Best Islamic Forex Brokers 2025

Broker	Minimum Deposit	Leverage	MT4	MT5	Bonus	Review	Official Website
RoboForex	10$	1:2000	✅	✅	30$		See Offer
XTB	100$	1:500	❌	❌			See Offer
xChief	10$	1:1000	✅	✅	100$		See Offer
XM	5$	1:500	✅	✅	30$		See Offer
JustMarkets	1$	1:3000	✅	✅	30$		See Offer
FBS	1$	1:3000	✅	✅	70$		See Offer
eToro	100$	1:500	❌	❌			See Offer
Exness	1$	1:2000	✅	✅			See Offer
IC Markets	200$	1:500	✅	✅			See Offer
Markets.com	100$	1:300	✅	✅	25$		See Offer
Deriv	5$	1:1000	✅	✅			See Offer
Amarkets	100$	1:1000	✅	✅			See Offer
Pepperstone	200$	1:500	✅	✅			See Offer
Vantage	50$	1:500	✅	✅	50%		See Offer
LiteFinance	5$	1:1000	✅	✅			See Offer
OctaFX	50$	1:500	✅	✅	50$		See Offer
Tickmill	100$	1:500	✅	✅	30$		See Offer
FXOpen	1$	1:500	✅	✅	10$		See Offer
FreshForex	1$	1:2000	✅	✅	99$		See Offer
NordFX	10$	1:1000	✅	✅			See Offer
Weltrade	25$	1:1000	✅	✅			See Offer
FXTM	10$	1:2000	✅	✅			See Offer
Libertex	100$	1:30	✅	✅			See Offer
Eightcap	100$	1:500	✅	✅			See Offer
IQ Option	10$	1:1000	❌	❌			See Offer
Naga	250$	1:30	✅	✅			See Offer
GMI	25$	1:400	✅	✅			See Offer
EasyMarkets	25$	1:400	✅	✅			See Offer
GoFX	5$	1:500	✅	✅			See Offer
Mtrading	100$	1:1000	✅	❌	200%		See Offer
Binance	10$	1:100	❌	❌	100$		See Offer
ForTrade	100$	1:30	✅	✅			See Offer
Forex4you	1$	1:1000	✅	✅	100%		See Offer
Admirals	100$	1:30	✅	✅	100$		See Offer
BDSwiss	10$	1:500	✅	✅			See Offer
FXCL	10$	1:500	✅	❌	100%		See Offer
Bitget	1 USDT	1:125	❌	❌			See Offer
Forexee	50$	1:500	✅	❌			See Offer
Coinexx	0.001₿	1:500	✅	✅	100%		See Offer
Axi	0$	1:500	✅	✅			See Offer
Amega	20$	1:1000	✅	✅	150%		See Offer
LandFX	10$	1:200	✅	✅			See Offer
SimpleFX	1$	1:500	✅	❌	Up to 25% or 2500$		See Offer
HYCM	20$	1:30	✅	✅			See Offer
FiboGroup	50$	1:1000	✅	✅			See Offer
Grand Capital	10$	1:500	✅	✅	40%		See Offer
LMFX	10$	1:1000	✅	❌			See Offer
Bitazza	1$	1:400	❌	❌			See Offer
Fullerton Markets	100$	1:500	✅	✅			See Offer
Alpari	5$	1:1000	✅	✅			See Offer
ActivTrades	1$	1:200	✅	✅			See Offer
BlackBull Markets	1$	1:500	✅	✅			See Offer
KCM Trade	100$	1:500	✅	✅			See Offer
BitPanda	25$	1:1	❌	❌			See Offer
FP Markets	100$	1:500	✅	✅			See Offer
FXGlory	1$	1:100	✅	✅			See Offer
IFC Markets	1$	1:400	✅	✅			See Offer
IronFX	1$	1:1000	✅	✅			See Offer
360 Capital	100$	1:500	✅	✅			See Offer
TradersWay	10$	1:1000	✅	✅	100%		See Offer
orbex	100$	1:500	✅	✅			See Offer
WorldForex	1$	1:1000	✅	✅	10$		See Offer
N1CM	10$	1:1000	✅	✅			See Offer
Taurex	100$	1:500	✅	✅			See Offer
TMGM	100$	1:500	✅	✅	30%		See Offer
GoMarkets	200$	1:500	✅	✅	50%		See Offer
FusionMarkets	100$	1:500	✅	✅			See Offer
FXGT	50$	1:500	✅	✅	100%		See Offer
CWGMarkets	100$	1:1000	✅	✅	100%		See Offer
Sabiotrade	200$	1:400	❌	❌			See Offer
Exnova	100$	1:500	✅	✅			See Offer
QuadcodeMarkets	200$	1:500	✅	✅			See Offer
T4Trade	100$	1:500	✅	✅	100%		See Offer
FXDD	100$	1:200	✅	❌			See Offer
Accuindex	100$	1:500	✅	✅	30%		See Offer
MultiBankGroup	50$	1:500	✅	✅	20%		See Offer
ACYSecurities	200$	1:500	✅	✅	60%		See Offer
ECMarkets	200$	1:500	✅	❌			See Offer
VTMarkets	200$	1:500	✅	✅	50%		See Offer
FXView	200$	1:30	✅	✅	100%		See Offer
Startrader	200$	1:500	✅	✅	70%		See Offer
Ultima Markets	100$	1:500	✅	❌	70%		See Offer
Teletrade	200$	1:500	✅	✅	100%		See Offer
FXCC	100$	1:300	✅	❌	100%		See Offer
CMTrading	100$	1:200	✅	❌	50%		See Offer
SpreadEX	100GBP	1:30	❌	❌			See Offer
FundingTraders	100$	1:500	✅	✅			See Offer
TIOMarkets	50$	1:200	✅	✅			See Offer
ThinkMarkets	0$	1:500	✅	✅			See Offer
PlexyTrade	100$	1:500	✅	✅	120%		See Offer
FTMO	100$	1:100	✅	✅			See Offer
Purple Trading	100$	1:500	✅	❌			See Offer
PaxForex	10$	1:500	✅	❌	100%		See Offer
Hankotrade	10$	1:500	❌	❌	100%		See Offer
FirewoodFX	10$	1:1000	✅	❌	88%		See Offer
AccentForex	50$	1:500	✅	❌	75%		See Offer
Olymp Trade	10$	1:500	❌	❌	50%		See Offer
ExpertOption	10$	1:500	❌	❌	50%		See Offer
Quotex	10$	1:1000	❌	❌	30%		See Offer
Pocket Option	10$	1:500	❌	❌	50%		See Offer
Yadix	100$	1:500	✅	❌	50%		See Offer
BKFX	100$	1:500	✅	✅	30%		See Offer
Investizo	100$	1:500	✅	✅			See Offer
XBTFX	10$	1:500	✅	✅	25%		See Offer
GANNMarkets	100$	1:500	✅	✅	$40		See Offer
Opofinance	100$	1:500	✅	✅			See Offer
MarketsVox	100$	1:500	✅	✅	100%		See Offer
Gerchik & Co	100$	1:500	✅	✅	100%		See Offer
CapitalXtend	100$	1:500	✅	✅	30%		See Offer
VPFX	100$	1:500	✅	✅			See Offer
Varianse	500$	1:500	✅	❌			See Offer
PU Prime	50$	1:500	✅	✅	50%		See Offer
INGOT Brokers	100$	1:500	✅	✅			See Offer
Global Prime	200$	1:200	✅	✅			See Offer
AZAForex	1$	1:1000	✅	✅	120%		See Offer
KOT4X	10$	1:500	✅	❌	100%		See Offer
Crystal Ball Markets	100$	1:500	✅	✅			See Offer
DeltaFX	10$	1:200	✅	✅	50%		See Offer
CFI Financial	100$	1:400	✅	✅			See Offer
FXCM	50$	1:400	✅	❌	$500		See Offer

Pros and Cons

Understanding Islamic forex brokers

Islamic forex brokers, also known as swap-free, are tailored to the needs of those who follow Islamic finance principles.

The essence of these brokers is to provide trading environments compliant with Shariah law, which prohibits the earning or payment of interest (Riba).

This means standard forex practices like charging overnight swap fees or interest on positions cannot be applied to Islamic trading accounts.

As a result, Sharia-Compliant forex brokers offer swap-free accounts, ensuring no interest is charged or paid on trades held overnight, thus aligning with the ethical and religious beliefs of Muslims.

However, not every trading firm that claims to offer swap-free accounts adheres to genuine Shariah principles.

To cater effectively to this segment, companies must focus on transparency, ethical trading practices, and clear communication about their compliance measures.

Understanding what makes a firm truly “Islamic” can help traders select the right platform for their trading needs.

Key features of Halal forex brokers

Halal forex brokers are characterized by several distinct features designed to comply with Islamic finance principles.

These features ensure that Muslim people can participate in the global forex market without compromising their religious beliefs.

Here are some of the most important attributes of these brokers:

Swap-free trading

The cornerstone of an Islamic forex account is the absence of swap fees.

Swap fees, also known as rollover interest, are typically charged when a trader holds a position overnight.

In Islamic finance, any form of interest is prohibited.

Therefore, Islamic forex brokers remove these swap fees from their accounts, ensuring that users are not charged or credited any interest on overnight positions.

Instead of swaps, firms may charge an administrative fee or slightly widen their spreads to cover the cost.

This fee must be fixed and not vary based on the duration a trade is held, ensuring compliance with Islamic principles.

Ethical and transparent trading practices

Halal forex brokers must operate transparently, providing clear information about their fee structures and trading conditions.

Unlike conventional firms that may have hidden charges or complex fee structures, Islamic brokers aim for straightforward and honest communication to avoid any potential conflicts with Shariah law.

Ethical trading practices also extend to the types of instruments offered.

Islamic brokers often avoid providing assets that involve businesses considered Haram (forbidden) under Islamic principles, such as alcohol, gambling, or pork products.

Compliance with Shariah law

To be considered a genuine Islamic forex broker, it must comply with Shariah law.

This compliance is often achieved by consulting Islamic scholars or establishing a Shariah advisory board to review and approve their trading practices and product offerings.

Additionally, some firms obtain certification from recognized Islamic financial authorities, which adds credibility and assurance for those seeking Shariah-compliant trading options.

Range of account types

Sharia-Compliant forex brokers typically offer many account types to cater to different levels of users, from beginners to professionals.

These account types may include:

• Standard Accounts: Suitable for most retailers, offering a wide range of tradable assets and competitive spreads.
• Mini or Micro Accounts: Ideal for beginners or those who want to trade smaller volumes with minimal risk.
• VIP or Professional Accounts: Designed for high-volume traders, these accounts often come with additional benefits such as tighter spreads, lower commissions, and dedicated account managers.

Each account type will have its minimum deposit requirements, leverage options, and fee structures, which investors should evaluate based on their trading goals and risk tolerance.

Advanced trading platforms

A high-quality Islamic forex broker should provide access to advanced trading platforms like MetaTrader 4 (MT4), MetaTrader 5 (MT5), or cTrader.

These platforms offer comprehensive tools for technical analysis, automated trading, and risk management, which enhance the overall trading experience.

Some brokers may also offer proprietary platforms with unique features tailored specifically to Islamic trading.

Evaluating Islamic forex brokers

When choosing an Islamic forex broker, traders should consider several factors to ensure they find a financial institution that aligns with their trading needs and religious values.

Here are some key factors to evaluate:

Regulatory status and security

Regulation is a critical factor in choosing any forex company, including Islamic brokers.

A regulated company is subject to oversight by a financial authority, which ensures that it operates ethically, transparently, and securely.

Reputable regulatory bodies include:

• Financial Conduct Authority (FCA): United Kingdom
• Australian Securities and Investments Commission (ASIC): Australia
• Cyprus Securities and Exchange Commission (CySEC): Cyprus
• Dubai Financial Services Authority (DFSA): United Arab Emirates

Investors should verify the regulatory status of any broker they are considering by checking its registration number with the appropriate authority.

A company regulated by multiple authorities is generally considered more trustworthy and reliable.

Trading conditions and fees

While Halal forex brokers do not charge swap fees, they may use alternative methods to cover their costs.

These methods may include:

• Administrative Fees: A fixed fee charged per trade instead of the interest (swap) fees.
• Wider Spreads: Some brokers may offer swap-free accounts with slightly wider spreads to compensate for the absence of overnight interest charges.
• Commission-based Models: Many charge a small commission per trade to offset the absence of swap fees.

Range of tradable instruments

Sharia-Compliant forex brokers should offer a diverse range of trading instruments to meet the needs of different individuals.

These instruments may include:

• Currency Pairs: Major, minor, and exotic pairs.
• Commodities: Precious metals like gold and silver, as well as energy products such as oil and natural gas.
• Indices: Major global indices such as the S&P 500, Dow Jones, FTSE 100, etc.
• Cryptocurrencies: Popular digital currencies like Bitcoin, Ethereum, Ripple, and others.
• Stocks and Shares: Access to stocks from various international markets.

A diverse range of instruments allows people to diversify their portfolios and manage risk more effectively.

Customer support and educational resources

Effective customer support is crucial, especially for clients who may need assistance during different market hours.

Islamic forex trading platforms should offer customer support in multiple languages, with various communication channels, such as live chat, phone, and email.

Additionally, they should provide educational resources, including webinars, tutorials, market analysis, and economic calendars, to help investors make informed decisions.

Top Islamic forex brokers for 2024

Here is a detailed look at some of the best firms available in 2024, based on their features, regulatory status, and reputation in the market.

XM

XM is a globally recognized forex broker that offers Islamic accounts fully compliant with Shariah law.

The broker does not charge any swap or rollover fees on overnight positions for Islamic accounts.

XM is regulated by several financial authorities, including the FCA, CySEC, and ASIC, ensuring a secure and transparent trading environment.

The broker provides access to over 1,000 trading instruments across various asset classes, including forex, commodities, indices, stocks, and cryptocurrencies.

• Regulation: FCA, CySEC, ASIC
• Trading Platforms: MetaTrader 4, MetaTrader 5, XM WebTrader
• Minimum Deposit: $5
• Leverage: Up to 1:500
• Features: Low minimum deposit, wide range of assets, negative balance protection, extensive educational resources

IC Markets

IC Markets is a popular choice due to its low spreads and robust trading infrastructure.

The broker offers Islamic accounts with no swap charges, providing a choice between MetaTrader 4, MetaTrader 5, and cTrader platforms.

IC Markets is regulated by ASIC and the Seychelles Financial Services Authority (FSA), offering a high level of security and transparency.

• Regulation: ASIC, FSA
• Trading Platforms: MetaTrader 4, MetaTrader 5, cTrader
• Minimum Deposit: $200
• Leverage: Up to 1:500
• Features: Low spreads, fast execution, multiple trading platforms, advanced trading tools

Exness

Exness is a well-regarded broker that offers Islamic accounts with a transparent fee structure.

The broker does not charge any swap fees but applies a small administrative fee per trade.

Exness is regulated by CySEC and the FCA and offers a range of trading instruments, including forex, cryptocurrencies, commodities, and indices.

• Regulation: CySEC, FCA
• Trading Platforms: MetaTrader 4, MetaTrader 5
• Minimum Deposit: $1
• Leverage: Unlimited (depending on the entity)
• Features: Ultra-low spreads, high leverage options, flexible account types, fast withdrawal processing

FBS

FBS is known for its user-friendly platform and extensive range of educational resources.

It offers Islamic accounts without any swap fees or hidden charges, making it an excellent choice for those looking to adhere to Islamic finance principles.

The broker is regulated by IFSC and CySEC and provides 6 account types to suit different trading styles.

• Regulation: IFSC, CySEC
• Trading Platforms: MetaTrader 4, MetaTrader 5, FBS Trader
• Minimum Deposit: $1
• Leverage: Up to 1:3000
• Features: Low minimum deposit, extensive educational content, variety of account types, promotional offers

eToro

eToro is a unique broker that combines traditional and social trading options.

It offers a swap-free Islamic account, making it suitable for Muslims.

eToro is well-known for its social trading platform, where traders can copy the trades of successful investors.

The broker is regulated by multiple authorities, including the FCA, CySEC, and ASIC, and offers access to a wide range of assets, including stocks, forex, and cryptocurrencies.

• Regulation: FCA, CySEC, ASIC
• Trading Platforms: eToro Proprietary Platform
• Minimum Deposit: $200
• Leverage: Up to 1:30 (retail clients)
• Features: Social trading, copy trading, diverse asset range, user-friendly platform

Comparing trading platforms

The trading platform offered by a broker is a vital component of the trading experience.

It affects everything from executing trades to analyzing market data.

Here is a comparison of the most popular trading platforms offered:

Understanding the fee structure

Islamic forex brokers may employ different fee structures to cover their costs without charging interest.

The fee structure varies significantly between companies, and understanding these differences can help anybody choose the best broker for their needs.

Spread-only model

Some brokers operate on a spread-only model, where the only fee traders pay is the spread – the difference between the bid and ask price.

This model is simple and transparent, but users should be aware that the spreads may be slightly wider for Islamic accounts compared to standard accounts to compensate for the absence of swap fees.

Commission-based model

Other brokers use a commission-based model, where traders pay a fixed fee per trade in addition to the spread.

This commission is usually a small percentage of the trade size and may vary depending on the asset class or account type.

Administrative fee model

Some firms charge a flat administrative fee on each trade for Islamic accounts.

This fee is not based on the duration for which the position is held, so it is not considered Riba.

The administrative fee can vary depending on the instrument and the broker’s internal policies.

Importance of regulation in choosing an Islamic broker

Regulation plays a crucial role in maintaining trust and integrity in the forex trading industry.

Choosing a regulated Islamic forex broker ensures that the broker adheres to strict financial standards, operates transparently, and provides fair trading conditions.

Regulatory authorities such as the FCA, CySEC, and ASIC impose stringent guidelines on brokers to protect people’s interests.

Users should verify the regulatory status of any broker they consider by checking the broker’s registration number with the appropriate authority.

Additionally, brokers that are regulated by multiple authorities are generally considered more reliable.

Risk management and trading strategies for Islamic forex accounts

Islamic forex trading is not just about finding the right broker; it also involves implementing effective risk management and trading strategies.

Here are some strategies that users can use to minimize risk and maximize potential returns while adhering to Islamic principles.

Position sizing and leverage

Islamic traders should carefully consider their position sizes and leverage levels.

While leverage can amplify profits, it can also magnify losses.

It’s essential to use leverage responsibly and only take positions that align with one’s risk tolerance and trading strategy.

Diversification

Diversifying across different asset classes, such as forex, commodities, indices, and cryptocurrencies, can help reduce overall risk.

Diversification spreads risk across multiple investments, reducing the impact of any single market movement on the overall portfolio.

Technical and fundamental analysis

Successful forex trading requires a solid understanding of both technical and fundamental analysis.

Technical analysis involves studying price charts and patterns to predict future market movements, while fundamental analysis focuses on economic indicators, news events, and geopolitical developments.

Islamic investors should combine both methods to make informed trading decisions that align with their risk management strategy.

Comparison of leading Islamic forex firms

Conclusion

Choosing the best Islamic forex broker requires careful consideration of various factors, including regulatory status, fee structures, trading platforms, and customer support.

Traders should seek companies that offer transparent, swap-free accounts compliant with Islamic principles while providing a wide range of tradable instruments and competitive trading conditions.

The brokers discussed in this article, including XM, IC Markets, Exness, FBS, and eToro, are all reputable options that offer genuine Islamic forex accounts.

However, the best broker will depend on individual trading preferences, risk tolerance, and personal goals.

By selecting the right broker and implementing sound risk management strategies, Islamic users can successfully navigate the forex markets while adhering to their religious beliefs.

Frequently Asked Questions

User Reviews

Resources

• Sharia and securities trading
• How to Start Halal Trading using an Islamic Forex Account
• Complete Guide to Islamic Trading Accounts for Traders
• Islamic Forex Account at Tickmill

Article written, edited and reviewed by

Feng Zhou

Feng Zhou, a seasoned author and financial expert, boasts a diverse portfolio of articles recognized by prestigious publications such as Bloomberg, Global Asia, and BizLeaders. Graduating from the University of Hong Kong marked the inception of Mr. Zhou's journey into the financial sector. Initially delving into financial statement audits for both publicly traded and privately held clients, he honed his skills before furthering his education at Hong Kong Polytechnic University. During his tenure, Feng Zhou contributed significantly to the valuation of privately held businesses, engaged in forensic accounting, and provided litigation-related services. His professional trajectory also includes valuable experience at Nezu Asia Capital Management, a prominent hedge fund giant. Demonstrating entrepreneurial spirit, Feng Zhou founded a financial asset management company and frequently shares his expertise as a guest lecturer at various Chinese MBA programs. His prolific writing extends beyond traditional platforms, with articles featured in a range of industry events and publications, including FoxTrade, The MoneyShow, London Summit, and iFX EXPO. With a keen eye for market trends and a wealth of experience, Feng Zhou continues to be a prominent voice in the financial landscape.

Sandro Pontedra

Sandro Pontedra is the mastermind behind the insightful financial analysis and educational content that FoxTrade readers have come to rely on. With a rich academic background from Università di Bologna and the University of Milan, Sandro has built a career that spans across private wealth management and financial analysis, culminating in his role as Chief Accounting Officer for a prominent firm. An avid trader with over a decade of experience in the markets, Sandro combines his hands-on trading knowledge with a keen analytical mind, offering FoxTrade readers a unique blend of practical advice and in-depth market insights. His work, recognized by major financial publications, reflects his passion for finance and commitment to demystifying complex financial concepts. Sandro is dedicated to empowering readers with the knowledge and tools needed to navigate the financial markets confidently. Whether you're a seasoned investor or new to trading, his articles provide valuable insights into investment strategies, market analysis, and the future of finance and technology.

Anna Segal

Anna Segal stands out as a finance industry expert with a profound background in asset management service sales, boasting a foundational education from Politecnico di Milano and a Master’s Degree from Sapienza Università di Roma. Her professional responsibilities span the sales of financial services, economic and industry research, and forensic accounting. With over a decade of leadership experience in the start-up and tech industries, Anna has significantly contributed to the expansion of multiple global organizations. Her insights and analyses have been recognized and cited by Global Banking and Finance, The European Financial Review, and Global Finance Magazine, affirming her status as a thought leader in the field. Anna’s expertise is also evident through her contributions to Finance Magnates on forex trading patterns, discussions at the Forex Expo Dubai on the sustainability of white labels, and her analysis on trading forex on news releases for FoxTrade. Furthermore, she has contributed her knowledge on revenue strategies at the G2E Asia, hedging strategies for Forex Peace Army, and macroeconomic shifts at TradersEXPO, among other prestigious panels and publications. Anna’s influence extends across various industry events, including her participation in panels discussing Fintech & innovation at the London Summit 2020 and digital currency regulation at the Jordan Forex Expo. Her advice on using the MACD indicator in forex trading featured on Daily FX and her insights into becoming a full-time trader at the iMoney Expo reflect her broad expertise and influence in the financial sector.

Stephane Dubois

Stephane Dubois stands at the forefront of financial analysis and industry expertise, driving innovation and insight across global markets. With a diverse academic background in International Relations and World Economy, coupled with practical experience spanning government projects and private sector endeavors across five continents, Stephane brings a wealth of knowledge and perspective to his role. As a senior editor at FoxTrade, Stephane oversees the publication of insightful content, ensuring that readers receive accurate and timely analysis to navigate the complexities of the financial world. His leadership and editorial guidance have been instrumental in shaping the platform into a trusted source of information for investors and traders alike. Beyond his editorial responsibilities, Stephane is revered as a leading analyst in the online broker industry. His insights have been instrumental in shaping strategies and decision-making for executives worldwide. Stephane's expertise isn't confined to the boardroom; he is also an esteemed business school professor, with an MBA from Columbia University and prior experience at Goldman Sachs. Stephane's impact extends beyond the confines of academia and corporate settings. He has spoken and moderated panels at prestigious events globally, earning citations from esteemed publications such as Finance Monthly, The Journal of Finance, and Financial Analysts Journal. His contributions to industry discussions cover a wide array of topics, from forex strategies to stock market catalysts, earning him recognition as a thought leader in the financial world.