XTB is a European broker which was founded in , and has offices in 13 countries across the globe. XTB is regulated by the UK Financial Conduct Authority FRN and has been listed on the Warsaw Stock Exchange since XTB is a fintech company which combines financial services with innovative technology and it offers clients two platforms to choose from:. Traders can choose from 25 crypto CFDs 9 individual coins or 16 crypto pairs which are available 7 days a week from 3am Saturday to 9pm Friday.

Traders can buy or sell digital coins with leverage and day expiry. XTB support a wide range of languages including English, Spanish, Czech, Chinese, German, French, Italian, Polish, Portuguese, Romanian, Slovenian, Turkish, Arabic, and Russian. eToro is an online broker which was founded in and offers CFDs and Social Trading, with a head office based in Cyprus, UK.

eToro is supervised by the Financial Conduct Authority FCA , Cyprus Securities and Exchange Commission CySEC regulatory bodies and has been in operation for over 14 years.

eToro also offers traders mobile apps for Android and iOS, making it easier to keep an eye on and execute trades. eToro supports a wide range of languages including English, German, Spanish, French, and Italian. FP Markets is a global, online broker regulated by the Australian ASIC and the Cypriot CySEC which was founded in and offer Forex trading and has a head office situated in Australia.

Over instruments and over 60 currency pairs in total are on offer, on the popular MT4 forex trading platform. FP Markets also offers traders mobile apps for Android and iOS.

All accounts support a wide range of languages including English, Spanish, Portuguese, Romanian, Bulgarian, Arabic, Russian, French, Italian, Greek, Philippines, Latvian, Polish, Indonesian, Thai, Malay, German, Vietnamese. HYCM is an online broker which was founded in and offers Forex and CFDs trading on the popular MT4 forex trading platform plus mobile apps for Android and iOS.

IC Markets is regulated by the Australian Securities and Investments Commission ASIC , the Cyprus Securities and Exchange Commission CySEC , as well as the Seychelles Financial Services Authority FSA. IC Markets offers traders three main types of live trading accounts to choose from, including Raw Islamic swap-free accounts and the use of a free demo trading account. FXTM or ForexTime was founded in and is a registered brand name of Exinity Limited, regulated by the Financial Services Commission of Mauritius with license number C FXTM offers users seven different accounts types where the execution method, range of markets, available platform, and commissions and fees may vary.

Three accounts are offered under the Standard category. Forex Time FXTM is a MetaTrader broker which offers forex and CFD traders multiple account options for both MT4 and MT5 platforms. FXTM provides research in the form of daily technical and fundamental news analysis provided by an in-house team of analysts.

Customer Service is available via phone, email, online chat options — WhatsApp, live chat, Viber, Telegram or Messenger. OctaFX is an online broker which was founded in , offering Forex trading. As OctaFX is regulated by the Financial Conduct Authority FCA , each new client must pass a few basic compliance checks when signing up for an account. OctaFX has won numerous industry awards over the course of 9 years and is one of the few brokers that offer both of the MetaTrader platforms; MT4 and MT5.

OctaFX provides an array of educational tools to assist beginner traders to become more experienced and even professionals in trading. FBS is a Forex and CFD broker which is authorised and regulated by the International Financial Services Commission IFSC of Belize and the Cyprus Securities and Exchange Commission CySEC. FBS offers users the option to trade on Forex, Indices, Stocks, Metals and Energies across the MetaTrader 4, MetaTrader 5 and FBS Trader trading platforms.

Guatemala is the largest economy in the region of Central America and trading in Forex within the country has the potential to be a profitable undertaking. An Islamic or Swap free trading account refers to a forex trading account which is allowed in accordance to the Islamic Sharia Law.

The Islamic Shariah principle in Forex Trading refers to no interest applied for an overnight position.

In Fact, they are one and the same. Islamic Trading Accounts are popularly referred to as Swap Free trading accounts. Islamic Forex Brokers simply means that the Forex Brokerage Firm offers Islamic Forex Trading Accounts as an option to their clientele. Muslim investors will able to open a Islamic Forex account by presenting documents, such as their ID and accompanying documentation proving their faith. JP Markets offers a welcome bonus to all new traders who choose to register for a real account.

JP Markets is considered a low-risk and can be summarized as trustworthy and reliable. JP Markets is regulated by the top-tier Financial Services Board, Based.

Overall IW Bank offers numerous investment prospects for their clients, and allows them to invest in equities and bonds. IW Bank clients may experience different fee structures according. com does not offer a sign-up bonus for first-time sign-ups or beginner traders. No sign-up bonus, deposit bonus, or welcome bonus is offered to traders. The Minimum Deposit for 1st-time traders might vary based on. com offers Spreads and commissions vary according to the account type that the trader is using.

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Vantage FX is authorised and regulated by the Cayman Islands Monetary Authority CIMA under the name Vantage International Group. Vantage FX offers traders access to the MetaTrader 4 and MetaTrader 5 trading platforms for Windows, Mac, Android and iOS. Customer support is available 24 hours a day, 5 days via phone, email, live chat and remote TeamViewer in English, Mandarin, Thai and Vietnamese.

IQ Option is a broker developed under the IQ Option Europe company which was founded in IQ Option contains a CySEC license Cyprus Securities and Exchange Commission from Cyprus , with permission to provide its financial services within the European Economic Area zone, with several licenses from other EU local jurisdictions. IQ Option offers its clients services in binary options , stocks and shares , currencies , and ETF trading.

IQ Option provides clients with a proprietary platform which is also used for CFDs and for binary options trading. Traders can also install the mobile trading app which is provided free of charge. The mobile trading app has been designed specifically for use on smartphones and mobile devices and allows traders to check their account status, keep updated with all the developments in the market as well as to execute trades.

The IQ Options trading platform and website are available to traders in thirteen different languages and allows traders to choose the currency to trade with. The selections of currencies are: GBP, RUB, EUR , IDR , USD , MUR , and Yuan.

FXPro is an online broker which was founded in and offers Forex, Share Dealing, Spot Indices, Futures, Spot Metals and Spot Energies trading.

FXPro is a global broker with a head office located in the UK. As a CySEC regulated broker , FXPro is also a member of the Investor Compensation Fund scheme. With FXPro , the minimum and maximum trade requirements vary depending on the trader and the instrument chosen. FXPro offers customer support 24 hours a day, 5 days a week via Live Chat, Telephone and Email in a variety of different languages including English, Spanish, French, Polish, Malay, Arabic, Chinese, Greek, Hungarian, Japanese, Korean, Russian, Thai, Vietnamese, Indonesian and others.

Sri Lanka has been a central hub for traders and travellers alike and multiple Islamic Brokers accept local investors from the country. Islamic Forex Brokers simply refer to Forex Brokerage firms who make Islamic Forex Trading Account options available to Muslim investors. An Islamic or Swap free trading account refers to a forex trading account which is allowed in accordance to the Islamic Sharia Law. The Islamic Shariah principle in Forex Trading refers to no interest applied for an overnight position.

In Fact, they are one and the same. Islamic Trading Accounts are popularly referred to as Swap Free trading accounts. Islamic Forex Brokers simply means that the Forex Brokerage Firm offers Islamic Forex Trading Accounts as an option to their clientele.

Muslim investors will able to open a Islamic Forex account by presenting documents, such as their ID and accompanying documentation proving their faith.

JP Markets offers a welcome bonus to all new traders who choose to register for a real account. JP Markets is considered a low-risk and can be summarized as trustworthy and reliable. JP Markets is regulated by the top-tier Financial Services Board, Based. Overall IW Bank offers numerous investment prospects for their clients, and allows them to invest in equities and bonds. IW Bank clients may experience different fee structures according.

com does not offer a sign-up bonus for first-time sign-ups or beginner traders. No sign-up bonus, deposit bonus, or welcome bonus is offered to traders. The Minimum Deposit for 1st-time traders might vary based on. com offers Spreads and commissions vary according to the account type that the trader is using. RSS Feed. Top 4 Brokers. Read Review. Open a Free Trading Account. Tiếng Việt. Czech Republic.

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JP Markets Sign Up Bonus JP Markets offers a welcome bonus to all new traders who choose to register for a real account. JP MARKETS Review JP Markets is considered a low-risk and can be summarized as trustworthy and reliable. IWBank Review Overall IW Bank offers numerous investment prospects for their clients, and allows them to invest in equities and bonds.

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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.

Get Started Read more on FXTM 1 The ratings shown on DailyForex. ECN-style trading Daily market research and Autochartist access Get Started Read more on FP Markets Get Started Read more on AvaTrade 3 The ratings shown on DailyForex. High level regulation in multiple jurisdictions Impressive range of tradeable assets including vanilla options and gold options Get Started Read more on AvaTrade Get Started Read more on BlackBull Markets 4 The ratings shown on DailyForex. Solid broker for scalping and hedging Institutional-style trading opportunities for retail traders Get Started Read more on BlackBull Markets Get Started Read more on Eightcap 5 The ratings shown on DailyForex.

FP Markets , ECN trading with leverage up to AvaTrade , Highly regulated, choice of fixed or floating spreads. BlackBull Markets , Best ECN trading environment, with scalping and hedging. FXTM 5. 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. The option is only available to residents of certain countries. It is not possible to trade exotic currencies in an FXTM Islamic account.

Get Started Get Started In Summary ECN trading with leverage up to 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 , 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. This leniency towards leverage has allowed FPMarkets to offer Islamic traders leverage as high as 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. Like many antipodean Forex brokers, BlackBull Markets is an ECN broker, offering raw spreads and commissions.

They are regulated in New Zealand by the Financial Services Providers Register FSPR and offer a maximum leverage on some Forex currency pairs as high as to 1. In addition to their global headquarters in New Zealand, BlackBull Markets also has presences in the form of branch offices in New York and Malaysia. BlackBull Markets offers a relatively tight range of tradable assets: 27 Forex currency pairs and crosses, gold, silver, crude oil, natural gas, and 6 major equity indices.

That should be sufficient for those traders with more focused strategies not requiring wide diversification. 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. The team at Daily Forex 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. 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.

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 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. 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. How to Choose 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 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. Also, there are certifications for Forex Islamic accounts in Halal. What is a Swap-Free Islamic Account in Forex? How do Commissions on Islamic Trading Accounts Work? 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. 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. Loans 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.

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.

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 it Halal or Haram for Muslims to Trade Forex? 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.

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.

Plus 6. Justin achieved Honours in Commerce and has a Master's degree from Monash University. Simply click it, and a new window will pop up, where you can enter the desired amount, choose a payment method and fill in the necessary details. com Share dealing platform. Overall IW Bank offers numerous investment prospects for their clients, and allows them to invest in equities and bonds.

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