Top 5 Islamic/Swap-Free Forex Accounts 2020

The Islamic forex account is designed for Muslim traders that wish to trade currency pairs in accordance with the Islamic Shariah law. Here are the leading Islamic/Swap-free forex accounts available to traders.

 

Compare Forex Brokers Fees:

Use our side-by-side comparison table to compare Forex broker accounts, spreads and fees.

Best 5 Islamic Forex Brokers 2020

Our best Islamic forex brokers for 2020 have been decided after in-depth research to make it easier for you to choose the best ones.

• eToro is the Islamic broker for social traders as it provides them with zero-interest options and all the benefits of regular accounts.
• Plus500 is a global Islamic forex broker that allows those running swap-free accounts to enjoy similar benefits to the primary account users, without the interest-related fees attached
• IC Markets is the best Islamic forex broker as Muslim traders don’t receive interest and are charged a flat fee for most services
• Pepperstone tops the ECN Islamic forex brokerage chart as the broker charges administrative fees, with no swaps or rollovers.
• FXTM is a CySec regulated broker that allows Muslim traders to use the Islamic accounts with the full features available on other platforms.

eToro – Islamic Broker for Social Traders

eToro was established in 2006 and remained one of the best social trading brokers in the world. They offer Islamic forex accounts to Muslim traders all over the world, providing them with all the benefits of regular accounts. However, similar to the other brokers, eToro doesn’t charge interest-based commissions on Islamic accounts. The traders also get to copy the trades of other experienced traders, giving them less room for error that would cost them to lose money. As one of the top social trading brokers, eToro provides users with numerous funding methods, excellent customer service, and other features.

On eToro, there is no interest on contracts lasting longer than 24 hours, which means there is zero rollover interest consistently. The broker doesn't take any extra rollover commissions for contracts that surpass 24 hours and they don't charge any commissions or fees for account management. An eToro Islamic account provides traders with interest-free leverage.

eToro fees

Type of fees	amount charged
Deposit fees	free
Withdrawal fee	$5
Conversion fees	from 50 pips
Inactivity fee	$10/month

Plus500– Global Islamic Forex Broker

Plus500 has become an international forex broker, gaining numerous customers since it was founded in 2008. The broker offers Islamic/swap-free accounts for traders who wish to trade forex within the jurisdictions of the Islamic law. Plus500 is a regulated broker as it is authorized by various regulatory agencies in numerous countries. Islamic account users on Plus500 enjoy similar benefits to the basic account users, without the interest-related fees attached.

On the Plus500 Islamic accounts, traders get to enjoy leverage up to 1:300, commission-free trading, spreads that start from 0.6 on EUR/USD, and access to a wide variety of financial instruments across numerous financial asset classes. Furthermore, they gain access to Plus500’s proprietary trading platform.

Plus 500 fees

Type of fees	amount charged
Deposit fees	free
Withdrawal fee	free
Conversion fees	0.5% of the profit
Inactivity fee	$10/month

IC Markets – Best Islamic Forex Broker

IC Markets is one of the best Islamic forex brokers in the world. On this platform, Muslim traders cannot receive or charge interest. Thus, the broker charges a flat rate for most of the services it offers to Muslim traders on its platform. Similar to the other account type, Islamic forex accounts enjoy numerous features such as the MetaTrader platforms, trading tools, indicators, EAs, and more. As an ASIC-regulated broker, IC Markets has become a trusted source broker for people that wish to operate Islamic forex accounts.

The swap-free option on IC Markets is available on both our Raw Spread and Standard account types on the MT4, MT5, and cTrader platforms of the broker. IC Markets wants to provide its clients with Islamic accounts that offer state of the art trading infrastructure and execution speeds. Thus, giving Muslim traders a competitive edge in the marketplace.

IC Markets fees

Type of fees	amount charged
Deposit fees	free
Withdrawal fee	free
Conversion fees	$3.5 per standard lot round turn
Inactivity fee	None

Pepperstone – Leading ECN Islamic Broker

Pepperstone is an Australian ECN broker that is regulated by ASIC. Pepperstone Islamic accounts are available after a client opens a standard ECN account, where they will be given the option to operate an Islamic forex account. For Islamic accounts on Pepperstone, traders are not charged swaps or rollovers on overnight positions. Rather, the broker charges administrative fees, which is legal according to the Islamic Shariah law. The Islamic forex account operators enjoy all the benefits of regular accounts such as trading platforms, tools, indicators, news, technical analysis, and more.

The Swap-free account is available to traders in certain countries who can’t receive or pay swaps. The trading account is interest-free, enabling traders to take advantage of the cutting-edge trading technology and deep liquidity provided by Pepperstone

Pepperstone fees

Type of fees	amount charged
Deposit fees	free
Withdrawal fee	free
Conversion fees	$3.50 per $100,000 bought
Inactivity fee	None

FXTM – CySec Regulated Islamic Broker

FXTM is another leading Islamic broker. It is regulated by Cyprus Securities and Exchange Commission (CySec), and it offers a wide range of account types, including Islamic/Swap-free accounts. The Islamic account is available on all account types on FX