We found 11 online brokers that are appropriate for Trading Islamic Brokers.
Islamic trading is not the same as regular trading. In Islamic trading, traders avoid trading assets, financial tools, and products which are considered as haram in the Muslim faith.
In this article, we will focus mainly on the trading principles mentioned in Islam and understand what halal Islamic trading is. Before we proceed, it is important to clarify that we are not a religious authority.
An Islamic trading Forex account is considered halal if the Muslim ideology is followed with respect to the holy book Quran. It is also called a swap-free account and differs from a regular Forex account.
The Sharia law of Islam prohibits the accumulation of interest. Hence, a trader is barred from paying or receiving interests. Moreover, currencies cannot be put on hold after a transaction. The funds need to be transferred immediately from one account to another together with the cost of the transaction.
Brokers usually do not offer an Islamic trading account as it is less profitable and the number of requests is far less as compared to regular accounts.
Basically, there are four basic principles in halal Forex trading:
These principles rarely fit into the general trading or banking tradition. Therefore, to respect the above mentioned principles of Islam, specific trading accounts have been created.
The first step is to find a swap-free broker who offers an Islamic trading account. You would have to provide necessary documents to open one. After an account is opened, a deposit is to be made through any preferred method offered and you can start trading. It is better to start with a demo account to gain exposure to the market without risking real money.
This is a debated topic and the Muslim world is still trying to examine it. Forex trading comes across as halal since the Forex simply requires buying and selling money. However, in reality, there are several problems that need to be addressed for the Islamic followers.
It is a ban on both paying and receiving interests. Such a principle makes things a little more difficult in Forex as a broker takes away a swap commission when a trader holds a position overnight. This commission is based on the interest rate.
Moreover, while trading CFD or other leveraged instruments, a broker provides an indirect loan to a trader seeking profit from the trade. Hence, with respect to the standard trading account, this is haram.
However, in Islamic trading, the swap interest payment is eliminated to make it halal. This means money can be borrowed for investment purposes but the repayment should be interest-free.
Brokers would charge a commission or fees and consider it as a disguised interest. Many approve the method.
Islam allows hand-in-hand trading. However, this is not possible with electronic commerce. Many argue that since the deal is made between a trader and a broker, it is halal. However, some contend that the actual exchange needs to take place simultaneously to make the trading halal.
Usually, the purchase of shares is defined as halal as a trader buys a percentage in a company. However, it should be noted that the company in question should follow the Sharia law. This means a share of an alcohol company is haram, but shares of a garments manufacturer is halal.
Most of the trading platforms, including MetaTrader, offer Islamic accounts. Since the platforms are just trading tools facilitating a trader to open and close positions, these are considered halal.
If a trader closes the positions by the end of the trading hour and avoids holding the position overnight to eliminate swap commission, it is considered as halal.
As Islamic trading is different from regular trading and restricts paying or receiving interests, it becomes tough for a broker to make a good profit. This is one of the major disadvantages of Islamic trading. However, it is good that even Muslims can take advantage of trading through the concept of an Islamic account.
Sharia law prohibits several methods of trading and Islamic accounts follow these strictly. Some strict rules include not holding positions in day trading, and avoiding the buying of shares of companies dealing in alcohol, casinos, and more.
Opening an Islamic account is easy and simple. The process is almost the same as opening a regular account. However, not all brokers offer such an account. Hence, it is important to research for brokerages that provides an Islamic account.
We've collected thousands of datapoints and written a guide to help you find the best Islamic Trading Platforms 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 Brokers 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 Brokers 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 |
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 | 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.