Looking for Brokers that Offer Islamic Accounts? Read This Post

Islamic accounts will not involve any interest on open positions held overnight – in compliance with the Shariah probation on Riba, which is the accumulation of interest. Many international Forex brokers provide Islamic accounts, catering to Muslim traders and claiming Sharia law compliance. Islamic accounts remain swap-free, but Forex brokers replace the costs with Sharia-compliant methods such as increased spreads or fixed commissions.

Although not all forex brokers explicitly list the availability of Islamic accounts on their official website, Muslim traders are encouraged to contact the respective customer support for the account setup.

In todays article, WikiFX has prepared a compilation of reliable brokers offering Islamic accounts for the convenience of all Muslim traders. The accounts listed below are carefully selected to have a relatively high Wikiscore, are regulated by a regulatory body, and possess valid licenses.

IC Markets, which was founded in 2007, is regulated by tier-one entities such as ASIC, ensuring a high level of investor protection. An Islamic account is also available, with no interest fees and raw pricing, but the minimum deposit threshold is $200, which is slightly higher than that of other forex brokers.

Founded in 2010, Pepperstone is a brokerage firm set up by a group of experienced traders in Melbourne, Australia. Its swap-free account is for traders who are unable to receive or pay swaps.

Forex.com is one of the best Islamic forex brokers that accepts US traders. Forex.com has been in business for over 20 years and is subject to stringent regulation from leading regulatory bodies.

FXTM is a global broker that was founded in 2011 and is regulated by the FCA and CySEC. FXTM allows users to trade over 60 currency pairs, as well as stocks, indices, commodities, and cryptocurrency. FXTM does provide a'swap-free' option on its accounts, making it one of the top Sharia-compliant Islamic brokers. The account opening process is entirely digital, with a $50 minimum deposit required.