Top 10 Islamic Trading Accounts
We've reviewed the best swap-free Islamic trading accounts for you, and shone a light on hidden fees. Trade CFDs on Forex, shares and commodities under Shariah law today.
In this article:
Best Islamic Trading Account in 2022
eToro is TrustedBrokers' "Best Islamic Broker" in 2022. Buy shares, cryptocurrency or trade CFDs on over 2,000 instruments (such as currencies, ETFs or commodities).
We like that eToro's Islamic account is halal, has no additional fees, no hidden charges and no time restrictions. You can keep your positions open, interest-free, for as long as you like. In contrast, most brokers will place a time limit on how long you can keep your positions open, and/or impose additional charges.
To get started, open a real account on eToro and deposit at least US$ 1,000. This is marginally above the US$ 500 initial deposit required for non-Islamic accounts. Then contact eToro's customer service before you trade, to request that they convert your account into an Islamic one. Wait for their confirmation before making your first trade.
Other Shariah-Compliant Accounts
However, eToro isn't the only broker to offer a swap-free account. Check our guide to the top 3 Islamic brokers in 2022. We've also reviewed 9 other Islamic brokers and CFD providers below, and highlighted any restrictions or supplemental fees.
No restrictions placed on Islamic accounts
- 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.
- LiteForex (LiteFinance.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). This may not provide the certainty you are seeking from a broker.
Time limit on overnight positions
- 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.
Administrative fees on overnight positions
- HYCM (HYCM.com): charges no 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. You'll find a breakdown of HYCM's fees by instrument here. HYCM offers three accounts (with fixed, variable and raw-spreads) which can each be converted to Islamic format.
- HotForex (HotForex.com): charges no overnight fees for the first 7 days. Fixed overnight fees apply beyond that. You'll find a breakdown of the fees in your HotForex account. However, you should know that HotForex reserves the right to apply additional fees, without prior notice, including across positions held for over a month.
- FP Markets (FPMarkets.com): charges no overnight fees for the first 5 days across Forex majors. However, an administrative charge will be levied immediately 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): charges no overnight fees for a certain number of days. The length of 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, open an account online and contact FxPro's back-office team before your first trade, to make it Islamic.
- EagleFX (EagleFX.com): allows you to open an account with no prior identity checks. It supports all trading styles on MetaTrader 4. However, it charges an administrative fees on positions held overnight. You'll need to contact EagleFX's customer service team for specifics. To open an Islamic account, open your account online and contact the customer service team to convert it into a swap-free account.
Wider spreads for Islamic accounts
- 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.
We hope this article has helped narrow your choices and highlighted the issues you need to consider when comparing Islamic trading accounts. Why not create a demo account with one or a handful of these brokers, to test-drive their platforms? Alternatively, open a real-money account to start trading right away.
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