Amount: Over €5,000 Total Trade: 12 trades | XTB Review |
| RoboMarkets (RoboForex) | Yes | Deposit Amount: Over €5,000 Total Trade: 12 trades | RoboMarkets (RoboForex) Review |
| Pepperstone | Yes | Deposit Amount: Over €6,000 Total Trade: 12 trades | Pepperstone Review |
| FBS | Yes | Deposit Amount: Over €5,000 Total Trade: 12 trades | FBS Review |
| GKFX | Yes | Deposit Amount: Over €5,000 Total Trade: 15 trades | GKFX Review |
| Darwinex | Yes | Deposit Amount: Over €5,000 Total Trade: 12 trades | Darwinex Review |
| IC Markets | Yes | Deposit Amount: Over €5,000 Total Trade: 12 trades | IC Markets Review |
| ThinkMarkets | Yes | Deposit Amount: Over €5,000 Total Trade: 15 trades | ThinkMarkets Review |
| FP Markets | Yes | Deposit Amount: Over €6,000 Total Trade: 12 trades | FP Markets Review |
| Amana Capital | Yes | Deposit Amount: Over €5,000 Total Trade: 12 trades | Amana Capital Review |
| AvaTrade | Yes | Deposit Amount: Over €4,000 Total Trade: 21 trades | AvaTrade Review |
| Vantage FX | Yes | Deposit Amount: Over €5,000 Total Trade: 15 trades | Vantage FX Review |
| INFINOX | Yes | Deposit Amount: Over €4,000 Total Trade: 9 trades | INFINOX Review |
FAQ and More on Islamic Brokers
Traders generally have many questions related to generic trading-related queries. We picked and answered some of the most common and relevant queries to Islamic forex brokers. Also, read more about the best Iran forex brokers.
Halal Forex Brokers
Islamic Sharia law does not allow Muslims to gain or pay interests. However, interests are a key art when rolling over positions overnight. Brokers come up with Halal trading by offering islamic accounts to Muslim traders, which is a way to trade forex without violating Islamic laws.
Islamic Forex Broker in Malaysia
Demand for islamic forex brokers is high in Malaysia due to the large number of the Muslim population in the country (Also check NDB forex Malaysia). Some of the Labuan Financial Services Authority-regulated forex brokers offering Islamic accounts are:
- Amana Capital
- RoboMarkets (RoboForex)
- Tickmill
- AvaTrade
Islamic Forex Trading Brokers Australia
Many Australian forex brokers, regulated by the Australian Securities and Investments Commission (ASIC), offer Islamic forex trading accounts. Some of the top Aussie brokers offering islamic accounts are:
- IC Markets
- ThinkMarkets
- Vantage FX