10 Best Halal Forex Brokers with Islamic Accounts (Top List)

Find out the 10 best Halal Forex brokers with Islamic accounts in this expert broker review article. Halal Forex brokers offer Islamic or Swap-free accounts designed for muslim traders that are compliant with Shariah law.

Trading on normal forex accounts can sometimes incur interest on positions held over a certain period of time.  Without Swap-free accounts, Sharia-compliant muslim clients would be unable to participate freely in financial markets. Different brokers offer Forex Islamic accounts under varying conditions, which may be favorable or unfavorable to traders. 

That’s why at WR Trading, we’ve analyzed and compiled a list of the top 10 Halal Forex brokers based on factors like minimum deposit requirements, trading instruments available, and maximum leverage allowed for trading. Read on to find out the best broker for you.

#1 StarTrader: Best Overall Choice for Halal Accounts (ECN and STP Options)

StarTrader, our top choice at WR Trading, offers a comprehensive Islamic account service that caters to Sharia-compliant traders. To set up one of these special accounts, you simply need to open a regular account and ask their customer support to convert it. They will then ask for proof of your religion, which can include a letter from your mosque, to prevent misuse of the swap-free service. 

This broker offers both ECN and STP account types, giving traders a choice in how their trades are executed. While there is a minimum deposit of $50 for STP or ECN accounts, the spreads are low, and trade execution is fast. StarTrader supports the popular MetaTrader 4 and MetaTrader 5 platforms, as well as their WebTrader and copytrading service. 

Key Facts About StarTrader Swap-free Accounts

Feature	Islamic Standard (STP) Account	Islamic ECN Account
Minimum Initial Deposit	$50 or equivalent	$50 or equivalent
Spreads	From 1.3 pips	From 0.0 pips
Instruments	200+ CFD instruments, including forex, metals, indices, commodities	1000+ CFD instruments, including forex, metals, indices, commodities
Maximum Leverage	Up to 1:1000 (variable by asset and regulation)	Up to 1:1000 (variable by asset and regulation)
Execution	STP	ECN
Commission per lot	No (except for indices)	$7 per lot traded round-turn
Minimum Trade Size	0.01 Lot	0.01 Lot
EAs	Yes	Yes
Mobile App	Yes	Yes

#2 FP Markets – Best Overall Islamic Forex Account

FP Markets ranks second among brokers offering the best Islamic ECN Trading service. Their swap-free Islamic account allows you to trade the Forex market without worrying about swap charges. To open an MT4/MT5 trading account with them, email onboardingsc@fpmarkets.com, stating your account number and the fact that you would like it converted. Then, wait for confirmation from the Onboarding team.

The broker reserves the right to request additional identification documents during registration. Your religion should be visible on these ID documents. You may be asked to send proof of your faith, such as a letter from your mosque.

FP Markets offers swap-free accounts on both its Raw and Standard account types. Instead of swap charges, an administration fee on managed positions is charged to the account holder and debited from the account’s balance. Tight spreads, access to ECN, and no swaps make FP Markets the ideal financial ecosystem for new and experienced Sharia-compliant traders. We rank FP Markets’ swap-free accounts in second place.

Key Facts About FP Markets Swap-free Accounts:

Feature	Islamic Standard Account	Islamic Raw Account
Minimum Initial Deposit	$100 or equivalent	$100 or equivalent
Spreads	From 1.0 pips	Starting from 0.0 pips
Instruments	70+ Forex pairs, metals, indices, commodities, Shares (CFDs), and Cryptocurrencies (CFDs)	Over 70 Forex pairs, metals, indices, commodities, Shares (CFDs), and Cryptocurrencies (CFDs)
Maximum Leverage	Up to 1:500 in some Countries	Up to 1:500 in some Countries
Execution	ECN	ECN
Commission per lot	No	$3 per lot, per side
Minimum Trade Size	0.01 Lots	0.01 Lots
EAs	Yes	Yes
Mobile App	Yes	Yes

#3 Vantage Markets: Best Scalper Islamic Account

The Raw Islamic ECN Account, offered by Vantage Markets, is ideal for scalpers and high-frequency traders. This ECN account does not bill swap charges for holding and moving positions, making it perfect for scalping with razor-thin spreads. 

Vantage Swap-Free Accounts are available to traders in South Africa, Kenya, Botswana, and Nigeria. As such, Vantage offers multiple funding options, including bank wire transfers and credit/debit card deposits. Vantage Markets has a minimum deposit requirement of $50, which is affordable for most traders. Traders can access over 1,000 tradable instruments, including forex, equities, commodities, ETFs, and bonds.

Their swap-free accounts allow a minimum trade size of 0.01 lots, giving all traders room to participate in the market. Holding positions on these accounts overnight incurs an administration fee, usually debited from the account holder’s balance.

At WR Trading, we believe that Vantage Markets’ Islamic Raw ECN account is robust enough for high-scalers and high-frequency traders seeking a swap-free environment at ultra-competitive rates. So we rank it in 3rd place. The following are some of the characteristics that attract traders to this broker’s swap-free accounts.

Key Facts About Vantage Markets Swap-free Accounts:

Feature	Swap Free Standard Account	Swap Free Raw ECN Account
Minimum Initial Deposit	$50	$50
Spreads	Spreads starting from 1.0 pips	From 0.0 pips
Instruments	Over 1,000+ CFDs, including Forex, Shares, Indices, Commodities, and Cryptocurrencies	Over 1,000+ CFDs, including Forex, Shares, Indices, Commodities, and Cryptocurrencies
Maximum Leverage	Up to 500:1 (depending on instrument and region)	Up to 500:1 (depending on instrument and region)
Execution	STP	ECN
Commission	No commissions	$3 per lot, per side
Minimum Trade Size	0.01 Lot	0.01 Lot
Expert Advisors (EAs)	Yes	Yes
Mobile App	Yes	Yes

#4 BlackBull Markets – Top Islamic Account Choice

BlackBull Markets offers the most sophisticated range of ECN Islamic accounts, catering to every sort of trader. 

The broker offers two swap-free ECN accounts: ECN Standard and ECN Prime. The ECN Standard account is suitable for new traders, but the ECN Prime account is more suited to experienced traders.

BlackBull Markets offers options for whichever trading style you are most comfortable with. It supports TradingView, MT4, and MT5. Equinix NY4/LD5 servers service ECN Standard and ECN Prime clients.

BlackBull Markets takes great pride in offering one of the most transparent pricing structures. This means that you will see how spreads and commissions apply in your trades, and this will help you make fully informed choices.

In our experience, BlackBull Markets is flexible for Islamic account traders. Their range of Shariah-compliant accounts provides excellent benefits that suit your trading style and risk appetite. We rank Blackbulls swap-free accounts first.

Key Facts About Blackbull Markets Swap-free Accounts:

Feature	Swap Free Standard Account	Swap Free Prime Account
Minimum Initial Deposit	$0	$2,000
Spreads	From 0.8 pips	From 0.0 pips
Instruments	A broad range of instruments, including currency pairs, commodities, indices, cryptocurrencies, equities (shares), and ETFs.	Over 26,000 instruments, including currency pairs, commodities, indices, cryptocurrencies, equities (shares), and ETFs.
Maximum Leverage	Up to 500:1 (depending on instrument)	Up to 500:1 (depending on instrument)
Execution	Market Maker/ECN Hybrid	STP/ECN/NDD
Commission	No swap charges	$3.00 per round lot
Minimum Trade Size	0.01 lot	0.01 lot
Expert Advisors (EAs)	Yes	Yes
Mobile App	Yes	Yes

#5 Pepperstone – Best Islamic Account for Low Latency Trading

Pepperstone has established itself as a leader in ECN forex trading, and its Swap-free account extends this excellence to Sharia-compliant traders. The Pepperstone Razor Islamic Account impressed us at WR Trading with its focus on low execution latency. This, combined with the ECN access and commission structure, makes it a compelling option for Sharia-compliant traders prioritising fast execution speeds.

When traders opt for the Pepperstone Swap-free Razor Account, they can get rates directly from the interbank markets, guaranteeing fast execution speeds and potentially tighter spreads, benefiting traders employing low-latency strategies.

When a trade on this account is held for five days, an admin charge is deducted from the account’s balance. The Razor account runs on a commission-based structure. This can be cost-effective for active traders, benefiting from the tight spreads offered on this ECN account. 

Key Facts About Pepperstone’s Swap-free Accounts:

Feature	Pepperstone Standard Swap-Free	Pepperstone Razor Swap-Free
Minimum Initial Deposit	200 AUD (or equivalent)	200 AUD (or equivalent)
Spreads	From 1.0 pip	From 0.0 pips
Instruments	Over 1,200+ CFDs, including Forex, Shares (CFD only), Indices, Commodities, ETFs, and Cryptocurrencies	Over 1,200+ CFDs, including Forex, Shares (CFD only), Indices, Commodities, ETFs, and Cryptocurrencies
Maximum Leverage	Up to 500:1 (depending on instrument and region)	Up to 500:1 (depending on instrument and region)
Execution	STP	ECN
Commission	No swap charges, commission-free	No swap charges, but $3.50 per lot, per side commission applies (MT4/MT5)
Minimum Trade Size	0.01 lot	0.01 lot
Expert Advisors (EAs)	Yes	Yes
Mobile App	Yes	Yes

#6 RoboForex – Best for Diverse Islamic Account Options 

Founded in 2009, Roboforex offers a range of Islamic accounts with a low minimum deposit of $10. The broker provides access to a large variety of assets, including currency pairs and CFDs on stocks, indices, and metals. It supports the popular MetaTrader 4 and 5 platforms, along with its own web and mobile platforms.

Like other brokers, it is important for traders to understand that even swap-free accounts may still have costs, like the fixed commission that replaces the swap. Our analysis at WR Trading finds RoboForex to be a strong option for traders seeking varied halal account types.

Key Facts About RoboForex’s Swap-free Accounts

Feature	Islamic ProCent Account (Standard)	Islamic Pro Account (Standard)
Minimum Initial Deposit	$10	$10
Spreads	From 1.3 pips	From 1.3 pips
Instruments	Forex and Metals	Forex, Metals, CFD on US stocks, Indices, Oil, Futures, Cryptocurrencies (CFDs) and ETFs (CFDs)
Maximum Leverage	Up to 1:2000 (depending on instrument and Country)	Up to 1:2000 (depending on instrument and Country)
Execution	Market Execution	Market Execution
Commission per lot	None, Swaps replaced by admin fee	None, Swaps replaced by admin fee
Minimum Trade Size	0.1 lots	0.01 lots
EAs	Yes	Yes
Mobile App	Yes	Yes

#7 Moneta Markets – Best Islamic Account for Admin Fees

Moneta Markets offers swap-free Islamic accounts with a minimum deposit of $50 on its ECN and STP account types. You can simply request one after you create and fund a regular account. The broker will then change your account type for you.

Instead of paying swap charges, an admin fee is applied to overnight positions. This fee is usually charged daily and can vary depending on what you are trading. The fee is a normal part of how brokers offer swap-free accounts. We consider Moneta Markets to be a solid option for traders who prefer a simple fee structure.

Key Facts About Moneta Market’s Swap-free Accounts

Feature	Islamic Direct STP Account	Islamic Prime ECN Account
Minimum Initial Deposit	$50 or equivalent	$50 or equivalent
Spreads	From 1.2 pips	From 0.0 pips
Instruments	1000+ Forex pairs, indices, commodities, shares, ETFs, cryptos	1000+ Forex pairs, indices, commodities, shares, ETFs, cryptos
Maximum Leverage	Up to 1:1000 (depending on instrument and Country)	Up to 1:1000 (depending on instrument and Country)
Execution	STP	ECN
Commission per lot	No	$6 per standard lot round turn
Minimum Trade Size	0.01 lots	0.01 lots
EAs	Yes, on MetaTrader platforms	Yes, on MetaTrader platforms
Mobile App	Yes, Moneta Markets App and MT4/MT5 mobile apps	Yes, Moneta Markets App and MT4/MT5 mobile apps

#8 AvaTrade – Best for Regulated Halal Trading with Diverse Platforms

AvaTrade is a respected and heavily regulated broker that offers a trustworthy platform for Sharia-compliant trading. The broker allows you to trade forex, commodities, and other assets without accumulating swap charges, aligning your trading activities with Islamic principles. The broker does, however, charge an administration fee on overnight positions.

AvaTrade provides the AvaTradeGO platform and the standard MetaTrader 4 and 5 platforms for an unmatched trading experience. You can choose from over 1,250 trading instruments, but cryptocurrency trading is not available on its Islamic accounts. The broker is regulated in multiple top-tier jurisdictions, including Australia, Japan, and the EU, giving you extra confidence in their service.

Key Facts About AvaTrade’s Swap-free Accounts

Feature	Avatrade Islamic Account
Minimum Initial Deposit	$100 or equivalent
Spreads	From 0.8 pips (variable, market maker pricing)
Instruments	1250+ (Forex, Metals, Indices, Commodities, Bonds, Shares, ETFs). Cryptocurrencies and some Forex instruments (e.g., ZAR, TRY, RUB, MXN pairs) are not permitted.
Maximum Leverage	Up to 1:400 (varies by regulation and asset)
Execution	Market Maker
Commission per lot	No (Commission-free trading with spreads including markup)
Minimum Trade Size	0.01 Lots
EAs	Yes
Mobile App	Yes

#9 Exness – Best for Transparent Swap-Free Conditions

Exness is a highly-regarded and transparent broker that offers automatic swap-free status to traders in Muslim countries. This means you can trade without having to pay or receive overnight interest fees. For those outside these countries, a swap-free account can be requested. 

A major plus for traders is that Exness does not widen spreads or add hidden charges to make up for the lack of swaps. The broker offers access to various trading instruments across different account types, which can have varying minimum deposit requirements.

Key Facts About Exness’s Swap-free Accounts

Feature	Islamic Standard Account	Islamic Raw Spread Account
Minimum Initial Deposit	$50 USD or equivalent	$500 USD or equivalent
Spreads	From 0.2 pips	From 0.0 pips
Instruments	Forex, metals, cryptocurrencies, energies, stocks, indices	Forex, metals, cryptocurrencies, energies, stocks, indices
Maximum Leverage	Up to 1:Unlimited (account balance-dependent)	Up to 1:Unlimited (account balance-dependent)
Execution	Market Execution	Market Execution
Commission per lot	No	Up to $3.50 per lot per side
Minimum Trade Size	0.01 lots	0.01 lots
EAs	Yes	Yes
Mobile App	Yes (Exness Trade, MT4/MT5)	Yes (Exness Trade, MT4/MT5)

#10 FBS – Best for High Leverage and Low Minimum Deposit

FBS offers swap-free versions of its Standard account type to Shariah-compliant Muslim traders. This account type can be easily requested after you’ve opened a regular account. FBS is known for its very low minimum deposit, which makes it easy for many traders to get started.

While there are no swap fees, the broker applies a fixed commission on positions held open for more than a few days, depending on the type of asset you are trading. FBS provides a wide variety of trading options and supports platforms like MetaTrader 4 and 5.

Key Facts About FBS’s Swap-free Accounts

Feature	Islamic Standard Account
Minimum Initial Deposit	$5 or equivalent (could be higher depending on payment method)
Spreads	Floating, starting from 0.7 pips
Instruments	550+ (Forex, stocks, indices, metals, cryptocurrencies)
Maximum Leverage	Up to 1:3000 (Varies based on jurisdiction, account balance, and status)
Execution	ECN/STP/Market Execution
Commission per lot	No (Fees compensated through spreads or fixed commission on long-held positions)
Minimum Trade Size	0.01 Lots
EAs	Yes
Mobile App	Yes

What is an Islamic Trading Account (Swap-Free)?

An Islamic Forex account or swap-free account is a trading account that a Forex broker offers, which allows muslim traders who respect the Quran to trade in the market following Islamic finance principles.

Traditional forex trading involves borrowing and lending currencies to open and maintain positions. Forex swap charges, or rollover interest, result from these transactions on positions held overnight. For those adhering to Sharia law, these interest-based transactions are considered haram (forbidden).

Swap-free accounts offer a solution for Muslim traders. Here’s how they work:

Elimination of Swap Charges

Islamic accounts eliminate swap charges, ensuring that your trades comply with the riba (usury) prohibition in Sharia law.

Alternative Financing Methods

Instead of swap charges, some Islamic forex brokers employ alternative financing methods. These methods can include:

• Commissions: Brokers might charge a commission fee on each trade. This fee replaces swap charges and compensates the broker for the service of holding your trades overnight.
• Profit-sharing agreements: A less common approach is profit-sharing agreements, in which the broker shares some of your profits from successful trades.

Is Trading Forex Halal Allowed with The Sharia Law?

Yes, Trading can be considered halal under Sharia law within certain conditions. They include:

1. No Interest Allowed: Charging or paying interest (known as Riba) is not permitted. In regular forex trading, you can get charged for holding a trade overnight. To solve this, Islamic accounts (also called swap-free accounts) remove these overnight fees completely.
2.  Trade Now, Not Later: When you exchange currencies, the trade should happen right away, or “on the spot.” There should be no unnecessary delays in the exchange.
3. Keep Things Clear and Certain: Every trade must be clear and easy to understand. All costs and rules should be stated upfront. Trading should not be based on wild guesses or deals that are too unpredictable, as this is seen as a form of excessive uncertainty.
4. Strategy, Not Luck: Trading should be done using careful analysis and a plan. It should not feel like gambling or relying on pure luck. The goal is to make informed decisions, not to take random bets.
5. Use Borrowed Funds Carefully: Using borrowed money from your broker (leverage) to trade is not forbidden on its own. However, using too much of it to make very risky trades goes against the careful and fair spirit of Islamic finance.
6. Be Fair and Honest: All trading must be done fairly. This means you must avoid tricks like manipulating prices, lying, trading on secret information, or being part of any dishonest money schemes.

Why Are Swap Fees Haram?

Swap fees, also known as rollover interest, are considered haram (forbidden) under Sharia law for several reasons:

• Exploitation: Sharia law does not permit practices that exploit financial difficulty. Charging interest is a means of manipulating the borrower’s desperate situation for personal gain.
• Unfair Gain: According to the tenets of the Sharia, receiving unearned income for no labour other than lending is considered an injustice. In this regard, Islamic finance has been established on the law of mutual risk and just exchange of value.
• Uncertainty: The predetermined nature of interest payments contradicts the Islamic principle of shared risk and reward. Islamic finance encourages profit-sharing arrangements where parties share a transaction’s potential benefits and burdens.

By eliminating swap charges, Islamic forex accounts ensure your trading activities align with the core principles of Sharia law.

Are Islamic Forex Accounts Halal?

Yes, under the following conditions. For a forex account offered on MetaTrader 4 or MetaTrader 5 to be considered truly halal, brokers must adhere to key Islamic finance principles. The primary feature is the complete removal of Riba (interest), which means eliminating all overnight swap fees, a feature explicitly configured on the platform by the broker.

In addition, the account must uphold immediate settlement, adhering to the “hand-in-hand” principle of spot trading, which the instant execution capabilities of modern platforms help facilitate. It must also avoid Gharar (excessive uncertainty), requiring full transparency in all terms and conditions. Traders must avoid unethical practices, excessive risk, and gambling-like behavior

How Does an Islamic Trading Account Work?

Knowing how Islamic Forex accounts work will help you make the right trading decisions. Here’s a breakdown of how Swap-Free accounts operate:

• Order Placement: You place your forex trades like you would in a regular forex account. You dial the currency pair, specify the trade volume and direction—buy or sell—and place your order.
• Order Execution: After your broker has executed the order, the currency pair you have chosen will appear as being traded in your trading platform.
• Overnight Financing: Here’s where Islamic accounts differ. If you hold a position overnight, you would typically incur swap charges. However, these charges are waived with an Islamic account.

Opening an Islamic swap-free trading account is easy. The typical procedure is to select a broker offering Islamic accounts and open a regular trading account with them. After opening an account, contact their customer support and request that your standard account be changed to an Islamic one. Some brokers may ask for proof of your faith, like a letter from the mosque, assuming your religion is not indicated in your ID documents.

In many cases, non-Islamic traders can have swap-free accounts. However, they are mainly tailored to serve Islamic financial principles that forbid receiving and paying interest on overnight positions. In any case, one must check with the broker’s policy on eligibility for a swap-free account and any other costs.

At WR Trading, we recommend that clients read through the broker’s terms and conditions regarding Islamic accounts before opening the account. This ensures you know their specific swap-free practices and associated commission fees.

Even though swap charges are eliminated, Islamic accounts might still involve other fees, such as spreads (the difference between the buy and sell price of a currency pair) and inactivity fees. Research all potential costs associated with your chosen Islamic forex account.

How We Tested the Best Islamic Swap-Free Accounts

At WR Trading, we know that what the brokers claim about their Islamic account is insufficient to give you a basis for trusting them. So, to provide you with the most reliable information, we developed an efficient testing process beyond those generic marketing materials. Here’s a glimpse into our process:

• Verification of Swap-Free Status: We start by meticulously reviewing the broker’s Islamic account terms and conditions to ensure that the broker affirms that the account is truly swap-free.
• Trading Platform Functionality: We test the functionality of the swap-free feature within the broker’s trading platform. This involves placing sample trades and verifying that no swap charges are applied when holding positions overnight.
• Commission Structure Analysis: We analyse the commission fees for Islamic accounts with commission-based structures. This includes considering transparency (clear communication of commission rates) and competitiveness (comparing fees to other brokers).
• Execution Speed Assessment: While swap-free functionality is our primary focus, we also evaluate the execution speed of Islamic accounts. Faster execution speeds can potentially improve trading performance; we consider this an essential factor for Sharia-compliant traders.
• Customer Support: We evaluate how good and accessible customer support is available to clients who open an Islamic account. At that, you will be assured of an educated customer support team to attend to all your questions or issues that you may have in the course of your swap-free trading experience.

But Attention: In this all-rounded testing methodology, we strive to provide a clear, objective assessment of the leading Islamic forex accounts. We go beyond listing features to give practical insights that may help you make an informed decision in your Sharia-compliant Forex trading journey.

Conclusion

Islamic trading accounts allow Muslim traders to trade without worrying about breaking the rules of Sharia law. The key is picking the right broker. To do so, you must consider these factors: is the broker known for being truly Sharia-compliant, is their help desk easy to reach if you have a problem, and do the account’s features fit how you like to trade?

Based on our findings, the top five options right now are StarTrader, FP Markets, Vantage Markets, BlackBull Markets, and Pepperstone. These companies are considered the best because they don’t just say they offer the account. They have proven that they understand and correctly follow the Islamic finance rules. They also stand out because they are reliable, have great customer service to help you, and offer different account types for beginners and experts.

Frequently Asked Questions on Islamic Accounts for Halal Forex Trading