21 🥇 Best Islamic Trading Platforms – ( Reviewed ) 2020

Islamic Trading Platforms

Islamic Trading Platforms

 

While trading in Islam is often considered to be haram, it can still be possible to trade and the key is to find an Islamic Forex account, which offers swap-free trading for traders of Muslim faith.  Keeping in mind that this article is not a religious authority on Islamic trading – be sure that all trading activities are halal, by consulting a religious authority.

 

What is an Islamic Forex account?

 

An Islamic Forex account is a halal trading account which offers clients who respect the Quran and washings to invest in the Islamic stock market following the principles of Islamic finance.

These trading accounts are known as swap-free accounts and differ in several ways from regular Forex accounts. Sharia law prohibits the accumulation of interest, traders with Islamic accounts do not pay or receive interest rates, accounts based on Islamic finance must be carried out without any delay, currencies must be transferred from one account to another immediately, and transaction costs must be paid at the same time.

 

The principles of Halal Forex Trading

 

Islamic finance has 4 basic principles

 

  • Prohibition of payment and receipt of any interest rate (Riba)
  • Immediate exchanges in the context of trading operations
  • Prohibition of gambling
  • Distribution of risks and benefits

 

These four principles do not always fit into the Western banking and trading tradition, and specific trading accounts have been created, commonly referred to as “Islamic accounts.”

 

How to open an Islamic Forex account?

 

When opening an Islamic Forex account, Muslim customers must register and open an Trade.MT5 account plus provide the necessary documents to open a halal trading account.  When confirmation is received the first deposit can be made, through the payment method preferred, and start trading on the Halal Exchange.

 

Commissions on Islamic Trading Accounts

 

What makes Islamic trading unique is that it does not generate any swap interest. The swap is an interest paid or received by the trader when he leaves an open position overnight, which makes currency trading haram. Muslim customers who use an Islamic trading account pay the margin, commissions and administrative fees, which are not the interests of Riba Haram.

 

Is Forex trading halal or haram?

 

By definition, Forex trading can be considered halal. Forex trading has become increasingly accessible and the potential for quick profits is attracting more and more traders every day.

 

 

Islamic Finance: Forex Riba

 

In standard practice, an investor holds open positions after the close of the trading session, the broker charges a swap commission, which corresponds to an interest rate.

 

What can be traded with an Islamic account?

 

With the right broker, traders will have access to the main markets: Forex, CFDs on indices, CFDs on stocks, CFDs on raw materials and cash stocks, including rarer markets such as CFDs on cryptocurrencies, CFDs on bonds and ETFs (funds traded on the stock exchange).

 

All the financial markets mentioned are halal, except two: bonds and futures.

 

Bonds

 

Bonds are treasury bills and at the time of being issued, a fixed interest rate is fixed during the life of the bond, and while the value of the bond may differ and fluctuate according to the supply and demand of the market, the return on investment calculated as a percentage of the original value of the bond is fixed and does not vary.

 

Futures

 

Futures contracts are also considered haram due to the delayed nature of the exchange of goods, after the “signing” of the purchase or sale agreement. It is not immediate.

 

Islamic accounts in MetaTrader

 

The MetaTrader trading platform can be considered halal, as this platform is just a tool, a basic interface that allows traders to open their orders in the market.

 

So in laymen’s terms – Regardless of the nature of the trading account, be it a standard account, a pro account or an Islamic account, all orders will be executed in the same way and only a traders broker can define the trading conditions in which traders are going to invest, the platform does not alter or modify them in any way.

 

Note – the trading account chosen will have an impact on trading conditions and can become a halal or haram trader.

 

A review about FXPRIMUS
 

FXPrimus

 

FXPrimus is an online broker which was founded in 2009 and offers Forex and Social Trading.

FXPrimus are a global broker with a head office based in Cyprus.

FXPrimus offer traders two ways to trade: Forex, Social Trading, and traders will need a minimum deposit of $100. A demo account is available and FXPrimus is able to accommodate various levels of traders whether a trader is experienced or a beginner.

 

  • Regulated by: Cyprus Securities and Exchange Commission (CySEC), The markets in financial instruments directive (MiFID)
  • Headquarters: Cyprus
  • Founded in: 2009
  • Min Deposit: 100
  • Used by over 10,000 traders

 

FXPrimus is a regulated platform which means FXPrimus is supervised by and is checked for conduct by the Cyprus Securities and Exchange Commission (CySEC), The markets in financial instruments directive (MiFID) regulatory bodies.

 

FXPrimus Trading benefits

 

  • Allows scalping
  • Allows hedging
  • Offers STP
  • Low min deposit

 

FXPrimus Trading Accounts Offered

 

  • Demo account
  • Micro account
  • Mini account
  • Standard account
  • ECN account
  • STP account
  • Managed account
  • Islamic account

 

FXPrimus support a wide range of languages including English, Spanish, Indonesian, Chinese, Thai, Vietnamese, Hungarian, and Malaysian.

 

A review about easyMarkets

 

EasyMarkets

 

EasyMarkets is an online broker founded in 2001 and offers Forex and CFDs trading.  EasyMarkets is a global broker and have a head office based in Cyprus, Australia.

 

  • Regulated by: Cyprus Securities and Exchange Commission (CySEC), Australian Securities and Investment Commission (ASIC)
  • Headquarters: Cyprus, Australia
  • Founded in: 2001
  • Min Deposit: 100
  • Used by over 10,000 traders

 

EasyMarkets Trading benefits

 

  • Allows scalping
  • Allows hedging
  • Low min deposit
  • Guaranteed stop loss
  • Offers Negative Balance Protection

 

EasyMarkets Trading Accounts Offered

 

  • Demo account
  • Micro account
  • Mini account
  • Standard account
  • Islamic account

 

EasyMarkets offer traders a demo account to try before putting down funding.  EasyMarkets support a wide range of languages including English, German, Arabic, Chinese, Spanish and Polish.

 

A review of RoboForex
 

Roboforex

 

Roboforex is an online broker founded in 2009 which offers Forex and CFDs trading.  Roboforex is a global broker and has a head office in Cyprus.

 

  • Regulated by: Cyprus Securities and Exchange Commission (CySEC)
  • Headquarters: Cyprus
  • Founded in: 2009
  • Min Deposit: 1
  • Used by over 10,000 traders

 

Roboforex Trading benefits

 

  • Allows scalping
  • Allows hedging
  • Offers STP
  • Low min deposit

 

Roboforex Trading Accounts Offered

 

  • Demo account
  • Micro account
  • Mini account
  • Standard account
  • Zero spread account
  • ECN account
  • STP account
  • Islamic account

 

Roboforex support a wide range of languages including English, Chinese Simplified, Chinese Traditional, Indonesian, Malaysian, Portuguese, Spanish, Italian, Polish, Arabic, Thai, Russian, Ukrainian and have a double AA grade support rating because Roboforex offer live chat and email support in multiple languages.

 

A review of FP Markets
 

FP Markets

 

FP Markets is an online broker which was founded in 2005 and offers Forex trading.  FP Markets is a global broker and have a head office situated in Australia.

 

  • Regulated by: Australian Securities and Investment Commission (ASIC), Cyprus Securities and Exchange Commission (CySEC)
  • Headquarters: Australia
  • Min Deposit: 100
  • Used by over 10,000 traders

 

FP Markets is a sponsor of events and sports which helps FP Markets give back to the community and build brand awareness.  Traders can trade in a wide variety of over 100 instruments and

trading currency pairs on offer are over 60 currency pairs.

 

FP Markets Trading benefits

 

  • Allows scalping
  • Allows hedging
  • Offers STP
  • Low min deposit
  • Offers Negative Balance Protection

 

FP Markets Trading Accounts Offered

 

  • Demo account
  • Mini account
  • Standard account
  • ECN account
  • STP account
  • Managed account
  • Islamic account

 

FP Markets offers the popular MT4 forex trading platform alongside mobile apps for Android and iOS, making it easy to keep an eye on and execute trades on the move.

 

A review of XM
 

XM

 

XM is an online broker which was founded in 2009, offering Forex and CFDs trading.  XM is a global broker.

 

  • Regulated by: Financial Conduct Authority (FCA), Cyprus Securities and Exchange Commission (CySEC), Australian Securities and Investment Commission (ASIC)
  • Headquarters: Cyprus
  • Min Deposit: 5
  • Used by over 70,000 traders

 

XM is one of the few brokers that offer both of the MetaTrader platforms; MT4 and MT5 and also offers mobile apps for Android and iOS.

 

XM Trading benefits

 

  • Allows scalping
  • Allows hedging
  • Low min deposit
  • Offers Negative Balance Protection

 

XM Trading Accounts Offered

 

  • Demo account
  • Micro account
  • Mini account
  • Standard account
  • Zero spread account
  • Islamic account

 

To trade effectively with XM, it is very important for traders to have a good, clear understanding of the XM trading tools and the Forex markets.  XM support a wide range of languages including Arabic, Chinese, English, French, German, Greek, Hindi, Hungarian, Indonesian, Italian, Japanese, Korean, Malay, Polish, Portuguese, Russian, Spanish, Swedish, Thai, and Turkish.

 

A review of ThinkMarkets
 

ThinkMarkets

 

ThinkMarkets is an online broker which was founded in 2010 and offers both Forex and CFDs trading.  ThinkMarkets is a global broker with a head office based in Australia.

 

  • Regulated by: Financial Conduct Authority (FCA), Australian Securities and Investment Commission (ASIC)
  • Min Deposit: 250
  • Used by over 10,000 traders

 

ThinkMarkets has won multiple industry awards over a 10-year span.

 

ThinkMarkets Trading benefits

 

  • Allows scalping
  • Allows hedging
  • Offers STP
  • Low min deposit

 

ThinkMarkets Trading Accounts Offered

 

  • Demo account
  • Mini account
  • Standard account
  • ECN account
  • STP account
  • Islamic account

 

ThinkMarkets support a wide range of languages including English, Chinese, and Japanese and is governed and supervised by reputable financial regulatory bodies.

 

A review about HYCM
 

 HYCM

 

HYCM is an online broker founded in 1977 and offers both Forex and CFDs trading.  HYCM are a global broker with a head office based in UK.

 

  • Regulated by: Financial Conduct Authority (FCA), FCA reference number 186171, Cyprus Securities and Exchange Commission (CySEC), CySEC license number 259/14, Cayman Islands Monetary Authority (CIMA), CIMA reference number 1442313, Dubai financial services authority (DFSA), DFSA license number 000048
  • Min Deposit: 100
  • Used by over 10,000 traders

 

HYCM has won numerous industry awards over the past 43 years and is governed and supervised by reputable financial regulatory bodies.

 

HYCM Trading benefits

 

  • Allows scalping
  • Allows hedging
  • Low min deposit

 

HYCM Trading Accounts Offered

 

  • Demo account
  • Micro account
  • Mini account
  • Standard account
  • Islamic account

 

With HYCM, the minimum and maximum trade requirements may vary depending on the trader and the instruments.  HYCM supports a wide range of languages including English, Chinese, Chinese (Traditional), Arabic, and Russian.

 

Read 21 🥇 Best cTrader Forex Brokers – ( Reviewed ) 2020

 

A review of AvaTrade
 

AvaTrade

 

AvaTrade is an online broker founded in 2006 which offers Forex trading, CFDs trading, Spread Betting trading, and Social Trading.  AvaTrade is a global broker and has a head office based in The British Virgin Islands.

 

  • Regulated by: Central Bank of Ireland, Australian Securities and Investment Commission (ASIC), Financial Services Authority (FSA), Financial Stability Board (FSB), British Virgin Islands Financial Services Commission (BVI)
  • Min Deposit: 250
  • Used by over 200,000 traders

 

What can be traded with AvaTrade?

 

  • Over 250 instruments
  • Over 80 currency pairs

 

AvaTrade offers the popular MT4 forex trading platform plus mobile apps for Android and iOS.

 

AvaTrade Trading benefits

 

  • Allows scalping
  • Allows hedging
  • Low min deposit

 

AvaTrade Trading Accounts Offered

 

  • Demo account
  • Micro account
  • Mini account
  • Standard account
  • Islamic account

 

With AvaTrade, traders will need a minimum deposit of $250 and they can sign up for a demo account to start.

 

A review about Forex.com
 

Forex.com

 

Forex.com is an online broker founded in 1999 and offering Forex trading, Indices trading, Commodities trading, Equities trading, and Cryptocurrencies trading.  Forex.com is a global broker and has a head office in the United States.

 

  • Regulated by: Financial Conduct Authority (FCA), Cayman Islands Monetary Authority (CIMA), Investment Industry Regulatory Organization of Canada (IIROC), National Futures Association (NFA)
  • Min Deposit: 500
  • Used by over 40,000 traders

 

With Forex.com traders will need a minimum deposit of $500 and they can sign up for a demo account to start.

 

What can be traded with Forex.com?

 

  • Over 4500 instruments
  • Over 80 currency pairs

 

Forex.com is the only broker that offers FMA in the US. DMA (Direct Market Access) is also available in the rest of the world and Forex.com UK services.

 

Forex.com Trading benefits

 

  • Allows scalping
  • Allows hedging
  • Offers STP
  • Guaranteed stop loss
  • Offers Negative Balance Protection

 

Forex.com Trading Accounts Offered

 

  • Demo account
  • Mini account
  • Standard account
  • ECN account
  • STP account
  • Islamic account

 

Forex.com offer a good selection of educational resources and supports a wide range of languages including English, Chinese, Arabic.

 

A review on OctaFX
 

OctaFX

 

OctaFX is an online broker which was founded in 2011, offering Forex trading.

 

  • Regulated by: Financial Conduct Authority (FCA)
  • Headquarters:  Vincent and the Grenadines
  • Min Deposit: 5
  • Used by over 30,000 traders

 

OctaFX has won numerous industry awards over the course of 9 years and is one of the few brokers that offer both of the MetaTrader platforms; MT4 and MT5.

 

OctaFX Trading benefits

 

  • Allows scalping
  • Allows hedging
  • Offers STP
  • Low min deposit
  • Guaranteed stop loss
  • Offers Negative Balance Protection

 

OctaFX Trading Accounts Offered

 

  • Demo account
  • Micro account
  • Mini account
  • Standard account
  • Zero spread account
  • STP account
  • Islamic account

 

As OctaFX is regulated by Financial Conduct Authority (FCA), each new client must pass a few basic compliance checks when signing up for an account.

 

A review of Nord FX
 

NordFX

 

NordFX is an online broker which was founded in 2008 and offers Forex trading.  When starting with NordFX traders will need a minimum deposit of $1 and they can sign up for a demo account for free.  NordFX is one of the few brokers that offer both of the MetaTrader platforms; MT4 and MT5.

 

 

  • Regulated by: Cyprus Securities and Exchange Commission (CySEC), License No: 209/13
  • Headquarters: Mauritius
  • Used by over 10,000 traders

 

NordFX Trading benefits

 

  • Allows scalping
  • Allows hedging
  • Offers STP
  • Low min deposit

 

NordFX Trading Accounts Offered

 

  • Demo account
  • Micro account
  • Mini account
  • Standard account
  • Zero spread account
  • ECN account
  • STP account
  • Islamic account

 

To trade effectively with NordFX, it is very important for traders to get a have a good understanding of not only the NordFX trading tools but also the markets.  NordFX offer a good selection of educational resources.

 

NordFX supports a wide range of languages including Indian, Chinese, Arabic, Brazilian, English, Spanish, Russian.

 

A review of FxPro
 

FXPro

 

FXPro is an online broker which was founded in 2006 offering Forex trading, Share Dealing trading, Spot Indices trading, Futures trading, and Spot Metals and Spot Energies trading.  FXPro are a global broker and has a head office based in the UK.

 

  • Regulated by: Financial Conduct Authority (FCA), Cyprus Securities and Exchange Commission (CySEC), Financial Sector Conduct Authority (FSCA), Securities Commission of The Bahamas (SCB), Dubai Financial Services Authority (DFSA)
  • Min Deposit: 100
  • Used by over 10,000 traders

 

FXPro provides traders with access to top-tier liquidity and advanced trade execution.

 

FXPro Trading benefits

 

  • Allows scalping
  • Allows hedging
  • Low min deposit
  • Offers Negative Balance Protection

 

FXPro Trading Accounts Offered

 

The following account types are available to FXPro clients under CySEC, FCA and SCB:

 

  • MT4 account with fixed spreads and Instant Execution.
  • MT4 account with floating spreads and Instant Execution.
  • MT4 account with floating spreads and Market Execution.
  • cTrader account with floating spreads and Market Execution.
  • MT5 account with floating spreads and Market Execution.

 

The following account types are available to clients under DFSA:

 

  • MT4 account with fixed spreads and Instant Execution.
  • MT4 account with floating spreads and Market Execution.
  • cTrader account with floating spreads and Market Execution.

 

FXPro offers MT4 Instant, MT4 Market, MT4 Fixed Spreads, MT5, Ctrader, which are available for VIP and Islamic clients.

 

A review about AxiTrader
 

Axitrader

 

Axitrader is an online broker which was founded in 2007 and offers its clients Forex trading, CFDs trading, and Social Trading.

 

  • Regulated by: Financial Conduct Authority (FCA), Australian Securities and Investment Commission (ASIC), Dubai Financial Services Authority (DFSA)
  • Headquarters: Australia
  • Min Deposit: No minimum deposit.
  • Used by over 10,000 traders

 

Axitrader offers the popular MT4 forex trading platform and does charge commission on CFD instruments.

 

Axitrader Trading benefits

 

  • Allows scalping
  • Allows hedging
  • Offers STP
  • Low min deposit

 

Axitrader Trading Accounts Offered

 

  • Demo account
  • Micro account
  • Mini account
  • Standard account
  • ECN account
  • STP account
  • Islamic account

 

Axitrader supports a wide range of languages including English, Chinese, Spanish, German, Japanese, Russian, Romanian, and Arabic.

 

A review of PaxForex
 

PaxForex Guide

 

PaxForex is an online broker founded in 2010, and offers Forex and CFD trading.

 

  • Regulated by: Financial Services Authority (FSA), Registration Number 21973 IBC 2014 1825
  • Headquarters: Saint Vincent and the Grenadines
  • Min Deposit: 10
  • Used by over 350 traders

 

What can be traded with PaxForex?

 

  • Over 188 instruments
  • Over 62 currency pairs

 

PaxForex offers a user-friendly custom trading platform, available as a browser-based web application coupled with mobile apps for Android and iOS.

 

PaxForex Trading benefits

 

  • Allows scalping
  • Offers STP
  • Low min deposit
  • Guaranteed stop loss
  • Offers Negative Balance Protection

 

PaxForex Trading Accounts Offered

 

  • Demo account
  • Cent (Micro trading)
  • Mini account
  • Standard account
  • ECN account
  • STP account
  • Islamic account

 

PaxForex supports a wide range of languages including English, Spanish, Czech, Chinese, German, French, Italian, Polish, Portuguese, Romanian, Slovenian, Hindi, Hebrew, Arabic, Russian.

 

A review about Markets.com
 

Markets.com

 

Markets.com is an online broker which was founded in 2008 and offers Forex trading, and CFDs and Spread Bets. Spread Bets are only available to UK customers trading.

 

  • Regulated by: Cyprus Securities and Exchange Commission (CySEC), Financial Sector Conduct Authority (FSCA), Financial Conduct Authority (FCA), Australian Securities and Investment Commission (ASIC)
  • Headquarters: Cyprus
  • Min Deposit: 100
  • Used by over 10,000 traders

 

Markets.com is one of the few brokers that offer both of the MetaTrader platforms; MT4 and MT5 and also offers mobile apps for Android and iOS.

 

Markets.com Trading benefits

 

  • Allows scalping
  • Allows hedging
  • Low min deposit
  • Guaranteed stop loss
  • Offers Negative Balance Protection

 

Markets.com Trading Accounts Offered

 

  • Demo account
  • Mini account
  • Standard account
  • Islamic account

 

Markets.com supports a wide range of languages including Arabic, Chinese, Dutch, English, French, German, Italian, Japanese, Norwegian, Polish, Romanian, Russian, Spanish, and Turkish.

 

Advantages of Islamic Accounts

 

The main difference between Islamic and basic accounts are that there are no swap commissions in basic accounts. This can be a very important advantage.  The trader will also be able to open positions in currency pairs in which swaps costs are generally very high.

 

What types of trades are generally not allowed in Islamic accounts?

 

  • Riba
  • Pledge
  • Loans
  • Short selling
  • Trading on margin
  • Forwards sales

 

Read 27 🥇 Best CySEC Forex Brokers – ( Reviewed ) 2020

 

Conclusion

 

Halal trading will greatly depend on a trader’s actions and the that they choose.

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