5 Best Islamic (Swap-Free) Forex Accounts for 2026
Under Islamic law, charging or receiving interest (riba) is prohibited. Swap-free Islamic accounts eliminate the interest charges that brokers place on overnight positions. These charges are usually replaced with an administration fee, which varies by the instrument you are holding. Sometimes there is a grace period before fees are applied.
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In this article, I’ll cover our picks for the best brokers offering swap-free Islamic accounts. We take into account factors like administration fees, when they are charged, which account types can be converted to Islamic, and the overall broker offering. We compared the top options, and here are the brokers who made the cut.
List of Top Brokers with Islamic Accounts
Compare All Listed Brokers
| Broker | Score | Fees Score | Min Deposit | Max Leverage | Platforms | Visit Broker |
|---|---|---|---|---|---|---|
FP Markets | 4.6 | 4.1 | $100 | 1:500 (FSA) 1:500 (FSCM) · 1:500 (Unregulated) · 1:400 (FSCA) · 1:30 (ASIC) · 1:500 (CMA) | MT5, cTrader, IRESS, MT4, Mottai, TradingView | - |
IC Markets | 4.8 | 5.0 | $0 | 1:30 (ASIC) 1:30 (CySEC) · 1:5000 (FSA) · 1:400 (CMA) · 1:200 (SCB) | MT5, cTrader, MT4, TradingView, Zulutrade | - |
JustMarkets | 4.3 | 4.4 | $10 | 1:30 (CySEC) 1:3000 (FSCM) · 1:3000 (FSCA) · 1:3000 (FSA) · 1:3000 (BVI FSC) | MT5, MT4, JustMarkets App | - |
FxPro | 4.3 | 3.0 | $0 | 1:30 (FCA) 1:10000 (FSA) · 1:200 (SCB) · 1:30 (CySEC) | MT5, cTrader, MT4, FxPro Trading Platform, FxPro Mobile App, TradingView | 73% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing money. (EU, UK) |
FXTM | 4.0 | 2.7 | $30 | 1:2000 (CMA) 1:3000 (FSCM) | MT5, MT4, FXTM Trader App | - |
How Did FXEmpire Choose the Best Islamic Forex Accounts?
- I verified the availability of an Islamic account.
- I checked which account types are convertible to Islamic.
- I measured the financing fees replacing the swap fees.
- I tested other costs, including spreads, inactivity fees, and withdrawal fees.
- I assessed brokers’ level of financial strength and transparency.
- I conducted a test drive for each trading platform, digging into available order types, charting, and UX.
- I checked the availability of a broad variety of CFD instruments.
- I looked for fast, responsive, and helpful customer support via phone, live chat, and email.
- I verified the availability of a good variety of deposit and withdrawal methods.
Best Overall
- $100Min Deposit
- 10180Tradable Instruments
- MediumFees
Why We Picked It
FP Markets launched in 2005 and is based in Sydney, Australia. It has a global presence and is licensed by top-tier regulators, including ASIC and CySEC. Clients can access thousands of CFDs on forex, commodities, shares, ETFs, bonds, and cryptocurrencies. I liked that FP Markets is highly transparent about its swap-free Islamic account and publishes administration fees directly on its website.
Islamic Account Features:
- Account types: Islamic Standard, Islamic Raw
- Available trading platforms: MetaTrader 4, MetaTrader 5, cTrader, TradingView
- Spreads: 1.2 pip in EUR/USD, 23 cents in Gold
- Financing fee: $1 to $80 per lot per night, applicable from the 11th night
- Maximum leverage: 1:500 (global entities), 1:30 (ASIC and CySEC)
- Base currencies: USD, AUD, EUR, GBP, SGD, CHF, CAD, JPY, HKD, PLN, ZAR, MXN, BRL
Islamic Traders can choose between the spread-based Standard account or the Raw spreads account, which offers spreads from 0.0 pips plus commissions. Once you have converted your account to Islamic, there is no administration fee for the first five nights. After that, there is a fee each night. For example, in the case of EUR/USD, the admin fee per lot per night is $6, and for gold the fee per lot per night is $50.
Research is first-class at FP Markets. You can find analyst commentary and technical insights in the Traders Hub area. Research from Autochartist identifies classic chart patterns and Trading Central offers sentiment analysis and AI analytics. And the education section helps new traders find their footing with in-depth courses and live webinars.
Pros and Cons
- Low trading fees
- 970+ CFDs
- Raw-spread account
- Research Autochartist and Trading Central
- No proprietary platform.
Best Low Spreads
- $0Min Deposit
- 7342Tradable Instruments
- LowFees
Why We Picked It
IC Markets was founded in 2007 and has emerged as a leading CFD broker. Clients can access 2,200+ instruments via MetaTrader 4, MetaTrader 5, cTrader, and TradingView. Trading costs are highly competitive. I recorded exceptional spreads of 0.5 pips in the DAX 40. Clients also benefit from account insurance up to $1 million.
Islamic Account Features:
- Account types: Standard, Raw Spread
- Available trading platforms: MetaTrader4, MetaTrader 5, cTrader
- Spreads: 0.8 pip in EUR/USD, 17 cents in gold
- Financing fee: Between $5 per lot and $80 per lot per night, applicable from the first night
- Maximum leverage: 1:1000 (FSA Seychelles), 1:400 (CMA Kenya), 1:200 (SCB Bahamas), 1:30 (ASIC and CySEC)
- Base currencies: USD, GBP, AUD, EUR
The swap-free Islamic account is available on both the Standard and Raw spread account types. New positions have a 5-day grace period before the administration fees start. To give you an idea, for EUR/USD, the fee per lot per night is $9, and for gold, the fee is $58 per lot per night.
IC Markets shines in the area of fees. I recorded better-than-average spreads in each asset class via the Standard account. Active traders can cut their costs even further via the raw spreads plus commissions account. And there are no fees for deposits/withdrawals or inactivity.
Pros and Cons
- Very competitive spreads on all popular assets
- 2,200+ trading instruments
- Account insurance up to $1M
- Copy trading via Zulutrade
- High swap fees
Best MT4 Islamic Account
- $10Min Deposit
- 266Tradable Instruments
- LowFees
Why We Picked It
JustMarkets was founded in 2012 and is based in Limassol, Cyprus. I confirmed that JustMarkets is regulated by Tier-1 CySEC and has several offshore entities. There are four account types, and traders can access 250+ instruments via the MetaTrader 4 and MetaTrader 5 platforms.
Islamic Account Features:
- Account types: Standard Cent, Standard, Pro, Raw Spread
- Available trading platforms: MetaTrader 4, MetaTrader 5
- Spreads: 0.2 pips in EUR/USD, 18 cents in gold
- Financing fee: No fee for clients outside the EU
- Maximum leverage: 1:3000 (globally), 1:30 (CySEC)
- Base currencies: USD, EUR, GBP, ZAR, KWD, IDR, CNY, MYR, JPY, VND, THB
Islamic account holders outside the EU are not charged any swap fees or administration fees. For EU clients, Islamic accounts are available via Raw Spread and Pro account types on the MT5 platform. Swap fee accounts are charged a daily administration fee based on the financing costs charged to JustMarkets.
JustMarkets sets itself apart as a low-cost broker, charging no commissions on most of its accounts and offering tight spreads on popular instruments. With a minimum deposit of just $10 and no fees for deposits or withdrawals, it’s one of the more accessible choices in the industry.
Pros and Cons
- Tight spreads on forex and share CFDs
- Leverage of up to 1:3000
- Cent account for algo testing
- Daily market reviews and forecasts
- Limited range of trading assets
Best for Professional Traders
- $0Min Deposit
- 2090Tradable Instruments
- HighFees
Why We Picked It
FxPro is a CFD industry leader based in London. The broker offers 2,200+ CFDs on forex, indices, commodities, shares, ETFs, and crypto. I was most impressed by the fast execution times and the diverse platform lineup. The most competitive costs are available via the Raw+ and cTrader accounts, which offer raw spreads from 0.0 pips.
Islamic Account Features:
- Account types: Standard, Raw, Elite
- Trading platforms: FxPro WebTrader, MetaTrader 4, MetaTrader 5, cTrader, TradingView
- Spreads: 1.4 pips in EUR/USD, 32 cents in gold
- Financing fee: $0 with an Islamic account
- Maximum leverage: 1:10,000 (FSA Seychelles), 1:200 (SCB Bahamas), 1:30 (FCA UK and CySEC)
- Available base currencies: AUD, EUR, USD, HUG, GBP, CHF, JPY, ZAR, PLN
Tight spreads are important, but they don’t mean much if execution is slow. Better than average execution speeds of 12 milliseconds at FxPro make it an attractive broker for day traders, scalpers, and algo traders. And VPS hosting is available, providing continuous uptime and reducing latency.
Research materials are another highlight. A steady stream of Elliott Wave analysis and macro commentary is published via the website. And for news traders, FxPro Squawk delivers real-time alerts from the client portal. Third-party analysis from Trading Central is also available for funded account holders.
Pros and Cons
- Five advanced trading platforms
- 2,100+ instruments
- Raw spreads accounts with more competitive pricing
- Trading Central and FxPro Squawk for real-time alerts
- High spreads on the Standard account
Best for Beginners
- $30Min Deposit
- 602Tradable Instruments
- HighFees
Why We Picked It
Founded in 2011, FXTM now boasts a global presence and offers 1,460+ CFDs and real stocks. It supports the popular MetaTrader 4 platform, with spread-based and raw-spread account options. Beginners can take advantage of perks like custom indicators and third-party research.
Islamic Account Features:
- Account types: Edge, Advantage, Advantage Plus
- Trading platforms: MetaTrader 4, MetaTrader 5
- Spreads: 1.9 pips in EUR/USD, 38 cents in gold
- Financing fee: Swap-free charge and duration vary by instrument
- Maximum leverage: 1:3000
- Available base currencies: USD, EUR, GBP, NGN
Education materials include over 250 videos on the FXTM YouTube channel, including platform tutorials. The website features a solid library of articles covering the essentials of trading. The broker scored well in our deposit/withdrawal review category, with a wide range of payment options and fast processing times.
FXTM offers MetaTrader 4 across desktop, web, and mobile. The platform can be enhanced with custom indicators like the Pivot SR Levels indicator, which can be used as part of a breakout strategy. You can also access AI-powered trading ideas and sentiment analysis from Acuity.
Pros and Cons
- CMA UAE regulation
- 1,460 CFD products
- Intuitive FXTM mobile app
- AI-powered signals from Acuity
- High spreads
All the Brokers We Tested
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About the Authors
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 licensed 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.
Amy leads the prop trading area at FXEmpire, collaborating closely with industry experts to deliver insightful and trustworthy reviews. Her work ensures that readers gain transparent, reliable guidance in navigating the fast-evolving world of proprietary trading firms.
As a Senior Content Editor at FXEmpire, Ola has revised and fact-checked over 200 broker reviews and guides. Her profound understanding of financial markets has been crucial in developing the proprietary rating system.