We found 11 online brokers that are appropriate for Trading Islamic Trading Accounts.
You have heard that Forex trading can be a profitable investment.
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 would like to know more.
Forex trading is trading in currencies for profit while following Islamic rules on finance.
Forex is short for “foreign exchange”. More specifically, it's foreign currency exchange.
It's the process of converting or exchanging 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 say that you're in a country that does not accept the currency you brought with you from your own country. In other words, your dollars may make your rich where you come from, but they won't buy you anything where you are now! For example: You can't spend Bahamian dollars in the United States.
You can't spend Mexican pesos in the U.S. You can't spend the Japanese in the U.S. Those foreign currencies have no value in the USA. You can not go in a store and purchase a product. You can not go in 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's basically the Forex process in a nutshell.
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 don't 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.
Through your account you can trade currencies in what's called exchange rate pairs. 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”.
Not every country allows Forex. There are some countries that ban it or restrict it. As of 2021, the countries which ban Forex are: Belgium, Bosnia Herzegovina, France, Israel, Malaysia, North Korea, countries which enforce Shari’a, e.g. Pakistan, and India. This list of course is subject to change depending on what each government's administration decides is in the best interests of the citizens. 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 accounts or ḥalāl Forex trading account, also referred to as ‘no swap accounts’, allow Muslims to engage in online Forex trading without violating Shari’a law.
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.
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.
We've collected thousands of datapoints and written a guide to help you find the best Islamic Trading Accounts 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 trading accounts 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 Accounts 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 Trading Accounts.
Compare Islamic Trading Accounts min deposits, regulation, headquarters, benefits, funding methods and fees 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
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+ | 180,000+ | 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 |
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Learn More |
Sign
Up with etoro |
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Up with icmarkets |
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Up with xtb |
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Up with fpmarkets |
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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 | 67% of retail investor accounts lose money when trading CFDs with this provider. | Losses can exceed deposits | 79% 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 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 2021 article further below. You can see it now by clicking here
We have listed top Islamic trading accounts below.