Islamic Account Forex Brokers  

6 best Forex brokers & platforms with Islamic accounts in comparison 

Table of Contents

See the list of the best Forex Brokers with Islamic accounts:

Broker:
Review:
Islamic account:
Regulation:
Assets:
Advantages:
Open account:
1. Capital.com
Free and unlimited Islamic account
FCA, CySEC, ASIC
6,000+
(138+ currency pairs)
+ Low spreads
+ No commissions
+ High security
+ Multi-Regulated
+ 6000+ markets
+ Personal support
+ Education center
Islamic account(Risk warning: 87.41% of retail CFD accounts lose money)
2. RoboForex
RoboForex logo
Free and unlimited Islamic account
IFSC
9000+
(36+ currency pairs)
+ Many awards
+ Huge diversity
+ Many account types
+ 1:2000 Leverage
+ Bonus program
+ Low spreads
+ Low commissions
+ 9,000+ assets
Islamic account(Risk warning: Your capital can be at risk)
3. Vantage Markets
Free and unlimited Islamic account
ASIC, FSA
300+
(40+ currency pairs)
+ Fast execution
+ MT4 & MT5
+ Low trading fees
+ No hidden costs
+ Free bonus
+ Multi-regulated
Islamic account(Risk warning: 74-89 % of retail investor accounts lose money when trading CFDs)
4. Pepperstone
Free and unlimited Islamic account
FCA, ASIC, CySEC, BaFin, DFSA, SCB, CMA
180+
(60+ currency pairs)
+ Authorized broker
+ Multi-regulated
+ 24/5 support
+ Low spreads
+ Leverage up to 1:500
Islamic account(Risk warning: 74-89 % of retail investor accounts lose money when trading CFDs)
5. XM Forex
XM logo
Free and unlimited Islamic account
IFSC, CySEC, ASIC
1,000+
(55+ currency pairs)
+ Cheap trading fees
+ No hidden costs
+ Regulated and safe
+ International trading
+ 1000+ assets
Islamic account(Risk warning: 75.59% of retail CFD accounts lose)
6. FBS
Free and unlimited Islamic account

IFSC, CySEC, ASIC
500+
(40+ currency pairs)
+ MT4 & MT5
+ 24/7 support
+ Bonus program
+ Low spreads
+ Low commissions
+ 1:3000 Leverage
+ International trading
Islamic account(Risk warning: 75.59% of retail CFD accounts lose)

Forex brokers try to ensure they cater to all types of traders, new traders, and experienced traders. Some countries have specific regulations for operating within their jurisdictions, which forex brokers also try to comply with. 

In the forex industry, there are forex traders from many cultures. Forex brokers cater to diverse traders, one of them being Islamic traders. They have strict laws keeping them from certain types of commissions under the Sharia laws. 

Forex brokers have the Islamic account for traders to get the same trading conditions as other forex traders while obeying the Sharia laws. 

What is Islamic trading?

It is a trading account that complies with the strict sharia laws that Muslims follow. The Sharia laws forbid traders from gambling, getting, or receiving interest accrued on overnight positions. This account does not charge for overnight trading. 

The Islamic trading account is also known as the swap-free account. Whether you go long or short on a currency pair, there is no interest to pay or receive when you use this trading account. 

Islamic accounts for forex trading

How do you open an Islamic Forex account?

The first step would be to find a regulated forex broker with an Islamic account. The forex market has evolved to accommodate diverse traders, and you can find several forex brokers who offer an Islamic or a Swap-free account. 

After you find a forex broker, you can find the account registration page and search for an Islamic account. Most forex brokers have the registration forms of Islamic accounts on their websites. As for other forex brokers, you register a live trading account and then change it to swap-free. 

The next step would be to fill in your details and submit them, after which you have to verify these details with pictures or scanned copies of documents. These documents include ID and utility bills which verify your address and employment status. 

If the process is long, you can ask for help from customer support. For most forex brokers, the process is easy and fast. If you have opened an Islamic account directly, you can start trading. For those who have to switch from regular to swap-free, customer support is there to help

Professional forex trading

Why do you need an Islamic trading account?

The swap-free account or the Islamic account is for Muslims who trade. Some forex brokers allow non-Muslim traders to register swap-free accounts under strict conditions, to avoid getting exploited by other traders. 

The Islamic account is primarily a trading account meant for Muslim traders that exempts them from the interests forbidden by the Sharia laws. It allows the diversity of forex traders and has the same trading conditions as other trading accounts. 

Advantages of the Islamic accounts:

  • It caters to diversity, as Muslim traders can trade any financial market with a trading account that includes the Sharia laws. 
  • It provides the same trading conditions as other trading accounts, ensuring fairness while trading. 

The disadvantage of Islamic account:

The overnight interest can be negative or positive. Negative interest means that your position accumulated some fees overnight, while positive means that you gained some interests that will get paid to you. Since you don’t receive interest or pay interest on the Islamic account, traders with the Islamic account miss out on the interest they could get from an open position overnight. 

Islamic accounts for forex trading are an excellent alternative

List of the 5 best Forex brokers with Islamic accounts in comparison:


1. Capital.com 

The official website of the forex broker Capital.com
Capital.com official website

Capital.com is a forex broker that has served three million forex traders for more than ten years since its inception in 2009. It offers trading instruments such as metals, commodities, stocks, forex, indices, cryptocurrencies, CFDs, and ETFs. 

Regulation

  • International Financial Services Commission in Belize

Account types:

It offers five types of trading accounts, including a prime account with an initial deposit of $10. It has forex spreads from 0.0 pips and fixed commissions from $10. Traders can open position sizes from 0.01 to 500 lots. 

It also has an ECN account with a minimum deposit of $10 and forex spreads from 0.0 pips with fixed commissions from $20. 

R stocks trader account with an initial deposit of $100 and forex spreads from 0.01 pips. It has commissions of $15 per every one million traded. 

The Pro Cent account for novice traders has an initial deposit of $10, and forex spreads from 1.3 pips with zero commissions. 

The Pro account also has a minimum deposit of $10, forex spreads from 1.4 pips, and has no commissions. 

(Risk warning: 87.41% of retail CFD accounts lose money)


Islamic account at Capital.com 

It offers Islamic/Swap-free accounts only available for Pro Cent, Pro, and affiliate accounts using the MT4 trading platform. Traders can open any trading accounts offered at RoboForex and fill out an online application form if they want to change to an Islamic account. 

Trading conditions remain the same with the regular trading accounts except for the rollover fees inapplicable for this account. The customer support will help change the trading account, and they require you to have no open positions if you want a swap-free account. 

Forex chart

Fees 

The leverage depends on the type of trading account Pro Cent, and Pro accounts have forex leverage of up to 1:2000. The ECN account has forex leverage of 1:500 while the R stocks trader and the Prime accounts have up to 1:300

It has an inactivity fee of $10 monthly after ten years of inactivity. Deposits and withdrawals are free via Bank transfers, credit/debit cards, and electronic wallets. 

Features of Capital.com :

  • A free demo account for new traders to practice trading strategies before joining a live trading account. 
  • It has a variety of trading platforms to choose from, like the MT4, MT5, R stocks trader, and the c trader.
  • Traders can access trading tools on the MT4 and MT5 like three to four execution types, hedging options, one-click trading, 80+ technical indicators, and advanced charts. 
  • The cTrader also has various trading tools such as 54+ technical indicators and nine charts with over 14-time frames. 
  • R stocks trader offers 13+ technical indicators access to over 12000 financial markets and CFDs, level two market depth, netting, and hedging options
  • c Trader with 54 technical indicators, level two market depth, nine charts with 14-time frames, and supports 22 languages. 
  • Traders can access automated trading on MT4 and MT5, C trader Automate and the R stocks trader with the help of the robot builder. 
  • Copy-trading platform, the Copy FX, which expert traders and new traders teach and learn. 
  • It has a mobile app, a desktop, and a website version, ensuring it is available for most traders. 
  • Research resources and news are published daily on the platforms through videos and articles, trading tips, and the Expert Advisor. 
  • Roboforex has invested in educational materials through videos, guides, e-books, blogs, and community forums covering content from basics to advanced levels. 
  • Their customer support team is available 24/7 through live chat, emails, and Phone calls. 
Capital.com logo

Pros:

  • It has advanced trading tools
  • Wide range of financial markets to trade
  • Low minimum deposits 
  • Low trading costs
  • Fast account opening process

Cons:

  • It is not available in forex trading countries 

(Risk warning: 87.41% of retail CFD accounts lose money)


2. RoboForex

The official website of the forex broker RoboForex

 

RoboForex is a forex broker that has served three million forex traders for more than ten years since its inception in 2009. It offers trading instruments such as metals, commodities, stocks, forex, indices, cryptocurrencies, CFDs, and ETFs. 

Regulation

  • International Financial Services Commission in Belize
RoboForex regulation

Account types 

It offers five types of trading accounts, including a prime account with an initial deposit of $10. It has forex spreads from 0.0 pips and fixed commissions from $10. Traders can open position sizes from 0.01 to 500 lots. 

It also has an ECN account with a minimum deposit of $10 and forex spreads from 0.0 pips with fixed commissions from $20. 

R stocks trader account with an initial deposit of $100 and forex spreads from 0.01 pips. It has commissions of $15 per every one million traded. 

The Pro Cent account for novice traders has an initial deposit of $10, and forex spreads from 1.3 pips with zero commissions. 

The Pro account also has a minimum deposit of $10, forex spreads from 1.4 pips, and has no commissions. 

Islamic account at RoboForex 

It offers Islamic/Swap-free accounts only available for Pro Cent, Pro, and affiliate accounts using the MT4 trading platform. Traders can open any trading accounts offered at RoboForex and fill out an online application form if they want to change to an Islamic account. 

Trading conditions remain the same with the regular trading accounts except for the rollover fees inapplicable for this account. The customer support will help change the trading account, and they require you to have no open positions if you want a swap-free account. 

(Risk Warning: Your capital can be at risk)


Fees 

The leverage depends on the type of trading account Pro Cent, and Pro accounts have forex leverage of up to 1:2000. The ECN account has forex leverage of 1:500 while the R stocks trader and the Prime accounts have up to 1:300

It has an inactivity fee of $10 monthly after ten years of inactivity. Deposits and withdrawals are free via Bank transfers, credit/debit cards, and electronic wallets. 

With RoboForex, you can trade stocks, indices and ETFs
With RoboForex, you can trade stocks, indices and ETFs

Features of RoboForex 

  • A free demo account for new traders to practice trading strategies before joining a live trading account. 
  • It has a variety of trading platforms to choose from, like the MT4, MT5, R stocks trader, and the c trader.
  • Traders can access trading tools on the MT4 and MT5 like three to four execution types, hedging options, one-click trading, 80+ technical indicators, and advanced charts. 
  • The cTrader also has various trading tools such as 54+ technical indicators and nine charts with over 14-time frames. 
  • R stocks trader offers 13+ technical indicators access to over 12000 financial markets and CFDs, level two market depth, netting, and hedging options. 
  • c Trader with 54 technical indicators, level two market depth, nine charts with 14-time frames, and supports 22 languages. 
  • Traders can access Automated trading on MT4 and MT5, C trader Automate and the R stocks trader with the help of the robot builder. 
  • Copy-trading platform, the Copy FX, which expert traders and new traders teach and learn. 
  • It has a mobile app, a desktop, and a website version, ensuring it is available for most traders. 
  • Research resources and news are published daily on the platforms through videos and articles, trading tips, and the Expert Advisor. 
  • Roboforex has invested in educational materials through videos, guides, e-books, blogs, and community forums covering content from basics to advanced levels. 
  • Their customer support team is available 24/7 through live chat, emails, and Phone calls. 
roboforex logo

Pros:

  • It has advanced trading tools
  • Wide range of financial markets to trade
  • Low minimum deposits 
  • Low trading costs
  • Fast account opening process

Cons:

  • It is not available in forex trading countries 

(Risk Warning: Your capital can be at risk)


3. Vantage Markets

Vantage Markets official website
Vantage Markets official website

It was formerly known as Vantage FX before it rebranded to Vantage towards the end of 2021. Vantage markets offer an array of trading instruments from 300 financial markets. They range from shares, forex, indices, commodities, CFDs, and cryptocurrencies.

Regulation

  • Australian Securities and Investment Commission
  • Financial Conduct Authority
  • Cayman Islands Monetary Authority

Account types at Vantage Markets

It has three types of trading accounts that users can open, the Standard STP account has an initial deposit of $200. It has forex spreads from 1.4 pips and no commissions on trades. The Raw ECN account has a minimum deposit of $500, and forex spreads from 0.0 pips with commissions of $6 per round turn.

The Pro ECN account has a minimum deposit of $20,000, forex spreads from 0.0 pips, and commissions from $4 per round turn.

(Risk warning: Your capital can be at risk)


The Islamic account

Traders on Vantage markets can open Islamic / Swap-free accounts through an online application form. It has a Standard STP with a minimum deposit of $200 and the Raw ECN swap-free accounts with a $500 initial deposit.

The trading conditions are the same as the normal Standard STP, and Raw ECN accounts, its difference is the overnight fee absent on the swap-free accounts. The Islamic accounts have an administration fee depending on the open position overnight.

Vantage Markets features
Vantage Markets features

Trading costs 

The forex leverage starts from 1:100 to 1:500 on the retail trading and Islamic accounts. It has no inactivity or account maintenance fee, and deposits and withdrawals are free. It accepts various payment methods such as bank wire, and credit/ debit cards. 

Traders can also use e-wallets like Skrill, Union Pay, Neteller, Boleto, and various others based on the location of the forex trader. 

Features of Vantage Markets: 

  • Vantage market users can start from the demo account to test its trading platform. 
  • It has the leading trading platforms in the forex industry, MT4, and MT5. 
  • Traders can access over 170 financial markets and open positions from as low as 0.01 lots. 
  • Traders can access bonuses such as the 50% welcome bonus and promotions. 
  • Fast order execution speeds are attributed to the MT4 and MT5 trading platforms. 
  • Low trading costs from the ECN and STP trading accounts offered at Vantage markets. 
  • It allows hedging and scalping on most trading accounts using the MT5 and MT4 trading platforms. 
  • Traders can access various trading tools such as 50+ technical indicators, three and four order types, charting software with numerous time frames, and graphical and drawing tools. 
  • It also offers automated trading using Expert Advisors and the MQL4/ MQL5 programming language for building trading robots. 
  • Social/ Copy trading is present via MyfxBook, ZuluTrade, and Dupli trade. 
  • Research options range from its research team, offering trends, market updates, and news. They also have third-party trading signals from Trading Central.
  • Educational content varies from trading videos and articles covering financial markets to tutorials, and guides. 
  • Their customer support is also available 24/7 through live chat sessions, phone calls, and emails. 
Vantage Markets logo

Pros of Vantage Markets:

  • Low forex spreads 
  • Fast order execution speeds
  • Fast withdrawals and deposits
  • High leverage rates of 1:500
  • Quality trading tools available on MT5 and MT4

Cons:

  • Limited trading instruments
  • Pro ECN account has a high minimal deposit 

(Risk warning: Your capital can be at risk)


4. Pepperstone 

Pepperstone official website
Pepperstone official website

It is a forex broker based in Australia and has operated for over ten years since its inception in 2010. It has access to over 2000 trading instruments such as forex, shares, commodities, ETFs, and Indices. 

Regulation 

  • Australian Securities and Investment commission
  • Financial Conduct Authority 

Account types at Pepperstone 

Pepperstone offers only two types of trading accounts, the Standard and Razor account. The Standard account has an initial deposit of $200, forex spreads from 1.0 to 1.3 pips, and has no commissions. 

The Razor account has an initial deposit of $200, and forex spreads from 0.0 to 0.3 pips. It also has commissions of $7 per round turn for $100,000 traded. 

Pepperstone: One account, multiple trading platforms
Pepperstone: One account, multiple trading platforms

Islamic account 

It has a variation of the Razor and Standard accounts, and forex spreads start at 1.0 to 1.2 pips, zero commission, and a minimum deposit of $200. It allows scalping, and hedging and uses the MT5 and MT4 trading platforms. 

The administration charges apply based on the type of financial asset. Traders can open this account by registering a trading account on their website. 

(Risk warning: 74-89 % of retail investor accounts lose money when trading CFDs)


Trading costs 

The maximum leverage offered is 1:400, where traders can open position sizes from 0.01 to 100 lots. It has no inactivity fee, while deposits and withdrawals are free. It accepts various payment methods such as bank transfers, credit/debit cards, and electronic wallets such as Paypal, Neteller, Skrill, Union Pay. 

Pepperstone education platform
Pepperstone education platform

Features of Pepperstone:

  • It has a free demo account with virtual funds over $50,000 that expires after 30 days from registration.
  • It has incorporated the MT5, MT4, and cTrader trading platforms for accessing financial markets. 
  • It has more than 30 technical indicators, multiple order types, 100+ charts, numerous time frames, and drawing tools on the MT5 and MT4 trading platforms. 
  • cTrader has an Expert Advisor, 30+ technical indicators, custom trading tools, and risk management tools such as the Guaranteed stop loss. 
  • It offers automated trading on cTrader auto trade, MT4, and MT5 using an Expert advisor for building a trading robot. 
  • Traders can also use backtesting to test their trading robots, a one-click option to manage various accounts. 
  • Pepperstone is compatible with Mobile phones through its trading app, the desktop and website version available on laptops and desktops. 
  • It is an expert trading team that analyses financial markets and trading signals and has daily news published on its platform, articles, videos, and the economic calendar. 
  • Its educational resources are available through videos, articles, and trading guides covering various financial markets. 
  • The customer care team is present 24/5 through phone calls, live chat, and emails. 

Pros 

  • Low trading costs
  • Quality educational materials 
  • Industrial standard trading tools
  • Fast order processing speeds 
  • Numerous trading instruments 
Pepperstone logo

Cons 

  • Limited educational content
  • Customer support is available 24/5

(Risk warning: 74-89 % of retail investor accounts lose money when trading CFDs)


5. XM 

The official website of the forex broker XM
XM official website

It is a forex broker launched in 2009 and serves over 5 million forex traders in 200 countries globally. Traders on XM get access to more than 1000 trading instruments ranging from stocks, indexes, metals, CFDs, energies, Commodities, and forex. 

Regulation 

  • Australian Securities and Investment Commission
  • International Financial Services Commission
  • Cyprus Securities and Exchange Commission

Account types at XM 

It offers four trading accounts with the XM Micro account, Standard, and XM ultra-low accounts, which have minimum deposits of $5. The Micro and Standard accounts have forex spreads from 1.0 pips, while the XM Ultra-low has forex spreads from 0.6 pips, and the three trading accounts have zero commissions. The shares account has an initial deposit of $10,000, and its spreads depend on the type of shares and charges commissions. 

XM trading logo

The Islamic account 

Traders can switch to the Islamic account from any account type they have. It requires the trader to have any trading accounts and apply online form. Their customer support helps in switching into the swap-free account. 

The trading conditions are the same as the regular accounts the difference is the rollover fees don’t apply to Islamic accounts. 

(Risk warning: 75.59% of retail CFD accounts lose)


Trading costs 

It has a one-time inactivity fee of $15 on trading accounts dormant for over a year and $5 for every month it is dormant after that. The highest forex leverage for the four accounts is 1:888, depending on the account balance. 

Deposits and withdrawals are free through credit/debit cards, bank transfers, and electronic wallets such as Neteller and Skrill. 

When you open a demo account at XM, you start with $100,000 account balance. also, you can create up to 5 demo accounts to try out different strategies.
When you open a demo account at XM, you start with $100,000 account balance. Also, you can create up to 5 demo accounts to try out different strategies.

Features 

  • Beginner traders can start trading with the demo account that offers up to $100,000 in virtual funds. 
  • It has integrated MT4 and MT5 trading platforms. 
  • The trading platforms offer one cluck trading, multiple order types, numerous charts, and time frames, and fast execution speeds. 
  • It also offers trading tools such as technical indicators, 30+ drawing tools, and access to more than 1000 trading instruments.
  • They also have algorithmic trading using the MQL4/ MQL5 programming language and Expert Advisor to customize the trading robots. 
  • Its traders can access their trading accounts through the XM mobile app, the desktop, and the website platform. 
  • Traders can access research materials available as market overviews, news, analysis, and technical summaries on their platform through articles, XM TV, podcasts, and an economic calendar. 
  • They also have educational materials in their learning center such as articles, blogs, informative videos, forex seminars, live webinars, and platform tutorials. 
  • Customer support is available 24/5 in 23 languages via live chat, phone calls, and email. 
XM features and benefits
XM features and benefits

Pros 

  • Fast order processing speed
  • Quality educational content
  • Comprehensive research resources
  • Low initial deposits 
  • Low trading costs

Cons 

  • It has no negative account protection for clients outside the EU
  • Customer support is only available 24/5 

(Risk warning: 75.59% of retail CFD accounts lose)


6. FBS 

Official website of the forex broker FBS
Official website of FBS

FBS is a forex broker launched in 2009 that has grown to serve over 17 million forex traders in 170 countries globally. It offers a range of trading instruments such as metals, energies, indices, cryptocurrency, forex, and stocks. 

Regulation 

  • Cyprus Securities and Exchange Commission
  • Australian Securities and Investment Commission
  • Financial Sector Conduct Authority of South Africa
  • International Financial Services Commission in Belize
FBS live events
FBS events

Account types at FBS

It has five types of trading accounts, the Cent account with an initial deposit of $1 and the Micro, which has an initial deposit of $5. These accounts are for new traders and have low trading costs, whereas the Cent account has forex spreads from 1.0 pips and the Micro from 3 pips.

The Standard account has an initial deposit of $100 has no commissions, and forex spreads from 0.5 pips. There is the Zero spread account which has spreads from 0.0 pips with commissions of $20 per lot, the initial deposit is $500.

The ECN account, which has an initial deposit of $1000, forex spreads from 0.0 pips and commissions of $6. The new account recently introduced is the Crypto account has an initial deposit of $1, spreads from 1.0 pips, and commissions of 0.05%

(Risk Warning: Your capital can be at risk)


FBS logo

The Islamic account 

It is available on the MT5, MT4, and FBS trader, Cent, Standard, and the demo accounts. It has leverage from 1:30 in regions that ESMA regulations affect, but 1:500 outside the EU. Forex spreads start from 1.0 pips with access to over 60 trading instruments. 

Traders have to open accounts with the MT4, MT5, and FBS trader trading platforms, then connect with the customer support team to switch to the Islamic trading account. 

Trading costs 

It has an inactivity fee of $10 for accounts dormant for over a year. There is an overnight fee for non-Islamic account rates depending on the open position. Leverage rates also vary with the type of trading account, the highest being from the Zero spread with 1:3000

The lowest forex leverage is from the crypto account, from 1:5. Deposits and withdrawals are free via credit/ debit cards, wire transfers, and digital wallets such as Skrill, Neteller, and PayPal. 

FBS is an award-winning online broker and has won the global banking and finance award 2021
FBS is an award-winning online broker

Features of FBS 

  • It has a free demo account that traders start with when they register accounts at FBS. 
  • It uses three types of trading platforms, the FBS trader, MT5, and MT4. 
  • The MT4/MT5 offer three and four order types, one-click trading, 50+ technical indicators, customizable trading tools, hedging, and scalping options. 
  • The FBS trader has fast execution speeds, access to 170 trading instruments, one-click trading, and 100+ payment methods. 
  • Traders can access automated trading via the MT4 and MT5 trading platforms with help from the Expert Advisor strategy builder. 
  • Various promotional offers and trading bonuses like 20% cashback offers welcome bonuses, affiliate, and promotional offers. 
  • Research materials are available as news, daily trading videos, articles, and blogs on their platform. 
  • They also have comprehensive educational material through guide books, articles, blogs, live events, videos, and webinars. 
  • Customer support is available 24/7 through live chat, and social media platforms such as Facebook, emails, and phone calls. 

Pros 

  • High leverage of up to 1:3000
  • Fast deposits and withdrawals 
  • Multiple trading accounts
  • Low minimum deposits
  • Low trading costs 
  • Promotions and trading bonuses

Cons

  • Limited financial markets to trade

(Risk Warning: Your capital can be at risk)



Conclusion – Islamic accounts are a great alternative to conventional accounts

Forex traders who use the Islamic trading account should ensure they check for other crucial trading factors such as trading costs and administration fees. Some forex brokers have strict requirements to access Islamic accounts and reject applications for Islamic accounts. 

It ensures that these accounts don’t get misused by other traders who are not from the Muslim faith. Forex brokers that offer this type of trading account ensure that forex traders from diverse backgrounds also have an opportunity to trade. 


Mobile forex trading

FAQ – The most asked questions about Islamic Account Forex Brokers :

Is the Islamic account also available for non-Muslim traders?

It depends on the forex brokers some are strict with those who can access this account, while others allow even non-Muslim traders to access it. 

What is the difference between an Islamic account and a regular trading account?

The Islamic account has similar trading conditions as the regular account, except does not receive the swap interests. 

How much do I need to deposit to open an Islamic account?

The Initial deposit depends on the forex trader and the type of swap-free account you want to register. 

What exactly is an Islamic FX (Forex) account?

Islamic forex accounts are halal trading accounts that restrict interest rate accumulation, collection, and payment. They are also known as swap-free accounts. They do not produce any commission rates or swap interest from the currency swap, in contrast to conventional trading accounts.

Can anyone create an Islamic forex account?

Shariah banking, also known as Islamic banking and based on Shariah’s precepts, is an alternative banking option that is open to everyone, not just Muslims. Trading foreign exchange using a suitable Islamic Forex trading account might be permissible and not forbidden.

How is an Islamic trading account in Islam operated?

Islamic trading has the distinction of not producing swap interest, in contrast to all other normal trading accounts. Currency trading is prohibited in Islam because of the swap, which is an interest that the trader either pays or receives while he leaves an open account overnight.

With an Islamic account, what may I trade?

As long as the fundamental prohibitions against Riba and other practices are upheld, Islamic accounts may provide any markets for trading, providing the item in question complies with Sharia law.