We found 11 online brokers that are appropriate for Trading Islamic.
Every religion has different concepts with regard to trading and Muslims need different opportunities for halal trading.
Different trading platforms can meet different trading preferences and the needs of all clients and you can gain the advantages when trading with Islamic trading accounts.
These accounts are available to satisfy the needs of Muslim clients. To open your Islamic account, you have to follow these essential steps:
With Halal trading accounts, Muslims can gain the advantage of Forex trading to confirm to with Sharia law.
Remember, more than 25% of the population of the world practices Islam. For this reason, Halal forex trading is consistently gaining popularity.
Halal trading accounts may not charge rollovers or swap interests on overnight positions in the forex market of the United Kingdom.
Open positions may need to charge some administration fees. To comprehend with Halal forex trading, it becomes crucial to understand the principles of finance in the light of Islam.
Unlike traditional finance (for the revenue motive), Islamic finance is based on ethical considerations and goals. Two essential principles for Islamic finance are as follows:
A philosophy to share risk between the borrower and lender is an important principle. As per Islam, interest gaining can be immoral.
Interest gaining promises a reward to lenders and borrowers incur the risk. It is exploitative and unethical as per Islamic finance.
In another principle, monetary activity should promote economic and social activity.
The main objective of funding in Islam is related to the promotion of well-being and happiness in worldly life. Remember, finance is an integral part of society and life.
According to this, Islamic finance encourages socio-economic impartiality. For this reason, usury or interest may be prohibited.
Extra uncertainty or risk is prohibited due to excessive speculation and gambling.
Interest is a predetermined payment paid above and over the primary amount for each commercial and personal loan.
According to Sharia law, charging interest or earning cash from cash is unlawful. The main reasons for condemnation are as follows:
As per Islamic finance Halal Forex trading may adapt to Sharia laws. Under normal circumstances, futures and forex trading in Halal finance fall into a Riba al-nasi’a category. In simple words, it is interpreted as (deferment) postponement Riba.
It happens at the time of exchanging two products. One product is easy to handover, and others may incur delays. Basically, Forex transactions have the same nature where the cash to cash transactions are common with a delayed settlement. Deferment may carry extra charges as rollover or swaps.
Remember, cash to cash transactions of various currencies with equal values are allowed. An exchange of the USD dollars for euros of equal value is halal. It implies that no interest is involved in Forex transaction. If a payment s deferred or delayed, it may result in an al-nasi’a transaction.
As per the Sharia law, several platforms offer facilities of Halal trading to Muslims with easy access to different no swap accounts. Accounts with Sharia-compliant may not carry overnight reward and charges. It is allowed to hold different positions for an indefinite period without any interest.
The outcomes of transactions of Forex exchange may mimic the market spot that has compliance with Sharia law. An SSB (Sharia Supervisor Board) is available to ensure legitimacy and ensure financial transactions.
A firm with SSB approval can offer its halal financial products. They must comply with ethical Islamic finance principles.
Muslim traders can work with financial institutions working under the seal of SSB. It may be an indication that transactions may not involve sneaky interest. They may not carry uncertainty (gharar) or additional risk.
People with Islamic faith can gain the advantage of Halal trading. The Sharia compliant accounts are available for your assistance.
This will not involve charges in the form of rollover or daily swaps. Fees of administration on trading products substitute all fees and you can have the best products as per the laws of Islam.
You can experience the power of MT4 and MT5 (MetaTrader) trading with different charges. These are transparent on different currency pairs, commodities and stock CFDs. The interest charges will be waived, and you should not worry about charges that could be hidden.
We've collected thousands of datapoints and written a guide to help you find the best Halal Trading for you. We hope this guide helps you find a reputable broker that matches what you need. We list the what we think are the best Islamic brokers below. You can go straight to the broker list here.
There are a number of important factors to consider when picking an online Islamic trading brokerage.
Our team have listed brokers that match your criteria for you below. All brokerage data has been summarised into a comparison table. Scroll down.
We compare these features to make it easier for you to make a more informed choice.
Here are the top Islamic Brokers.
Compare Islamic Brokers min deposits, regulation, headquarters, benefits, funding methods and fees side by side.
All brokers below are Islamic brokers. Learn more about what they offer below.
You can scroll left and right on the comparison table below to see more Islamic brokers that accept Islamic clients
Broker |
eToro
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IC Markets
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XTB
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FP Markets
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Roboforex
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Plus500
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Pepperstone
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EasyMarkets
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XM
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FXPrimus
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Forex.com
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Rating | |||||||||||
Regulation | Financial Conduct Authority (FCA), Cyprus Securities and Exchange Commission (CySEC), Markets In Financial Instruments Directive (MiFID), Australian Securities and Investments Commission (ASIC) | Australian Securities and Investments Commission (ASIC), Financial Services Authority (FSA), Cyprus Securities and Exchange Commission (CySEC) | Financial Conduct Authority (FCA), FCA number FRN 522157, Cyprus Securities and Exchange Commission (CySEC), CySEC Licence Number: 169/12, Comisión Nacional del Mercado de Valores, Komisja Nadzoru Finansowego, Belize International Financial Services Commission (IFSC) under license number IFSC/60/413/TS/19, Polish Securities and Exchange Commission (KPWiG) | Australian Securities and Investments Commission (ASIC), Cyprus Securities and Exchange Commission (CySEC) | Cyprus Securities and Exchange Commission (CySEC) | Plus500UK Ltd authorized & regulated by the FCA (#509909), Plus500CY Ltd authorized & regulated by CySEC (#250/14), Plus500AU Pty Ltd (ACN 153301681), ASIC in Australia AFSL #417727, FMA in New Zealand, FSP #486026 and Authorised Financial Services Provider in South Africa FSP #47546 | Financial Conduct Authority (FCA), Australian Securities and Investments Commission (ASIC), Federal Financial Supervisory Authority (BaFin), Dubai Financial Services Authority (DFSA), Capital Markets Authority of Kenya (CMA), Pepperstone Markets Limited is incorporated in The Bahamas (number 177174 B), Licensed by the Securities Commission of the Bahamas (SCB) number SIA-F217 | Cyprus Securities and Exchange Commission (CySEC), Australian Securities and Investments Commission (ASIC) | International Financial Services Commission (IFSC), Cyprus Securities and Exchange Commission (CySEC), Australian Securities and Investments Commission (ASIC) | Cyprus Securities and Exchange Commission (CySEC), Markets In Financial Instruments Directive (MiFID) | Financial Conduct Authority (FCA), Cayman Islands Monetary Authority (CIMA), Investment Industry Regulatory Organization of Canada (IIROC), National Futures Association (NFA) |
Min Deposit | 200 | 200 | No minimum deposit | 100 | 1 | 100 | 200 | 100 | 5 | 100 | 100 |
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Used By | 17,000,000+ | 60,000+ | 250,000+ | 10,000+ | 10,000+ | 15,500+ | 10,000+ | 142,500+ | 70,000+ | 10,000+ | 150,000+ |
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Platforms | Web Trader, Tablet & Mobile apps | MT4, MT5, Mirror Trader, ZuluTrade, Web Trader, cTrader, Mac | MT4, Mirror Trader, Web Trader, Tablet & Mobile apps | MT4, MT5, IRESS, Mac, Web Trader, Tablet & Mobile apps | MT4, MT5, Mac, Web Trader, cTrader, Tablet & Mobile apps | Web Trader, Tablet & Mobile apps | MT4, MT5, Mac, ZuluTrade, Web Trader, cTrader, Tablet & Mobile apps | MT4, Web Trader, Tablet & Mobile apps | MT4, MT5, Mac, Web Trader, Tablet & Mobile apps | MT4, Mac, Mirror Trader, Web Trader, Tablet & Mobile apps | MT4, MT5, WebTrader, Advantage Trader Pro, TradingView, Tablet and mobile apps |
Support |
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Learn More |
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Up with etoro |
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Up with roboforex |
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Up with plus500 |
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Up with pepperstone |
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Up with easymarkets |
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Up with xm |
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Up with fxprimus |
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Up with forexcom |
Risk Warning | 71% of retail investor accounts lose money when trading CFDs with this provider. | Losses can exceed deposits | 82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. | Losses can exceed deposits | Losses can exceed deposits | 76.4% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money. | CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 79.3% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money | Your capital is at risk | Your capital is at risk | Losses can exceed deposits | 74% of retail investor accounts lose money when trading CFDs with this provider |
Demo |
eToro Demo |
IC Markets Demo |
XTB Demo |
FP Markets Demo |
Roboforex Demo |
Plus500 Demo |
Pepperstone Demo |
easyMarkets Demo |
XM Demo |
FXPrimus Demo |
Forex.com Demo |
Excluded Countries | IR, KP, BE, CA, JP, SY, TR, IL, BY, AL, MD, MK, RS, GN, CD, SD, ZW, ET, GH, TZ, LY, UG, ZM, BW, RW, TN, SO, NA, TG, SL, LR, GM, DJ, CI, PK, BN, TW, WS, NP, SG, VI, TM, TJ, UZ, LK, TT, HT, MM, BT, MH, MV, KZ, GD, FJ, BB, BM, BS, AG, AI, AW, LB, SV, US, PY, HN, GT, PR, NI, VG, AN, | AF, GN, SL, BW, IR, SY, MM, IQ, TG, KH, LS, YE, CI , LR, ZW, CU, LY, TZ, CG, ML, BO, LR, NE, AO, GM, NG, AG, GH, KR, KG, GN, SN, NA | US, IN, PK, BD, NG , ID, BE | US, JP, NZ | US, JP | MY, BE, US, CA, CN, ID, PH, TG, NG, DO, MA, ZW, PR, TZ, TN, UG, BW, AO, AE | BR, KR, IR, IQ, SY, JP, US | US | US, CA, IL, KR, IR, MM, CU, SD, SY | AF, CI, CU, IQ, IR, LY, MM, KR, SD, PR, US, AU, SY, DZ, JP, EC. | BE |
You can compare Islamic Brokers ratings, min deposits what the the broker offers, funding methods, platforms, spread types, customer support options, regulation and account types side by side.
We also have an indepth Top Islamic Brokers for 2021 article further below. You can see it now by clicking here
We have listed top Islamic brokers below.