We found 11 online brokers that are appropriate for Trading Is Forex Trading Halal.
If trading on the Forex markets is not as popular with Muslims as it is all over the rest of the world, It is not because the Muslim community is less active on financial markets.
On the contrary, there are a lot of rich Muslims and they make their fortunes in several financial sectors.
Having said that, when it comes to trading, they face a serious problem, which is none other than Islamic Sharia.
Indeed, it imposes several conditions and it is not easy for a Muslim trader to generate profits without going against their religious beliefs.
To help those who need it, we will demonstrate here on how to trade Forex, while respecting Sharia laws.
Usury has been completely prohibited in Islam, and it is clear and agreed by all religious scholars. This issue requires that any type of deals or contracts that contain usurious elements are not permissible in Islam.
Although dealing in currencies is legally permissible the transaction turns into a forbidden act by entering usury and gambling on it. This is required for the exchange to take place after the passing of a certain period of the contract and not to deposit the amount in the contractor's account until after that period has passed.
Many fatwas have been issued related to this topic, and what is confirmed is that the majority of religious scholars agree that working in Forex is permissible and that it has been practiced for many years.
”He narrated on the authority of Ubadah ibn Al-Samit, may God be pleased with him, that he said that the Messenger of God, may God bless him, said: “Gold is for gold, silver for silver, and barley for barley, dates with dates, and salt with salt, for example, in the same way, whether equally, hand to hand. Bid ”(Sahih Muslim 1587).”
Based on what was referred to in the previous hadith, there is not a problem with such dealings in Islamic Sharia, because they fulfill all the necessary conditions for correct Islamic dealings, and they do not contain matters that are inconsistent with the Islamic Sharia and its provisions.
Therefore, there is nothing wrong with dealing in Forex because these transactions are allowed in accordance to Islamic law.
If you've been trading online for a while, you've probably noticed that a lot of brokers who offer Islamic accounts.
This is a platform that was created with the aim of never breaking Islamic laws, so if you open an Islamic account you will not earn any interest. Undeniably, this form of income is strictly prohibited in Islam.
Furthermore, this element forms the basis of the difference that exists between traditional trading accounts and Islamic accounts.
To put it another way, any form of gain in value that comes from a delay in time is considered Haram, or a sin and it should also be noted that other forms of income are prohibited by Sharia, such as profits on margins, and profits on currency conversions.
Note that for Islamic banks, gains on transactions are particularly prohibited.
Before going into details, we suggest you understand the basic principle of Islamic trading.
Indeed, when a Muslim trader wishes to enter the stock market, it is important that he respects the following three rules:
Although these conditions may seem strict to you, you are probably wondering how it is possible to trade without breaking them. However, the world of trading provides interesting and extremely practical solutions, which make Islamic trading just as accessible as traditional trading.
With the restrictions that the Islamic law imposes, one can rightly assume that Sharia-compliant accounts will be more expensive than others.
However, this is absolutely wrong! In fact, everything will depend on the performance of your broker. The best brokers offer particularly good deals on their Islamic trading accounts.
In addition, the Sharia categorically prohibits Muslims from receiving profits on the Swap.
For those who do not know what a Swap is, it is the gain that is generated by maintaining an open position in the stock market. This type of gain represents a respectable portion of the income of the best traditional traders.
In order to enjoy the benefits of the Islamic trading accounts, you are going to have to look for brokers who offer a Halal alternative in their accounts.
That said, not all these brokers will have the same offers and the same level of flexibility.
Even in this context, there are often some gray areas that you could use to your advantage, or avoid altogether, to stay safe.
Once you have found a good broker, all you have to do is go to their official website and register.
The broker will ask you to provide certain documents, such as a copy of your national identity card, or your passport, and he may ask you for a proof of direct debit etc.
Finally, you must finalize your registration and start trading after choosing a Islamic trading account.
Note that all the transactions you will be able to perform on this account will be 100% in accordance with Islamic laws. Furthermore, to make deposits into the account, only the best Forex brokers will only offer you the methods that Sharia accepts.
Since Sharia formally prohibits Muslims from receiving interest, they will not be able to benefit from Swaps.
In return, they will be able to access exclusive fees, which are significantly lower than those for Standard accounts.
In this sense, Islamic trading accounts are great for novice traders, who are still looking to stabilize in the market.
We've collected thousands of datapoints and written a guide to help you find the best Is Forex Trading Halal for you. Our aim is that this information helps you choose a trustworthy, reputable and professional broker who can satisfy your trading needs online. We have compiled a list of what we consider the best is forex trading halal below.
There are a number of important factors to consider when picking an online Is Forex Trading Halal 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 Is Forex Trading Halal.
Compare Is Forex Trading Halal min deposits, regulation, headquarters, benefits, funding methods and fees side by side.
All brokers below are is forex trading halal. Learn more about what they offer below.
You can scroll left and right on the comparison table below to see more is forex trading halal that accept is forex trading halal clients
Broker |
eToro
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IC Markets
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Roboforex
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XTB
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AvaTrade
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Pepperstone
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XM
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FP Markets
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Plus500
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NordFX
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EasyMarkets
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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) | 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), Dubai Financial Services Authority (DFSA), Dubai International Financial Center (DIFC),Financial Sector Conduct Authority (FSCA), XTB AFRICA (PTY) LTD licensed to operate in South Africa | Central Bank of Ireland, Australian Securities and Investments Commission (ASIC), ASIC (406684), Financial Services Authority (FSA), South African Financial Sector Conduct Authority (FSCA), Financial Stability Board (FSB), The Financial Services Agency (JAPAN FSA), Financial Futures Association of Japan (FFAJ), Abu Dhabi Global Markets (ADGM), Financial Regulatory Services Authority (FRSA), Polish Financial Supervision Authority (KNF), Israel Securities Association (ISA), British Virgin Islands Financial Services Commission (BVI), BVI (SIBA/L/13/1049) | Financial Conduct Authority (FCA), Australian Securities and Investments Commission (ASIC), Cyprus Securities and Exchange Commission (CySEC), 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 | International Financial Services Commission (IFSC), Cyprus Securities and Exchange Commission (CySEC), Australian Securities and Investments Commission (ASIC) | Australian Securities and Investments Commission (ASIC), 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, Plus500SEY Ltd is authorised and regulated by the Seychelles Financial Services Authority (Licence No. SD039), Plus500SG Pte Ltd (UEN 201422211Z) holds a capital markets services license from the Monetary Authority of Singapore (MAS) for dealing in capital markets products (License No. CMS100648-1), PLUS500AU (PTY) LTD is regulated by the FSCA (Financial Sector Conduct Authority), Plus500 adheres to MiFID rules | Cyprus Securities and Exchange Commission (CySEC), License No: 209/13 | Cyprus Securities and Exchange Commission (CySEC), Australian Securities and Investments Commission (ASIC) |
Min Deposit | 10 | 200 | 1 | No minimum deposit | 100 | 200 | 5 | 100 | 100 | 1 | 100 |
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Used By | 27,000,000+ | 180,000+ | 10,000+ | 250,000+ | 300,000+ | 89,000+ | 3,500,000+ | 10,000+ | 15,500+ | 10,000+ | 142,500+ |
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Platforms | Web Trader, Tablet & Mobile apps | MT4, MT5, Mirror Trader, ZuluTrade, Web Trader, cTrader, Mac | MT4, MT5, Mac, Web Trader, cTrader, Tablet & Mobile apps | MT4, Mirror Trader, Web Trader, Tablet & Mobile apps | Web Trader, MT4, MT5, AvaTradeGo, AvaOptions, DupliTrade, ZuluTrade, Mobile Apps, ZuluTrade, DupliTrade, MQL5 | MT4, MT5, TradingView, DupliTrade, myFXbook, Mac, Web Trader, cTrader, Tablet & Mobile apps | MT4, MT5, Mac, Web Trader, Tablet & Mobile apps | MT4, MT5, IRESS, Mac, Web Trader, Tablet & Mobile apps | Web Trader, Tablet & Mobile apps | MT4, MT5, Tablet & Mobile apps | MT4, Web Trader, Tablet & Mobile apps |
Support |
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Learn More |
Sign
Up with etoro |
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Up with icmarkets |
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Up with roboforex |
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Up with xtb |
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Up with avatrade |
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Up with pepperstone |
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Up with xm |
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Up with fpmarkets |
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Up with plus500 |
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Up with nordfx |
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Up with easymarkets |
Risk Warning | 68% of retail investor accounts lose money when trading CFDs with this provider. | Losses can exceed deposits | Losses can exceed deposits | 74% 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. | 71% of retail investor accounts lose money when trading CFDs with this provider | 74-89 % of retail investor accounts lose money when trading CFDs | Your capital is at risk | Losses can exceed deposits | 73% 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. | Losses can exceed deposits | Your capital is at risk |
Demo |
eToro Demo |
IC Markets Demo |
Roboforex Demo |
XTB Demo |
AvaTrade Demo |
Pepperstone Demo |
XM Demo |
FP Markets Demo |
Plus500 Demo |
NordFX Demo |
easyMarkets Demo |
Excluded Countries | ZA, ID, IR, KP, BE, CA, JP, SY, TR, IL, BY, AL, MD, MK, RS, GN, CD, SD, SA, 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, 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, JP | US, IN, PK, BD, NG , ID, BE, AU | BE, BR, KP, NZ, TR, US, CA, SG | AF, AS, AQ, AR, AM, AZ, BY, BE, BZ, BT, BA, BI, CM, CA, CF, TD, CG, CI, ER, GF, PF, GP, GU, GN, GW, GY, HT, VA, IR, IQ, JP, KZ, LB, LR, LY, ML, MQ, YT, MZ, MM, NZ, NI, KP, PS, PR, RE, KN, LC, VC, WS, SO, GS, KR, SS, SD, SR, SY, TJ, TN, TM, TC, US, UY, VU, VG, EH, YE, ZW | US, CA, IL, KR, IR, MM, CU, SD, SY | US, JP, NZ | MY, BE, US, CA, CN, ID, PH, TG, NG, DO, MA, ZW, PR, TZ, TN, UG, BW, AO, AE | No | US |
eToro is a multi-asset platform which offers both investing in stocks and cryptoassets, as well as trading CFDs.
Please note that CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 67% 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.
Past performance is not an indication of future results.
Cryptoassets are volatile instruments which can fluctuate widely in a very short timeframe and therefore are not appropriate for all investors. Other than via CFDs, trading cryptoassets is unregulated and therefore is not supervised by any EU regulatory framework.
eToro USA LLC does not offer CFDs and makes no representation and assumes no liability as to the accuracy or completeness of the content of this publication, which has been prepared by our partner utilizing publicly available non-entity specific information about eToro.
You can compare Is Forex Trading Halal 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 Is Forex Trading Halal for 2022 article further below. You can see it now by clicking here
We have listed top Is forex trading halal below.
eToro is a multi-asset platform which offers both investing in stocks and cryptoassets, as well as trading CFDs.
Please note that CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 67% 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.
Past performance is not an indication of future results.
Cryptoassets are volatile instruments which can fluctuate widely in a very short timeframe and therefore are not appropriate for all investors. Other than via CFDs, trading cryptoassets is unregulated and therefore is not supervised by any EU regulatory framework.
eToro USA LLC does not offer CFDs and makes no representation and assumes no liability as to the accuracy or completeness of the content of this publication, which has been prepared by our partner utilizing publicly available non-entity specific information about eToro.