Best Islamic Accounts 2019

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Trading Experience
Trading Conditions
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Regulators
Minimum Deposit
USD 10
TRADING INSTRUMENTS
  • Commodities
  • Cryptocurrencies
  • Forex
  • Indicies
  • Metals
  • Equities
TYPE OF BROKER

ECN/STP

REGULATED BY
CySEC CySEC
FCA FCA
FSCA FSCA
TRADING PLATFORMS
  • MetaTrader4
  • MetaTrader5
  • WebTrader
DEPOSIT METHODS
  • Bank Transfer
  • Visa
  • Mastercard
  • Maestro
  • Skrill
  • Neteller
  • Bitcoin
  • Unionpay
Trading Conditions
  • Max. Leverage : Flexible
  • Min. Spread : 0.0 pips
  • Currency Pairs : 59
Account Spread From Commission Execution Min. Deposit
Cent Account 1.5 pips None Instant USD 10 Account Details
Standard Account 1.3 pips None Instant USD 100 Account Details
ECN Zero Account 1.5 pips None Market USD 200 Account Details
ECN Account 0.1 pips $2.00 Market USD 500 Account Details
FXTM Pro Account 0.0 pips None Market USD 25000 Account Details
TRADING INSTRUMENTS
  • Commodities
  • Cryptocurrencies
  • Forex
  • Indicies
  • Metals
  • Equities
TRADING PLATFORMS
  • MetaTrader4
  • MetaTrader5
  • WebTrader
DEPOSIT METHODS
  • Bank Transfer
  • Visa
  • Mastercard
  • Maestro
  • Skrill
  • Neteller
  • Bitcoin
  • Unionpay
Trading Conditions
  • Max. Leverage : Flexible
  • Min. Spread : 0.0 pips
  • Currency Pairs : 59
Minimum Deposit
USD 5
TRADING INSTRUMENTS
  • Commodities
  • Cryptocurrencies
  • Forex
  • Metals
TYPE OF BROKER

Market Maker & ECN

REGULATED BY
FSC FSC
TRADING PLATFORMS
  • MetaTrader4
  • MetaTrader5
DEPOSIT METHODS
  • Bank Transfer
  • Visa
  • Mastercard
  • Maestro
  • Skrill
  • Neteller
  • WebMoney
  • Bitcoin
  • VLOAD
Trading Conditions
  • Max. Leverage : 1000:1
  • Min. Spread : 0.4 pips
  • Currency Pairs : 61
Account Spread From Commission Execution Min. Deposit
Mirco Account 1.7 pips None Instant USD 5 Account Details
Standard Account 1.2 pips None Instant USD 100 Account Details
ECN Account 0.4 pips $1.50 Market USD 500 Account Details
Pro Account 0.4 pips None Market USD 25000 Account Details
TRADING INSTRUMENTS
  • Commodities
  • Cryptocurrencies
  • Forex
  • Metals
TRADING PLATFORMS
  • MetaTrader4
  • MetaTrader5
DEPOSIT METHODS
  • Bank Transfer
  • Visa
  • Mastercard
  • Maestro
  • Skrill
  • Neteller
  • WebMoney
  • Bitcoin
  • VLOAD
Trading Conditions
  • Max. Leverage : 1000:1
  • Min. Spread : 0.4 pips
  • Currency Pairs : 61
Minimum Deposit
USD 100
TRADING INSTRUMENTS
  • Commodities
  • Cryptocurrencies
  • Forex
  • Indicies
  • Equities
  • ETFs
TYPE OF BROKER

Market Maker

REGULATED BY
ASIC ASIC
FSCA FSCA
B.V.I FSC B.V.I FSC
FSA FSA
TRADING PLATFORMS
  • MetaTrader4
  • WebTrader
DEPOSIT METHODS
  • POLi
  • Visa
  • Mastercard
  • Skrill
  • Neteller
  • Paypal
  • Bank Transfer
Trading Conditions
  • Max. Leverage : 400:1
  • Min. Spread : 0.7 pips
  • Currency Pairs : 50+
Account Spread From Commission Execution Min. Deposit
Islamic 1.3 pips None Instant USD 100 Account Details
Professional 1.3 pips None Instant USD 100 Account Details
Retail 1.3 pips None Instant USD 100 Account Details
TRADING INSTRUMENTS
  • Commodities
  • Cryptocurrencies
  • Forex
  • Indicies
  • Equities
  • ETFs
TRADING PLATFORMS
  • MetaTrader4
  • WebTrader
DEPOSIT METHODS
  • POLi
  • Visa
  • Mastercard
  • Skrill
  • Neteller
  • Paypal
  • Bank Transfer
Trading Conditions
  • Max. Leverage : 400:1
  • Min. Spread : 0.7 pips
  • Currency Pairs : 50+
Minimum Deposit
USD 5
TRADING INSTRUMENTS
  • Commodities
  • Cryptocurrencies
  • Forex
  • Indicies
  • Metals
  • Equities
  • Energies
  • Bonds
TYPE OF BROKER

ECN/STP

REGULATED BY
CySEC CySEC
FCA FCA
FSCA FSCA
DFSA DFSA
FSC FSC
TRADING PLATFORMS
  • MetaTrader4
  • WebTrader
DEPOSIT METHODS
  • Bank Transfer
  • Visa
  • Mastercard
  • Skrill
  • Neteller
  • Bitcoin
  • Unionpay
Trading Conditions
  • Max. Leverage : 1000:1
  • Min. Spread : 0.0 pips
  • Currency Pairs : 51
Account Spread From Commission Execution Min. Deposit
Islamic 1.0 pips None Market USD 5 Account Details
Micro 1.0 pips None Market USD 5 Account Details
Premium 1.0 pips None Market USD 100 Account Details
Auto 1.0 pips None Market USD 200 Account Details
Zero 0.0 pips $3.00 Market USD 200 Account Details
HFCopy 1.0 pips Mone Market USD 300 Account Details
TRADING INSTRUMENTS
  • Commodities
  • Cryptocurrencies
  • Forex
  • Indicies
  • Metals
  • Equities
  • Energies
  • Bonds
TRADING PLATFORMS
  • MetaTrader4
  • WebTrader
DEPOSIT METHODS
  • Bank Transfer
  • Visa
  • Mastercard
  • Skrill
  • Neteller
  • Bitcoin
  • Unionpay
Trading Conditions
  • Max. Leverage : 1000:1
  • Min. Spread : 0.0 pips
  • Currency Pairs : 51
Minimum Deposit
USD 5
TRADING INSTRUMENTS
  • Commodities
  • Cryptocurrencies
  • Forex
  • Indicies
  • Metals
  • Equities
  • Energies
TYPE OF BROKER

Market Maker

REGULATED BY
CySEC CySEC
FCA FCA
ASIC ASIC
IFSC IFSC
TRADING PLATFORMS
  • MetaTrader4
  • MetaTrader5
  • WebTrader
DEPOSIT METHODS
  • Bank Transfer
  • Sofort Banking
  • Visa
  • Mastercard
  • Maestro
  • Skrill
  • Neteller
  • Bitcoin
  • Unionpay
Trading Conditions
  • Max. Leverage : 888:1
  • Min. Spread : 0.6 pips
  • Currency Pairs : 55+
Account Spread From Commission Execution Min. Deposit
Micro 1.0 pips None Instant USD 5 Account Details
Standard 1.0 pips None Instant USD 5 Account Details
XM Ultra Low 0.6 pips None Instant USD 50 Account Details
TRADING INSTRUMENTS
  • Commodities
  • Cryptocurrencies
  • Forex
  • Indicies
  • Metals
  • Equities
  • Energies
TRADING PLATFORMS
  • MetaTrader4
  • MetaTrader5
  • WebTrader
DEPOSIT METHODS
  • Bank Transfer
  • Sofort Banking
  • Visa
  • Mastercard
  • Maestro
  • Skrill
  • Neteller
  • Bitcoin
  • Unionpay
Trading Conditions
  • Max. Leverage : 888:1
  • Min. Spread : 0.6 pips
  • Currency Pairs : 55+
Minimum Deposit
AUD 200
TRADING INSTRUMENTS
  • Commodities
  • Cryptocurrencies
  • Forex
  • Indicies
  • Metals
  • Energies
TYPE OF BROKER

ECN/STP

REGULATED BY
FCA FCA
ASIC ASIC
TRADING PLATFORMS
  • MetaTrader4
  • MetaTrader5
  • cTrader
DEPOSIT METHODS
  • Neteller
  • BPay
  • POLi
Trading Conditions
  • Max. Leverage : 500:1
  • Min. Spread : 0.01 pips
  • Currency Pairs : 80+
Account Spread From Commission Execution Min. Deposit
Razor 0.0 pips AUD$ 7 ECN USD 200 Account Details
Standard 1.0 pips None ECN USD 200 Account Details
Swap-free 1.0 pips None ECN USD 200 Account Details
TRADING INSTRUMENTS
  • Commodities
  • Cryptocurrencies
  • Forex
  • Indicies
  • Metals
  • Energies
TRADING PLATFORMS
  • MetaTrader4
  • MetaTrader5
  • cTrader
DEPOSIT METHODS
  • Neteller
  • BPay
  • POLi
Trading Conditions
  • Max. Leverage : 500:1
  • Min. Spread : 0.01 pips
  • Currency Pairs : 80+
Minimum Deposit
USD 100
TRADING INSTRUMENTS
  • Commodities
  • Cryptocurrencies
  • Forex
  • Metals
  • Equities
  • Energies
  • ETFs
  • Bonds
  • Blends
TYPE OF BROKER

Market Maker

REGULATED BY
CySEC CySEC
ASIC ASIC
FSCA FSCA
TRADING PLATFORMS
  • MetaTrader4
  • MetaTrader5
  • WebTrader
DEPOSIT METHODS
  • Bank Transfer
  • Visa
  • Mastercard
  • Maestro
  • Skrill
  • Neteller
  • Paypal
Trading Conditions
  • Max. Leverage : 300:1
  • Min. Spread : 0.9 pips
  • Currency Pairs : 50+
Account Spread From Commission Execution Min. Deposit
LIve 0.9 pips None Market USD 100 Account Details
TRADING INSTRUMENTS
  • Commodities
  • Cryptocurrencies
  • Forex
  • Metals
  • Equities
  • Energies
  • ETFs
  • Bonds
  • Blends
TRADING PLATFORMS
  • MetaTrader4
  • MetaTrader5
  • WebTrader
DEPOSIT METHODS
  • Bank Transfer
  • Visa
  • Mastercard
  • Maestro
  • Skrill
  • Neteller
  • Paypal
Trading Conditions
  • Max. Leverage : 300:1
  • Min. Spread : 0.9 pips
  • Currency Pairs : 50+
Minimum Deposit
USD 100
TRADING INSTRUMENTS
  • Commodities
  • Cryptocurrencies
  • Forex
  • Indicies
  • Metals
  • Vanilla Options
TYPE OF BROKER

Market Maker

REGULATED BY
CySEC CySEC
ASIC ASIC
TRADING PLATFORMS
  • MetaTrader4
  • WebTrader
DEPOSIT METHODS
  • Bank Transfer
  • Sofort Banking
  • Visa
  • Mastercard
  • Maestro
  • Skrill
  • Neteller
  • Astropay
Trading Conditions
  • Max. Leverage : 400:1
  • Min. Spread : 0.9 pips
  • Currency Pairs : 103
Account Spread From Commission Execution Min. Deposit
Islamic 1.9 pips None Instant USD 100 Account Details
Standard 1.9 pips None Instant USD 100 Account Details
Premium 1.4 pips None Instant USD 2000 Account Details
VIP 0.9 pips None Instant USD 10000 Account Details
TRADING INSTRUMENTS
  • Commodities
  • Cryptocurrencies
  • Forex
  • Indicies
  • Metals
  • Vanilla Options
TRADING PLATFORMS
  • MetaTrader4
  • WebTrader
DEPOSIT METHODS
  • Bank Transfer
  • Sofort Banking
  • Visa
  • Mastercard
  • Maestro
  • Skrill
  • Neteller
  • Astropay
Trading Conditions
  • Max. Leverage : 400:1
  • Min. Spread : 0.9 pips
  • Currency Pairs : 103
Minimum Deposit
USD 5
TRADING INSTRUMENTS
  • Commodities
  • Cryptocurrencies
  • Forex
  • Indicies
  • Equities
  • Spread Betting
TYPE OF BROKER

Market Maker

REGULATED BY
B.V.I FSC B.V.I FSC
TRADING PLATFORMS
  • MetaTrader4
  • WebTrader
  • Sirix
DEPOSIT METHODS
  • Bank Transfer
  • Sofort Banking
  • Visa
  • Mastercard
  • Maestro
  • Skrill
  • Neteller
Trading Conditions
  • Max. Leverage : 1000:1
  • Min. Spread : 0.0 pips
  • Currency Pairs : 53
Account Spread From Commission Execution Min. Deposit
ECN Zero Account 0.0 pips $10.00 Instant USD 5 Account Details
Standard Fixed 1.8 pips None Instant USD 5 Account Details
Standard Variable 1.3 pips None Instant USD 5 Account Details
VIP Varibale 0.6 pips None Instant USD 5000 Account Details
TRADING INSTRUMENTS
  • Commodities
  • Cryptocurrencies
  • Forex
  • Indicies
  • Equities
  • Spread Betting
TRADING PLATFORMS
  • MetaTrader4
  • WebTrader
  • Sirix
DEPOSIT METHODS
  • Bank Transfer
  • Sofort Banking
  • Visa
  • Mastercard
  • Maestro
  • Skrill
  • Neteller
Trading Conditions
  • Max. Leverage : 1000:1
  • Min. Spread : 0.0 pips
  • Currency Pairs : 53
Minimum Deposit
USD 5
TRADING INSTRUMENTS
  • Commodities
  • Cryptocurrencies
  • Forex
  • Metals
  • Equities
TYPE OF BROKER

ECN/STP

REGULATED BY
CySEC CySEC
IFSC IFSC
TRADING PLATFORMS
  • MetaTrader4
  • MetaTrader5
  • WebTrader
DEPOSIT METHODS
  • Visa
  • Neteller
  • Unionpay
Trading Conditions
  • Max. Leverage : 3000:1
  • Min. Spread : 0.0 pips
  • Currency Pairs : 37
Account Spread From Commission Execution Min. Deposit
Cent 1.0 pips None STP USD 1 Account Details
Islamic 0.0 pips None STP USD 1 Account Details
Micro 3.0 pips None STP USD 5 Account Details
Standard 0.5 pips None STP USD 100 Account Details
Zero Spread 0.0 pips $20 STP USD 500 Account Details
ECN 0.0 pips None ECN USD 1000 Account Details
TRADING INSTRUMENTS
  • Commodities
  • Cryptocurrencies
  • Forex
  • Metals
  • Equities
TRADING PLATFORMS
  • MetaTrader4
  • MetaTrader5
  • WebTrader
DEPOSIT METHODS
  • Visa
  • Neteller
  • Unionpay
Trading Conditions
  • Max. Leverage : 3000:1
  • Min. Spread : 0.0 pips
  • Currency Pairs : 37

Islamic Finance in Malaysia

Malaysia is widely regarded as a pioneer of the Islamic financial system and the Islamic interbank market, but it is only relatively recently that Islamic banking truly emerged in Malaysia. For decades, conventional banks were the only way to access the banking system.

In 1983 Bank Negara Malaysia (BNM) launched Bank Islam Malaysia Bhd (BIMB) to handle the financial needs of the country’s Muslim population.

But it wasn’t until 1993, when the Ministry of Finance introduced the Skim Perbankan Tanpa Faedah SPTF or the Interest-Free Banking Scheme, that Islamic banking became widely available as a consumer product.

The Interest-Free Banking Scheme made it a legal obligation for all conventional banks to offer Islamic banking options alongside more traditional methods. Banks quickly developed Shari’ah-compliant subsidiaries to handle the huge demand for Islamic banking and by 1994 the BNM had approved a total of 21 Islamic financial products for domestic financial institutions.

This rapid increase in both the supply of and demand for Islamic banking products was simultaneous with the development of the Islamic interbank system, which only further boosted growth of the Islamic money market. This explosive growth is visible in the increase of total assets of the Islamic banking sector from MYR21.6 billion in 1998 to MYR35.7 billion in 1999, an incredible growth rate of 65.8%.

Today, the nation is in the curious state of having two parallel banking systems, one conventional and the other Islamic, but both well developed and hugely profitable.

Foreign Exchange Trading in Malaysia

The key article of Islamic Mua’malat on Forex is the elimination of Riba – or interest on loans or assets.

Riba is central to conventional Forex trading, but some scholars believe that Islamic Forex transactions are not premised on the same philosophy as conventional practices, and are therefore legitimate under Shariʻah.

Islam also emphasises that when conducting business transactions, elements of uncertainty, excessive speculation and gambling should also be avoided, so it could be argued that hedging trades with Forex is also legitimate under Shari’ah. It is also widely agreed that conventional Forex transactions, if used carefully, are a very effective means of protecting banks from exposure to international risk.

In Malaysia, several brokers offer Shari’ah compliant accounts to make sure that your trading is not haram – though this does mean that there are a few differences when compared to traditional Forex accounts.

Islamic Forex Accounts Explained

Islamic Forex accounts have two underlying attributes:

Other than the above, Islamic Forex accounts usually have the same trading terms and conditions as a regular Forex account. However, some most Forex brokers change the commercial terms of trading with them and might limit the trader from trading cryptocurrencies. 

Some Forex brokers will widen their spreads on Islamic accounts to compensate for the missed revenue that would have otherwise have been generated by collecting interest. Another practice, but is far rarer, is that some Forex brokers charge an up-front commission on trades instead of widening the spreads.

Forex Brokers Offering Islamic Swap-free Accounts

There are a variety of brokers that offer Islamic accounts tailored for Muslim traders. There are usually no limitations on this account type – this means you can trade Forex, commodities, CFDs contracts and every financial instrument that complies with the Islamic financial regulations.

An important note:  With some Forex brokers, you will need to open a real trading account which can then be converted into an Islamic account.  Very few brokers have a registration page specifically for Islamic accounts, but many brokers taking clients from predominantly Muslim countries automatically create accounts as Islamic accounts.

If you are in doubt, do not make any deposits before discussing with your account manager.

Forex Rollovers & Swap Rates Explained

In the Forex market, any position held overnight generates a rollover which will be earned or paid out depending on the currency you are trading and the direction of the market. Rollover interest is a form of interest that can be credited or debited from your Forex trading account, and thus it is prohibited by Islamic financial regulations.  In the financial world, this rollover is also known as the swap rate.  So, Islamic Forex accounts are swap-free accounts where no overnight interest is credited or debited.

Islamic Financial Regulatory Bodies

The central financial regulatory bodies in the Islamic world are the following:

Forex brokers that are registered in Muslim majority countries often have to comply with many local regulations and are required to follow the Sharia law, whereas Western Forex brokers have much more flexibility when it comes to the interest charged to their clients.  This is why only some of the brokers offer this account type.

Summary

An Islamic Forex, or swap-free, account is an optional account type that is often selected after signing up with a broker.  They are intended for use by traders of the Islamic faith, which prohibits generating income from interest payments.  A majority of Forex brokers can accommodate followers of the Islamic faith by offering swap-free trading accounts that are compliant with Sharia law.

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Trading Forex and CFDs is not suitable for all investors and comes with a high risk of losing money rapidly due to leverage. 75-90% of retail investors lose money trading these products. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.