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Alison Heyerdahl is the Head of Content at FxScouts and a financial writer with extensive experience in Forex trading, broker analysis, and market research. She has reviewed 100+ brokers, publishes weekly YouTube trading videos, and co-hosts the “Let’s Talk Forex” podcast to help traders make informed, safe decisions.
Alison Heyerdahl is the Head of Content at FxScouts and a financial writer with extensive experience in Forex trading, broker analysis, and market research. She has reviewed 100+ brokers, publishes weekly YouTube trading videos, and co-hosts the “Let’s Talk Forex” podcast to help traders make informed, safe decisions.
Chris Cammack is the Partner Manager and a financial writer at FxScouts. Chris builds and maintains our relationships with our partners to provide our users with the best Forex trading experience.
Forex trading is growing in popularity among Muslim traders, but it presents unique challenges under Islamic law. Conventional trading accounts apply overnight interest (known as swap fees), which directly conflicts with the Shari’ah prohibition on riba (interest). In response, many brokers now offer swap-free Islamic accounts designed to support halal trading.
This guide helps Muslim traders identify brokers that offer legitimate Islamic trading conditions—free from interest, transparent in fee structures, and fully aligned with the principles of Islamic finance.
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Broker | Official Site | Islamic Account | MetaTrader 4 (MT4) | MetaTrader 5 (MT5) | cTrader | Regulators | Compare | ||||
|---|---|---|---|---|---|---|---|---|---|---|---|
 | Yes | AUD 100 | 30:1 | 70 | Yes | Yes | Yes |       | |||
 | Yes | USD 0 | 2000:1 | 53 | Yes | Yes | No |   | |||
 | Yes | USD 100 | 400:1 | 63 | Yes | Yes | No |     | |||
 | Yes | USD 5 | 500:1 | 57 | Yes | Yes | No |  | |||
 | Yes | USD 10 | 1000:1 | 49 | Yes | Yes | No | | |||
 | Yes | USD 100 | 30:1 | 70 | Yes | Yes | Yes |  | |||
 | Yes | USD 5 | 3000:1 | 72 | Yes | Yes | No | | |||
 | Yes | USD 0 | 500:1 | 69 | No | No | No |  | |||
 | Yes | USD 200 | 500:1 | 64 | Yes | Yes | Yes | | |||
 | Yes | USD 100 | 500:1 | 62 | Yes | Yes | No | |
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Find Your Ideal Forex Broker
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0.0 pips
CMA, FSA-Seychelles, FSC, FSCA, ASIC, CySEC
AUD 100
TradingView, cTrader, MT5, MT4
30:1
FP Markets offers swap-free trading on ECN accounts, allowing you to access deep liquidity and spreads from 0.0 pips without interest-based fees.
Accounts are structured to comply with Islamic finance rules and independently reviewed for transparency.
FP Markets does not impose hidden markups in place of swaps, providing ethical and clear cost structures.
Accepts local bank transfers, GCash, and instant e-wallets like Skrill and Neteller, with no deposit fees.
cTrader and Iress platforms are not supported for swap-free trading.
Long-term holding may trigger administrative fees after 10 days, depending on the asset class.
FP Markets | Best for: Filipino traders seeking raw spreads with fast ECN execution and swap-free Islamic accounts
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0.0 pips
CMA, FSA-Seychelles, FSC, DFSA, FSCA, FCA
USD 0
HFM Trading App, MT5, MT4
2000:1
All HFM account types (Micro, Premium, Zero) can be converted to Islamic accounts with no additional spread markup.
Accounts operate without overnight interest or hidden fees, reviewed for Islamic compliance.
HotForex provides multilingual assistance including localized support for Filipino traders.
Offers beginner-friendly webinars and trading tutorials, ideal for new halal traders in the Philippines.
You must email support or apply manually after account verification to enable the Islamic option.
For trades held beyond 7 nights, HFM reserves the right to apply fixed admin charges.
HFM | Best for: Filipino Muslims seeking zero-swap trading with multiple account options and multilingual support
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YouTube
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0.9 pips
ISA, FRSA, CBI, FSA-Japan, FSCA, ASIC, CySEC
USD 100
AvaOptions, Avatrade Social, MT5, MT4
400:1
AvaTrade does not impose fixed trade duration rules or convert swaps into other fees — ideal for long-term halal investors.
Unique loss-protection tool lets you trade with confidence during high volatility while respecting Islamic principles.
Regulated across EU, UAE, and Asia — Filipino clients benefit from enhanced fund protection and oversight.
Mobile-friendly trading app supports swap-free accounts with integrated education and risk tools.
Islamic status activation may take up to 2 business days after full account approval.
Islamic account status does not extend to cryptocurrency trading.
AvaTrade | Best for: Faith-driven investors who prefer stable, long-term trading with top-tier regulation
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YouTube
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0.6 pips
DFSA, FSC, ASIC, CySEC
USD 5
MT5, MT4
500:1
XM Islamic accounts are truly swap-free with zero overnight interest on any asset class — including FX, indices, and gold.
Trade as little as 0.01 lots on a $5 deposit, making it ideal for cautious or beginner halal traders.
Strong transparency, long-standing reputation, and multilingual support including Filipino clients.
XM offers localized content including education, analysis, and live trading events in Tagalog.
Clients must contact support post-registration to request Islamic account setup.
Unlike other brokers, XM does not offer built-in Copy Trading for beginners.
XM | Best for: Filipino Muslim traders looking for low-deposit, micro-lot trading with halal flexibility
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0.7 pips
FRSA, FSA-Seychelles, CySEC
USD 10
NAGA Web App, MT5, MT4
1000:1
NAGA allows swap-free accounts with full access to its social trading platform — copy professionals in a halal-compliant way.
Replicate the trades of top performers and interact with the community, while adhering to Islamic ethics.
Not just Forex — halal investors can access stock CFDs and ETFs without interest or hidden swap costs.
NAGA Pay lets Filipino clients fund, trade, and withdraw in one unified platform with security layers.
Clients must email compliance for swap-free activation — not selectable during signup.
Not ideal for budget-conscious beginners
NAGA | Best for: Social traders looking for halal Copy Trading and integrated portfolios
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Riba is central to conventional Forex trading, but according to Islamic law, or Shari’ah law, Muslims are banned from earning interest on loans. Some scholars believe that the practice of removing Riba, as brokers do on their Islamic Forex accounts, legitimises Forex trading under Shariʻah.
An Islamic Forex account is a swap-free trading account that does not charge or pay interest on overnight positions. It is designed to comply with Shari’ah by removing riba and promoting shared risk between the trader and broker.
Key Features of an Islamic Account:
Forex trading is considered halal when it adheres to Islamic finance principles. Trading becomes haram if it involves interest, gambling, or unjust risk. A halal trading setup uses a swap-free account, operates transparently, and avoids speculation without analysis. Trading must involve clear contract terms and fair profit/loss sharing.
Understanding the key principles of Islamic finance helps explain why certain account conditions are required:
Riba (Interest): Riba means ‘interest’ and is prohibited. Traders cannot receive or pay interest on trades.
Gharar (Uncertainty): Excessive speculation or vague contracts are not permitted. Traders should make informed decisions based on analysis.
Maysir (Gambling): Trading must not involve random or chance-based outcomes. Strategy and risk management are essential.
Shared Risk: Shared risk means that when you trade using an Islamic account, you can make money or lose money based on how the market moves — no one promises a profit, and you take the risk yourself, which is fair and allowed in Islam.
Islamic accounts allow Muslim traders to access the global financial markets without compromising their religious beliefs. Standard accounts charge overnight interest (swaps), which is considered riba and is prohibited. Islamic accounts remove this, providing a structure that aligns with Shari’ah. They also support responsible risk-taking and ethical investing.
No interest is charged or credited on overnight trades.
Islamic accounts should offer the same instruments, platforms, and execution conditions as regular accounts.
Some brokers charge an admin fee to offset the absence of swaps. This fee must be fixed, clearly disclosed, and unrelated to interest.
A compliant Islamic account does not restrict access to specific instruments or trading styles unless this is clearly communicated.
We only recommend Islamic Forex accounts that meet strict criteria for transparency, regulation, and fair trading conditions. Our evaluation is based on the following factors:
Each broker we feature has been tested and reviewed by our team. We use live or demo accounts and verify published conditions against the actual account experience.
A legitimate Islamic account should:
Some brokers automatically assign Islamic status based on your location. Others require a manual request or declaration.
In standard Forex accounts, trades held overnight generate a rollover fee (or a swap fee). This fee reflects the interest rate difference between currencies and is considered riba. Islamic accounts remove this. Some brokers may apply:
These adjustments must be fixed, disclosed, and not interest-based.
Forex brokers registered in Muslim-majority countries often have to comply with many local regulations and are required to follow Shari’ah law, whereas Western Forex brokers have much more flexibility when it comes to the interest charged to their clients. This is why only some brokers offer this account type.
The central financial regulatory bodies in the Islamic world are the following:
This section addresses the most frequently asked questions from Muslim traders regarding halal trading, swap-free accounts, fees, leverage, and selecting a broker that adheres to Islamic principles.
Forex trading is halal if it avoids riba, gharar, and maysir. Islamic accounts are designed to meet these conditions.
Some brokers charge admin fees or widen spreads. These must be disclosed and must not be based on interest.
Yes, but only if there is no interest involved. Leverage should be used with proper risk management.
They should. Brokers should not limit tools, instruments, or platforms on Islamic accounts.
Most brokers do not offer Islamic demo accounts, but you can test a regular demo and request Islamic status on your live account.
Yes. Some brokers impose time limits or may revoke the status if the terms are abused. Always check before you trade.
Look for clear documentation, transparent fees, and no interest. Avoid brokers with vague or temporary swap-free options. If in doubt, ask.
No. Fees, swap-free duration, and available instruments vary. Always compare before choosing.
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