We found 11 online brokers that are appropriate for Trading Islamic Forex Investment Platforms.
Most brokers in the United Kingdom offer Islamic Forex accounts to accommodate Muslim clients in the world of trading. Below are three simple steps for how to open an Islamic Forex account:
Islamic Forex accounts are also known as no swap accounts. They follow Sharia Law and allow Muslim clients to trade Forex. About one-fourth of the world's population follows the Islamic religion, hence Islamic Forex has gained global popularity. Brokers charge no rollover or swap interest on positions which are held overnight. However, an administration fee is levied on open positions.
Before gaining an understanding of Islamic Forex, it is important to know its guiding principles. It is a different type of process from conventional finance and, of course, not driven by profit motives. In fact, it is driven by considerations and ethical goals. Here are the two broadly guiding principles of an Islamic account:
Based on the above two principles, Islamic accounts encourage socio-economic justice. In Islam, interest is called riba and is prohibited. The Sharia Law even prohibits excessive risk.
Interest is a fee paid over the principal amount in a loan. In Sharia Law, this is prohibited. One cannot make money from money. Below are some of the condemnations:
Islamic Forex should follow the Sharia Law. Brokers offer no swap accounts and no overnight charge is levied for holding positions. Moreover, the Sharia Supervisory Board (SSB) ensures all transactions follow Sharia. A seal of SSB in any financial institution means there is no underhanded interest involved.
The primary attraction of an Islamic account is that it follows the Islamic faith. It is perfect for traders who follow Sharia Law as it allows users to remain true to ethics and morals. It is founded on principles of transparency and fairness in the financial markets. Moreover, even non-Muslims can open an Islamic account.
Muslim scholars have argued Forex trading is halal if it follows the many principles of Sharia Law. Currency exchange is allowed under the Sharia Law, and also profiting from it, as traders have the right to pursue activities and improve financial conditions.
CFDs are not allowed under Islamic law as traders do not buy things which are tangible when buying a CFD. This is considered speculating of the price movement of a product which is not halal in Islam. Traders leverage the value of the underlying asset to make profit.
MetaTrader is one of the most popular trading platforms in the world and it is halal. It follows the Sharia Law. In fact, it is simply an interface which allows traders to open positions. The trading conditions are defined by brokers, and the trading account one chooses defines whether said trading is halal or haram.
Islamic accounts are different from usual trading accounts. They must follow the strict Sharia Law principles that broadly define interest as unlawful. Although there is no swap commission involved, there are some disadvantages to these types of accounts, and the absence of a swap means no interest payment benefit.
Most brokers offer Islamic accounts and the process through which to set one up is simple. An account follows financial principles based on ethical goals and considerations. It seeks to promote economic and social activity, as well as happiness and well-being.
Moreover, all financial products are approved by the Sharia Supervisory Board, which ensures transactions are based on Sharia Law. A seal from the board means the trade involves no underhanded interest.
In this article, titled 'Islamic Forex', we have discussed the principles of Islamic finance and how Islamic accounts are halal. Trades which do not follow Sharia Law are considered haram.
We have conducted extensive research and analysis on over multiple data points on Islamic Forex to present you with a comprehensive guide that can help you find the most suitable Islamic Forex. Below we shortlist what we think are the best Islamic Forex Investment Platforms after careful consideration and evaluation. We hope this list will assist you in making an informed decision when researching Islamic Forex.
Selecting a reliable and reputable online Islamic Forex Investment Platforms trading brokerage involves assessing their track record, regulatory status, customer support, processing times, international presence, and language capabilities. Considering these factors, you can make an informed decision and trade Islamic Forex Investment Platforms more confidently.
Selecting the right online Islamic Forex Investment Platforms trading brokerage requires careful consideration of several critical factors. Here are some essential points to keep in mind:
Our team have listed brokers that match your criteria for you below. All brokerage data has been summarised into a comparison table. Scroll down.
When choosing a broker for Islamic Forex Investment Platforms trading, it's essential to compare the different options available to you. Our Islamic Forex Investment Platforms brokerage comparison table below allows you to compare several important features side by side, making it easier to make an informed choice.
By comparing these essential features, you can choose a Islamic Forex Investment Platforms broker that best suits your needs and preferences for Islamic Forex Investment Platforms. Our Islamic Forex Investment Platforms broker comparison table simplifies the process, allowing you to make a more informed decision.
Here are the top Islamic Forex Investment Platforms.
Compare Islamic Forex Investment Platforms brokers for min deposits, funding, used by, benefits, account types, platforms, and support levels. When searching for a Islamic Forex Investment Platforms broker, it's crucial to compare several factors to choose the right one for your Islamic Forex Investment Platforms needs. Our comparison tool allows you to compare the essential features side by side.
All brokers below are Islamic Forex Investment Platforms. Learn more about what they offer below.
You can scroll left and right on the comparison table below to see more Islamic Forex Investment Platforms that accept Islamic Forex Investment Platforms clients.
Broker | IC Markets | Roboforex | eToro | XTB | XM | Pepperstone | AvaTrade | FP Markets | EasyMarkets | SpreadEx | FXPro |
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Regulation | Australian Securities and Investments Commission (ASIC), Financial Services Authority (FSA), Cyprus Securities and Exchange Commission (CySEC) | RoboForex Ltd is regulated by the FSC, license 000138/437, reg. number 128.572. RoboForex Ltd, which is an (A category) member of The Financial Commission, also is a participant of its Compensation Fund | FCA (Financial Conduct Authority) eToro (UK) Ltd (FCA reference 583263), eToro (Europe) Ltd CySEC (Cyprus Securities Exchange Commission), ASIC (Australian Securities and Investments Commission) eToro AUS Capital Limited ASIC license 491139, CySec (Cyprus Securities and Exchange Commission under the license 109/10), FSAS (Financial Services Authority Seychelles) eToro (Seychelles) Ltd license SD076 | FCA (Financial Conduct Authority reference 522157), CySEC (Cyprus Securities and Exchange Commission reference 169/12), FSCA (Financial Sector Conduct Authority), XTB AFRICA (PTY) LTD licensed to operate in South Africa, KPWiG (Polish Securities and Exchange Commission), DFSA (Dubai Financial Services Authority), DIFC (Dubai International Financial Center), CNMV (Comisión Nacional del Mercado de Valores), KNF (Komisja Nadzoru Finansowego), IFSC (Belize International Financial Services Commission license number IFSC/60/413/TS/19) | Financial Services Commission (FSC), Cyprus Securities and Exchange Commission (CySEC), Australian Securities and Investments Commission (ASIC) | 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 | 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), Central Bank of Ireland | Australian Securities and Investments Commission (ASIC), Cyprus Securities and Exchange Commission (CySEC), FSCA (FSP Number 50926), Capital Markets Authority (CMA), Securities Commission of the Bahamas (SCB) | Cyprus Securities and Exchange Commission (CySEC), Australian Securities and Investments Commission (ASIC), Financial Services Authority (FSA), British Virgin Islands Financial Services Commission (BVI) | Financial Conduct Authority (FCA) | Financial Conduct Authority (FCA), Cyprus Securities and Exchange Commission (CySEC), Financial Sector Conduct Authority (FSCA), Securities Commission of the Bahamas (SCB) |
Min Deposit | 200 | 10 | 100 | No minimum deposit | 5 | 200 | 100 | 100 | 100 | 1 | 100 |
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Used By | 180,000+ | 1,000,000+ | 30,000,000+ | 935,000+ | 10,000,000+ | 400,000+ | 300,000+ | 10,000+ | 142,500+ | 10,000+ | 1,866,000+ |
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Platforms | MT4, MT5, Mirror Trader, Web Trader, cTrader, Windows, Mac, iOS, Android | MT4, MT5, Mac, Web Trader, Tablet & Mobile apps | Web Trader, Tablet & Mobile apps | MT4, Mirror Trader, Web Trader, Tablet & Mobile apps | MT4, MT5, Mac, Web Trader, Tablet & Mobile apps | MT4, MT5, TradingView, DupliTrade, myFXbook, Mac, Web Trader, cTrader, Tablet & Mobile apps | Web Trader, MT4, MT5, AvaTradeGo, AvaOptions, DupliTrade, ZuluTrade, Mobile Apps, ZuluTrade, DupliTrade, MQL5 | MT4, MT5, IRESS, Mac, Web Trader, Tablet & Mobile apps | MT4, MT5, Web Trader, TradingView, Tablet & Mobile apps | Web Trader, Tablet & Mobile apps | MT4, MT5, cTrader, Tablet & Mobile apps |
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Learn More |
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Up with icmarkets |
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Up with roboforex |
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Up with etoro |
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Up with xtb |
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Up with xm |
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Up with pepperstone |
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Up with avatrade |
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Up with fpmarkets |
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Up with easymarkets |
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Up with spreadex |
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Up with fxpro |
Risk Warning | Losses can exceed deposits | Losses can exceed deposits | 76% of retail investor accounts lose money when trading CFDs with this provider. | 76-85% 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. | CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 72.89% 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. | 74-89 % of retail investor accounts lose money when trading CFDs | 71% of retail investor accounts lose money when trading CFDs with this provider | Losses can exceed deposits | Your capital is at risk | Losses can exceed deposits | 75.78% of retail investor accounts lose money when trading CFDs and Spread Betting with this provider |
Demo |
IC Markets Demo |
Roboforex Demo |
eToro Demo |
XTB Demo |
XM Demo |
Pepperstone Demo |
AvaTrade Demo |
FP Markets Demo |
easyMarkets Demo |
SpreadEx Demo |
FxPro Demo |
Excluded Countries | US, IR, CA, NZ, JP | AU, BE, BQ, BR, CA, CW, CZ, DE, ES, EE, EU, FM, FR, FI, GW, ID, IR, JP, LR, MP, NL, PF, PL, RU, SE, SJ, SS, SL, SI, TL, TR, DO, US, IT, AT, PT, BG, HR, CY, DK, FL, GR, IE, LV, LT, MT, RO, SK, CH | 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, MG, MK, KZ, GD, FJ, PT, BB, BM, BS, AG, AI, AW, AX, LB, SV, PY, HN, GT, PR, NI, VG, AN, CN, BZ, DZ, MY, KH, PH, VN, EG, MN, MO, UA, JO, KR, | US, IN, PK, BD, NG , ID, BE, AU | US, CA, IL, IR | 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, ES, YE, ZW, ET | BE, BR, KP, NZ, TR, US, CA, SG | US, JP, NZ | US, IL, BC, MB, QC, ON, AF, BY, BI, KH, KY, TD, KM, CG, CU, CD, GQ, ER, FJ, GN, GW, HT, IR, IQ, LA, LY, MZ, MM, NI, KP, PW, PA, RU, SO, SS, SD, SY, TT, TM, VU, VE, YE | US, TR | US, CA, IR |
You can compare Islamic Forex Investment Platforms 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 Forex Investment Platforms for 2024 article further below. You can see it now by clicking here
We have listed top Islamic Forex Investment Platforms below.
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Please note that CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% 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.
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