Looking for a swap-free Islamic forex account? In this guide, we’ll highlight the 9 best Islamic forex brokers for 2021 and show you how to start trading today. Best Islamic Brokers 2021 List Here are the 9 best Islamic forex brokers you can trade with in 2021: eToro – Overall Best Islamic Forex Broker for 2021 VantageFX – Best Islamic Forex Broker for High Leverage AvaTrade – Best Swap-free Account for Options Trading Forex.com – Top Islamic Forex Trading Account in the US IC Markets – Best MT4/MT5 Broker with Islamic Forex Accounts Pepperstone – Cheapest Islamic Forex Broker for 2021 Skilling – Best Forex Islamic Account for Beginners Interactive Brokers – Top Swap-free Account for Exotic Forex Pairs IG – Best Swap-free Account for Advanced Forex Traders Best Islamic Forex Brokers My Trade Size€ 100 (0.001 lots)EUR/USDMore FiltersSort ByRating6 Providers that match your filtersDeposit MethodsBank TransferCredit CardNetellerSkrillGiropayPaypalSofortSepa TransferTrading PlatformsDemoWebTraderMT4MT5STP/DMACopyTradingcTraderRegulated byFCACySECASICCFTCNFABAFINAdditional FeaturesIslamic AccountEducation & WebinarsCharts & ToolsScalpingFree Forex SignalsSpread BettingAutomated TradingMin. Deposit€500Min. Spread2Max. Leverage2:1Currency Pairs1+Rating1 or betterMobile App1 or betterClear FilterRecommended Broker302 New users todayRatingTotal Cost€0.01 Mobile App10/10Min. Deposit€50Min. Spread1 pipsMax. Leverage50:1Currency Pairs52Trading PlatformsDemoWebTraderCopyTradingDeposit MethodsRegulated byFCA, CySEC, ASIC, CFTC, NFA, BAFINWhat you can tradeForexIndicesActionsCryptocurrenciesRaw MaterialsETFsAverage spreadEUR/GBP2.5EUR/USD1EUR/JPY2EUR/CHF5GBP/USD2GBP/JPY3GBP/CHF4USD/JPY1USD/CHF1.5JPY/CHF2.7Additional FeesRolling fee0Conversion0Leveraged30:1FCA30:1CySEC30:1ASIC30:1CFTC30:1NFA30:1BAFINVisit SiteFees & AssetsRatingTotal Cost€0.12 Mobile App9/10Min. Deposit€0Min. Spread0.9 pipsMax. Leverage2:1Currency Pairs50Trading PlatformsDemoWebTraderMT4STP/DMADeposit MethodsRegulated byFCA, CySEC, ASIC, CFTC, NFA, BAFINWhat you can tradeForexIndicesActionsCryptocurrenciesRaw MaterialsETFsAverage spreadEUR/GBP1.4EUR/USD0.9EUR/JPY1.8EUR/CHF2.1GBP/USD1.2GBP/JPY1.9GBP/CHF2.2USD/JPY1.2USD/CHF1.1JPY/CHF2.7Additional FeesRolling feeConversionLeveraged30:1FCA30:1CySEC30:1ASIC30:1CFTC30:1NFA30:1BAFINVisit SiteYour capital is at riskFees & AssetsRatingTotal Cost€0.01 Mobile App9/10Min. Deposit€20Min. Spread0.6 pipsMax. Leverage20:1Currency Pairs100Trading PlatformsDemoWebTraderMT4MT5Deposit MethodsRegulated byFCA, CySEC, ASIC, CFTC, NFA, BAFINWhat you can tradeForexIndicesActionsCryptocurrenciesRaw MaterialsAverage spreadEUR/GBP1.4EUR/USD0.6EUR/JPY1.5EUR/CHF2.2GBP/USD0.8GBP/JPY1.9GBP/CHF2.4USD/JPY1.3USD/CHF1.3JPY/CHF2.6Additional FeesRolling fee0Conversion0.0Leveraged30:1FCA500:1CySEC30:1ASIC30:1CFTC30:1NFA30:1BAFINVisit SiteFees & AssetsLoad more + Find the Best Islamic Forex Brokers – Comparison Recommended BrokerVisit SiteVisit SiteCFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 79% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.Visit SiteVisit SiteYour capital is at riskVisit SiteVisit SiteSelect BrokerRating5.005.005.004.804.804.80Mobile App Rating10/1010/1010/109/1010/108/10RegulationFCA, CySEC, ASIC, CFTC, NFA, BAFINFCA, CySEC, ASIC, CFTC, NFA, BAFINFCA, CySEC, ASIC, CFTC, NFA, BAFINFCA, CySEC, ASIC, CFTC, NFA, BAFINFCA, CySEC, ASIC, CFTC, NFA, BAFINFCA, CySEC, ASIC, CFTC, NFA, BAFINAccountMin. Deposit€50€100€200€0€0€100Min. Spread111.10.911Max. Leverage50:1100:1200:12:12:1100:1FX Pairs525040506270Fees & SpreadsEUR/GBP18.104.22.168.41.31.3EUR/USD111.10.911EUR/JPY22.214.171.124.41.4EUR/CHF126.96.36.199.91.7GBP/USD188.8.131.52.11.1GBP/JPY184.108.40.206.71.6GBP/CHF42.522.222.2USD/JPY220.127.116.11.11.2USD/CHF18.104.22.168.11.21.1JPY/CHF22.214.171.124.72.72.5Additional FeesRolling fee0N/AN/AN/AN/AN/AConversion Fee0N/AN/AN/AN/A0.7Trading PlatformsDemoWebTraderCopyTradingMT4MT5STP/DMAcTraderLeverageFCA30:130:130:130:130:130:1CySEC30:130:130:130:130:130:1ASIC30:130:130:130:130:130:1CFTC30:130:130:130:130:130:1NFA30:130:130:130:130:130:1BAFIN30:130:130:130:130:130:1AssetsForexIndicesActionsCryptocurrenciesRaw MaterialsETFsAdditional FeaturesIslamic AccountEducation & WebinarsCharts & ToolsScalpingFree Forex SignalsSpread BettingFunding MethodsBank TransferCredit CardNetellerSkrillGiropayPaypalSofort Top Islamic Forex Brokers Reviewed Want to learn more about the best Islamic forex brokers? We’ve put together reviews of the top 5 platforms so you can decide which is right for you. 1. eToro – Overall Best Islamic Forex Broker for 2021 eToro is our overall top pick for Islamic traders in search of a swap-free account. This broker offers Islamic accounts with no rollover fees on contracts lasting more than 24 hours, no commissions for trade forex, and interest-free on leverage. Plus, with eToro, you can perform currency trading over 40 major (such as EUR/USD) and minor pairs. To open a forex Islamic account with eToro, you’ll need to fund your trading account with at least $1,000. The broker makes this simple by accepting a wide variety of payment methods, including credit cards, debit cards, PayPal, Neteller, Skrill, and bank transfer. There are no deposit fees and eToro’s inactivity fee doesn’t take effect unless you go a whole year without trading. eToro stands out for its custom trading platform, which is available for the web and mobile devices. You get an easy to use charting interface with over 100 built-in studies and drawing tools, plus a news feed and economic calendar. eToro also offers market research from professional analysts to help guide your trades according to the trading conditions. Past performance does not guarantee future results. Even better, eToro has a social trading network where you can follow millions of other traders from around the world. The platform lets you see what other traders think about a forex pair, so you can see changes in momentum at a glance. In addition, eToro supports copy trading. That means that you can mimic the moves of more experienced forex traders and put your portfolio on autopilot. eToro is regulated by the UK’s Financial Conduct Authority and Cysec in Cyprus. Plus, the broker offers 24/5 customer support if you need help setting up your forex Islamic account. Pros: Commission-free trading on over 40 forex pairs Access professional market research Custom trading platform with 100+ technical trading tools Social trading network and copy trading Regulated by the UK FCA with 24/5 support Cons: $1,000 minimum deposit for Islamic accounts Visit eToro Now 67% of retail investor accounts lose money when trading CFDs with this provider. 2. VantageFX – Best Islamic Forex Broker for High Leverage VantageFX is another top forex broker that offers Islamic trading accounts. This forex trading platform is especially good for traders who want to use high leverage, since VantageFX offers margin up to 500:1 for major forex pairs. In addition, most minor and exotic pairs can be traded with leverage of 75:1 or greater. Another benefit to VantageFX is that the broker offers swap-free accounts with both STP (straight-through processing) and ECN (electronics communication network) order processing. STP accounts charge spreads starting at 1.4 pips, while ECN accounts charge spreads as low as 0.0 pips and a commission of $3 per lot per side. VantageFX has its own trading platform, which we found to be very easy to use. However, it is a little bit limited when it comes to technical analysis. The good news is that VantageFX also integrates with MetaTrader 4 and 5, so you have access to forex signals, custom indicators, strategy backtesting, and more. VantageFX has over 40 forex pairs available to trade and the broker requires just a $200 minimum deposit to open a new account ($500 for ECN account types). The broker is regulated by the Australian Securities and Investment Commission (ASIC) and offers 24/5 customer support for Islamic forex trading accounts. Pros: Trade with leverage up to 500:1 STP and ECN accounts available Spreads as low as 0.0 pips with ECN account Integrates with Metatrader 4 and Metatrader 5 Regulated by ASIC Cons: Above-average spreads with an STP account Visit VantageFX Now Your capital is at risk. 3. AvaTrade – Best Swap-free Account for Options Trading For Islamic traders who want to buy and sell vanilla forex options, AvaTrade is one of the best trading platforms available. This foreign exchange broker carries 55 forex pairs, many of which you can trade either as spot currencies or through options contracts. Both spot and options forex trading is 100% commission-free. AvaTrade has its own custom platform for forex options trading, called AvaOptions. With this platform, available for web and mobile, you can easily pull up profit & loss charts and see the likelihood of profiting from a trade based on historical volatility. You can also analyze multi-leg options strategies and easily execute them through AvaTrade. For spot trading, AvaTrade offers a webtrader and a mobile trading platform that’s packed with features. You can conduct technical analysis with dozens of built-in studies, plus keep watch over the market with a news feed and economic calendar. AvaTrade also supports social trading and copy trading through its standalone AvaSocial mobile app. AvaTrade is regulated by the UK’s FCA and Australia’s ASIC. The broker offers 24/5 customer support if you need help setting up your account. To open a new forex Islamic account, you’ll need to make a $100 minimum deposit and then make a request for a swap-free account through the customer support team. Pros: 100% commission-free spot and options trading AvaOptions app for multi-leg options analysis Social trading through AvaSocial mobile app Low $100 minimum deposit Regulated by the FCA, FSCA and ASIC Cons: Multiple different trading platforms for spot, options, and social trading Visit AvaTrade Now Your capital is at risk. 4. Forex.com – Top Islamic Forex Trading Account in the US Forex.com is one of the best Islamic forex brokers in the US. This brokerage was one of the early pioneers of online forex trading and has been operating since 2001. As a US broker, it’s regulated by the Securities and Exchange Commission (SEC) and the Commodities and Futures Trading Commission (CFTC). Forex.com offers trading on over 80 currency pairs, plus cryptocurrencies, gold, and silver. Spreads with a Standard account start as low as 1.0 pips. Alternatively, you can also open a Commission account that charges spreads as low as 0.2 pips and commission of $5 per 100,000 of volume traded. One of the best things about Forex.com is that it provides you with tons of analysis of the forex market. This broker offers professional research and market reports, plus a news feed and economic calendar. You also get access to pivot point analysis, which offers actionable trade ideas based on technical price movements. Forex.com has its own web and mobile trading platform that we found to be quite comprehensive. It even includes performance analytics, so you can track your wins and losses over time and make improvements to your strategy. Forex.com only requires a $100 minimum deposit to open an account, but you must deposit funds via bank transfer or debit card. Pros: US broker regulated by the SEC and CFTC Spreads as low as 1.0 pips with Standard account Only requires $100 minimum deposit Professional market research and pivot points analysis Trading platform with performance analytics Cons: As a disclaimer, please consider that it does not accept credit or e-wallet payments Visit Forex.com Now Your capital is at risk. 5. IC Markets – Best MT4/MT5 Broker with Islamic Forex Accounts IC Markets is another top Islamic forex broker that offers trading on more than 60 currency pairs. One of the key advantages to this broker is that most major pairs can be traded with leverage up to 500:1, which enables you to take large positions in the forex market even with a small initial deposit. The real selling point to IC Markets, though, is its integration with MetaTrader 4 and 5. The broker doesn’t have its own trading platform and instead focused on making its integration with these popular trading platforms as seamless as possible. With MT4 and MT5, you can build custom indicators and trading strategies, apply forex signals, and even set up automated trading strategies. IC Markets offers both STP and ECN swap-free trading accounts. STP accounts are 100% commission-free and charge spreads starting from 0.6 pips, which is incredibly inexpensive. ECN accounts charge spreads as low as 0.0 pips and carry commissions of $3.50 per lot. Islamic forex accounts also carry overnight charges of $5-$10 for most forex pairs in lieu of swap charges. IC Markets is regulated by the Financial Services Authority of the Seychelles (FSA). The broker offers 24/7 customer support if you need assistance with your account. Pros: Trade with 500:1 leverage Seamless integration with MT4 and MT5 STP and ECN Islamic forex accounts available 24/7 customer support Spreads as low as 0.6 pips with Standard account Cons: FSA is not a top-tier regulatory authority Visit IC Markets Now Your capital is at risk. Best Islamic Forex Brokers Comparison Now that you know more about the best Islamic forex accounts, let’s see how they stack up in terms of fees: Pricing Structure USD/GBP Spread Deposit/Withdrawal Fee Maximum Leverage eToro Spread 2.1 pips $5 withdrawal fee 30:1 VantageFX Spread (STP) Commission (ECN) 1.4 pips (STP) $3 per lot (ECN) None 500:1 AvaTrade Spread 1.6 pips None 400:1 Forex.com Spread (STP) Commission (ECN) 1.0 pips (STP) $5 per lot (ECN) None 50:1 IC Markets Spread (STP) Commission (ECN) 0.6 pips (STP) $3.50 per lot (ECN) None 500:1 How is an Islamic Broker Different? Wondering what makes an Islamic account ‘Islamic?’ The key thing is that trading forex with an Islamic account is considered halal under Sharia law, whereas trading forex with a traditional account is considered haram or ‘forbidden.’ In a traditional forex account, when you hold a forex position overnight, your contract must be rolled over into a new contract for the next day. Most forex brokers charge interest on your position for completing this rollover. The interest charge is also known as a swap fee. The problem is that interest charges are a form of riba, or usury according to Islamic finances, which is prohibited by Islamic law and Shariah. So, any Muslim traders that hold forex positions for longer than a day would no longer be following Sharia law and Islamic faith. Islamic accounts get around this by eliminating overnight swap fees. Swap-free Islamic accounts don’t charge interest on your position. Instead, forex brokers may require a larger minimum deposit, charge a larger spread for forex trades made in swap-free accounts, or charge a flat commission for rolling over your contracts. All of these practices eliminate interest and thus are considered halal. How to Get Started with an Islamic Forex Broker Ready to start trading with the best Islamic forex account in 2021? We’ll show you how to sign up for eToro and place your first trade with a swap-free account. Step 1: Register an eToro Account Before you can open an Islamic account with eToro, you’ll first need to open a standard trading account. Head to the eToro website and click ‘Join Now.’ Enter your email and a new username and password for your account. You can also sign up using your Google or Facebook credentials. Step 2: Verify Your Identity eToro is regulated by the UK FCA and complies with Know Your Customer (KYC) requirements. This means that you must upload a copy of your passport or driver’s license along with a copy of a recent bank statement or utility bill before you can start trading. Step 3: Deposit Funds Next, it’s time to fund your new eToro account. eToro only requires a minimum deposit of $250 for standard accounts, but you’ll need at least $1,000 if you want to change to an Islamic account. You can pay by credit card, debit card, PayPal, Neteller, Skrill, or bank transfer. Step 4: Request an Islamic Account To change from a standard to Islamic account with eToro, simply contact customer support. eToro’s customer support team is available 24/5. Your account status will be changed within 1-2 business days. Step 5: Start Trading Now you’re ready to start trading forex swap-free with eToro. Search for your favorite currency pair and click ‘Trade’ when it appears in the drop-down menu. In the order form, enter the amount you want to buy or sell. You can also choose how much leverage to apply to your trade and set a stop loss or take profit order. When you’re ready, click ‘Open Position’ to complete your first forex trade. eToro – Best Islamic Forex Broker for 2021 Keeping forex trading halal is easy with the best Islamic forex broker. These brokers offer swap-free accounts that don’t charge interest and cater specifically to the needs of Muslim traders. Ready to start trading with the best Islamic forex broker for 2021? Click the link below to create an eToro account and get started with swap-free forex trading today! Visit eToro Now 67% of retail investor accounts lose money when trading CFDs with this provider. FAQs What is a swap charge in forex trading? A swap charge is an interest fee that you pay when you hold a forex position overnight. The best forex Islamic accounts are swap-free, meaning no risk warning about possible overnight interest charges. Do Islamic forex accounts cost extra? The best Islamic forex brokers often require a higher minimum deposit or charge slightly higher spreads for the best forex Islamic accounts. However, you don’t have to pay swap fees on overnight positions, so they ultimately cost about the same amount as regular forex trading accounts. How much money do I need to open an Islamic account? You can open an Islamic forex account with as little as $100 at some brokers. Our top-rated Islamic forex broker, eToro, requires a $1,000 minimum deposit for Islamic accounts. Is forex trading halal in Islam? Forex trading is considered halal as long as there are no interest charges applied to overnight positions. Islamic accounts are halal because they eliminate these overnight interest fees. Can I trade with leverage with an Islamic forex broker? Yes, most Islamic forex brokers let you trade with leverage. Trading with leverage is considered halal in Islam. Unlock FREE Daily Forex Signals! 2-3 Forex Signals Daily 76% Success Rate 25k+ Telegram Members Join our FREE Telegram Group Now! Michael Graw Michael Graw Michael is an experienced freelance journalist and writer based in Washington. His core expertise includes finance, trading and technology. His work has been published on various websites that are prominent in the financial space. These cover the intersection of markets, global news and new emerging technology. In addition, he holds a Ph.D. in Oceanography from Oregon State University and has worked with environmental non-profit organisations across the US to help bridge the gap between scientific research and coastal communities. Other publications that Michael has written for include TechRadar, Tom’s Guide, StockApps, and LearnBonds. View All Post By Michael Graw Top Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk.2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk.3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk.4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk.5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.