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Best Swap-Free Islamic Trading Accounts

Trade CFDs on Forex, shares and commodities under Shariah law with an Islamic trading account. We've reviewed the best swap-free Islamic trading accounts for you, and shone a light on hidden fees.

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What is an Islamic Forex trading account?

When you keep positions open overnight, your broker will automatically carry them over into the following day. However, this poses a problem for investors that follow Sharia law, as interest arises during the rollover. This interest, also known as "swap charges" or "rollover fees", can be a positive or a negative value.

Islamic trading accounts have no such rollover fees. Unfortunately, some brokers charge administrative fees or widen the spreads you pay when you place orders, in order to recover lost revenue. However, some brokers don't. This article reviews each broker in turn, to help you find the right account.

What's the best Islamic trading account?

In our opinion, eToro offers the best Islamic trading account. eToro charges no swap fees, no commission on positions left open overnight and no additional account fees. In other words, eToro's islamic trading account provides interest-free leverage. To get started, open a real account on eToro, deposit at least $1,000 and contact customer service to switch your account to an Islamic one.

However, eToro isn't the only broker to offer a swap-free account. We've listed Islamic Forex brokers below, and discussed their hidden fees (or lack of fees), in more detail:

#1
FP Markets
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Trade Forex and CFDs on over 10,000 stocks, indices, commodities and currency pairs when you open an IRESS account with FP Markets. FP Markets also supports MetaTrader 4 and 5.

  • Markets: Forex (CFD), Cryptos (CFD), Stocks (CFD), Indices (CFD), Metals (CFD), Energy (CFD)
  • Platforms: MetaTrader 4, MetaTrader 5, Copy trading
  • Regulators: Australia, CySEC
  • Incorporated: 2005

$100
deposit

1:500
leverage

Market
execution

$100
deposit

1:500
leverage

Market
execution

$100
deposit

1:500
leverage

Market
execution

$100
deposit

1:500
leverage

Market
execution

#2
AvaTrade
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79% of retail CFD accounts lose money

AvaTrade (AvaTrade.com) is an award winning online broker. Access a wide range of markets spanning Forex, crypto-currencies, shares, metals and more on competitive spreads.

  • Markets: Forex (CFD), Cryptos (CFD), Stocks (CFD), Indices (CFD), Metals (CFD), Energy (CFD), Commodities (CFD), Bonds (CFD)
  • Platforms: MetaTrader 4, MetaTrader 5, Copy trading
  • Regulators: Australia, BVI, Ireland, Japan, South Africa, UAE
  • Incorporated: 2006

$100
deposit

1:400
leverage

Instant
execution

$100
deposit

1:30
leverage

Instant
execution

$100
deposit

1:400
leverage

Instant
execution

$100
deposit

1:30
leverage

Instant
execution

$100
deposit

1:400
leverage

Instant
execution

#3
HotForex
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HotForex (HotForex.com) is an award winning Forex and commodity broker, providing trading services and platforms to both retail and institutional clients.

  • Markets: Forex (CFD), Cryptos (CFD), Stocks (CFD), Indices (CFD), Metals (CFD), Energy (CFD), Commodities (CFD), Bonds (CFD)
  • Platforms: MetaTrader 4, MetaTrader 5, Currenex, Copy trading, Mirror trading
  • Regulators: CySEC, France, Germany, Mauritius, South Africa, UK
  • Incorporated: 2010

$5
deposit

1:1000
leverage

Market
execution

$100
deposit

1:500
leverage

Market
execution

#4
Plus500
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76.4% of retail CFD accounts lose money

Trade CFDs without commission on Forex, shares, indices, commodities and ETFs with Plus500.com. Plus500 is listed on the London Stock Exchange and is regulated across several jurisdictions.

  • Markets: Forex (CFD), Cryptos (CFD), Stocks (CFD), Indices (CFD), Metals (CFD), Energy (CFD), Commodities (CFD)
  • Regulators: Australia, CySEC, New Zealand, Singapore, South Africa, UK
  • Incorporated: 2008

$100
deposit

1:300 (non-EU)
leverage ?

Instant
execution

#5
LQDFX
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LQDFX (LQDFX.com) is an international Forex broker and CFD provider headquartered in the Marshall Islands. It delivers STP execution on MT4 across 71 currency pairs, indices and commodities.

  • Markets: Forex (CFD), Indices (CFD), Metals (CFD), Commodities (CFD)
  • Platforms: MetaTrader 4, Mirror trading
  • Regulators: Marshall Islands
  • Incorporated: 2015

$20
deposit

1:300
leverage

Market
execution

#6
OctaFX
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Trade without restrictions with OctaFX (OctaFX.com), an international broker headquartered in St. Vincent & The Grenadines. Access CFDs on currency pairs, indices, precious metals and commodities on MetaTrader 4, MetaTrader 5 or cTrader.

  • Markets: Forex (CFD), Cryptos (CFD), Indices (CFD), Metals (CFD), Energy (CFD)
  • Platforms: MetaTrader 4, MetaTrader 5, cTrader, Copy trading
  • Regulators: CySEC, Saint Vincent and the Grenadines
  • Incorporated: NA

$100
deposit

1:500
leverage

Market
execution

$500
deposit

1:200
leverage

Market
execution

#7
NordFX
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NordFX (NordFX.com) is an international Forex broker serving traders worldwide from its headquarters in Mauritius.

  • Markets: Forex (CFD), Cryptos (CFD), Stocks (CFD), Indices (CFD), Metals (CFD)
  • Platforms: MetaTrader 4, Copy trading
  • Regulators: Mauritius
  • Incorporated: 2008

$10
deposit

1:1000
leverage

Instant
execution

$250
deposit

1:1000
leverage

Market
execution

$500
deposit

1:1000
leverage

Market
execution

Brokers without additional charges

  • eToro (eToro.com): charge no fees or commissions on its Islamic account. It makes money exclusively through the spread. Importantly, it places no restrictions on how long your positions can stay open. Buy shares, cryptocurrency or trade CFDs on over 2,000 instruments. This is, in our opinion, the best Islamic trading account. Simply open an account online, fund it with a minimum of $1,000 an contact customer service before your first trade.
  • LQDFX (LQDFX.com): charges no fees or commissions on its Islamic account, and places no restrictions on how long you can keep your positions open overnight. Its trading conditions mirror that of its Gold account, with a low $500 deposit. However, LQDFX reserves the right to discontinue your swap-free account if it suspects fraud, manipulation or swap arbitrage.
  • AvaTrade (AvaTrade.com): charges no fees or commissions on Islamic accounts. However, it doesn't allow you to keep positions open for more than 5 days. For this reason, AvaTrade's Islamic account is best suited for day-traders, or those who expect to close their positions within 5 days.
  • LiteForex (LiteForex.com): allows you to convert your account to an Islamic account at no additional cost. However, LiteForex reserves the right to revert your account to a swap-paying one, if your trades would otherwise mostly incur negative swaps (e.g. a cost to you).

Brokers with administrative fees

  • EagleFX (EagleFX.com): charges an administrative fees on positions held overnight. To get started, open an account online and contact the customer service team to convert it into a swap-free account.
  • FP Markets (FPMarkets.com): free of overnight fees for the first 5 days for Forex majors. However, administrative charges immediately apply across all other instruments. These fees, published on its website, range from $1 for CFDs on indices to $33 for the EURZAR currency pair. FP Markets offers swap free accounts on MT4 and MT5 (but not on the IRESS platform).
  • FxPro (FxPro.com): free of overnight fees for a certain number of days. The grace period and fees vary with the account type and instrument. This PDF summarises FxPro's commissions across its accounts and instruments. To open an Islamic account with FxPro, open an account online and contact FxPro's back-office team before your first trade, to make it Islamic.
  • HotForex (HotForex.com): free of overnight fees for the first 7 days. HotForex charges fees, published in the client area, beyond that grace period. HotForex reserves the right to apply additional fees, without prior notice (including across positions held for over a month).
  • HYCM (HYCM.com): free of overnight fees for the first 14 days a position is opened. After that, overnight positions are charged a flat $5 fee per contract, per night.

Brokers with spread-widening

  • 4XC (4xc.com): charges no administrative fees on its swap-free Islamic account. However, it does widen spreads marginally in order to compensate for the loss of revenue. 4XC places no restrictions on how long you can keep your positions open overnight. However, it reserves the right to discontinue your swap-free account if its suspects fraud, manipulation or swap arbitrage.

This article wouldn't be complete without mentioning that Plus500 also offers an Islamic account in certain jurisdictions. However, Plus500 does not communicate publicly on the conditions surrounding its Islamic account. To find out more, you will need to create an account and contact their customer service team.

Best Conditions

AvaTrade

AvaTrade Account [BVI]

Trade 55 currency pairs on fixed spreads, plus CFDs on crypto-currencies, stocks, indices, bonds and... More

  • $100 deposit
  • 1:400 leverage ?
  • 0.9 pips EUR/USD
79% of retail CFD accounts lose money
Best Platform

HotForex

Premium Account

Trade Forex as well as CFDs on cryptocurrencies, shares, indices and metals on floating spreads ... More

  • $100 deposit
  • 1:500 leverage ?
  • 1.2 pips EUR/USD
Pro Account

AvaTrade

Professional Account [EU]

Trade 55 currency pairs on fixed spreads, plus CFDs on crypto-currencies, stocks, indices, bonds and... More

  • $100 deposit
  • 1:400 leverage ?
  • 0.6 pips EUR/USD
79% of retail CFD accounts lose money