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5 Best Islamic (Swap Free) Forex Accounts for 2024
Searching for the best forex brokers offering Islamic accounts? Through our hands-on analysis, we’ve narrowed down the top 5 options to meet diverse trading needs. Practical tips from our experts are included.
By:
Reviewed By:
Updated: Feb 22, 2024
List of Top Brokers with Islamic Accounts
Regulated by top-tier CySEC and ASIC. MT4 and MT5. Islamic Standard and Raw Spreads accounts available. 10-day grace period before financing fees are charged on Islamic accounts.
Regulated by top-tier CySEC and ASIC. Very tight spreads. 2000+ instruments. MT4, MT5, and cTrader. Islamic Standard and Raw Spreads accounts available. No financing fee for many instruments in the Islamic account.
Tight spreads. MT4 and MT5. Standard Cent, Standard, Pro, and Raw Spread Accounts can be converted to Islamic. Base currencies from Arabic countries. No financing fee on Islamic accounts for clients outside the EU. 1:3000 leverage.
Regulated by top-tier ASIC and CySEC. Low fees. Wide range of trading instruments. No financing fee for many instruments in the Islamic account. Grace period of up to 10 days on certain instruments. Islamic account available on Standard and Pro accounts.
Regulated by top-tier FCA and CySEC. Lots of tradable instruments. Classic, Pro, and VIP can be converted to Islamic. Financing fee only applies from the 4th night of holding a position. No financing fee is charged for most instruments in an Islamic account.
Is Forex Trading Allowed in Islam?
Forex trading, in the context of Islamic finance, is debated due to principles of Islamic law (Sharia). The primary concerns revolve around the concepts of Riba (usury or interest), Gharar (excessive uncertainty), and Maisir (gambling), which are prohibited in Islam.
CFD traders who use conventional accounts are typically charged or credited interest on the leveraged positions they hold overnight. This practice results in overnight or swap fees. Islamic accounts, also known as swap-free accounts, have been designed specifically to eliminate the collection and payment of ‘Riba’, or interest, which is strictly prohibited in Islam.
In Islamic accounts, brokers may charge account holders a fixed fee per contract held overnight, commonly referred to as an admin fee or a financing fee. This fee structure is designed to avoid the concept of Riba while maintaining the broker’s revenue. Often, a grace period of several nights is provided before the nightly fee is applied.
How did FX Empire choose the best Islamic forex accounts?
- We checked for the availability of an Islamic account.
- We checked the available account types for CFD trading and examined which of them are convertible to Islamic.
- We measured the financing fees replacing the swap fees.
- We tested other fees and trading costs, including spreads, inactivity fees, and withdrawal fees.
- We assessed brokers’ level of financial strength and transparency.
- We conducted a test drive for each trading platform, digging into available order types, charting, watchlists, and UX.
- We checked the availability of a broad variety of tradable CFD instruments.
- We looked for fast, responsive, and helpful customer support via phone, live chat, and email.
- We verified the availability of a good variety of deposit and withdrawal methods, making it fast and easy to move money in and out of your account.
Our team of experts has identified each broker’s strengths and weaknesses using FX Empire’s comprehensive methodology. Here’s how we test.
Now let’s go through the selected brokers.
Best Overall
4.6
Contracts for Difference (CFDs) are leveraged over-the-counter derivative products and carry a high level of risk to your capital. You should only risk capital that you can afford to lose. In certain circumstances, due to fluctuations in market value you may not get back your initial investment amount. You may not only lose your initial investment but you may incur a liability to pay a further amount to cover losses. This means you can lose more money than you have invested.
- Min Deposit$100
- Tradable Instruments8977
- FeesLow
Why We Picked It
Sydney, Australia-based FP Markets was founded in 2005 and has entities regulated by top-tier CySEC and ASIC. With over 10,000 instruments across stocks, indices, forex, commodities, and cryptocurrencies, Islamic traders can experiment across a broad range of markets.
Islamic Account Features:
- Account types: Islamic Standard, Islamic Raw
- Available trading platforms: MetaTrader 4, MetaTrader 5
- Minimum deposit: $100 AUD or equivalent
- Spreads: 1 pip in EUR/USD, 14 pips in Gold
- Financing fee: $1 to $80 per lot per night, applicable from the 11th night
- Maximum leverage: 1:500 (St. Vincent entity), 1:30 (ASIC), 1:30 (CySEC)
- Base currencies: USD, AUD, EUR, GBP, SGD, CHF, CAD, JPY, HKD, PLN, ZAR, MXN, BRL
The swap-free Islamic account is available on Raw and Standard account types on the MT4 and MT5 trading platforms. Islamic Accounts are not charged any swap or admin fee for the first ten nights. If positions are held longer, a financing fee is applicable from the eleventh night. Islamic account admin fees range from $1 (for example, in major indices such as the Germany 30) up to $80 for spot natural gas (XNGUSD) per night, per contract. Popular currency pairs like EUR/USD have an admin fee of $5 per night.
FP Markets offers competitive trading costs: in my live tests, I experienced spreads of 14 pips in gold and 4 pips in crude oil. Speed is the name of the game at this broker – made possible with low latency trade execution delivered from the Equinix NY4 facility server cluster. I also confirmed that scalpers and algorithmic traders can be more confident of having a stable trading environment thanks to free VPS hosting.
I assess that the FP Markets’ selection of platforms is robust and can cater to the most sophisticated traders. Islamic account holders have access to MetaTrader 4 and MetaTrader 5 only, while standard clients have access to all three platforms including cTrader. Another significant benefit is excellent 24/7 email, phone, or live chat support. Over two weeks of my testing, customer support responded quickly with well-informed and helpful answers.
Pros and Cons
Pros
- Fast and simple account opening process.
- No withdrawal fees.
- Impressive range of tradable instruments.
- Competitive spreads in forex pairs.
Cons
- No proprietary platform.
Best Low Spreads
4.5
Trading Derivatives carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Derivatives may not be suitable for all investors, so please ensure that you fully understand the risks involved, and seek independent advice if necessary. A Product Disclosure Statement (PDS) can be obtained either from this website or on request from our offices and should be considered before entering into a transaction with us. Raw Spread accounts offer spreads from 0.0 pips with a commission charge of USD $3.50 per 100k traded. Standard account offer spreads from 1 pips with no additional commission charges. Spreads on CFD indices start at 0.4 points. The information on this site is not directed at residents in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.
- Min Deposit$200
- Tradable Instruments2251
- FeesLow
Why We Picked It
Founded in 2007, IC Markets is a veteran of the forex and CFD industry. With over 180,000 active clients worldwide and US $1.2 trillion in trading volume (according to the broker’s website), it has emerged as a market leader.
The Sydney, Australia-based broker provides access to trading in CFDs on currency pairs, commodities, indices, shares, ETFs, futures, and cryptocurrencies. While researching trust and stability signals, I confirmed that multiple authorities, including top-tier ASIC and CySEC, regulate IC Markets.
Islamic Account Features:
- Account types: Standard, Raw Spread
- Available trading platforms: MetaTrader4, MetaTrader 5, cTrader
- Minimum deposit: $200
- Spreads: 0.6 pip in EUR/USD, 18 pips gold
- Financing fee: Between $5 per lot and $80 per lot per night, applicable from the first night
- Maximum leverage: 1:500 (Seychelles entity), 1:30 (ASIC), 1:30 (CySEC)
- Base currencies: USD, GBP, AUD, EUR
For most instruments, Islamic account holders at IC Markets do not pay swap or financing fees. When holding exotic currency pairs, Brent crude oil, natural gas, and WTI crude oil, a fixed financing fee is applied overnight, starting from the first night. Financing fees vary from $5 per contract per night for a currency pair such as EUR/HKD up to $80 for natural gas (XNG/USD).
Rock-bottom trading costs are a hallmark of this broker, providing an edge for active, short-term traders. I experienced spreads as low as 2.2 pips in GBP/JPY, 18 pips in gold, and 3 pips in crude oil. Advanced and systematic traders can take advantage of the full suite of MetaTrader platforms along with the more intuitive cTrader.
Pros and Cons
Pros
- Excellent range of tradable instruments.
- Rock bottom spreads.
- Robust platforms and tools.
- 24/7 customer support.
- $1M insurance via Lloyds of London (offshore entity).
Cons
- Trading platforms may take time to master.
Best MT4 Islamic Account
4.3
Your capital is at risk.
- Min Deposit$10
- Tradable Instruments263
- FeesMedium
Why We Picked It
Founded in 2012, JustMarkets is a multi-asset online CFD broker based in Limassol, Cyprus. I confirmed that Just Markets Ltd is regulated by Tier-1 CySEC and has several offshore entities. Traders can choose between four account types, MT4 and MT5 trading platforms, and eleven base currencies.
Islamic Account Features:
- Account types: Standard Cent, Standard, Pro, Raw Spread
- Available trading platforms: MetaTrader 4, MetaTrader 5
- Minimum deposit: $1
- Spreads: 0.7 pips in EUR/USD, 28 pips in gold
- Financing fee: No fee for clients outside EU
- Maximum leverage: 1:3000 (Seychelles FSA), 1:30 (CySEC)
- Base currencies: USD, EUR, GBP, ZAR, KWD, IDR, CNY, MYR, JPY, VND, THB
Islamic account holders outside the EU do not pay swap fees, and there are no financing fees. For EU clients, Islamic accounts are available via Raw Spread and Pro account types on the MT5 platform. Swap-free accounts are subject to a daily order handling fee determined by the size of financing costs charged to JustMarkets by its vendors.
Professional traders can benefit from the advanced features of MetaTrader 4 and MetaTrader 5, such as automated trading. In my hands-on tests, I experienced competitive spreads of 2 pips in GBP/JPY and 4 pips in WTI crude oil. The Raw Spread account helps traders keep costs to a minimum, with spreads starting at 0 pips. JustMarkets also offers copy trading via MT4, which allows experienced traders to earn additional income when others copy their trades.
Pros and Cons
Pros
- Regulated by a Tier-1 CySEC.
- Multiple deposit and withdrawal options.
- Various account types for MT4 and MT5.
- Good customer support.
Cons
- Limited research materials.
Best for Professional Traders
CFDs can be very risky because they use leverage, which might not be suitable for everyone. The use of leverage means that even a small amount of money you deposit initially can lead to big losses due to market movements. CFD trading is particularly risky because the markets they involve are speculative and can change a lot. Trading these products could mean losing money, therefore, you must carefully consider your financial situation and risk tolerance before trading CFDs.
- Min Deposit$50
- Tradable Instruments14189
- FeesMedium
Why We Picked It
Founded in 2005, MultiBank has an impressive track record as a CFD broker and has grown to have a significant global presence. The Dubai-based broker is regulated across five continents and maintains over 20 offices worldwide. MultiBank Group offers the popular MetaTrader platform and uses a non-dealing desk ECN model of order execution.
Islamic Account Features:
- Account types: Standard, Pro
- Available trading platforms: MetaTrader 4, MetaTrader 5
- Minimum deposit: $50
- Spreads: 1.5 pips in EUR/USD, 25 pips in gold
- Financing fee: No fee applies
- Maximum leverage: 1:500 (CIMA), 1:30 (CySEC), 1:30 (ASIC)
- Base currencies: USD, EUR, GBP, AUD, CAD, CHF
On certain instruments, MultiBank offers a grace period of up to 10 days for Islamic accounts, after which normal swap rates apply. For example, there are no swap fees for a period of 10 days for indices, and for exotic forex pairs the grace period is 3 days. In some assets such as major currency pairs, there are no swap fees on a continuous basis.
From my research of Multibank’s offering, advanced traders can take advantage of tight spreads, high leverage of 1:500, free VPS hosting, expert advisors, MAM/PAM, and Fix API. The Pro account (available as an Islamic account) offers trading with zero commissions, tight spreads, and instant execution. MultiBank Group uses a non-dealing desk model of order execution, and all orders go through an ECN to over 20 interbank liquidity providers. In my live tests, I experienced competitive spreads of 1.9 pips in GBP/JPY and 5 pips in WTI crude oil.
Pros and Cons
Pros
- Well-established global broker.
- Stable, nanosecond execution.
- Great customer service.
- Accounts insured up to $1,000,000.
Cons
- Limited educational materials.
Best for Beginners
4.5
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 72% of retail investor accounts lose money when trading CFDs with Tickmill UK Ltd. You should consider whether you understand how CFDs, or any other of our products work, and whether you can afford to take the high risk of losing your money.
- Min Deposit$100
- Tradable Instruments747
- FeesLow
Why We Picked It
London-based Tickmill performed well in all major categories of our hands-on tests. This well-rounded broker was founded in 2014 and provides access to a wide selection of CFDs, futures contracts, and options. Tickmill offers the popular MetaTrader 4 and MetaTrader 5 platforms which feature advanced order types, robust charts, and automated trading.
Islamic Account Features:
- Account types: Classic, Pro, VIP
- Available trading platforms: MetaTrader 4, MetaTrader 5
- Minimum deposit: $100
- Spreads: 1.6 pips in EUR/USD, 18 pips in gold
- Financing fee: from $5 to $50 per contract per night, applicable from the 4th night
- Maximum leverage: 1:500 (Seychelles FSA), 1:30 (FCA), 1:30 (CySEC)
- Base currencies: USD, EUR, GBP, PLN
I confirmed that Tickmill allows you to convert Classic, Pro, or VIP accounts into swap-free accounts keeping the same trading conditions and terms as regular trading account types. The only difference is that there are no swaps on trading instruments. However, when a position is held open for over three consecutive trading days (including weekends), an Islamic account is subject to daily charges on select instruments ranging from $5 to $50 per contract.
The Classic Account can be opened for just $100. I noted that Tickmill offers trading micro-lots, which helps beginners minimize their risk when trading live. Over two weeks of exhaustive testing via phone, live chat, and email, our team experienced strong customer support.
Tickmill excels in another critical area for new traders: education. I found the live webinars guided by industry experts to be especially valuable. Similarly, broker’s research materials are rich and insightful. While evaluating trading costs, I experienced spreads as low as 18 pips in gold and 5 pips in WTI crude oil.
Pros and Cons
Pros
- Trading fees are better than the industry average.
- Wide range of platforms.
- Fully licensed and regulated broker.
- Multiple account types.
Cons
- Customer support is not 24/7.
How to choose a broker with an Islamic account?
Consider the following questions when searching for a suitable broker with an Islamic account.
Can I trust the broker?
Take into account the regulatory status of the broker. Forex brokers regulated by top-tier financial authorities must undergo audits, meet capital requirements, and provide segregated accounts and negative balance protection. A compensation fund is sometimes available in the event of broker insolvency.
Tip: you can search the regulator’s website to confirm the broker’s status and check for any disciplinary action. The broker’s size and operating history are also worth considering. You can usually find these on the company’s LinkedIn page.
Read more about Best regulated forex brokers.
Are the fees competitive?
Working with a broker that keeps spreads and commissions to a minimum can make the difference between profit and loss at the end of the day. This is a crucial point for day traders. Also, don’t be caught off guard by miscellaneous account-related fees, such as inactivity and withdrawal fees.
On Islamic accounts, financing fees vary by instrument. They are typically the least expensive for indices like the Dax 40 and major currency pairs like EUR/USD. Exotic currency pairs such as EUR/TRY and commodities like natural gas (XNG/USD) have the highest fees. It’s also important to note that some brokers only charge the Islamic financing fee on select instruments, leaving others free of both swap and financing fees.
Check out our guide on Best lowest spread forex brokers.
What is the minimum deposit?
The minimum deposit to trade live can vary from less than $100 (for example, $50 at Multibank) to more considerable sums.
What account types are available?
A broad range of account types helps a broker cater to different trader profiles. For example, a simple STP account may be the best for beginners in the markets, while an ECN/raw spread account can help sophisticated, active traders keep their costs to a minimum.
ECN accounts typically route orders straight to the interbank market, while STP accounts send orders directly to a counterparty that might be another STP broker, market broker, or ECN broker. Via ECN accounts, spreads are tighter and the speed of order execution is faster, making them suitable for active, short-term traders. However, a commission is charged in addition to the spread.
Islamic traders should check if their preferred account type is available swap-free. In some instances, account types cannot be converted to Islamic. For example, ECN accounts at Multibank are not available swap-free.
Read more about Best STP forex brokers and Best ECN forex brokers.
How to choose a trading platform?
When choosing a trading platform, prioritize one that is intuitive and easy to navigate to ensure a smooth start in the trading world. Opt for platforms, typically browser-based, that are developed by the broker as they tend to be more user-friendly. Key features to look for include watchlists, trading from the chart, search functions, news feeds, and a customizable interface.
Here are our picks of Best forex trading platforms.
Platforms like MetaTrader 4 and 5 offer advanced features such as backtesting, automated trading, and a wide range of order types, although they might be less user-friendly. MetaTrader 4 is available in Arabic, making it well-suited to Islamic account holders.
Read more about Best MetaTrader 4 brokers and Best MetaTrader 5 brokers.
Is customer support reliable?
Having solid support on hand is essential. Check the hours of availability, for example, whether help is on hand 24/7 or only during business hours. Chat support is the most convenient, so look for an easy-to-access chat window built into the broker platform. In the case of a platform outage, it is also important to be able to contact support via phone.
What to avoid when choosing a broker with an Islamic account?
When selecting a broker offering an Islamic account, it is important to be conscious of the financing fees, when they are applied, and which instruments are charged. The most important thing to avoid is unreasonably high financing fees.
Some brokers apply the nightly financing fee immediately, while others offer a grace period with no charge for several nights. The fees charged vary by broker, so keep an eye on the cost, especially for exotic currencies and commodities, which can be very expensive to hold.
Also, pay attention to which instruments get charged a fee. Some brokers charge no swap or financing fee for most instruments, choosing to charge a financing fee for exotic currencies and commodities only. Meanwhile, other brokers charge a fee for all of them, including popular instruments such as EUR/USD.
How to avoid forex and CFD scams?
A common scam in the forex and CFD industry involves vendors offering a trading strategy that guarantees an outlandishly high return in little time. These may be based on automated trading using bots or a signal service where trades are shared via chat or social media. Nobody can guarantee returns with certainty, and it is more likely that such strategies will lose money. When assessing strategy or signal providers, you should look for a live track record audited by a third party and be conscious that past performance does not guarantee future results.
Traders should also be cautious about opening an account with an unregulated offshore broker. Such brokers may offer a straightforward account opening process, bonuses, and high leverage levels, but client funds are typically not protected. Meanwhile, brokers regulated by top-tier authorities must undergo regular audits and are held accountable for misconduct. Traders can also benefit from having their funds held in segregated accounts, negative balance protection, and a compensation fund in case of broker insolvency.
Our Methodology
In selecting top brokers for Islamic accounts, we applied our advanced proprietary methodology, focusing on the leaders from our extensive tests. Since 2010, FXEmpire has been at the forefront of evaluating CFD brokers, refining our process through hundreds of reviews and over 250 data points per broker.
We assess brokers across nine categories: Trust, Fees, Platforms and Tools, Tradable Instruments, Customer Service, Deposit and Withdrawal, Account Types, Research, and Education. Our reviews clarify complex aspects like regulatory status, ensuring an understanding of fund safety and guaranteed benefits.
Our evaluation involves live testing, research, questionnaires, and broker demonstrations. We open accounts, focusing on standard services and platforms, to test spreads, swap fees, and other costs. This side-by-side analysis offers insight into each broker’s competitiveness and platform usability.
For this guide, we chose brokers offering Islamic accounts, evaluating their financial strength, transparency, and cost-effectiveness. We tested fees, trading costs, and account types, including their conversion to Islamic accounts. We examined platform features, tradable CFD instruments, and customer support efficiency, ensuring diverse and easy deposit and withdrawal methods.
Lastly, we assessed the quality of each broker’s research and educational resources, aiming to aid traders in understanding the markets, developing strategies, and making informed decisions.
Meet Our Writers
The team of forex and CFD writers and editors at FX Empire is composed of trading industry professionals and seasoned financial journalists. Our writers have been published on leading financial websites such as Investopedia and Forbes. In addition, they all have extensive trading experience.
Get to Know Our Authors
Dan BlystoneBroker Analyst
Dan Blystone began his career in the trading industry in 1998 on the floor of the Chicago Mercantile Exchange. Later Dan gained insight into the forex industry during his time as a Series 3 licenced futures and forex broker. He also traded at a couple of different prop trading firms in Chicago. Dan is well-equipped to recommend the best forex brokers due to his extensive experience and understanding of the brokerage industry.
Jitan SolankiBroker Analyst
Jitan Solanki is a professional trader, market analyst, and educator. He day trades major currency and index markets and focuses on swing trading US equities and commodities. A qualified Market Technician, Jitan also works with trader education and brokerage companies on various projects. These include market analysis, live trading events, and broker reviews. As an experienced trader and educator, Jitan brings all his qualities in action when reviewing and recommending brokers.
Plamen StoyanovBroker Analyst
Having been a retail trader since 2013, Plamen has gained an in-depth understanding of the challenges that novice traders face today. His expertise is swing trading and day trading with a heavy emphasis on psychological and fundamental analysis. Plamen’s favourite trading instruments include FX majors and gold. He earned a Bachelor's degree in Economics and International Relations. Plamen's broad experience has equipped him with the expertise to recommend the best forex brokers.
Vladimir ZernovBroker Analyst
In more than 15 years of trading in the financial markets, Vladimir dealt with a wide range of brokers and financial instruments. His career as a day-trader at a proprietary trading firm goes back to 2007. Later, Vladimir turned to longer time frames and became an independent trader and analyst managing his own portfolio. Using his experience, he helps traders find the best broker in his reviews.
What is an Islamic or swap-free account?
An Islamic or swap-free account is a special type of trading account offered by many forex brokers. It is designed to comply with Islamic law, also known as Shariah law, which prohibits the collection or payment of interest or "Riba".
Is forex halal or haram?
Islamic scholars have divided opinions on whether forex trading is halal (permissible) or haram (forbidden). The answer can vary depending on the specific circumstances and practices of the trading. While interest, or "riba", is forbidden, some brokers offer Islamic or swap-free accounts that align with this principle. However, the speculative nature and certain practices in forex trading may still contradict other Islamic principles like gharar (uncertainty) and requirements for "hand to hand" exchange.
How do commissions on Islamic accounts work?
To compensate for the lack of swap fees, brokers usually introduce a different kind of charge on Islamic accounts. This is typically in the form of a fixed commission or an administrative fee for each trade or for trades that remain open past a certain time period, often referred to as a "financing fee" or "administration fee". The exact structure and amount of these fees can vary significantly from broker to broker.
Why are swap fees haram?
Swap fees in forex trading are considered haram, or forbidden, in Islam because they are a form of interest, also known as "riba" in Arabic. In Islamic law, money is viewed simply as a means of exchange, a way to define the value of a thing—it has no value in itself, and therefore, Muslims should not receive or pay interest for holding money. The prohibition of interest is based on the Islamic economic principle that money should be used for productive, real economic activities, rather than generating profit by itself.
Are dividends earned from shares halal?
Dividends from shares can be considered halal (permissible) in Islam if the company's business and profits align with Islamic principles, meaning they don't involve prohibited activities or sources of income like alcohol, pork, gambling, or substantial interest earnings. Moreover, a company's debt ratio, especially if heavily financed by interest-bearing debt, can impact the halal status of dividends. As circumstances vary, it's advisable to seek tailored advice or use certified Islamic investment platforms.
Is the demo account halal?
There is no interest earned or paid when using a demo account, so normally it would be considered halal.
Are there any additional fees or charges associated with the Islamic account?
Yes, instead of swap fees, brokers charge Islamic account holders a fixed fee for every trade held open past a certain time period, often called an administrative or financing fee. The exact structure and amount of these fees can vary from one broker to another. Some brokers may charge a higher spread on Islamic accounts compared to standard accounts. Others might apply a flat fee for every trade or for trades that remain open beyond a certain number of days.
How are overnight swaps or interest charges handled in the Islamic account?
In an Islamic account, overnight swaps or interest charges are eliminated to comply with Islamic Shariah law. Brokers compensate for this by imposing a flat administration or financing fee for trades held open beyond a certain period. The exact structure of these fees can vary among brokers, so it's crucial to review individual broker policies.
What financial instruments are available for trading in the Islamic account?
The range of financial instruments available for trading in an Islamic account can vary based on the broker but typically includes a broad array of options. These often encompass major, minor, and exotic forex pairs, commodities, indices, stocks, and cryptocurrencies.
Can I access the Islamic account through a web-based platform or mobile app?
Yes, Islamic accounts can be accessed in the same ways as regular accounts.
What types of trading orders can I place using the Islamic account?
The available orders are the same in an Islamic account as in a regular account. This typically includes market orders (buying or selling at the best available price), limit orders (buying or selling at a specified price or better), stop orders (buying or selling once the price of the asset reaches a specified price), and stop-limit orders (a combination of stop orders and limit orders).
Is there a minimum deposit requirement for opening an Islamic trading account?
No, typically there is no difference in the minimum deposit when opening an Islamic account.
What are the available leverage options for Islamic account holders?
The available leverage is the same in an Islamic account as in a regular account.
How is the protection of clients ensured in the Islamic account?
Clients with Islamic accounts have the same protections as regular account holders. This may include negative balance protection, segregated funds, and a compensation scheme.
How can I deposit and withdraw funds from the Islamic trading account?
The same deposit and withdrawal methods are available when using an Islamic account.
About the Author
Dan BlystoneBroker Analyst
Dan Blystone began his career in the trading industry in 1998 on the floor of the Chicago Mercantile Exchange. Later Dan gained insight into the forex industry during his time as a Series 3 licenced futures and forex broker. He also traded at a couple of different prop trading firms in Chicago. Dan is well-equipped to recommend the best forex brokers due to his extensive experience and understanding of the brokerage industry.
Why you can trust FX Empire
At FXEmpire, we strive to provide unbiased, thorough and accurate broker reviews by industry experts to help our users make smarter financial decisions.