Over the past decade, forex trading has become more accessible to traders worldwide – especially those who abide by Sharia law. Since Sharia law forbids the accrual of interest, certain brokers now offer ‘Islamic Accounts’ that do not charge swap fees, ensuring they can be considered halal.

This guide discusses a selection of the best Islamic brokers on the market, highlighting what they are and how they work, before providing an in-depth walkthrough of how investors can begin trading with one of these accounts today.

The Best Islamic Forex Broker Accounts
Below is a list of our top 10 Islamic forex brokers, derived from extensive research and testing. In the following section, we’ll review each of these brokers in turn, discussing elements like fee structure, asset selection, trading tools, and payment methods.

Capital.com – Overall Best Islamic Broker for 2022
eToro – Islamic Forex Trading Broker with 0% Commissions
XTB – Popular Swap-Free Broker for Certain Assets
Vantage – CFD Trading Platform with No Commission on FX
Pepperstone – Popular Forex Platform with Social Trading Features
AvaTrade – Leading FX Broker with MT4/MT5 Support
Skilling – Best Swap Free Forex Account for Micro Lot Trading
Forex.com – Top Islamic Forex Trading Account for Low Spreads
FXTM – One of the Best Swap Free Forex Brokers for ECN Trading
FBS – Excellent Islamic FX Broker with User-Friendly App
FP Markets  – Respected FX Broker with Free Islamic Demo Account
IC Markets – Great Swap-Free Broker with Extensive Regulation

Visit Capital.com Now
Your capital is at risk. 78.91% of retail investor accounts lose money when trading CFDs with this provider.

Best Islamic Trading Accounts Reviewed
Due to the popularity of FX trading, many of the best forex brokers now offer dedicated Islamic trading accounts that allow traders to abide by Sharia law whilst still gaining access to the same features as a regular account. However, since there are so many to choose from, it can be challenging to narrow down the selection when making a broker choice.

Not to worry – we’ve completed all of the necessary research and testing, with our top 10 Islamic forex brokers reviewed in-depth below:

1. Capital.com – Overall Best Islamic Broker for 2022
Capital.com logoOur number one pick when it comes to Islamic forex brokers is Capital.com. Capital.com is a leading CFD trading platform that has been in operation since 2016, now serving over five million clients worldwide. This best scalping broker is regulated by several top-tier institutions, such as the FCA, ASIC, CySEC, and the FSA, ensuring a high degree of investor protection.

Users can trade over 130 currency pairs with Capital.com, including a selection of minors and exotics. As a CFD broker, all of Capital.com’s fees are incorporated into the spread, meaning no hefty commissions are charged. Moreover, the bid/ask spread tends to be relatively tight – averaging at just 0.6 pips for highly-traded pairs like EUR/USD.

Capital.com FX
This ensures that Capital.com is one of the best low spread forex brokers on the market, bolstered by the fact that no deposit, withdrawal, or inactivity fees are charged. In terms of halal trading, unfortunately Capital.com does not currently offer a swap-free trading account. However, the broker does provide scope for day trading, which is considered a halal activity – if certain conditions are followed.

Capital.com accepts deposits from only $20, with support for credit/debit cards, bank transfers, Apple Pay, and PayPal. Users can trade on Capital.com’s web-based platform or mobile app – although MT4 is also offered. Using MT4 can be particularly useful for advanced FX traders, as it allows for custom trading strategies to be employed.

Capital.com review
Finally, Capital.com will also appeal to beginner traders due to the enormous educational library it offers. This library includes tutorial videos, articles, and webinars designed to streamline the learning process. There’s even a free demo account with $10,000 in virtual money, allowing traders to experience the markets risk-free.

0% commission FX broker
Spreads can be as low as 0.6 pips
Huge range of educational resources
Full support for MT4
Accepts deposits via Apple Pay and PayPal

Visit Capital.com Now
Your capital is at risk. 78.91% of retail investor accounts lose money when trading CFDs with this provider.

2. eToro – Islamic Forex Trading Broker with 0% Commissions
Another of the best Islamic brokers to consider partnering with is eToro. eToro is one of the world’s most respected online brokers, serving over 26 million clients. This platform is regulated in jurisdictions around the world by leading entities like the FCA, ASIC, CySEC, FinCEN, and FINRA.

eToro offers one of the best swap-free forex accounts on the market, which charges no interest and doesn’t take any additional commissions. This account also provides interest-free leverage and can be opened online. All that’s required is a $1,000 deposit and proof that the user is a member of the Muslim faith.

eToro trading
Regarding account specifics, eToro offers 49 currency pairs to trade, all with 0% commissions. Spreads are clearly quoted on eToro’s fee page, starting at just one pip for EUR/USD. As a CFD broker, eToro offers up to 30:1 leverage and allows positions to be opened from as little as $10.

eToro’s minimum deposit amount is only $10, which can be made via credit/debit card, bank transfer, or e-wallet. Notably, eToro also offers a valuable ‘CopyTrader’ feature, which offers many of the same benefits as the best forex signals. This feature allows users to copy the trades placed by other eToro users, thereby automating the investment process.

Dedicated Islamic account offered
Accepts PayPal deposits
Innovative ‘CopyTrader’ feature
Heavily regulated worldwide

Visit eToro Now
Your capital is at risk. 68% of retail investor accounts lose money when trading CFDs with this provider.

3. XTB – Popular Swap-Free Broker for Certain Assets
Forex traders have access to 48 currency pairs on XTB. The best part about this platform is that it offers low spreads, and a popular pair such as EUR/USD has a 0.1 pip spread. Traders can choose between xStation 5 and XStation mobile platforms to trade.

The best part is that these platforms cater to beginner and advanced traders. But beginners who struggle can access free educational content about trading forex and using the platform. A demo account is available to practise before going live.

Analyzing the fundamentals is crucial, so XTB provides market news consisting of the latest developments globally and even an analysis.

If forex traders want to dabble in other markets, they have access to more than 2100 global markets and exposure to cryptocurrencies, commodities, indices, stocks and ETFs. To make trading more convenient, traders can use the trader’s calculator, advanced tools and the market sentiment provided.

Number of Currency Pairs    48
Other Tradable Assets    Stocks, ETFs, commodities, indices, crypto
Pricing Structure    Spreads
Spread for EUR/USD    Average of 0.1 pips
Platforms Offered    xStation 5 and xStation mobile
Accepts US Clients?    No
Max Leverage    1:30
Broker Type    CFD
What we like:

Offers 48 currency pairs
Low spreads for major pairs
Fast deposits and withdrawals

Visit XTB Now
Your capital is at risk. 81% of retail investor accounts lose money when trading CFDs with this provider.

4. Vantage – CFD Trading Platform with No Commission on FX
Vantage logo launched in 2009, Vantage is a popular CFD trading multi-asset platform. With this broker, clients can trade CFD options on multiple financial instruments such as FX pairs, commodities, indices, cryptocurrencies and shares. However, CFD crypto trading is not allowed in certain countries, such as the United Kingdom.

A STP/ECN broker, Vantage allows investors to choose their preferred account type. The standard STP account requires a minimum deposit of $200 – offering no commissions on CFD trading. However, the spreads are often higher on this account. For example, the popular AUD/USD pair takes a spread of 1.6 pips per lot.

Vantage social trading
On the other hand, the Raw ECN account can allow investors to trade FX pairs with minimum spreads. The AUD/USD pair take a spread of 0.3 pips along with a small commission per lot traded. This account type requires a minimum deposit of $500. Vantage allows retail clients to access leverage of up to 1:100, while professional trades can access up to 1:500 leverage.

The brokerage is available to use via the web-based platform, which is compatible with the MT4 & MT5 trader. Vantage also offers a mobile trading app – offering exciting features such as Social Trading. This allows investors to copy the trades of other investors who may be more experienced or skilled. Other features on the platform include market analysis & insight columns, education resources such as webinars & guides.

A secure platform, Vantage is regulated by the FCA, ASIC and the VFSC.

Number of Currency Pairs    44
Other Tradable Assets    CFDs for crypto, indices, shares, commodities
Pricing Structure    No commission + high spread on STP account, low commission + low spread on ECN account
Spread for EUR/USD    1.2 pips on STP, 0.2 pips on ECN account
Platforms Offered     MT4 + MT5 + mobile app
Accepts US Clients?    No
Max Leverage    100:1 (500:1 for professional traders)
Broker Type    STP and ECN
What we like:

Offers STP and ECN accounts
Supports MT4, and MT5
No commission on STP accounts
Social Trading features

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5. Pepperstone – Popular Forex Platform with Social Trading Features
Pepperstone logoOne of the top Islamic brokers in terms of social trading features is Pepperstone. Pepperstone has a fantastic reputation within the trading scene, having been launched back in 2010. The broker has significant regulation from leading organizations like the FCA, ASIC, and BaFin.

Pepperstone offers over 60 currency pairs to trade, all via CFDs. Spreads are relatively low with Pepperstone, averaging at 0.75 pips for EUR/USD. However, investors who opt for the ‘Razor’ account will gain access to ‘raw’ spreads, which can be as low as 0.0 pips in some instances.

Pepperstone forex
However, this account will come with a commission, meaning it’s generally targeted at experienced traders. Pepperstone also offers a swap-free account, making it one of the best Islamic brokers for Sharia-compliant trading. Finally, Pepperstone has also partnered with several social trading platforms (such as DupliTrade), which provides trade ideas and signals in an automated manner.

81.18% of retail investor accounts lose money when trading CFDs with this provider.

6. AvaTrade – Leading FX Broker with MT4/MT5 Support
AvaTrade logoOne of the best Islamic trading platforms to consider for experienced traders is AvaTrade. This is because AvaTrade offers support for both MT4 and MT5 – two of the best platforms for building custom trading strategies and automating the trading process.

AvaTrade also offers a dedicated Islamic account with no swap fees. Instead, fees are transferred within MT4 to daily administration fees across all tradable currency pairs. In terms of asset selection, AvaTrade provides 55 pairs to trade with no commissions.

As a CFD broker, AvaTrade’s fees are built into the spread – which averages around 0.9 pips for EUR/USD and GBP/USD. The minimum deposit threshold for new traders is set at $100, with no deposit fees attached. AvaTrade even has an ‘AvaOptions’ platform, which offers seamless options trading with professional risk management tools – although options are not considered halal by most religious scholars.

Number of Currency Pairs    55
Other Tradable Assets    Stocks, ETFs, commodities, indices, crypto, bonds
Pricing Structure    0% Commission + Spread
Spread for EUR/USD    Average of 0.9 pips
Platforms Offered    Web-based platform + mobile app + MT4 + MT5
Accepts US Clients?    Yes
Max Leverage    30:1
Broker Type    CFD (Market maker)
What we like:

Supports MT4 and MT5
Dedicated options trading platform
No commissions when placing trades

7. Skilling – Best Swap Free Forex Account for Micro Lot Trading

Skilling log investors looking for a halal broker that offers micro lot trading should look no further than Skilling. Skilling is an STP broker regulated by CySEC and the FSA, offering over 900 assets to trade. This includes 73 FX pairs, including various minors and exotics.

Skilling charges no transaction fees, instead opting to take their cut through the spread. This spread fluctuates throughout the day and can be slightly higher for Standard account users, averaging at just over one pip for EUR/USD. However, Skilling also offers a ‘Premium’ account that provides deep liquidity, meaning spreads can be as low as 0.1 pips.

Skilling forex
However, although spreads are low, Skilling charges a volume-based commission on this account. Notably, micro lot trading is available on all Skilling accounts, which is helpful for beginner traders. Finally, Skilling offers a wide range of deposit methods, such as Trustly, Klarna, and Neteller, which can facilitate instant funding.

Number of Currency Pairs    73
Other Tradable Assets    Stocks, ETFs, commodities, indices, crypto, bonds
Pricing Structure    0% Commission + Spread
Spread for EUR/USD    Average of 1.2 pips (from 0.1 pips for Premium account)
Platforms Offered    Web trader + cTrader app + MT4
Accepts US Clients?    No
Max Leverage    30:1
Broker Type    STP
What we like:

Premium account offers spreads from 0.1 pips
Supports MT4 and cTrader
Over 70 FX pairs to trade

8. Forex.com – Top Islamic Forex Trading Account for Low Spreads
forex.com review One of the best Islamic forex brokers that accepts USA traders is Forex.com. Forex.com has been around for over 20 years and boasts strict regulation from leading bodies like the CFTC. The company that owns Forex.com is also listed on the NASDAQ, boosting credibility.

Forex.com offers 91 currency pairs to trade and an array of other asset classes. Notably, investors looking to buy cryptocurrency can trade six digital currencies – all with low trading fees. FX trading fees are also relatively low, with spreads averaging just above one pip for EUR/USD.

Forex.com review
However, users can opt for the ‘STP Pro’ account, which means spreads can be as low as 0.1 pips. Forex.com also offers a swap-free account, making it one of the best Islamic brokers on the market. Finally, Forex.com can also integrate with TradingView, providing a way to conduct in-depth technical analysis.

Number of Currency Pairs    91
Other Tradable Assets    Stocks, ETFs, commodities, indices, crypto, bonds
Pricing Structure    0% Commission + Spread (commission on STP Pro account)
Spread for EUR/USD    Average of 1 pip (as low as 0.1 pips for STP Pro)
Platforms Offered    Web trader + mobile app + MT4
Accepts US Clients?    Yes
Max Leverage    50:1
Broker Type    Offers DMA and STP accounts
What we like:

Offers DMA and STP accounts
Spreads as low as 0.1 pips on STP Pro
Intergrates with TradingView

9. FXTM – One of the Best Swap Free Forex Brokers for ECN Trading
FXTM log investors searching for the best Islamic trading account may also wish to consider FXTM. FXTM is a global broker founded in 2011 and boasts regulation from the FCA and CySEC. Users can trade over 60 currency pairs with FXTM, along with stocks, indices, commodities, and crypto.

One of FXTM’s most compelling features is its ECN accounts. These accounts operate through MT4 and provide spreads from as low as 0.0 pips. However, the ECN account does come with a commission of $2 per lot – which can add up for high-volume traders.

FXTM review
FXTM does offer a ‘swap-free’ option on its accounts, making it one of the top Islamic brokers for Sharia compliance. The account opening process is fully digital, with a minimum deposit requirement of $50. Finally, FXTM shines when it comes to educational resources, as users can view tutorial videos and try out a demo account for free.

Number of Currency Pairs    60+
Other Tradable Assets    Stocks, indices, commodities, crypto
Pricing Structure    0% Commission + Spread (volume-based commission on ECN account)
Spread for EUR/USD    As low as 0.0 pips on ECN account
Platforms Offered    Web trader + mobile app + MT4 + MT5
Accepts US Clients?    No
Max Leverage    30:1
Broker Type    Standard + ECN
What we like:

ECN account offered
Supports MT4 and MT5
Swap-free structure available through this broker

10. FBS – Excellent Islamic FX Broker with User-Friendly App
FBS logoFBS is a CFD broker that has been in operation for over 13 years. This broker boasts a safe reputation within the industry, currently regulated by CySEC, ASIC, IFSC, and the FSCA. FBS offers a remarkable selection of 100 currency pairs to trade, with spreads as low as 0.7 pips for EUR/USD.

The minimum deposit for a standard account is $100, with full support for micro lot trading. Leverage of up to 30:1 is offered on all accounts, although professional traders can obtain up to 500:1 leverage. Regarding deposit methods, FBS accepts credit/debit cards, Neteller, Skrill, and Rapid.

FBS forex trading
FBS doesn’t charge any deposit or withdrawal fees, making this broker extremely cost-effective to partner with. It can also be considered an option for the best Islamic trading platform, as FBS offers a swap-free account which is easy to set up. Finally, the mobile app provided by FBS is one of the best in the business, featuring a two-step login process and advanced order types.

Number of Currency Pairs    100
Other Tradable Assets    Stocks, indices, commodities, crypto
Pricing Structure    0% Commission + Spread
Spread for EUR/USD    Average of 0.7 pips
Platforms Offered    Web trader + mobile app + MT4 + MT5
Accepts US Clients?    No
Max Leverage    30:1 (500:1 for professional traders)
Broker Type    NDD, STP, and ECN offered
What we like:

Islamic account is easy to set up
NDD, STP, and ECN accounts offered
Supports MT4 and MT5

11. FP Markets – Respected FX Broker with Free Islamic Demo Account
FP Markets logoFP Markets is an Australia-based CFD platform best known for its low forex fees. Regulated by ASIC and CySEC, FP Markets offers a user-friendly platform to trade currencies – with various Islamic accounts to choose from. Depending on preference, users can opt for the Islamic MT4 or MT5 account.

FP Markets also provides a free Islamic demo account, making it the only broker on our list to offer this feature. In terms of asset selection, FP Markets provides over 60 currency pairs to trade, all with zero commissions. However, advanced users can opt for the ECN account, which does charge a commission – yet allows transactions from as low as 0.0 pips.

FP markets review
The minimum deposit at FP Markets is $100, which can be facilitated in ten different base currencies via credit/debit card, bank transfer, or an array of e-wallets. Finally, FP Markets charges no deposit, withdrawal, or inactivity fees for using their service.

Number of Currency Pairs    60+
Other Tradable Assets    Stocks, indices, commodities, crypto
Pricing Structure    0% Commission + Spread (Commissions on ECN account)
Spread for EUR/USD    As low as 0.0 pips on ECN
Platforms Offered    Web-based platform + mobile app + MT4 + MT5 + CTrader
Accepts US Clients?    No
Max Leverage    30:1 (500:1 for professional traders)
Broker Type    DMA and ECN
What we like:

ECN account offered
No deposit, withdrawal, or inactivity fees
Free Islamic demo account
12. IC Markets – Great Swap-Free Broker with Extensive Regulation
IC Markets logoRounding off our list of the best Islamic brokers is IC Markets. IC Markets is one of the most popular FX platforms in the industry, thanks to its appeal to algorithmic traders. Founded in 2007, IC Markets is regulated by tier-one entities such as ASIC, ensuring a high degree of investor protection.

This broker offers over 60 currency pairs to trade, with an account that offers raw spreads from as little as 0.0 pips. IC Markets also offers micro lot trading, which is ideal for beginner investors. Furthermore, IC Markets’ execution speeds average under 40ms, helping avoid slippage.

IC Markets review
With over 180,000 clients worldwide, IC Markets helps simplify the trading process by offering integrations with MT4, MT5, and cTrader. An Islamic account is also provided, with no interest fees and raw pricing. Although the minimum deposit threshold is slightly higher at $200, users can deposit for free via PayPal, Skrill, or Neteller.

Number of Currency Pairs    60+
Other Tradable Assets    Stocks, ETFs, commodities, indices, crypto, bonds
Pricing Structure    0% Commission + Spread (commission on Raw account)
Spread for EUR/USD    From 0.0 pips on the Raw account
Platforms Offered    Web-based platform + mobile app + MT4 + MT5 + CTrader
Accepts US Clients?    No
Max Leverage    Up to 500:1 for professional traders
Broker Type    CFD (ECN account offered)
What we like:

Integrates with MT4, MT5, and cTrader
Spreads as low as 0.0 pips on Raw account
Accepts PayPal, Skrill, and Neteller deposits
Best Islamic Forex Accounts Compared
The section above has reviewed ten of the best Islamic trading accounts on the market, focusing on key characteristics such as fee structure, trading features, and asset selection. To help smooth the decision-making process even further, the table below compares all of these halal brokers together, providing an overview of which platforms perform best in specific areas:

Broker Name    Number of Currency Pairs    Other Tradable Assets    Pricing Structure    Spread for EUR/USD    Platforms Offered    Accepts US Clients?    Max Leverage    Broker Type
Capital.com    138    Stocks. ETFs, commodities, indices, crypto    0% Commission + Variable spread    Average of 0.6 pips    Web-trader platform + mobile app + MT4    No    30:1    CFD
eToro    49    Stocks. ETFs, commodities, indices, crypto    0% Commission + Spread    1 pip    Web-trader platform + mobile app    Yes (forex trading unavailable)    30:1    CFD (Market maker/STP)
AvaTrade    55    Stocks. ETFs, commodities, indices, crypto, bonds    0% Commission + Variable spread    Average of 0.9 pips    Web-trader platform + mobile app + MT4 + MT5    Yes    30:1    CFD (Market maker)
Skilling    73    Stocks. ETFs, commodities, indices, crypto, bonds    0% Commission + Variable spread    Average of 1.2 pips (from 0.1 pips for Premium account)    Web trader + cTrader app + MT4    No    30:1    STP
Pepperstone    60+    Stocks, commodities, indices, crypto    Variable spread on Standard account; commission on Razor account    Average of 0.75 pips on Standard account; as low as 0.0 pips on Razor account    Web trader + mobile app + cTrader + MT4 + MT5    No    30:1 (500:1 for professional clients)    STP and ECN
Forex.com    91    Stocks. ETFs, commodities, indices, crypto, bonds    0% Commission + Spread (commission on STP Pro account)    Average of 1 pip (as low as 0.1 pips for STP Pro)    Web trader + mobile app + MT4    Yes    50:1    Offers DMA and STP accounts
FXTM    60+    Stocks, indices, commodities, crypto    0% Commission + Spread (volume-based commission on ECN account)    As low as 0.0 pips on ECN account    Web trader + mobile app + MT4 + MT5    No    30:1    Standard + ECN
FBS    100    Stocks, indices, commodities, crypto    0% Commission + Spread    Average of 0.7 pips    Web trader + mobile app + MT4 + MT5    No    30:1 (500:1 for professional traders)    NDD, STP, and ECN offered
FP Markets    60+    Stocks, indices, commodities, crypto    0% Commission + Spread (Commissions on ECN account)    As low as 0.0 pips on ECN    Web-based platform + mobile app + MT4 + MT5 + CTrader    No    30:1 (500:1 for professional traders)    DMA and ECN
IC Markets    60+    Stocks, indices, commodities, crypto, bonds    0% Commission + Spread (commission on Raw account)    From 0.0 pips on the Raw account    Web-based platform + mobile app + MT4 + MT5 + CTrader    No    30:1 (500:1 for professional traders)    CFD (ECN account offered)
What is an Islamic Trading Account?
Now that we’ve discussed the best trading platforms with Islamic trading accounts, let’s look at what these accounts are and how they work. An Islamic trading account is a halal trading account that abides by the principles established in Sharia law. Sharia law prohibits interest payments, which presents an issue when it comes to FX trading.

This is because trades held overnight are subject to ‘swap fees’, which work much like interest payments. As such, regular FX accounts are considered haram and unusable by Muslim traders.

Islamic Forex accounts
Fortunately, many of the best Islamic brokers offer ‘swap-free’ accounts, meaning no interest is charged on overnight positions. Moreover, these accounts also charge no interest on leveraged positions and enable currencies to be transferred immediately.

The best Islamic forex brokers that accept USA traders (and those that don’t) make it easy to open a swap-free account. Usually, all that’s required is for the trader to contact customer service, where they will ask for proof of religion. However, it’s essential to remember that many platforms will charge a separate fee to make up for the money lost through swap fees – this is sometimes expressed as a daily administration charge.

How we Select the Best Islamic Trading Platforms
Choosing which of the best Islamic brokers to partner with can be challenging; however, much like the process to invest in stocks, certain factors must be kept in mind while making a decision. A selection of the most critical factors are discussed below:

Regulation
Naturally, regulation is an important consideration when choosing a broker. Regulation from top-tier entities provides a high degree of investor protection, which helps increase the safety of FX trading. Make sure to look out for brokers with oversight from leading institutions like the FCA, ASIC, or CySEC.

Range of Currency Pairs
The best Islamic brokers tend to have a vast selection of currency pairs to choose from. Although all FX brokers will offer majors, many will also provide minors and exotics to trade. However, the latter two types best suit experienced traders, as they can be volatile and feature higher spreads.

capital.com forex trading
Fee Structure
Our reviews of the best Islamic brokers earlier all touched on the spreads and commissions that each broker charges. However, some platforms will charge additional fees, such as deposits, withdrawals, or inactivity fees. Finally, although relatively rare, some brokers may even charge a monthly account fee for using the service.

Technical analysis is a crucial part of FX trading, so partnering with a broker that offers real-time price charts and technical indicators can be beneficial. Furthermore, certain brokers (like eToro) offer unique trading features, with ‘CopyTrader’ being one of the most widely used by FX traders.

eToro CopyTrader

Minimum Deposit
The best brokers with Islamic accounts will have a low (or non-existent) minimum deposit threshold. Many brokers will also waive any deposit fees if the user deposits in one of the supported base currencies. 

Demo Account
Demo accounts can benefit beginner traders, as they offer the same experience as a live account, except without real money. FP Markets even provides a dedicated Islamic demo account, which mirrors the real account.

Mobile App
The fast-moving nature of the FX market means that brokers offering a mobile app are considered the best. All of the brokers on our list provide a mobile app for on-the-go trading, ensuring that users never miss an opportunity.

Supported Payment Methods
PayPal logo almost all FX brokers will accept credit/debit card deposits, which tend to arrive instantly – making it easy to take advantage of market opportunities. However, brokers like Capital.com will also accept e-wallets – with PayPal, Apple Pay, Neteller, and Skrill being the most common.

Customer Service
Finally, choosing an Islamic broker with a solid customer service offering can be hugely beneficial in the longer term. Look out for brokers with live chat or telephone support features, as these can provide targeted assistance in a speedy manner.

How to Open an Islamic Trading Account
Before rounding off this guide on the best swap-free forex accounts, let’s take an in-depth look at the investment process. Our recommended platform to partner with is Capital.com due to its low fees and vast selection of currency pairs.

As noted in our Capital.com review earlier, this broker doesn’t technically have a dedicated Islamic account, meaning positions cannot be held overnight. However, Capital.com does provide scope to conduct day trading – which is considered halal by many religious scholars.

Step 1 – Sign Up for a Capital.com Account
Head to Capital.com’s website and click the ‘Trade Now’ icon on the homepage. On the page that appears, enter a valid email address and choose a password for the account. Capital.com will then send an email to this address with a link for verification purposes.

Capital.com sign up

Step 2 – Verify Account
Click the ‘Complete Registration’ icon on Capital.com’s trading dashboard to begin the verification process. Capital.com will ask for some personal details for KYC checks, after which you’ll need to upload proof of ID (e.g. passport) and proof of address (e.g. bank statement). Once uploaded, Capital.com will verify these documents and send an email once complete. 

Step 3 – Make a Deposit
Click ‘Deposit’ on Capital.com’s dashboard and enter how much you’d like to fund your account with – the minimum deposit threshold is just $20. In terms of payment methods, Capital.com accepts the following:

Step 5 – Trade Forex
An order box will appear on the right side of the screen, much like the one below. In this box, enter your position size, opt for a stop-loss or take-profit level (if you wish), and click ‘Buy’ again.

Capital.com open forex trade 

Best Islamic Brokers – Conclusion
To conclude, this guide has taken an in-depth look at the best Islamic brokers on the market, highlighting their fees, features, and trading tools. More brokers than ever now offer an Islamic account that complies with Sharia law – ensuring Muslim traders can obtain the same trading experience whilst abiding by their faith.

For those interested in halal trading, we recommend partnering with Capital.com. Although Capital.com doesn’t yet offer a dedicated Islamic account, it does provide day trading services that are halal if certain conditions are followed. What’s more, Capital.com charges no commissions and allows positions to be opened from as little as $1.

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