We found 11 online brokers that are appropriate for Trading Islamic Trading Accounts.
You have heard that a Muslim who observes Shari’a law or Islamic finance rules can have a Forex trading account and practice their faith, in good conscience.
You have heard that Forex trading can be a profitable investment.
You would like to know more.
Islamic Forex Trading means exchanging currencies for profit while following Islamic rules on finance. Forex is short for 'foreign exchange'. More specifically, it is a foreign currency exchange. Unlike traditional forex trading, Islamic trading is different as trades are conducted under sharia law.
It is the process of converting or trading one currency for a different currency. The reasons for this exchange vary. But here is one reason that supplies an elementary explanation of why people would want to trade national currencies and how it's done.
Let’s assume that you are in a foreign country that does not accept the native currency of your homeland. In other words, your dollars may make you rich in your own country, but they lack purchasing power in another country. They will not buy you anything where you are now. For example, You can't spend Bahamian dollars in the United States.
You cannot spend Mexican pesos in the U.S. You can't spend the Japanese yen in the U.S. Those foreign currencies have no value in the USA. You cannot go into a store and purchase a product. You cannot go to a restaurant and order a meal. So, you have to go to a foreign currency exchange (a cashier's office probably located in an American bank) and trade or exchange those colorful paper notes with the face of Queen Elizabeth or Benito Juárez or FUKUZAWA Yukichi for U.S. dollars with pictures of dead presidents that you can spend!
That is basically the Forex process in a nutshell. As mentioned before, Islamic Forex trading is somewhat different.
Islamic Forex accounts, also commonly termed swap free trading accounts, are halal trading accounts that do not involve the accumulation, collection, or paying of interest. This is all in accordance with Shari’a law. Such accounts do not involve the use of forwarding contracts or futures. When you use an Islamic Forex trading account, all your transactions (transaction costs included) will take place in an instant without any delays.
An Islamic trading or Forex account is a type of trading account that is considered halal. It is offered to individuals who respect and follow the teachings of the Quran and those who aim to invest in the stock market abiding by the tenets of Islamic Finance. Also referred to as swap free forex accounts, these types of accounts vary in numerous ways when compared to conventional Forex accounts. Shari’a law, in essence, forbids the stockpiling of interest. Traders who own Islamic accounts do not receive or pay interest rates due to this. Aside from that, transactions carried out in accounts contingent on Islamic finance should essentially be executed without any delays. That means that currencies must be sent from one account to another immediately. Transaction fees must also be paid straight away.
Even though halal investment in foreign exchange accounts is not exactly recent innovation in terms of Islamic finance, there are still a few swap-free stockbrokers offering Islamic accounts. Most often, this variety of trading account is not facilitated by brokers; the reason being that they are seen by them as less profitable and the number of customers demanding them is usually limited.
Islamic Trading accounts are commonly described as “swap-free” accounts. True to their name, swap-free accounts are the types of trading accounts that do not create swaps. A “swap” in forex is a turnover interest or commission that a broker charges when a client of theirs makes a decision to keep their position open overnight. Swap-free trading accounts are known not to offer swap interest. This makes them excellent for Muslim traders. This is also the reason why swap-free accounts are also referred to as Islamic foreign exchange accounts. After all, they are the only kinds of accounts offered that are swap-free. While swap-free accounts are usually meant for Muslim traders, Islamic brokers can also offer them to non-Muslim traders.
Islamic accounts are essentially designed to suit Muslim traders as they are in conformity with Islamic law in the sense that they do not incur swaps or interest fees on positions held overnight. Instead of that, the client is required to pay an application fee on such positions which are subtracted from the balance of the holder’s account. So, by getting rid of swap interest costs, Islamic trading accounts are, without a doubt, halal. Additionally, halal forex brokers can offer services on any halal trading platform.
Acquiring interest, or to put it more plainly, usury is not allowed in Islam. It also has a quite broad definition. This suggests that any contract or deal that involves interest or “Riba” is not permitted on the basis of Islamic law. For quite a time, retail foreign exchange brokers followed the practice of either paying or charging traders interest derivatives between the two elements of any currency pair with a position remaining open overnight. With the passage of time, a majority of foreign exchange brokers evolved into Islamic Forex brokers as a result of market forces and the rising demands of the Islamic trading community. These forex swap free brokers began offering Muslim Forex accounts, ones that would work without conventional interest payments. They carried this out by charging customers with raised commissions in spot Forex trading positions. While this is practiced by most Islamic Forex brokers, it still holds a rather hidden interest element, which can make Forex trading problematic on the basis of Islamic law.
However, halal Forex brokers offer regular spot trading with no interest payments. In addition to the spot trades, brokers do not charge for overnight positions which could do away with the problem of riba.
Essentially, Forex trading is halal. It allows traders to utilize most they can from a swap-free trading account. In that case, there is no element of interest or riba. Trading is not haram, in general. Some hold the opinion that Forex trading is permissible when the right kind of analysis is put to use. When traders are able to predict when the value of a certain currency is set to increase or decrease (that too without speculation), they are thus not acting as gamblers.
On the other hand, if an Islamic trader times the time of their trader in order to get the most favorable results, it will be deemed as against the law set by Islamic finances as there will be a certain amount of speculation involved.
Ideally, in accordance with Islamic finances, Islamic forex trading must take effect immediately without little to no delays. As it is considered a natural component of commerce permitted by Islamic law. Islamic traders must trade with fundamental or chart-oriented analysis. This act makes Forex trading in Islam admissible as it is dictated in the Shari’a law. The regular kind of chart-focused analysis can be viewed as speculation, which is not permissible.
All in all, keeping all this in mind, trading in Islam can often turn haram. It is still possible (and easier), however, if you opt for an Islamic Forex account providing swap-free trading i.e., one that has been intended for traders who cannot receive or pay swaps or turnover interest on overnight positions because of their religious beliefs, in compliance with Shari’a law. Another way to trade halal is with Islamic trading platforms that ensure swap free forex trading.
Traditional trading accounts tend to charge traders interest on specific trades. This can be a problematic situation for Islamic traders since making money out of money (also called riba) is discouraged by Shari’a law. In addition, gharar or gambling is strictly prohibited according to Islamic finance laws. Gharar refers to volatile circumstances in the foreign exchange market that make it complicated to confidently predict what is bound to happen. This counts as gambling in Islamic finance.
To be eligible for opening an Islamic trading account, you may be required by the broker to provide proper documentation, such as your identification. You may need to provide a document that proves your faith as well.
Islamic trading accounts apply the Shari’a law to online foreign exchange trading. Hence it is for Muslim traders, i.e., those wishing to incorporate the teachings of the Holy Quran with their life activities. The Holy Quran stipulates a law referred to as the Shari’a law that involves rules on how the followers of Islam should live and interact in society. It involves guidelines of behavior on family matters, sustenance, finance, and more.
Once a Muslim trader has understood the conditions of their chosen Islamic broker and practiced trading in a demo account, they can set up an Islamic account to begin trading. When you open a trading account, you are required to provide your information and fund it. Then you refer to their customer support for more information.
Islamic trading accounts have numerous benefits that make them stand out from conventional trading accounts. The primary difference that sets Islamic accounts apart from regular ones is that there are no swap commissions involved. This is a crucial benefit since you can simply open long-term trading positions without worrying about reducing your gains because of swap commissions. Hence, swap free accounts are the go-to at Islamic trading platforms.
The second main benefit is that you can open positions in currency pairs that involve high swap costs (most particularly exotic pairs).
Yet another advantage is that Muslim traders can engage without going against their religious beliefs. There is also the Mudarabah Agreement in which both parties share their profit and loss.
There are certain drawbacks to Islamic accounts as there are benefits to them. The removal of the swap commission can also be potentially bad for Halal traders since they will not be able to take advantage of the positive interests often paid to short positions. This also involves the benefits of carry-trading strategies.
To remain lucrative after the removal of interest, the non-swap broker will charge an administrative fee as financial institutions do in Islamic finance.
There is actually an online global marketplace where you can trade national currencies (Such as GBP, US Dollar, Yen, Euro, etc.). Many people engage in online Forex trading. They don't have to physically take their currency to a bank. They do not even have to leave their country. They can just open an online trading account with a reputable company that has the technological tools and start trading.
If you use these search terms “where to open online Forex trading account”, the results will display various platforms. Some companies require minimum deposits to open an account (anywhere from $10,000 to $100,000). Some companies service clients worldwide. Do your research (or get sound advice from a finance professional) and pick the one that works best for you.
Online forex accounts open doors to a wider market. An Islamic trade site not only opens access to wider regions but permits halal trading with them as well. There are many halal trading platforms online that utilize swap free trades for Islamic traders. Creating a swap free trading account with a halal forex trading platform.
Furthermore, there are Islamic trading mobile apps that make trading more convenient. An Islamic trading app allows you to make a trading app through your phone with the best halal trading platform and manage your account afterward. Halal trading apps are useful, instantaneous, and easy to use. It is an important tool to have if you want to take Islamic forex trading to the next step.
Through your forex Islamic account, you can trade various currencies around the world in what is known as the exchange rate pair. It is the exchange rate or price quote for two currencies that are being traded. The most common pairing is EUR/USD, i.e. the Euro/dollar against the U.S. Dollar. If you watch or keep up with business or financial news reports you will note they have a segment in the program that specifically reports on the currencies of the world.
They recommend trading or exchange strategies, discuss top stories or current events that impact the currency markets, and talk about anything and everything that is relevant to Forex trading. Do a generic search “business news Forex”.
Before you consider engaging in Forex trading, it is important to understand that not everyone makes a profit, nor does everyone lose. The way this particular market works is that there is always someone who is making a huge profit from trading, while someone else is incurring a loss on trading. Profiting from Forex trading is based on experience, knowledge, and research. If this does not come in the way of you venturing into Forex trading, there might be other factors to consider, i.e., your region and religion.
Not every country allows Forex. There are some countries that ban it or restrict it. As of 2023, the countries which ban Forex are Belgium, Bosnia Herzegovina, France, Israel, Malaysia, North Korea, countries that enforce Shari’a, e.g. Pakistan and India.
Of course, this list is subject to change moving forward. Depending on what the administration of each government decides is in the best interest of its citizens, forest trading may either remain banned or be allowed. Note that the government of India does allow its citizens to engage in certain Forex markets so long as they follow established by the SEBI (Securities and Exchange Board of India).
In the United States, Forex trading online or offline is perfectly legal. The US Commodity Futures Trading Commission (CFTC) and the US National Futures Association (NFA) publish the “rules of the game” and they regulate! There are no restrictions based on religion unless you happen to be a Muslim who strictly observes Shari’a or Islamic law. The secular laws of the country won't prevent you from engaging in Forex trading. However, the rules of Islamic finance might.
Islamic Forex trading is also legal in the UK as long as the Islamic Forex broker is regulated by the (FCA).
Islamic Forex Trading accounts or halal Forex trading accounts, also referred to as ‘no-swap accounts’, allow Muslims to engage in online Forex trading without violating what the Shari’a law stands for.
Traders of the Islamic faith can find information on how to set up an online Forex trading account by visiting one of our listed brokers below.
An Islamic trading account can be acquired via the following steps:
The information supplied in the aforementioned article is very detailed.
For each broker listed there are details on deposit requirements, and whether the trading platform is desktop, a mobile app, or web-based.
This article is intended to serve as an introduction to Forex trading and specifically, Islamic Forex Trading Accounts. Below please find additional reading and reference materials to help you continue your education.
Islamic finance comes with four main principles:
These main principles do not always fit into the conventional i.e., Western trading and banking practices, and to regard the principles of Islamic finance, specialized trading accounts have been established, mainly known as “Islamic accounts.”
Islamic accounts are provided to clients who aim to conduct halal Forex trading without resorting to disconnecting their investment and trading activities from their religious practices.
Generally, such accounts are very similar to conventional trading accounts, only a specific set of elements have been arranged to comply with the basic principles of Islamic finance. Most notable is the swap free forex trading.
One of the major features of Islamic trading is swap free trading. Islamic trading accounts are known for not generating any swap interest like most conventional trading accounts do. The swap refers to interest either received or paid by the trader when they leave a position open overnight. The charges on the trade of currencies are considered haram, and against the Sharia law in Islamic finance.
The existence of Islamic currency trading accounts removes these interests and that enables Muslim traders to conduct trades in a reputable halal trading platform.
When it comes to commissions, all Muslim clients who regularly make use of Islamic trading accounts pay margins, administrative charges, and commissions. These are not considered riba.
Following are the practices disallowed or discouraged in accordance with Islamic finance:
Shari’a law has prohibited trading accounts from receiving rollover points on the positions that they keep open at the NY close of 5 pm (EST).
Shari’a law discourages the accumulation of interest on any capital deposited in an Islamic trading account.
The funds transferred by banks as loans to clients with interest involved are deemed unlawful since they involve riba. Signed pledges and oaths are also a part of this category.
Parttakng in short sales by purchasing and immediately selling an asset is haram. This issue mostly involves stock trades instead of foreign exchange trades.
The trade of stocks on margin requires paying interest (which counts as riba) for borrowing money from a stockbroker to purchase or sell equities is against Shari’a law. On the other hand, trading forex involves a margin deposit with no interest whatsoever when you conduct a transaction on margin.
Shari’a law discourages contracts and agreements that involve buying and selling at a future date on a price established in the present. This would keep the trader from taking part in trading futures and forward contracts.
Scalping is a trading style similar to intraday trading. It involves the opening of positions (done by the trader) that are closed immediately. They can either be closed in a few minutes, or even in mere seconds.
A scalper’s (meaning a trader who takes part in scalping) main goal is to open numerous small trading positions by earning a few select points in all of them.
The main benefit associated with scalping is that, similar to intraday trading, positions are closed quickly, leaving no room for interest. That is because the position is closed after a few moments or minutes. Consequently, a Muslim scalper can also use a standard trading account instead of needing an Islamic trading account.
Islamic trading is widely practiced by Muslim traders because of the benefits it provides. One main benefit is that Muslim traders are not forced to do anything their faith deems immoral or haram. Another major advantage is the removal of swap commission on Islamic trading accounts during exchanges. Owing to the widespread use of Islamic trading accounts, Islamic trading has gained traction even in the world of traditional trading, and will likely continue to do moving forward.
We have conducted extensive research and analysis on over multiple data points on Islamic Trading Accounts to present you with a comprehensive guide that can help you find the most suitable Islamic Trading Accounts. Below is a list of what we consider to be the best islamic trading accounts after careful consideration and evaluation. We hope this list will assist you in making an informed decision when researching Islamic Trading Accounts.
Selecting a reliable and reputable online Islamic Trading Accounts 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 Trading Accounts more confidently.
Selecting the right online Islamic Trading Accounts 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 trading accounts trading, it's essential to compare the different options available to you. Our islamic trading accounts 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 trading accounts broker that best suits your needs and preferences for islamic trading accounts. Our islamic trading accounts broker comparison table simplifies the process, allowing you to make a more informed decision.
Here are the top Islamic Trading Accounts.
Compare islamic trading accounts brokers for min deposits, funding, used by, benefits, account types, platforms, and support levels. When searching for a islamic trading accounts broker, it's crucial to compare several factors to choose the right one for your islamic trading accounts needs. Our comparison tool allows you to compare the essential features side by side.
All brokers below are islamic trading accounts. Learn more about what they offer below.
You can scroll left and right on the comparison table below to see more islamic trading accounts that accept islamic trading accounts clients.
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IC Markets
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XTB
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Pepperstone
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AvaTrade
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XM
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Roboforex
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eToro
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NordFX
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EasyMarkets
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FXPro
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Plus500
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Regulation | Australian Securities and Investments Commission (ASIC), Financial Services Authority (FSA), Cyprus Securities and Exchange Commission (CySEC) | 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 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 | Financial Services Commission (FSC), Cyprus Securities and Exchange Commission (CySEC), Australian Securities and Investments Commission (ASIC) | 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 (Europe) Limited FCA reference 523775, eToro (UK) Ltd FCA reference 583263, ASIC (Australian Securities and Investments Commission) eToro AUS Capital Limited ASIC license 491139, CySec (Cyprus Securities and Exchange Commission under the license 109/10), MiFID (Markets In Financial Instruments Directive), FSAS (Financial Services Authority Seychelles) eToro (Seychelles) Ltd license SD076 | Cyprus Securities and Exchange Commission (CySEC), License No: 209/13, VFSC registration number 15008 | 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), Cyprus Securities and Exchange Commission (CySEC), Financial Sector Conduct Authority (FSCA), Securities Commission of the Bahamas (SCB) | 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, Plus500EE AS is authorised and regulated by the Estonian Financial Supervision and Resolution Authority (Licence No. 4.1-1/18), Plus500AE Ltd is authorised and regulated by the Dubai Financial Services Authority (F005651) |
Min Deposit | 200 | No minimum deposit | 200 | 100 | 5 | 10 | 50 | 1 | 100 | 100 | 100 |
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Used By | 180,000+ | 581,000+ | 400,000+ | 300,000+ | 3,500,000+ | 1,000,000+ | 30,000,000+ | 10,000+ | 142,500+ | 1,866,000+ | 24,000,000+ |
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Platforms | MT4, MT5, Mirror Trader, Web Trader, cTrader, Windows, Mac, iOS, Android | MT4, Mirror Trader, 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, Mac, Web Trader, Tablet & Mobile apps | MT4, MT5, Mac, Web Trader, cTrader, Tablet & Mobile apps | Web Trader, Tablet & Mobile apps | MT4, MT5, Tablet & Mobile apps | MT4, MT5, Web Trader, Tablet & Mobile apps | MT4, MT5, cTrader, Tablet & Mobile apps | Web Trader, Tablet & Mobile apps |
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Learn More |
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Up with fxpro |
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Up with plus500 |
Risk Warning | Losses can exceed deposits | 81% 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 | CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 77.74% 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. | Losses can exceed deposits | 77% of retail investor accounts lose money when trading CFDs with this provider. | Losses can exceed deposits | Your capital is at risk | 75.78% of retail investor accounts lose money when trading CFDs and Spread Betting with this provider | 86% 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. |
Demo |
IC Markets Demo |
XTB Demo |
Pepperstone Demo |
AvaTrade Demo |
XM Demo |
Roboforex Demo |
eToro Demo |
NordFX Demo |
easyMarkets Demo |
FxPro Demo |
Plus500 Demo |
Excluded Countries | US, IR, CA, NZ, JP | US, IN, PK, BD, NG , ID, BE, AU | 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 | BE, BR, KP, NZ, TR, US, CA, SG | US, CA, IL, KR, IR, MM, CU, SD, SY | US, CA, JP, AU, BQ, BR, CW, TL, ID, IR, LR, MP, RU, BQ, PF, TR, GW, FM, MP, SJ, SS | 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, PT, BB, BM, BS, AG, AI, AW, LB, SV, PY, HN, GT, PR, NI, VG, AN, CN, BZ, DZ, MY, KH, PH, VN, EG, MN, UA, JO, KR, | US, CA, EU, RU, SY, KP, CU | 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, CA, IR | MY, BE, CA, CN, ID, PH, TG, NG, DO, MA, ZW, PR, TZ, TN, UG, BW, AO |
You can compare Islamic Trading Accounts 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 Trading Accounts for 2023 article further below. You can see it now by clicking here
We have listed top Islamic trading accounts below.
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