An Islamic Forex account is a halal account that adheres to the Shari’ah’s Riba restrictions (interest accumulation).
Some Islamic Forex accounts charge charges or have greater spreads than normal Forex accounts since they do not charge interest on open positions held overnight.
We opened a real trading account with each broker and spoke with customer service to learn more about the method for removing interest-related adjustments.
While Islamic Forex accounts frequently have the same trading terms as conventional Forex accounts, our analysis looked for limits on trading options, additional fees, and wider spreads to make up for the money lost due to the lack of interest.
Does Forex Offer Islamic Accounts?
Islamic accounts are available in Micro, Premium, Auto, and Zero Spread. The Islamic trading conditions are equal to those of a standard trading account, except that overnight holdings are not subject to swap or rollover fees.
Other trading systems include MetaTrader 4, Webtrader, and others.
All Trading Instruments (Click here to. Account Currency: USD or EUR)
Is Trading Haram in Islamic?
The “majority of Islamic scholars” consider margin trading, day trading, options, and futures to be illegal by sharia.
Buying stocks is widely considered as not being haram. This is because you are just a shareholder in a company.
You must, however, ensure that the firm in issue is not conducting business in an un-Islamic manner. Companies such as Guinness (alcohol) and Ladbrokes (gambling) would be prohibited.
Is Forex Islamic Account Halal?
With a quarter of the Muslim world investing online, the subject of the stock market in Islam is becoming more prominent.
This section will look at various perspectives and sources to determine if trading is halal or haram.
It will examine the Forex market in-depth and the acts inside it to provide advice on how to stay halal and determine which instruments can be traded in accordance with Sharia law.
Read also:
How to Trade Forex with $100 and Make $1000 in 30 Days
7 Proven Profitable Forex Trading Strategies for Consistent Profit
Top 10 Best Forex Trading Platforms in Australia for Beginners
Top 10 ASIC Regulated Forex Brokers in Australia
What is Lot Size in Forex – How to Calculate Lot Size for Forex Traders
How to Create an Islamic Forex Account
To open an Islamic Forex account, Muslim traders must first register for a trade. MT5 account and then provide the required documentation to open a halal trading account.
You can make your first deposit using your preferred payment method and begin trading on the Halal Exchange when you receive confirmation that your Islamic Forex account is open. It is now faster than ever to open an Islamic trading account.
Through your online account, you can request a withdrawal of your profits or funds at any moment.
If you prefer, you can start with a risk-free Islamic trading trial account. You’ll be able to access real market circumstances while using virtual funds. They’re also completely free!
7 Best Islamic Forex Broker
Markets.com – Account with the best Islamic forex broker.
If you’re seeking the best Islamic forex broker account, then Markets.com is the place to go.
For the following reasons, Markets.com is the ideal account for Islamic traders.
- Markets.com does not use other charge methods to substitute swaps – no administrative fees, no widening spreads.
- All Islamic traders in the globe can open a swap-free account.
- Markets.com offers a diverse assortment of items. an account with no swaps
FP Markets — High-quality broker with minimal spreads.
FP Markets is one of the industry’s most dependable brokers, offering some of the most competitive spreads on its tradable instruments. For the following reasons, FP Markets has one of the top swap-free accounts:
- Tight margins on ECN pricing
- Good for all FP Markets clients
- Ten-day period with no swaps or admin
Pepperstone – ECN forex broker with the best spreads.
Pepperstone is an Australian forex broker specializing in forex, commodities, and indices trading. For the following reasons, Pepperstone is among the finest brokers with Islamic accounts:
- Administrative costs are minimal (in place of swaps)
- Standard Account spreads are the smallest on average.
IC Markets: Excellent Swap-Free Trading
If you are a Muslim searching for the best Islamic forex broker account, IC Markets is the place to go.
Note* In addition to the tier-one FX licenses (ASIC and CySEC), IC Markets Global allows Muslim traders throughout the world through its Seychelles-based firm, which is authorized by the Financial Services Authority (FSA).
Muslims are prohibited from receiving or charging interest, according to Islamic law. IC Markets offers Islamic trading accounts with a swap-free alternative to meet the huge global demand for Islamic financing, where interest is not part of the broker’s business model.
Clients with Islamic swap-free accounts at IC Markets are charged a flat rate financing charge instead of paying interest.
Axi — MetaTrader 4 add-ons that are quite useful.
Axi (previously known as AxiTrader), another renowned Australian forex broker, offers an Islamic forex broker account.
Axi, like Pepperstone, does not have a specific landing page for their Islamic account option on their website.
Instead, they have a similar process in which you must sign a form from your client login site after opening an Axi Standard or Pro account to indicate that you want your account to become swap-free.
When trading on an Islamic account with the Axi MT4 or MT5 platforms, you’ll note that the.swf suffix has been added to FX majors, minors, and metals in the market view.
FXTM is a CySEC-licensed broker.
FXTM, a CySEC (Cyprus Securities and Exchange Commission) authorized broker, is another popular option for forex traders seeking a swap-free trading option.
While FXTM provides Islamic forex broker accounts, Muslim traders should know a few requirements before deciding where to create an account.
ThinkMarkets has the best CFD trading account.
ThinkMarkets is more than a forex broker and a premium, multi-asset online brokerage. This is apparent in the comprehensive range of CFDs they provide to the Islamic trading community.
After opening an account with a broker, an Islamic Forex account, also known as a swap-free account, can be selected.
They’re for Islamic traders who don’t want to profit from interest payments. Most Forex firms can accommodate Islamic traders by offering swap-free trading accounts of Shari’ah-compliant.
Watch the video below to know the best Islamic forex account:
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