Table of Contents
Affiliate Disclosure
Affiliate Disclosure adheres to strict guidelines to preserve editorial integrity to help you make decisions with confidence. Some of the reviews and content we feature on this site are supported by affiliate partnerships from which this website may receive money. This may impact how, where and which companies / services we review and write about. Our team of experts work to continually re-evaluate the reviews and information we provide on all the top Forex / CFD brokerages featured here. Our research focuses heavily on the broker’s custody of client deposits and the breadth of its client offering. Safety is evaluated by quality and length of the broker's track record, plus the scope of regulatory standing. Major factors in determining the quality of a broker’s offer include the cost of trading, the range of instruments available to trade, and general ease of use regarding execution and market information.

Top Islamic Forex Brokers & Halal Trading Accounts

Not all brokers offer an Islamic Forex account, but those that do open up trading to millions of Muslim investors. See below the top valued Islamic brokers with halal trading platforms, thoroughly examined and selected by our expert analysts.

The ratings shown on are determined by hours of research from our editorial team into over 10 factors, including account fees, deposit/withdrawal options, regulatory status, tradable assets, and more.
Upgraded MT4 trading platform and proprietary mobile app
Ultra-low trading costs & educational content for beginners
The ratings shown on are determined by hours of research from our editorial team into over 10 factors, including account fees, deposit/withdrawal options, regulatory status, tradable assets, and more.
Competitive ECN/DMA cost structure and NDD order execution without requotes
MAM/PAMM accounts and choice of copy trading options
The ratings shown on are determined by hours of research from our editorial team into over 10 factors, including account fees, deposit/withdrawal options, regulatory status, tradable assets, and more.
Well-regulated broker and reasonable, commission-free trading fees
In-depth educational content and choice of trading platforms and mobile apps
The ratings shown on are determined by hours of research from our editorial team into over 10 factors, including account fees, deposit/withdrawal options, regulatory status, tradable assets, and more.
24/5 + 18/2 customer support & beginner research and education.
Ultra-fast NDD order execution & deep liquidity pools.
The ratings shown on are determined by hours of research from our editorial team into over 10 factors, including account fees, deposit/withdrawal options, regulatory status, tradable assets, and more.
A trusted broker with 8 regulatory licenses & competitive trading fees.
Deep liquidity & an average execution speed of 0.03 seconds on 99.79% of orders.
The ratings shown on are determined by hours of research from our editorial team into over 10 factors, including account fees, deposit/withdrawal options, regulatory status, tradable assets, and more.
Arabic website & Education via Eightcap Labs and Eightcap Trade.
Cryptocurrency deposits from $1 and withdrawals from $10.
The ratings shown on are determined by hours of research from our editorial team into over 10 factors, including account fees, deposit/withdrawal options, regulatory status, tradable assets, and more.
Arabic website & 15 high-quality MT4/MT5 trading platform plugins.
VPS hosting for 24/5 low-latency Forex trading.

Top Islamic Forex Brokers at a Glance

  • FXTM, Best all-around broker with high floating leverage and fast execution.
  • FP Markets, ECN trading with leverage up to 1:500.
  • AvaTrade, Highly regulated, choice of fixed or floating spreads.
  • Pepperstone, Great ECN execution on MT4 platform.
  •, Excellent trading conditions + NFA regulation.
  • Eightcap, Competitive pricing + excellent daily videos.
  • ACY Securities, Swap-free trading with the MT5 trading platform.

Comparison of the Top Islamic Brokers & Trading Accounts

Year Established
Execution Type(s)
ECN/STP, Market MakerECN/STPMarket MakerNo Dealing Desk, NDDMarket MakerECN/STP, Market MakerECN/STP, Market Maker
Minimum Deposit
Average Trading Cost EUR/USD
0.1 pips1.1 pips0.9 pips1.1 pips1.1 pips1.0 pips1.1 pips ($11.00)
Average Trading Cost GBP/USD
0.2 pips1.4 pips1.5 pips1.6 pips1.3 pips1.2 pips1.1 pips ($11.00)
Average Trading Cost Gold
$0.18 $0.21 $0.29 $0.20 $0.63 $0.12 $0.15
Trading Platform(s)
MetaTrader 4, MetaTrader 5, Proprietary platformMetaTrader 4, MetaTrader 5, cTrader, Proprietary platform, Web-basedOther, MetaTrader 4, MetaTrader 5, Web-based+MetaTrader 4, MetaTrader 5, cTrader, Trading ViewMetaTrader 4, MetaTrader 5, Proprietary platform, Trading ViewMetaTrader 4, MetaTrader 5, Trading ViewMetaTrader 4, MetaTrader 5
Islamic Account
Negative Balance Protection


In Summary Best all-around broker with high floating leverage and fast execution

The Financial Conduct Authority (FCA) authorizes the FXTM UK division, where client deposit protection up to £85,000 exists via the Financial Services Compensation Scheme (FSCS). Additional regulatory oversight applies from the Cyprus Securities and Exchange Commission (CySEC) and the Financial Services Commission (FSC) of the Republic of Mauritius. Opening an Islamic account with FXTM is quite simple. You simply open any account type (except one that uses MetaTrader 5 which is not eligible) as normal, and then just “enable swap-free mode” in the “accounts overview” section. The option is only available to residents of certain countries. It is not possible to trade exotic currencies in an FXTM Islamic account.

Read more on FXTM »
4.9/5 in this category

Pros & Cons

  • Excellent commission-based Forex pricing environment and transparency
  • Upgraded MT4/MT5 trading platforms plus proprietary mobile trading app
  • Quality market research and educational content for beginner traders
  • A highly regulated broker with a tier-1 license
  • No cryptocurrencies and limited choice of commodities

FP Markets

In Summary ECN trading with leverage up to 1:500

FPMarkets presents one of the top Forex and CFD brokerage options for Islamic traders all over the globe. Based in Australia, FPMarkets features both Web-based and IRESS platform along with MetaTrader 4 (MT4) and the MetaTrader 5 (MT5) platforms. Established in 2005, FPMarkets is regulated through the Australian Securities and Investments Commission (ASIC) as well as by the Cyprus Securities and Exchange Commission (CySEC), with additional regulation through the Financial Services Authority of St. Vincent and the Grenadines. Interestingly, Australia’s financial regular, ASIC, is somewhat more lenient than regulators in the USA or EU, when it comes to leverage. This leniency towards leverage has allowed FPMarkets to offer Islamic traders leverage as high as 500:1.

Read more on FP Markets »
4.8/5 in this category

Pros & Cons

  • Choice of trading platforms and auxiliary trading tools
  • Very competitive cost structure and excellent asset selection
  • Low minimum deposit requirement and leverage of up to 1:500
  • Well-regulated and trustworthy
  • Availability of Iress geographically restricted


In Summary Highly regulated, choice of fixed or floating spreads

AvaTrade is widely regarded as a trustworthy broker, and in fact was one of the first online retail Forex / CFD brokers. While its primary regulator is the Bank of Ireland, the Australian Securities and Investments Commission (ASIC), Financial Services Agency (FSA) of Japan, the Financial Sector Conduct Authority (FSCA) of South Africa, British Virgin Islands Financial Services Commission (FSC), the Abu Dhabi Global Market Authorities Financial Services Regulatory Authority (FSRA), and the Investment Industry Regulatory Organization of Canada (IIROC), complete the global framework. AvaTrade offers an Islamic account option, not as a standalone account, but rather as an Islamic version of any other account type.

Read more on AvaTrade »
4.6/5 in this category

Pros & Cons

  • High quality educational offering via AvaAcademy
  • Excellent choice of trading platforms catering to various trading needs
  • Broad asset selection and cross-asset diversification opportunities
  • Well-regulated and trusted broker with oversight from a central bank
  • Trading costs competitive but nothing special


In Summary Great ECN execution on MT4 platform

Pepperstone provides Islamic accounts to residents of Albania, Bangladesh, Burkina Faso, Bahrain, Brunei, Brunei Darussalam, Algeria, Egypt, Indonesia, Jordan, Kyrgyzstan, Kuwait, Morocco, Mauritania, Maldives, Malaysia, Niger, Oman, Pakistan, Qatar, Sierra Leona, Turkey, Uzbekistan, and Kosovo. Swap-free trading is available five days before an administrative fee of $100 on Forex and precious metals positions applies.

The Islamic account is available for the commission-free Standard account with minimum spreads of 1.0 pips or $10.00 per 1.0 standard lot. The minimum deposit is $200, and Pepperstone allows micro lot trading without strategy restrictions, making it one of the best Islamic Forex brokers.

Read more on Pepperstone »
4.5/5 in this category

Pros & Cons

  • Excellent choice of trading platforms consisting of MT4/MT5, and cTrader
  • Market-leading MT4/MT5 upgrade package, Autochartist, and API trading
  • Social trading support via Myfxbook, MetaTrader Signals, and DupliTrade
  • Leverage of up to 1:30 and superb trade execution
  • Demo accounts have 30-day time limits

In Summary Excellent trading conditions + NFA regulation

I rate among the best Islamic Forex brokers due to its MT4/MT5 upgrades and the availability of Capitalise AI. The former consists of 20 plugins, including nine EAs and custom indicators developed by Blue FX, and the latter allows algorithmic trading in a code-free environment. It ensures traders have a distinct competitive edge from an industry-leading Forex broker offering 80+ currency pairs. is also one of the safest brokers, with $1.4+ billion in total equity capital and $7.2+ billion in customer assets. Social traders can connect their accounts to TradingView, where they can engage with 50M+ traders.

Read more on »
4.5/5 in this category

Pros & Cons

  • Lower minimum deposit
  • Islamic account available
  • Good reputation
  • Choice of account types
  • Withdrawal fee


In Summary Competitive pricing + excellent daily videos

I rank Eightcap as the best Islamic Forex broker for traders seeking a cutting-edge trading environment. Capitalise AI, which enables algorithmic trading in a code-free environment in MT4, sets Eightcap apart from most Forex brokers. It also upgrades MT5 with the FlashTrader plugin. News traders get an AI-powered economic calendar, and Eightcap connects social traders to TradingView, where 50M+ traders exchange ideas.

The Eightcap Raw account features competitive commission-based trading fees with spreads from 0.0 pips for a commission of $7.00 per 1.0 standard round lot. Traders also benefit from a well-balanced asset selection that includes 100+ crypto CFDs.

Read more on Eightcap »
4.4/5 in this category

Pros & Cons

  • Low minimum deposit and high leverage of up to 1:500
  • Competitive cost structure
  • Excellent technology infrastructure and seasoned management team
  • Daily research and quality educational content
  • Limited leverage in some areas

ACY Securities

In Summary Swap-free trading with the MT5 trading platform

ACY Securities provides a detailed description of its swap-free Islamic account, making it the best Islamic Forex broker on my listing for transparency. Only the Standard account qualifies for an Islamic account, with minimum spreads from 1.0 pips or $10.00 per 1.0 standard round lot. Islamic traders can hold positions for five days without incurring costs before an administration fee applies. Major currency pairs cost $2.50 daily, minor pair $5.00, and exotic pairs $10.00.

Capitalise AI allows traders to deploy algorithmic strategies in a code-free environment, creating a distinct competitive edge. The well-balanced asset selection exceeds 2,200 trading instruments.

Read more on ACY Securities »
4.4/5 in this category

Pros & Cons

  • Large repository of daily analysis and educational content
  • Low spreads starting at 0 pips in the Spread Zero account
  • 16 payment processors, including cryptocurrencies
  • Competitive trading fees in its commission-based accounts
  • Only 1 regulator

What is an Islamic Forex Trading Account?

According to Islamic law, often referred to as Sharia law, Muslims are prohibited from earning interest on their giving. This law also applies to interest earned on any banking or investing. Many brokers offer these traders the possibility of trading Forex according to Sharia law by opening an Islamic Forex trading account where interest-free Forex trading is made available. This is also called a ‘No Riba Forex’ account.

The team at DailyForex examined the top Muslim friendly Forex brokers and has compared them in an easy to read list where you can determine which Islamic Forex broker is the best one for you.

Today, many brokers around the world are keen to offer Islamic Forex accounts for those who want to comply with Sharia law. This article will help you choose the best Islamic Forex broker for you and shine some light on the criteria you should be using as you make your choice.

An Islamic Forex Account is a Forex trading account that abides by Islamic law, known as the Sharia. Those who follow this law are guided by the Quran, the sacred book of Islam, and they must obey certain standards and practices to maintain lawfulness.

What makes a Forex Islamic account halal? Forex brokers wishing to attract Islamic clients have are a few basic principles they must apply to at least segment of their offering, thus creating the Islamic account. These concepts are a bit different from what the western world might understand as traditional banking or trading. Below, we explain three of the key concepts of Islamic law most relevant to the question of an Islamic Forex account.


“Riba” means increase, excess or addition and it refers to financial interest. It is seen as a type of usury and selfishness that can lead to hoarding. The charging of usurious interest as a business practice is deemed to have an adverse effect upon the Islamic ideal of fellowship in the community and is therefore prohibited under Sharia law.


“Gharar” refers to risk, more precisely defined as “the sale of what is not present” and is a haram (forbidden) practice in Islam, forbidden by Sharia law. Those who abide by the Sharia may not gamble, sell short (in the traditional sense commonly referred to in stock trading), or conclude agreements which might involve uncertainty or chance.

The Mudharabah Arrangement

A “Mudharabah arrangement” is an arrangement or partnership between two parts: the financial role and the management of the funds. The financial role will invest, and the other will control the money.

However, in Sharia law, the Mudarabah Agreement can be restricted. This means the investor will only allow the one who manages the funds to administer them in a certain type of business or location. If it is unrestricted, it indicates that the management of the funds have no constraint.

Musharakah Arrangement

“Musharakah” means “to share”, and it is another type of partnership permitted by the Sharia law where both parties will benefit from earnings in a trade. In this way, the financial part will earn without having to go against the rule against Riba.

Losses must also be shared by those in a Musharakah Arrangement, but the amount of such will depend upon the amount of invested capital. On the other hand, the divided profit is previously set according to the agreement on the contract.

Selecting an Islamic Forex Trading Account?

If you would like to choose one of the best Islamic Forex accounts, there are some important elements to keep in mind. We have added below some of the essentials to consider.


Regulations are important for all traders when choosing from a list of the best Islamic Forex brokers. Regulations will guide, restrict, and instruct brokers on how to administer accounts.

The relevant regulatory bodies will protect traders from fraud or any other illegal misconduct. It is common that the top Islamic Forex brokers are compliant with more than one regulatory body. Islamic banks emit a guarantee to confirm the liability of the client’s financial position and religious faith. Also, there are certifications for Forex Islamic accounts in Halal.

What is a Swap-Free Islamic Account in Forex?

A swap is a fee that is charged to those who leave a position open for more than 24 hours. It is a type of interest and therefore, it is not allowed for those who comply with Sharia. The solution for most brokers is to apply fixed fees or commissions on Islamic trading accounts that maintain longer-term overnight positions.

No-Swap Period

Some brokers will only allow you a limited amount of time in which you can trade swap free. This is known as no-swap or swap free periods. Only the better Islamic Forex trading brokers will allow unlimited swap free trading.

Terms & Conditions

It is always important to read the terms and conditions published by any Islamic Forex broker because that is where the small print is. For example, the broker may not charge an interest rate, but there will most likely be a commission instead, so it is important to be sure of all such terms as these will probably affect your cost of trading when you open an Islamic trading account.

Islamic Prohibitions

According to Sharia law, there are a number of prohibitions applicable to Islamic traders. These reflect Islamic guidelines aimed at ensuring a prosperous and peaceful community. The major prohibitions are outlined below:

Overnight Rollovers

Overnight rollover is the interest that a trader is charged (or sometimes paid) for holding a position overnight. As an Islamic trader you will probably be charged a fixed commission per trade instead to make up for not being charged a commission. It is important to note that in most cases, each currency will have a different interest rate and therefore most likely differential commission rates, so it might be a good idea to look at the applicable fee before opening a position in a particular Forex currency pair or cross.

Interest on Margin Deposits

A margin deposit is an interest based on the cash deposit made with a Forex broker, which a few brokers offer to larger clients. Since margin trading involves a higher risk, the trader must present an initial amount before opening a leveraged position. Interest on margin deposits is not permitted in an Islamic Forex account since it goes against the “no Riba” principle.


Those who are compliant with Sharia law may not receive or give loans with interest.

Margin Trading

The Riba principle is broken by any trading on margin because margin involves the loan of money at interest given out by a lender who seeks benefit. Even if it has 0% interest, it still arguably may be a loan where the broker seeks benefit (an end profit made by the exchange).

Short Sales

Short sales (in the sense of shorting an equity) go against the Gharar principle because a true short seller is selling something they do not own. The Gharar principle is against “the sale of what is not present”.

Forward Sales

A forward sale is an agreement between two parties to buy or sell an asset at a specified price at a future date. Again, it is contrary to the Gharar principle.

How to Open an Islamic Trading Account?

In order to open an Islamic Forex account, you might be asked by the broker to present a few documents, such as your ID and a document as proof of your faith.

An Islamic trading account attempts to apply Islamic Sharia law to online Forex trading. Therefore, it is for Muslims; those who wish to follow the teachings of the holy Quran. The Quran prescribes a religious law known as the Sharia that has certain rules on how humans should live in society. It includes principles of behavior on finance, family matters, nutrition, and more.

Is Forex Halal or Haram for Muslims ?

Both Halal and Haram are terms that are applied by Islamic doctrine to all aspects of life. Haram means anything that is forbidden by the Islamic law. Halal, on the other hand, are all the practices that are allowed by the Sharia. We have examined this question elsewhere in detail.

What Can I Trade with an Islamic Account?

Islamic accounts can offer any markets for trading if the asset itself is compliant with Sharia law, as long as the basic principles against Riba etc. are honored. However, some assets are not. For example, an Islamic account could not offer trading in the shares of a company which manufactures alcoholic beverages as such beverages are forbidden in Sharia and no Muslim should profit from them.

Advantages & Disadvantages of Islamic Accounts

One of the best advantages of Islamic accounts is that those who are Sharia compliant can trade without going against their beliefs. Also, without any swap fees, traders can go a long time without being required to make any interest payment. Another benefit is the Mudarabah Agreement where both parts will share profit and loss.

A potential disadvantage of an Islamic account is that you may sometimes need to pay quite a lot in commission in place of overnight swap fees.

Islamic Forex Brokers in Malaysia

Malaysia is an emerging Asian economy, and Forex trading is gaining popularity there. The Securities Commission of Malaysia (SCM) is the financial regulatory body, issuing a Capital Markets Services License (CMSL) to international brokers. While all brokers are allowed to accept traders from Malaysia, those holding a CMSL offer an additional layer of security and a dispute resolution mechanism that can hold the broker accountable in case of malpractice and fraud.

Since the SCM published a new directive for contracts of difference (CFDs), amending the Capital Markets Services Act of 2007, which took effect in July 2018, more brokers are pursuing a CMSL to validate their standing among a growing number of retail traders. The SCM maintains a Public Register of License Holders on its website, and traders may check the Malaysian website of their preferred international broker and cross-reference the given license number with the SCM database.

Bank Negara Malaysia, the country’s central bank, directly regulates Forex brokers and issued guidelines on cryptocurrencies, an asset class enjoying increased popularity, especially among younger retail traders. Some confusion exists over the legality of Forex trading in Malaysia. It is legal for Malaysians to trade with offshore brokers, as long as they are compliant with domestic laws. They include RM10 million in up-paid capital and adjusted net capital of RM500,000, which is an estimated $2.5 million and $125,000, respectively.

There are three things Malaysian traders should seek from their broker. Primarily, an Islamic account compliant with Sharia law. It is essential to read the terms and conditions carefully, as sometimes the minimum deposit is increased, or the swap-free offer is time-limited. Local bank transfers in the Malaysian Ringgit will ensure easy money management to and from the broker, while mobile trading remains a fast-growing trend across the Malaysian retail sector. More brokers offer all three core elements to gain a more prominent market share of the expanding Forex market in one of Asia’s fastest-growing economies.

You might also be interested in reviewing the below top brokers:


What is an Islamic trading account?


An Islamic trading account is a trading account which operates in compliance with Islamic Sharia law. Islamic trading accounts have certain principles they must adhere to in order to respect Islamic social fellowship.

Is Forex halal or haram?


Trading Forex through an appropriate Islamic Forex trading account can be halal not haram.

What does Islam say about online Forex trading?


Islam does not say anything specific about Forex trading, although it does have rules governing commerce and exchanges of value, which must be “hand to hand”.

What is a swap free account in Forex?


A swap free account in Forex means that you will not be charged or paid swap interest if you decide to keep a trade position open overnight. You will be charged the difference, more or less, another way, most likely by commission.

Does Forex offer Islamic accounts?


Many international Forex brokers offer Islamic accounts, catering to Muslim traders and claiming compliance with Sharia law. Islamic accounts remain swap-free, but Forex brokers substitute the costs via means acceptable under Sharia law, like increased spreads or fixed commissions.

How do I get an Islamic trading account?


Forex brokers usually grant Islamic accounts on request without further checks. Forex traders must contact customer support, which the Forex broker can accept or deny. Should the Forex brokers suspect abuse of such a swap-free offer, they will reserve the right to cancel the Islamic account.

What is an Islamic broker?


An Islamic broker offers trading conditions compliant with Sharia law. The most notable difference from standard accounts is the absence of overnight swap rates. Many brokers claim to offer Islamic accounts. Most substitute the lack of financing fees on leveraged overnight positions with other trading costs, making trading more expensive.

Huzefa Hamid
About Huzefa Hamid

I’m a trader and manage my own capital. I trade the major Forex pairs, some Futures contracts, and I rely entirely on Technical Analysis to place my trades. Today, I am also a Senior Analyst for I began trading the markets in the early 1990s, at the age of sixteen. I had a few hundred British pounds saved up (I grew up in England), with which I was able to open a small account with some help from my Dad. I started my trading journey by buying UK equities that I had read about in the business sections of newspapers. The 1990s were a bull market, so naturally, I made money. I was fortunate enough in my early twenties to have a friend that recommended a Technical Analysis course run by a British trader who emphasized raw chart analysis without indicators. Having this first-principles approach to charts influences how I trade to this day.