Best Islamic Account Forex Brokers
Written by BrokerNotes.co
Also known as a "swap free" account, Islamic accounts have a number of differences from regular forex trading accounts. With Sharia Law forbidding the accrual of interest on funds deposited in an account, traders with Islamic Accounts do not incur or receive rollover swap points on positions open for longer than 24 hours, and they earn no interest on deposited funds. Also, Islamic Account trades must be made with no delay, so currencies must be transferred from one account to another immediately, with transaction costs also paid at the same time.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 65% and 82% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.Best Islamic Account Forex Brokers
Here are the best Islamic forex accounts.
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FOREX.com
- 9.3/10 Overall
- XTB - 9/10 Overall
- Swissquote - 8.7/10 Overall
- AvaTrade - 8.6/10 Overall
- XM Group - 8.4/10 Overall
- Pepperstone - 8.4/10 Overall
- OANDA - 8.4/10 Overall
- Admiral Markets - 8.3/10 Overall
- FP Markets - 8.3/10 Overall
Overall Rating
Minimum Deposit
Trust Score
| Average Spread EUR/USD - Standard | 1.0 |
| All-in Cost EUR/USD - Active | 1.0 |
| PayPal (Deposit/Withdraw) | Yes |
| Skrill (Deposit/Withdraw) | No |
| Visa/Mastercard (Credit/Debit) | Yes |
| Year Founded | 1999 |
| Publicly Traded (Listed) | Yes |
| Bank | No |
| Tier-1 Licenses | 4 |
| Tier-2 Licenses | 2 |
| Forex Trading (Spot or CFDs) | Yes |
| Mobile Trading - Forex or CFDs | Yes |
| Tradeable Symbols (Total) | 5500 |
| Forex Pairs (Total) | 91 |
| Bitcoin | Yes |
| Virtual Trading (Demo) | Yes |
| MetaTrader 4 (MT4) | Yes |
| MetaTrader 5 (MT5) | Yes |
| Proprietary Platform | Yes |
| Social Trading / Copy Trading | No |
| Charting - Indicators / Studies (Total) | 203 |
| Android App | |
| Apple iOS App | Yes |
| Education (Forex or CFDs) | Yes |
| Daily Market Commentary | Yes |
| Forex News (Top-Tier Sources) | Yes |
| Economic Calendar | Yes |
Overall Rating
Minimum Deposit
Trust Score
| Average Spread EUR/USD - Standard | 1.07 |
| All-in Cost EUR/USD - Active | 1.04 |
| PayPal (Deposit/Withdraw) | Yes |
| Skrill (Deposit/Withdraw) | Yes |
| Visa/Mastercard (Credit/Debit) | Yes |
| Year Founded | 2002 |
| Publicly Traded (Listed) | Yes |
| Bank | No |
| Tier-1 Licenses | 1 |
| Tier-2 Licenses | 3 |
| Forex Trading (Spot or CFDs) | Yes |
| Mobile Trading - Forex or CFDs | Yes |
| Tradeable Symbols (Total) | 12000 |
| Forex Pairs (Total) | 57 |
| Bitcoin | Yes |
| Virtual Trading (Demo) | Yes |
| MetaTrader 4 (MT4) | Yes |
| MetaTrader 5 (MT5) | No |
| Proprietary Platform | Yes |
| Social Trading / Copy Trading | Yes |
| Charting - Indicators / Studies (Total) | 39 |
| Android App | |
| Apple iOS App | Yes |
| Education (Forex or CFDs) | Yes |
| Daily Market Commentary | Yes |
| Forex News (Top-Tier Sources) | Yes |
| Economic Calendar | Yes |
Overall Rating
Minimum Deposit
Trust Score
| Average Spread EUR/USD - Standard | N/A |
| All-in Cost EUR/USD - Active | N/A |
| PayPal (Deposit/Withdraw) | Yes |
| Skrill (Deposit/Withdraw) | Yes |
| Visa/Mastercard (Credit/Debit) | Yes |
| Year Founded | 1996 |
| Publicly Traded (Listed) | Yes |
| Bank | Yes |
| Tier-1 Licenses | 4 |
| Tier-2 Licenses | 1 |
| Forex Trading (Spot or CFDs) | Yes |
| Mobile Trading - Forex or CFDs | Yes |
| Tradeable Symbols (Total) | 466 |
| Forex Pairs (Total) | 78 |
| Bitcoin | Yes |
| Virtual Trading (Demo) | Yes |
| MetaTrader 4 (MT4) | Yes |
| MetaTrader 5 (MT5) | Yes |
| Proprietary Platform | Yes |
| Social Trading / Copy Trading | Yes |
| Charting - Indicators / Studies (Total) | 49 |
| Android App | |
| Apple iOS App | Yes |
| Education (Forex or CFDs) | Yes |
| Daily Market Commentary | Yes |
| Forex News (Top-Tier Sources) | Yes |
| Economic Calendar | Yes |
Overall Rating
Minimum Deposit
Trust Score
| Average Spread EUR/USD - Standard | 0.92 |
| All-in Cost EUR/USD - Active | 0.61 |
| PayPal (Deposit/Withdraw) | Yes |
| Skrill (Deposit/Withdraw) | Yes |
| Visa/Mastercard (Credit/Debit) | Yes |
| Year Founded | 2006 |
| Publicly Traded (Listed) | No |
| Bank | No |
| Tier-1 Licenses | 4 |
| Tier-2 Licenses | 4 |
| Forex Trading (Spot or CFDs) | Yes |
| Mobile Trading - Forex or CFDs | Yes |
| Tradeable Symbols (Total) | 1260 |
| Forex Pairs (Total) | 55 |
| Bitcoin | Yes |
| Virtual Trading (Demo) | Yes |
| MetaTrader 4 (MT4) | Yes |
| MetaTrader 5 (MT5) | Yes |
| Proprietary Platform | Yes |
| Social Trading / Copy Trading | Yes |
| Charting - Indicators / Studies (Total) | 80 |
| Android App | |
| Apple iOS App | Yes |
| Education (Forex or CFDs) | Yes |
| Daily Market Commentary | Yes |
| Forex News (Top-Tier Sources) | Yes |
| Economic Calendar | Yes |
Overall Rating
Minimum Deposit
Trust Score
| Average Spread EUR/USD - Standard | 1.6 |
| All-in Cost EUR/USD - Active | 0.8 |
| PayPal (Deposit/Withdraw) | No |
| Skrill (Deposit/Withdraw) | Yes |
| Visa/Mastercard (Credit/Debit) | Yes |
| Year Founded | 2009 |
| Publicly Traded (Listed) | No |
| Bank | No |
| Tier-1 Licenses | 2 |
| Tier-2 Licenses | 1 |
| Forex Trading (Spot or CFDs) | Yes |
| Mobile Trading - Forex or CFDs | Yes |
| Tradeable Symbols (Total) | 1429 |
| Forex Pairs (Total) | 55 |
| Bitcoin | Yes |
| Virtual Trading (Demo) | Yes |
| MetaTrader 4 (MT4) | Yes |
| MetaTrader 5 (MT5) | Yes |
| Proprietary Platform | No |
| Social Trading / Copy Trading | Yes |
| Charting - Indicators / Studies (Total) | 30 |
| Android App | |
| Apple iOS App | Yes |
| Education (Forex or CFDs) | Yes |
| Daily Market Commentary | Yes |
| Forex News (Top-Tier Sources) | Yes |
| Economic Calendar | Yes |
Overall Rating
Minimum Deposit
Trust Score
| Average Spread EUR/USD - Standard | 0.77 |
| All-in Cost EUR/USD - Active | 0.87 |
| PayPal (Deposit/Withdraw) | Yes |
| Skrill (Deposit/Withdraw) | Yes |
| Visa/Mastercard (Credit/Debit) | Yes |
| Year Founded | 2010 |
| Publicly Traded (Listed) | No |
| Bank | No |
| Tier-1 Licenses | 2 |
| Tier-2 Licenses | 2 |
| Forex Trading (Spot or CFDs) | Yes |
| Mobile Trading - Forex or CFDs | Yes |
| Tradeable Symbols (Total) | 2342 |
| Forex Pairs (Total) | 62 |
| Bitcoin | Yes |
| Virtual Trading (Demo) | Yes |
| MetaTrader 4 (MT4) | Yes |
| MetaTrader 5 (MT5) | Yes |
| Proprietary Platform | No |
| Social Trading / Copy Trading | Yes |
| Charting - Indicators / Studies (Total) | 15 |
| Android App | |
| Apple iOS App | Yes |
| Education (Forex or CFDs) | Yes |
| Daily Market Commentary | Yes |
| Forex News (Top-Tier Sources) | Yes |
| Economic Calendar | Yes |
Overall Rating
Minimum Deposit
Trust Score
| Average Spread EUR/USD - Standard | 1.26 |
| All-in Cost EUR/USD - Active | 1.26 |
| PayPal (Deposit/Withdraw) | Yes |
| Skrill (Deposit/Withdraw) | Yes |
| Visa/Mastercard (Credit/Debit) | Yes |
| Year Founded | 1996 |
| Publicly Traded (Listed) | No |
| Bank | No |
| Tier-1 Licenses | 6 |
| Tier-2 Licenses | 0 |
| Forex Trading (Spot or CFDs) | Yes |
| Mobile Trading - Forex or CFDs | Yes |
| Tradeable Symbols (Total) | 124 |
| Forex Pairs (Total) | 71 |
| Bitcoin | Yes |
| Virtual Trading (Demo) | Yes |
| MetaTrader 4 (MT4) | Yes |
| MetaTrader 5 (MT5) | Yes |
| Proprietary Platform | Yes |
| Social Trading / Copy Trading | Yes |
| Charting - Indicators / Studies (Total) | 81 |
| Android App | |
| Apple iOS App | Yes |
| Education (Forex or CFDs) | Yes |
| Daily Market Commentary | Yes |
| Forex News (Top-Tier Sources) | Yes |
| Economic Calendar | Yes |
Overall Rating
Minimum Deposit
Trust Score
| Average Spread EUR/USD - Standard | 0.8 |
| All-in Cost EUR/USD - Active | 0.7 |
| PayPal (Deposit/Withdraw) | Yes |
| Skrill (Deposit/Withdraw) | Yes |
| Visa/Mastercard (Credit/Debit) | Yes |
| Year Founded | 2001 |
| Publicly Traded (Listed) | No |
| Bank | No |
| Tier-1 Licenses | 3 |
| Tier-2 Licenses | 2 |
| Forex Trading (Spot or CFDs) | Yes |
| Mobile Trading - Forex or CFDs | Yes |
| Tradeable Symbols (Total) | 6942 |
| Forex Pairs (Total) | 80 |
| Bitcoin | Yes |
| Virtual Trading (Demo) | Yes |
| MetaTrader 4 (MT4) | Yes |
| MetaTrader 5 (MT5) | Yes |
| Proprietary Platform | Yes |
| Social Trading / Copy Trading | Yes |
| Charting - Indicators / Studies (Total) | 30 |
| Android App | |
| Apple iOS App | Yes |
| Education (Forex or CFDs) | Yes |
| Daily Market Commentary | Yes |
| Forex News (Top-Tier Sources) | Yes |
| Economic Calendar | Yes |
Overall Rating
Minimum Deposit
Trust Score
| Average Spread EUR/USD - Standard | 1.2 |
| All-in Cost EUR/USD - Active | 0.7 |
| PayPal (Deposit/Withdraw) | Yes |
| Skrill (Deposit/Withdraw) | Yes |
| Visa/Mastercard (Credit/Debit) | Yes |
| Year Founded | 2005 |
| Publicly Traded (Listed) | No |
| Bank | No |
| Tier-1 Licenses | 1 |
| Tier-2 Licenses | 2 |
| Forex Trading (Spot or CFDs) | Yes |
| Mobile Trading - Forex or CFDs | Yes |
| Tradeable Symbols (Total) | 10000 |
| Forex Pairs (Total) | 71 |
| Bitcoin | Yes |
| Virtual Trading (Demo) | Yes |
| MetaTrader 4 (MT4) | Yes |
| MetaTrader 5 (MT5) | Yes |
| Proprietary Platform | Yes |
| Social Trading / Copy Trading | Yes |
| Charting - Indicators / Studies (Total) | 30 |
| Android App | |
| Apple iOS App | Yes |
| Education (Forex or CFDs) | Yes |
| Daily Market Commentary | Yes |
| Forex News (Top-Tier Sources) | Yes |
| Economic Calendar | Yes |
Who is an Islamic trading account for?
Regular forex trading accounts charge interest on certain trades, which can be a problem for some traders as making money from money, or Riba, is not permissible under Sharia law. Additionally, in Islam Gharar, or gambling, is also not permitted. Gharar can refer to the volatile conditions in the forex market which make it difficult to predict with certainty what is likely to happen, and can therefore be considered akin to gambling.
What types of trades are not allowed in Islamic accounts?
These common forex trends are not generally permitted within Islamic trading accounts:
- Riba -- interest that is charged from the buyer under different conditions.
- Pledge -- a signed commitment agreeing to pay back a loan within a limited time, with the agent permitted to sell out the contract and recover the loan if the customer is unable to reach the specific percentage of the margin.
- Loans -- money given by an agent (bank) to the customer on some settled terms of interest.
- Short selling -- borrowing and selling an asset the trader does not own for profit.
- Trading on margin -- borrowing money from a broker to purchase stock.
- Forwards sales -- an agreement to buy or sell an asset at a future time on a price agreed today.
How can I open an Islamic account?
Opening an Islamic forex account is now easier than ever. With the Islamic banking sector as growing by an average of 19.7% a year, there is now an increasing number of brokers offering Islamic forex account services. The accounts are designed in the support of all the Islamic rulings on business and investments.
BrokerNotes.co 2023 Overall Rankings
To recap, here are our top forex brokers for 2023, sorted by Overall ranking.
| Company | Overall Rating | Minimum Deposit | Average Spread EUR/USD - Standard | Trust Score | Tradeable Symbols (Total) | Read Review | Visit Site |
 IG
|
9.9 | £250.00 | 0.86 | 99 | 19537 | IG Review |
Visit Site
|
 Saxo Bank
|
9.7 | €2,000 | 0.9 | 99 | 60000 | Saxo Bank Review | |
 Interactive Brokers
|
9.7 | $0 | 0.6 | 99 | 8500 | Interactive Brokers Review | |
 CMC Markets
|
9.6 | $0 | 0.51 | 99 | 12377 | CMC Markets Review | |
 TD Ameritrade
|
9.5 | $0 | 1.25 | 99 | 0 | TD Ameritrade Review | |
 FOREX.com
|
9.3 | $100 | 1.0 | 99 | 5500 | FOREX.com Review |
Visit Site
|
 City Index
|
9.2 | £100.00 | 1.0 | 99 | 13500 | City Index Review | |
 XTB
|
9 | $0 | 1.07 | 95 | 12000 | XTB Group Review | |
 eToro
|
8.8 | $10-$10,000 | 1 | 93 | 3458 | eToro Review | |
 Swissquote
|
8.7 | $1000 | N/A | 99 | 466 | Swissquote Review | |
 AvaTrade
|
8.6 | $100 | 0.92 | 93 | 1260 | AvaTrade Review | |
 FXCM
|
8.5 | Starts from $50 | 1.38 | 96 | 440 | FXCM Review |
Visit Site
|
 Plus500
|
8.5 | €100 | 0.8 | 98 | 2800 | Plus500 Review | |
 Capital.com
|
8.4 | $20 | 0.65 | 85 | 3152 | Capital.com Review | |
 XM Group
|
8.4 | $5 | 1.6 | 90 | 1429 | XM Group Review | |
 Pepperstone
|
8.4 | $200 | 0.77 | 93 | 2342 | Pepperstone Review | |
 OANDA
|
8.4 | $0 | 1.26 | 92 | 124 | OANDA Review | |
 Admiral Markets
|
8.3 | $100 | 0.8 | 88 | 6942 | Admiral Markets Review | |
 FP Markets
|
8.3 | $100 AUD | 1.2 | 86 | 10000 | FP Markets Review | |
 IC Markets
|
8.2 | $200 | 0.62 | 86 | 3583 | IC Markets Review | |
 Markets.com
|
8.2 | $100 | 1.9 | 98 | 2179 | Markets.com Review | |
 FxPro
|
8.1 | $100 | 1.51 | 90 | 2249 | FxPro Review | |
 Tickmill
|
8.0 | $100 | 0.51 | 82 | 725 | Tickmill Review | |
 Fineco Bank
|
8.0 | $0 | N/A | 92 | 126 | Fineco Bank Review | |
 BlackBull Markets
|
7.9 | $0 | 0.827 | 74 | 26000 | BlackBull Markets Review | |
 DooPrime
|
7.8 | $100 | N/A | 84 | 10000 | DooPrime Review | |
 Vantage
|
7.8 | $50 | 1.30 | 89 | 1000 | Vantage Review | |
 BDSwiss
|
7.8 | $100-$5000 | 1.6 | 83 | 1081 | BDSwiss Review | |
 TMGM
|
7.8 | $100 | 0.96 | 79 | 12000 | TMGM Review | |
 HFM
|
7.8 | $0 | 1.2 | 85 | 3500 | HFM Review | |
 FlowBank
|
7.7 | $0.00 | N/A | 77 | 408600 | FlowBank Review | |
 HYCM (Henyep)
|
7.7 | $100 | 0.6 | 86 | 362 | HYCM Review | |
 Trading 212
|
7.6 | EUR 10 | N/A | 77 | 1785 | Trading 212 Review | |
 Eightcap
|
7.6 | $100 | 1.0 | 87 | 736 | Eightcap Review | |
 Trade Nation
|
7.5 | $0 | 0.6 | 83 | 601 | Trade Nation Review | |
 Moneta Markets
|
7.5 | $50 | 1.27 | 71 | 965 | Moneta Markets Review | |
 ThinkMarkets
|
7.4 | $250.00 | N/A | 86 | 1674 | ThinkMarkets Review | |
 VT Markets
|
7.4 | $200 | 1.2 | 71 | 168 | VT Markets Review | |
 ACY Securities
|
7.4 | $50 | 1.2 | 75 | 1600 | ACY Securities Review | |
 easyMarkets
|
7.3 | $100 | 0.9 | 84 | 199 | a href="/reviews/easymarkets">easyMarkets Review | |
 RoboForex (RoboMarkets)
|
7.3 | $100 | 1.4 | 69 | 12000 | Roboforex (RoboMarkets) Review | |
 IronFX
|
7.2 | $50 | 1.2 | 84 | 340 | IronFX Review | |
 Exness
|
7.2 | $1 | 0.9 | 74 | 112 | Exness Review | |
 Spreadex
|
7.2 | $0 | N/A | 70 | 2000 | Spreadex Review | |
 Trade360
|
7.1 | $250 | N/A | 75 | 1062 | Trade360 Review | |
 Axi
|
7.1 | 0 | N/A | 83 | 175 | Axitrader Review | |
 GKFX
|
7.1 | $0 | N/A | 66 | 354 | GKFX Review | |
 Vestle
|
7.1 | -1 | N/A | 79 | 750 | Vestle Review | |
 OctaFX
|
7 | $25 | 0.9 | 69 | 229 | OctaFX Review | |
 FXOpen
|
7 | $100 | N/A | 80 | 87 | FXOpen Review | |
 TeleTrade
|
7 | $100 | N/A | 67 | 500 | Teletrade Review | |
 FXPrimus
|
6.9 | $100 | N/A | 69 | 140 | FXPrimus Review |
Visit Site
|
 Forex4you
|
6.9 | $0 | N/A | 62 | 150 | Forex4you Review | |
 LegacyFX
|
6.9 | $500 | N/A | 66 | 425 | LegacyFX Review | |
 GBE brokers
|
6.8 | $500 | N/A | 69 | 500 | GBE Brokers Review | |
 Alpari
|
6.8 | $20 | N/A | 67 | 105 | Alpari Review | |
 TopFX
|
6.7 | Depends on payment method | N/A | 67 | 655 | TopFX Review | |
 Libertex (Forex Club)
|
6.7 | $10 | N/A | 72 | 300 | Libertex Review | |
 ATFX
|
6.6 | $500 | N/A | 70 | 150 | ATFX Review | |
 UFX
|
6.6 | $100 | 3 | 67 | 619 | UFX Review | |
 Xtrade
|
6.5 | $250 | N/A | 80 | 142 | Xtrade Review | |
 Tradeo
|
6.4 | $200 | N/A | 67 | 256 | Tradeo Review |
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