Best Islamic Forex Brokers in 2025 for Halal Trading

One of the main barriers facing Islamic forex traders is that positions that are still held when the market closes attract interest, also known as overnight fees, swap fees, rollover or funding charges.

The solution is simple – a swap-free account, also known as an Islamic account, that doesn’t charge interest when keeping trades open past standard market hours.

This guide reviews the ten best Islamic forex brokers for 2025. We rank the top Islamic trading platforms for safety and regulation, commissions and spreads, payment methods, supported pairs, and much more.

Best Islamic forex trading accounts reviewed

Now let’s move on to our comprehensive reviews, where we take a much closer look at the Islamic forex brokers listed above.

We examine minimum account requirements, spreads, available markets, payment methods, customer support, and other important metrics. Read on to choose the best Islamic trading account for your needs.

_{Note: While the following reviews are accurate at the time of publication, things can change rapidly. Therefore, you’re advised to do your own due diligence before proceeding.}

eToro – Best Islamic forex broker with no rollovers on 55 forex pairs

eToro is a fully regulated Islamic forex broker offering Riba-free trades on 55 forex pairs. The broker will never charge swaps or rollover your forex contracts no matter how many days you keep positions open. Plus, you can utilize leverage up to 400:1 when trading major forex pairs at eToro.

eToro charges competitive spreads for Islamic accounts starting from only 3.0 pips. You can open an Islamic account with $1,000 and there are no deposit fees when funding your account at eToro.

Islamic traders will find a wide range of tools to help them profit from forex trading at eToro. The broker has its own proprietary trading platform that includes dozens of built-in indicators and drawing tools. You can monitor multiple charts in a single window, activate mobile price alerts, and save custom chart layouts. You can even track trader sentiment around any forex pair.

On top of that, eToro offers forex copy trading which allows you to easily mimic the positions of more experienced forex traders and benefit from their highly tuned trading strategies. The minimum to copy trade forex at eToro is just $200 per portfolio. As of now, eToro US users can only trade Bitcoin, Ethereum, and Bitcoin Cash.

Islamic traders can also benefit from a $100,000 demo account at eToro. This is a great tool for testing out new trading strategies and exploring all the features this swap-free broker has to offer. For further details on the eToro trading platform, including stocks and ETFs, see our eToro review.

No. Pairs	55
Other Assets	Stocks, indices, commodities, bonds, cryptocurrencies, options
Pricing	Spread-only – no commissions are charged. No deposit or account fees.
EUR/USD Spread	3.0 pips for Islamic accounts (normally 1.0 pips)
Platforms	Proprietary web trading platform and mobile app.
Max. Leverage	30:1 (restrictions apply)
US Clients?	Yes

_{51% of retail CFD accounts lose money – your capital is at risk.}

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AvaTrade – Swap-free Islamic forex accounts with 0% commission on all markets          

AvaTrade is one of the best Islamic forex brokers for low trading fees. Irrespective of what asset class you’re trading, you won’t pay any commissions. AvaTrade supports over 53 forex pairs, covering all majors and minors, plus a selection of exotics. However, when opening an Islamic forex account at AvaTrade, you won’t be able to access certain pairs.

This included any current pairs that contain ZAR, TRY, RUB, or MXN. The reasons for this are not explained. Nevertheless, AvaTrade has a minimum deposit requirement of $100, which is also applicable to Islamic accounts.

There are no deposit or withdrawal fees charged, irrespective of the currency. You can deposit funds instantly with a debit/credit card or e-wallet. Bank wires, although slower, are also supported.

Like most Islamic forex accounts, AvaTrade doesn’t charge overnight financing interest. It also doesn’t charge interest on leveraged positions. However, it’s important to note that interest-free positions are only available for five days. After that, interest kicks in. AvaTrade offers leverage of up to 400:1, but lower limits are in place for certain traders.

For example, EU clients can only trade forex with leverage of up to 30:1. The minimum spread on major forex pairs is 0.9 pips. However, AvaTrade charges premium spreads on Islamic accounts. The specific increases are not published, so you’ll need to keep an eye on this when trading. In addition to forex, AvaTrade supports many other asset classes.

Within your Islamic account, you’ll also be able to trade oil, gold, silver, and indices without incurring interest. In terms of safety, AvaTrade is regulated in nine different countries – including the United Arab Emirates.

To learn more about AvaTrade and its trading platforms, see our AvaTrade broker review.

No. Pairs	53
Other Assets	Gold, silver, oil, indices
Pricing	Spread-only – no commissions are charged. No deposit or account fees
EUR/USD Spread	Ordinarily, 0.9 pips, but wider spreads are charged on Islamic forex accounts
Platforms	Proprietary web trading platform and mobile app. Also supports MT4 and MT5, which are eligible for Islamic forex accounts.
Max. Leverage	400:1 (restrictions apply)
US Clients?	No, not accepted

_{Trading CFDs and FX Options entails risk and could result in the loss of your capital.}

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XTB – Interest-free Islamic forex accounts without any time limits   

XTB is one of the best Islamic forex brokers for swing traders. The reason for this is simple; there are no time limits attached to interest-free positions.

For this reason, you keep forex trades open for as long as you want without incurring interest. What’s more, XTB doesn’t charge trading commissions on any supported market. XTB advertises a minimum spread of 0.1 pips when trading forex.

However, it’s likely that Islamic accounts are charged a wider spread to cover the lack of interest. XTB doesn’t publish these rates, which is a major drawback. XTB’s Islamic accounts offer leverage of up to 200:1. Once again, limits are dependent on your country of residence and which regulator you fall under.

Islamic account holders also benefit from XTB’s cashback program. Every time you deposit or trade, you’ll automatically receive a small rebate. In terms of markets, XTB lists over 1,500 financial instruments. This includes 48 forex pairs, plus stocks, ETFs, commodities, indices, and cryptocurrencies. Another benefit of XTB is its native trading suite, xStation 5.

xStation 5 comes as a web trading platform, but it’s also available as desktop software and a mobile app. Its platform offers technical indicators, chart drawing tools, and other useful features that will appeal to forex traders.

While XTB is also one of the best MT4 brokers, this doesn’t extend to MT5. XTB also offers demo accounts, which enable you to test the broker before making a deposit.

To learn about xStation an other features XTB offers, see our XTB review.

No. Pairs	48
Other Assets	Stocks, ETFs, commodities, indices, cryptocurrencies
Pricing	Spread-only – no commissions are charged
EUR/USD Spread	A minimum spread of 0.1 pip is advertised by XTB. However, Islamic accounts will likely have much wider spreads.
Platforms	Proprietary web trading platform, desktop software, and mobile app. Also supports MT4.
Max. Leverage	200:1 (restrictions apply)
US Clients?	No, not accepted

_{Forex and CFDs are leveraged products and can result in losses that exceed your deposits. Please make sure you fully understand all risks.}

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IC Markets – Pay a flat daily commission instead of swap fees, with spreads from 0.0 pips

IC Markets is a multi-asset broker that supports dozens of forex pairs. It offers a swap-free account that will appeal to Islamic traders. Instead of paying interest on overnight positions, you’ll be charged a flat commission. IC Markets claims that this is compatible with Islamic beliefs, as interest isn’t being debited or credited from the account.

The commission is charged for each day the trade remains open and varies widely depending on the pair. For example, USD/HKD and EUR/DKK are charged $5 per traded lot. At the other end of the scale, USD/TRY is charged $50. Therefore, you’ll need to build these costs into your trading targets.

What’s more, swap-free trading is also offered on metals and indices. IC Markets is also one of the best Islamic forex brokers for spreads. Major pairs like EUR/USD come with a minimum spread of 0.0 pips.

This is because you’re getting raw spread pricing and paying a flat daily commission. Just remember – if you close a position before the cut-off time, the commission won’t be charged.

Therefore, IC Markets is ideal for day traders and scalpers. If you want to test IC Markets before depositing funds, you can open a free demo account. Otherwise, you’ll need to deposit at least $200.

Accepted payment methods include debit/credit cards, PayPal, Neteller, Skrill, and bank wires. Finally, IC Markets is considered one of the best high-leverage brokers. Leverage of up to 1000:1 is offered to eligible clients.

No. Pairs	61
Other Assets	Stocks, commodities, indices, cryptocurrencies, futures
Pricing	Islamic accounts pay a flat daily commission of between $5 and $80 per traded lot. No interest is debited or credited from the account
EUR/USD Spread	Raw spreads start from 0.0 pips
Platforms	cTrader, MT4, and MT5
Max. Leverage	1000:1 (restrictions apply)
US Clients?	No, not accepted

_{Trading Forex and CFDs carries a high level of risk to your capital and you should only trade with money you can afford to lose.}

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FBS – Choose from a swap-free account with 0% commission or raw spreads  

FBS is an established trading platform with over 12 years of experience. It offers several accounts that come without overnight interest charges. If you’re a beginner, you might like the Cent account. This comes with a minimum first-time deposit of just $10.

Cent accounts have a minimum trade size of just 0.0001 lots. This means that on a USD pair, you’ll only need to risk $10. Moreover, no trading commissions are charged and you’ll get spreads of 1 pip on major pairs.

However, FBS charges floating spreads, which means they closely mirror broader market conditions.

FBS supports more than 60 forex pairs, covering majors,  minors, and exotics. In terms of trading platforms, Islamic accounts are suitable for MT4 and MT5. Retail clients can trade with leverage of up to 30:1. Professional traders get much higher limits at 500:1.

No. Pairs	60+
Other Assets	N/A – only forex can be traded on Islamic accounts
Pricing	Islamic cent accounts are commission-free
EUR/USD Spread	Floating spreads start from 1 pip
Platforms	MT4, MT5
Max. Leverage	30:1 (retail clients)
US Clients?	No, not accepted

_{72.68% of retail investor accounts lose money when trading ᏟᖴᎠs with this provider.}

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Oanda – Commission-free forex accounts without swaps on 13 pairs and selected indices  

Oanda is one of the best forex brokers for US traders. It offers specialist swap-free accounts that support 13 forex pairs. This includes major pairs like EUR/USD, GBP/USD, and USD/JPY. There are no trading commissions to pay on Oanda’s swap-free broker accounts.

The minimum spread starts from 1.6 pips on majors, which is considered high. That said, you won’t be charged interest on overnight positions. However, like many Islamic forex accounts, admin charges are applied after five days. This stands at just $7 per traded lot, per day on all supported pairs.

Oanda’s swap-free accounts also support selected indices. This includes the Dow Jones, NASDAQ 100, S&P 500, and FTSE 100. Admin charges on indices are more competitive at $4 per traded lot. Swap-free accounts must be funded in US dollars and there is no minimum deposit requirement to meet.

No. Pairs	13
Other Assets	Indices
Pricing	0% commission on all supported markets. Admin fee of $7 per lot, per day, is charged on forex positions kept open for more than five days.
EUR/USD Spread	From 1.6 pips
Platforms	Proprietary mobile app, MT4, MT5
Max. Leverage	50:1 (US clients)
US Clients?	Yes, accepted

_{75% of retail investor accounts lose money when trading CFDs with this provider.}

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Top Islamic forex brokers summary

Broker	Pricing	EUR/USD Spread	Account Fees
eToro	Spread-only – no commissions are charged. No deposit or account fees.	3.0 pips for Islamic accounts	$10 per month fee after 12 months of inactivity
AvaTrade	Spread-only – no commissions are charged. Fees apply after a position remains open for five days.	Minimum of 1 pip	$50/quarter inactivity fee after 3 months
XTB	Spread-only – no commissions are charged	A minimum spread of 0.1 pip is advertised by XTB. However, Islamic accounts will likely have much wider spreads.	€10/month inactivity fee after 1 year
IC Markets	Islamic accounts pay a flat daily commission of between $5 and $80 per traded lot. No interest is debited or credited from the account	Raw spreads start from 0.0 pips	None
FBS	Islamic cent accounts are commission-free	Floating spreads start from 1 pip	None
Oanda	0% commission on all supported markets. Admin fee of $7 per lot, per day is charged on forex positions kept open for more than five days.	Minimum of 1.6 pips	$20 fee on bank wire withdrawals. $10/month inactivity fee after 1 year

What makes a forex broker halal?

In this section, we’ll explain the basics of what makes a forex broker halal. However, it’s important that you seek advice from a qualified Islamic scholar before proceeding. After all, many aspects of Islamic finance principles are open for interpretation.

• No Riba: First and foremost, Riba, or interest, is strictly forbidden by the Islamic religion – as explained in an African Journal of Business Management peer-reviewed paper. In other words, Islamic traders must not be charged or receive interest payments in any form. Ordinarily, forex trading incurs interest fees when positions are kept open after standard market hours. This won’t be applicable when opening an Islamic forex account, as interest is waived by the broker. What’s more, if you’re trading with leverage, you also must ensure that interest isn’t being charged.
• No Gharar: Islamic finance also prohibits Gharar, or gambling. On the one hand, forex trading is not considered gambling in itself, as positions are entered based on research and analysis – rather than purely speculation. However, Gharar also prohibits ‘excessive uncertainty’. This is why some Islamic forex accounts do not support exotic currencies, as these are highly speculative and volatile. This includes currencies from emerging markets, such as the Turkish lira and Argentine peso.
• No Haram Markets: Although not specifically related to forex, Islamic traders must ensure that they’re not trading ‘haram’ markets. For example, stocks related to gambling, alcohol, or pork. What’s more, bonds could be considered haram, as holders receive interest (coupon payments).
• Transparency: Islamic finance also requires complete transparency when it comes to fees and pricing. As such, when you’re choosing a halal forex broker, make sure the provider offers full disclosure on all relevant fees. For instance, if admin charges apply after a certain number of days, this must be clearly stated.

These are the main principles of Islamic finance, which apply to forex and other trading markets. Always do your own research and if you’re ever unsure, consult with an Islamic scholar.

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How to choose an Islamic forex broker

We’ll now explain what needs to be considered when researching halal forex brokers.

Halal brokerage account that complies with Islamic finance principles

First, you’ll need to ensure that the forex broker offers an account that complies with Islamic finance principles. As we’ve established, this means that no interest should be charged or received at any point.

In simple terms, this means that the account should offer swap-free trading. This means that positions kept open overnight will not incur interest fees, which is ordinarily the case when trading forex. But that’s not all – the account should not charge interest on leveraged positions.

This is crucial, as most traders require leverage when trading forex, as minimum trade sizes are often 0.01 lots.

• For instance, suppose you’re trading EUR/USD.
• One full currency lot amounts to $100,000.
• This means 0.01 lot is $1,000.
• If you don’t want to risk $1,000 on one forex position, you’ll need leverage.
• This will reduce the amount of money that you need to stake on the position.

As long as interest isn’t charged or received, leverage can be considered halal.

Regulation 

When researching the best Islamic forex brokers, it’s important you choose a regulated provider. This ensures you are trading in fair market conditions with clear and transparent risk pricing.

Regulation also ensures that your capital is kept safe in segregated bank accounts. Therefore, if a brokerage closes down, your investment funds will not be affected.

All of the brokers discussed today are regulated and licensed. For example, AvaTrade is heavily regulated, with licenses in nine different countries.

Supported currency pairs  

You should also review which forex pairs are supported when choosing an Islamic trading account. As we mentioned, Islamic finance principles prohibit ‘Gharar’. This means gambling or speculating on markets with excessive uncertainty.

With this in mind, some Islamic forex brokers prohibit exotic currency pairs. This is because exotic pairs like TRY/USD are extremely volatile. Unlike major pairs like EUR/USD, exotics come with excessive uncertainty.

Fees

Transparency is crucial when choosing the best Islamic broker. This ensures the broker complies with Islamic finance principles. Not only should fees be transparent but also competitive. After all, Islamic accounts often come with higher fees, as brokers need to recoup the interest payments that they waive.

• First, you’ll need to assess whether trading commissions are charged. This is often a flat fee charged for each currency lot traded.
• Next, you’ll need to assess the market spread – which is the difference between the buy and ask prices of a forex pair. This is where things get tricky, as Islamic accounts often pay higher spreads. Once again, this is to replace the interest lost by the broker.

Tools & Analysis

To ensure you avoid Gharar (gambling), it’s crucial that your forex trading positions are based on research and analysis, rather than pure speculation. Therefore, you’ll want to choose an Islamic forex broker that offers adequate trading tools.

Beginners will find that most of these brokers are suited for their skill set, as they offer user-friendly price charts that support drawing tools and technical indicators. This will enable you to perform in-depth technical analysis in a novice-friendly environment.

Alternatively, if you’re an experienced forex trader, you’ll want an Islamic broker that offers advanced trading tools. AvaTrade is a good choice here, as the platform offers high-level charts, indicators, and support for algorithmic robots.

Minimum Deposit

Some forex brokers require a high minimum deposit on Islamic accounts. Make sure that the minimum requirement aligns with your budget.

For example, Oanda doesn’t have any account minimums.

Demo Account

Demo accounts offer many benefits to experienced traders and beginners alike.

For example, if you’re a seasoned forex trader who wants to test a new brokerage platform, demo accounts allow you to do so without risking any money. Demo accounts also enable you to try a new trading strategy or explore a new forex market.

As a beginner, demo accounts allow you to practice trade with paper funds. No matter what happens, you won’t lose any capital. Once you’re more comfortable with how forex trading works, you can open a real money account with one of the many reliable forex brokers available.

Mobile App

The best Islamic forex brokers offer a native mobile app. Beginners will like the AvaTrade app, which offers a popular mobile app for iOS and Android. This comes with more advanced trading tools and is ideal for performing technical analysis on the move.

Payment Methods 

You’ll need to fund an Islamic forex account if you want to trade with real money. Top Islamic brokers typically support debit/credit cards and bank wires.

E-wallets are also an option, such as PayPal and Neteller. Check what fees and processing times apply to your preferred payment type.

Customer Support 

When choosing where to trade CFDs safely, having access to knowledgeable customer support is essential—especially if you’re using an Islamic account that must adhere to specific financial principles.

You may need to clarify details like admin fees or which markets are eligible under Sharia law, so it’s important the support team understands these requirements.

Ideally, the broker should offer 24/7 live chat support, so you can get real-time help anytime, regardless of your time zone or trading schedule.

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Conclusion

In summary, if you’re a follower of the Islamic faith, it’s crucial you choose a broker that complies with Islamic finance principles. Overall, we rank eToro as the best Islamic forex broker because there is no commission for trading assets and it supports over 55 forex pairs.

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FAQs