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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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Skip the trial and error! Below, you’ll find the best forex brokers in the Philippines for 2025—thoroughly tested, verified, and ranked, so you can trade with confidence.
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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 | 30:1 | 63 | Yes | Yes | No |     | |||
 | Yes | USD 5 | 30:1 | 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 | 30:1 | 57 | No | No | No |  | |||
 | Yes | USD 200 | 30:1 | 64 | Yes | Yes | Yes | | |||
 | Yes | USD 100 | 30:1 | 62 | Yes | Yes | No | |
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Find Your Ideal Forex Broker
0.0 pips
CMA, FSA-Seychelles, FSC, FSCA, ASIC, CySEC
AUD 100
Islamic traders looking for fast execution (down to 40ms) and access to both a commission-free and raw-spread account.
FP Markets offers swap-free trading on both its accounts; Muslim traders can use the MT4 or MT5 trading platforms and have access to a wide range of trading tools. FP Markets only charges an admin fee on major pairs like the EUR/USD after 5 nights of trading.
The administration fees on minor and exotic pairs are high, and the number of financial instruments available for swap-free trading is limited.
FP Markets | Best Islamic Accounts Broker
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0.0 pips
CMA, FSA-Seychelles, FSC, DFSA, FSCA, FCA
USD 0
Muslim traders seeking Islamic accounts with competitive trading conditions and flexible trading strategies.
HFM’s Islamic accounts maintain trading conditions similar to traditional accounts while adhering to Shariah principles by removing swap fees. The Micro Account’s low deposit and wide range of features make it ideal for both beginners and experienced traders.
Islamic accounts incur a small carry charge on positions held overnight for more than seven days, which can increase costs for long-term traders. Additionally, MT5 is not supported on these accounts, limiting platform options.
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0.9 pips
ISA, FRSA, CBI, FSA-Japan, FSCA, ASIC, CySEC
USD 100
Muslim traders looking for an Islamic Account with low trading fees available on an intuitive and feature-rich trading app.
Avatrade's mobile app is intuitive and offers excellent risk management tools. Avatrade's spreads start at 0.9 pips (EUR/USD), some of the lowest fees in the industry, and it has comprehensive education and market analysis.
AvaTrade states that Muslim traders will have to pay higher spread fees to compensate for the lack of swaps, but these spreads are not published on its website. It also only allows swap-free trading for a maximum of 5 nights.
AvaTrade | Best Mobile Trading Experience
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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.
What is Forex trading and how does it work? An easy-to-read guide including how to trade, and how to choose a reliable broker.
Explore the best Forex brokers for beginners in the Philippines with user-friendly platforms, educational resources, and demo accounts.
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