Best CFD brokers for Islamic accounts in 2023

While many online CFD brokers and trading platforms offer an excellent service, the ones in our toplist go the extra mile.

Non-trading fees are charges not directly related to a given trade and typically include the account maintenance fee, deposit/withdrawal fees, and the inactivity fee.

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An Islamic account, also called a Sharia-compliant brokerage account or swap-free account, adheres to the principles of Islamic finance.

Although the exact terms and conditions of an Islamic or swap-free account tend to vary from broker to broker, some features are constant.

Prohibition of interest: Islamic brokerage accounts avoid interest-based transactions. Instead of earning or paying interest, the account may employ alternative structures.

Exclusion of prohibited (haram) investments: investments in industries such as alcohol, gambling, pork, or weapons, which are considered non-compliant with Islamic principles, are typically avoided.

Transparency and accountability: Islamic brokerage accounts aim to provide transparency in their investment activities, ensuring that investors have a clear understanding of how their funds are being managed.

Note that some brokers may limit the types of assets that Islamic account holders can trade. Cryptocurrencies, for example, are not always availabe to trade for such account holders.

Some service providers do not allow clients to hold any other account type at the same time with Islamic trading accounts. If an investor has an existing account, it will be closed before the swap-free account can be opened.

Another important limitation to bear in mind is that brokers may offer Islamic accounts only in certain countries .

CFDs are traded using leverage. This is the practice of borrowing money from your broker to boost your buying power and open larger positions.

With a standard account, investors are charged or credited swap or interest on leveraged positions that they keep open at the end of each trading day. These costs are known as overnight fees or swap fees.

Islamic accounts for CFD traders do not charge or pay overnight or swap fees.

Instead, Islamic account holders are typically offered wider spreads on the assets they trade and are often charged an administration fee. The exact details and the fee structure may vary from broker to broker.

The administration fee is charged either per lot traded or as a lump sum regardless of the position size. At most brokers, the admin fee varies by instrument.

And now, let's see the top CFD brokers for Islamic accounts one by one, starting with the winner, XTB.

XTB is one of the biggest and most established CFD brokers out there. Besides CFDs, most EU clients can also invest in real stocks and ETFs, making XTB a solid choice for traders and investors alike.

XTB offers a smooth experience including easy account opening, convenient and mostly free deposit/withdrawal options, and user-friendly trading platforms.

If you’re an investor, pay attention to the inactivity fee, which kicks in after one year. You may also miss some popular asset classes such as options from XTB’s product portfolio.

Recommended for forex and cfd traders looking for low fees and great deposit/withdrawal service

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81% of retail CFD accounts lose money

eToro is an excellent choice for those interested in low-cost stock, CFD, forex and crypto trading on an outstanding mobile app. It offers free stock and ETF trading, easy account opening, and one of the best crypto selections in the industry.

Its biggest appeal is copy trading, where you can track the trades and portfolios of other users, while its trading platforms are also intuitive and easy to use, making it suitable for beginners.

It does disappoint in some areas, however: it has high non-trading fees (for withdrawal and currency conversion), inflexible account plans and an elusive customer service.

Note that eToro USA LLC does not offer CFDs, only real crypto assets are available.

Recommended for traders interested in social trading (i.e. copying other investors’ trades) and zero-commission stock trading

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eToro USA LLC; Investments are subject to market risk, including the possible loss of principal

Admirals is a global forex and CFD broker, which is regulated by several authorities, including the top-tier FCA and ASIC. Admirals charges low forex CFD fees. Deposit and withdrawal are fast and mostly free, and multiple options are available including credit/debit cards and electronic wallets. Account opening is also fast and user-friendly. On the flip side, the broker has a limited product portfolio as it mostly offers CFDs; real stocks and ETFs are available only to some clients. Customer support is not available 24/7, and there is an inactivity fee. BrokerChooser gave Admirals (Admiral Markets) a 4.7/5 rating based on analyzing 500+ criteria and testing via opening a live account.

Recommended for forex traders who are familiar with the metatrader trading platforms

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80% of retail CFD accounts lose money

XM is a global forex and CFD broker regulated by Australia's ASIC, CySEC of Cyprus, and the Belize authority FSC. XM has low stock CFD and withdrawal fees. Account opening is user-friendly and fast. You can use many educational tools, such as webinars and a demo account. On the other hand, XM has a limited product portfolio as it offers mainly CFDs and forex trading. Its forex and stock index CFD fees are average, and there is no investor protection for clients onboarded outside the EU. BrokerChooser gave XM a 4.5/5 rating based on analyzing 500+ criteria and testing via opening a live account.

Recommended for forex and cfd traders who prefer metatrader platforms and seek great account opening

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75.33% of retail CFD accounts lose money

ActivTrades is a UK CFD and forex broker. ActivTrades has low trading fees. The account opening process is excellent and deposits and withdrawals are free. On the negative side, ActivTrades's product portfolio is slim. Also, there is a currency conversion fee and an inactivity fee. The customer support is poor. BrokerChooser gave ActivTrades a 4.4/5 rating based on analyzing 500+ criteria and testing via opening a live account.

Recommended for forex and cfd traders looking for low fees and great deposit/withdrawal conditions

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63-81% of retail CFD accounts lose money

FxPro is an international CFD and forex broker, regulated by the UK's FCA, CySEC of Cyprus and the SCB in the Bahamas. FxPro's account opening process is fast, fully online, and user-friendly. FxPro has a well-performing customer service that provides fast and relevant answers and can be contacted in many languages. You can use a lot of options for deposit or withdrawal, and they're free of charge. On the negative side, FxPro's product portfolio is limited to forex and CFD. Non-trading fees are average, and there is also an inactivity fee that kicks in after 6 months of no trading. BrokerChooser gave FxPro a 4.3/5 rating based on analyzing 500+ criteria and testing via opening a live account.

Recommended for forex and cfd traders looking for a broker with great account opening and who are familiar with the metatrader platform

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79.27% of retail CFD accounts lose money

AvaTrade is a global forex and CFD broker. Account opening is easy and fully digital. AvaTrade offers various deposit and withdrawal options, all of which are free of charge. It also has diverse and user-friendly research and education tools. On the flip side, the product portfolio is limited as it consists only of forex, various CFDs (for stocks, indexes, commodities, etc.) and cryptos. Inactivity fees are high, and forex trading fees are not the most competitive on the market. Lastly, AvaTrade has recently created a strategic partnership with Aston Martin Formula 1 Team.

Recommended for forex and cfd traders looking for an option to use metatrader platforms

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71% of retail CFD accounts lose money

FP Markets is an Australian CFD and forex broker regulated by the top-tier Australian regulator ASIC.

FP Markets offers low forex fees. You can be up and running quickly as both account opening and deposits are super easy and fast. There are several excellent educational tools, such as demo accounts and e-books.

The product lineup at FP Markets is limited to forex, CFDs and cryptocurrencies. MetaTrader 4's web and desktop trading platforms have an outdated design. The quality of research tools is uneven, especially when it comes to fundamental data, news or charting.

BrokerChooser gave FP Markets a 4.3/5 rating based on analyzing 500+ criteria and testing via opening a live account.

Recommended for forex and cfd traders familiar with the metatrader and iress trading platforms

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73.85% of retail CFD accounts lose money

MultiBank is an international CFD and forex broker, regulated by several financial authorities such as the top-tier ASIC of Australia. MultiBank's account opening is smooth and fast. From bank transfers to electronic wallets, you have many options for deposit and withdrawal, and they are all free of charge. Customer service gives quick and useful answers. On the negative side, there is an inactivity fee, and MultiBank's product portfolio is quite thin, as it covers only forex, CFD and cryptocurrencies. Research and educational tools are also very basic. BrokerChooser gave MultiBank a 4.1/5 rating based on analyzing 500+ criteria and testing via opening a live account.

Recommended for forex and cfd traders familiar with the metatrader trading platform

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74-89% of retail CFD accounts lose money

FBS is a global CFD broker. FBS has low stock and stock index CFD fees and charges no inactivity fee. The account opening process is fast and simple, while deposits and withdrawals are free of charge and user-friendly. The customer service and education materials are excellent. On the negative side, FBS has a limited product portfolio covering only CFDs. There are only a few account base currencies, and there is no investor protection for non-EU clients. BrokerChooser gave FBS a 4.2/5 rating based on analyzing 500+ criteria and testing via opening a live account. Our evaluations concern the entity operating under the fbs.eu domain; services and costs at other branches of the broker may differ.

Recommended for investors and cfd traders familiar with the metatrader trading platforms

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75.2% of retail CFD accounts lose money

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