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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.
Most traders want an Islamic Forex account because they comply with the Shari’ah prohibition on Riba or the accumulation of interest. Some brokers try to compensate for the missed revenue that would otherwise have been generated by collecting interest, so we always look for limitations on trading opportunities, additional fees, and widened spreads. Otherwise, we focused on finding the best Islamic accounts for all types of traders, including a range of platforms, excellent trading tools and good education for beginners.
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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 | 57 | 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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0.0 pips
CMA, FSA-Seychelles, FSC, FSCA, ASIC, CySEC
AUD 100
IRESS, cTrader, MT5, MT4
30:1
An ECN/DMA broker, FP Markets offers trading on multiple instruments, including Forex, shares, metals, commodities, cryptos, and indices. Unlike many other brokers, FP Markets publishes all information about Islamic accounts on its website and caters to Muslim traders with two distinct Islamic account options, available on both its Raw and Standard account types on the MT4 and MT5 trading platforms.
The Islamic Standard Account requires a minimum opening balance of 100 AUD. Spreads start at 1.0 pips on the EUR/USD, and no commissions are charged on the trades. The Islamic Raw Account also has a minimum opening balance of 100 AUD, spreads starting at 0.0 pips on the EUR/USD, which is tighter than other ECN brokers, and a low commission of 3 USD per lot traded. Note that FP Markets charges administration fees on its Islamic account, which vary depending on the instrument traded. A fee of 5 USD is charged on the EUR/USD, but this will only be applicable from the sixth night a position is held open.
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
HFM offers Islamic accounts for all customers of Muslim faith on four of its six account types, including the Micro Account and Auto Account. Trading conditions are especially good on the Micro Account, with spreads starting at 1 pip, a low minimum deposit of 5 USD, and hedging, scalping, and copy-trading all available. While HFM's Islamic account spreads are slightly wider than normal to cover the cost of removing the swap fee and MT5 is not supported, trading conditions are broadly similar to traditional trading accounts.
Islamic accounts do incur an additional carry charge on any position held overnight for more than 7 days. While this is not a significant cost, it does make positional trading more costly over the long term. All Islamic accounts feature market execution and maximum leverage of 1:500.
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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0.9 pips
ISA, FRSA, CBI, FSA-Japan, FSCA, ASIC, CySEC
USD 100
AvaOptions, Avatrade Social, MT5, MT4
400:1
AvaTrade offers Islamic accounts on MetaTrader 4, MetaTrader 5, Webtrader and the excellent and newly designed AvaTradeGo mobile app. The AvaTradeGo app offers forex traders an intuitive and sophisticated trading experience, with spreads as low as 0.9 pips on the EUR/USD for Islamic accounts. AvaTradeGo features an advanced dashboard, with intuitive management tools, clear charts, zoom for details, and a Market Trends feature to monitor trading trends within the AvaTrade community. The AvaProtect tool is also available in the mobile app, allowing traders to purchase loss protection for a time.
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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0.6 pips
DFSA, FSC, ASIC, CySEC
USD 5
MT5, MT4
500:1
XM is unusual in the Forex industry in that it does not apply any extra charges for Islamic accounts. Most other brokers apply a commission or widen the spread to cover the cost of the lost swap fees. XM does neither, meaning its Islamic account has exactly the same trading conditions as a normal trading account, minus the swap fee. In addition, opening an Islamic account with XM is relatively straightforward: First, a trader must open and validate a standard account and then file a request for an Islamic account with the XM back office. Approval usually takes a matter of minutes.
XM is one of the most regulated market makers in the Forex industry and stands out for leading trading conditions, account choice, execution speed and a wide range of CFD assets available on both the MT4 and MT5 platforms. With a minimum deposit of 5 USD, traders can open the XM Ultra Low Account, where spreads start at 0.6 pips with no commission charged.
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.
Islam also emphasises that uncertainty, excessive speculation, and gambling should be avoided when conducting business transactions, so it could be argued that hedging trades with Forex is also legitimate under Shari’ah. It is also widely agreed that conventional Forex transactions—if used carefully—are a very effective means of protecting banks from exposure to international risk.
Another concern about the Islamic nature of Forex trading is the element of shared risk. Luckily, with Forex trading, when you trade, you are investing in an asset – the currency purchased. If this asset increases in value, you will make a profit, and if the asset loses value, you will make a loss. The result is a sharing of the benefits and losses of the currency exchange with your counterparty. From this point of view, Forex trading and Islam are compatible in terms of shared risk.
An Islamic Forex account is a halal Forex account which complies with the Shari’ah prohibition on Riba or the accumulation of interest.
Islamic Forex accounts will not charge interest on open positions held overnight.
Across the Islamic world, many brokers offer Shari’ah-compliant accounts to make sure that your trading is not haram – though this does mean that there are a few differences when compared to traditional Forex accounts.
Islamic Forex accounts have two underlying attributes:
Other than the above, Islamic Forex accounts usually have the same trading terms and conditions as regular Forex accounts. However, some most Forex brokers change the commercial terms of trading with them and might limit the trader from trading cryptocurrencies.
Some Forex brokers will widen their spreads on Islamic accounts to compensate for the missed revenue that would otherwise have been generated by collecting interest. Another practice, but is far rarer, is that some Forex brokers charge an up-front commission on trades instead of widening the spreads.
In the Forex market, any position held overnight generates a rollover which will be earned or paid out depending on the currency you are trading and the direction of the market. Rollover interest is a form of interest that can be credited or debited from your Forex trading account, and thus it is prohibited by Islamic financial regulations. In the financial world, this rollover is also known as the swap rate. So, Islamic Forex accounts are swap-free accounts where no overnight interest is credited or debited.
There are a variety of brokers that offer Islamic accounts tailored for Muslim traders. This account type usually has no limitations, which means you can trade Forex, commodities, CFDs contracts, and every financial instrument that complies with Islamic financial regulations.
An important note: With most Forex brokers, you must open a real trading account, which can then be converted into an Islamic account. Few brokers have a registration page specifically for Islamic accounts, and even fewer have Islamic demo accounts, but some brokers with clients from predominantly Muslim countries automatically create accounts as Islamic accounts.
If you are in doubt, make sure you discuss your concerns with your account manager or broker representative before you make a deposit.
Forex brokers registered in Muslim-majority countries often have to comply with many local regulations and are required to follow Shari’ah law.
The central financial regulatory bodies in the Islamic world are the following:
An Islamic Forex account, or swap-free account, is an optional account type that is often selected after signing up with a broker. They are intended for use by traders of the Islamic faith, which prohibits generating income from interest payments. Most Forex brokers can accommodate followers of the Islamic faith by offering swap-free trading accounts that are compliant with Shari’ah law.
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.
Explore more resources that fellow traders find helpful! Check out these other guides to enhance your forex trading knowledge and skills. Whether you’re searching for the best brokers, educational material, or something more specific, we’ve got you covered.
Discover the top Forex brokers in the Philippines. Compare top platforms, fees and features to make an informed trading choice.
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Explore the best Forex brokers for beginners in the Philippines with user-friendly platforms, educational resources, and demo accounts.
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