Best Islamic Accounts 2019

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Minimum Deposit
$5
TRADING INSTRUMENTS
  • Commodities
  • Cryptocurrencies
  • Forex
  • Indices
  • Metals
  • Shares
  • Stocks
TYPE OF BROKER

ECN/STP

REGULATED BY
CySEC CySEC
FCA FCA
FSCA FSCA
TRADING PLATFORMS
  • MetaTrader4
  • MetaTrader5
  • WebTrader
DEPOSIT METHODS
  • Mastercard
  • Visa
  • Maestro
  • UnionPay
  • Neteller
  • Skrill
  • Bitcoin
  • Bank Transfer
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 $10 Account Details
ECN Account 0.1 pips $2.00 Market $500 Account Details
ECN Zero Account 1.5 pips None Market $200 Account Details
FXTM Pro Account 0.0 pips None Market $25,000 Account Details
Standard Account 1.3 pips None Instant $100 Account Details
Minimum Deposit
$100
TRADING INSTRUMENTS
  • Forex
  • Stocks
  • Indices
  • Cryptocurrencies
  • Commodities
  • 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
  • Mastercard
  • Visa
  • Neteller
  • Skrill
  • 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 $100 Account Details
Professional 1.3 pips None Instant $100 Account Details
Retail 1.3 pips None Instant $100 Account Details
Minimum Deposit
$100
TRADING INSTRUMENTS
  • Forex
  • Commodities
  • Metals
  • Energies
  • Crypto
  • Bonds
  • Shares
TYPE OF BROKER

ECN/STP

REGULATED BY
CySEC CySEC
FCA FCA
FSCA FSCA
DFSA DFSA
FSC FSC
TRADING PLATFORMS
  • MetaTrader4
  • WebTrader
DEPOSIT METHODS
  • Mastercard
  • Visa
  • UnionPay
  • Neteller
  • Skrill
  • Bitcoin
  • Bank Transfer
Trading Conditions
  • Max. Leverage : 500:1
  • Min. Spread : 0.0 pips
  • Currency Pairs : 51
Account Spread From Commission Execution Min. Deposit
Auto 1.0 pips None Market $200 Account Details
Islamic 1.0 pips None Market $5 Account Details
Micro 1.0 pips None Market $5 Account Details
Premium 1.0 pips None Market $100 Account Details
Zero 0.0 pips $3.00 Market $200 Account Details
Minimum Deposit
$5
TRADING INSTRUMENTS
  • Commodities
  • Cryptocurrencies
  • Forex
  • Indices
  • Metals
  • Shares
  • Stocks
  • Energies
TYPE OF BROKER

Market Maker

REGULATED BY
CySEC CySEC
FCA FCA
ASIC ASIC
IFSC IFSC
TRADING PLATFORMS
  • MetaTrader4
  • MetaTrader5
  • WebTrader
DEPOSIT METHODS
  • Mastercard
  • Visa
  • Maestro
  • UnionPay
  • Neteller
  • Skrill
  • Sofort Banking
  • Bitcoin
  • Bank Transfer
Trading Conditions
  • Max. Leverage : 888:1
  • Min. Spread : 0.0 pips
  • Currency Pairs : 55+
Account Spread From Commission Execution Min. Deposit
Micro 1.0 pips None Instant $5 Account Details
Standard 1.0 pips None Instant $5 Account Details
XM Ultra Low 0.6 pips None Instant $50 Account Details
Minimum Deposit
$200
TRADING INSTRUMENTS
  • Commodities
  • Cryptocurrencies
  • Forex
  • Indices
  • Metals
  • Energies
TYPE OF BROKER

ECN/STP

REGULATED BY
ASIC ASIC
TRADING PLATFORMS
  • MetaTrader4
  • MetaTrader5
  • cTrader
DEPOSIT METHODS
  • Mastercard
  • Visa
  • POLi
  • Bank Transfer
  • BPay
  • PayPal
  • Neteller
  • Skrill
  • Union Pay
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 $200 Account Details
Standard 1.0 pips None ECN $200 Account Details
Swap-free 1.0 pips None ECN $200 Account Details
Minimum Deposit
$100
TRADING INSTRUMENTS
  • Forex
  • Commodities
  • Metals
  • Energies
  • Stocks
  • Crypto
  • Bonds
  • ETFs
  • Shares
  • Blends
TYPE OF BROKER

Market Maker

REGULATED BY
CySEC CySEC
ASIC ASIC
FSCA FSCA
TRADING PLATFORMS
  • MetaTrader4
  • MetaTrader5
  • WebTrader
DEPOSIT METHODS
  • Mastercard
  • Visa
  • Maestro
  • Neteller
  • Skrill
  • Paypal
  • Bank Transfer
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 R1,000 Account Details
Minimum Deposit
$100
TRADING INSTRUMENTS
  • Forex
  • Commodities
  • Indices
  • Metals
  • Cryptocurrencies
  • Vanilla Options
TYPE OF BROKER

Market Maker

REGULATED BY
CySEC CySEC
ASIC ASIC
TRADING PLATFORMS
  • MetaTrader4
  • WebTrader
DEPOSIT METHODS
  • Mastercard
  • Visa
  • Maestro
  • Neteller
  • Skrill
  • Sofort Banking
  • Sofort banking
  • Bank Transfer
  • Astropay
Trading Conditions
  • Max. Leverage : 400:1
  • Min. Spread : 1.8 pips
  • Currency Pairs : 97
Account Spread From Commission Execution Min. Deposit
Islamic 3 pips None Instant $100 Account Details
Minimum Deposit
$5
TRADING INSTRUMENTS
  • Commodities
  • Cryptocurrencies
  • Forex
  • Indices
  • Equities
  • Spread Betting
TYPE OF BROKER

Market Maker

REGULATED BY
B.V.I FSC B.V.I FSC
TRADING PLATFORMS
  • MetaTrader4
  • Sirix
  • WebTrader
DEPOSIT METHODS
  • Mastercard
  • Visa
  • Maestro
  • Neteller
  • Skrill
  • Sofort Banking
  • Bank Transfer
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 $5 Account Details
Standard Fixed 1.8 pips None Instant $5 Account Details
Standard Variable 1.3 pips None Instant $5 Account Details
VIP Varibale 0.6 pips None Instant $5000 Account Details
Minimum Deposit
$5
TRADING INSTRUMENTS
  • Commodities
  • Cryptocurrencies
  • Forex
  • Metals
  • Stocks
TYPE OF BROKER

ECN/STP

REGULATED BY
IFSC IFSC
TRADING PLATFORMS
  • MetaTrader4
  • MetaTrader5
  • WebTrader
DEPOSIT METHODS
  • Visa
  • UnionPay
  • Neteller
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 $1 Account Details
ECN 0.0 pips None ECN $1,000 Account Details
Islamic 0.0 pips None STP $1 Account Details
Micro 3.0 pips None STP $5 Account Details
Standard 0.5 pips None STP $100 Account Details
Zero Spread 0.0 pips $20 STP $500 Account Details

Islamic Forex Accounts Explained

The Difference between Islamic Forex Accounts and Regular Forex Accounts

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.  That said, here is a list of brokers that we recommend for Islamic accounts.

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.