Bets forex brokers for Islamic accounts in 2023

Written by
Krisztián G.
Fact checked by
Oct 2023
Dive into our top list of regulated and trusted brokers that we tested with real money. Every broker is available in the United States.

Find below the pros of forex brokers that offer Islamic accounts, updated for 2023:

  1. Oanda - Best forex broker for Islamic accounts. Great trading platforms. Outstanding research tools. Fast and user-friendly account opening.
  2. - Excellent selection of currency pairs. Competitive forex spreads. Diverse technical research tools.
  3. eToro - Free stock and ETF trading. Seamless account opening. Social trading.
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Comparison of the top forex brokers for Islamic accounts

Withdrawal fee
Minimum deposit
Best forex brokers for Islamic accounts in 2023

Other fees at the top forex brokers for Islamic accounts

Brokers charge various fees not directly related to trading. The most common among these are deposit/withdrawal fees, the inactivity fee and the account maintenance fee.

Account fee
Inactivity fee
Non trading fees

Can I trust these forex brokers for Islamic accounts?

Yes, BrokerChooser exclusively recommends legit brokers, overseen by at least one globally acknowledged regulator. We track more than 20,000 brokers and trading platforms that we don't recommend. To be sure that a broker is reputable and reliable, use Scam Broker Shield tool.

Key criteria determining a broker's trustworthiness are: regulation, availability of investor protection, as well as a long and spotless track record. Explore the interactive table below, encompassing this array of vital data.

Top-tier regulators
Trusted broker
FCA in the UK, CIRO in Canada, and ASIC in Australia
CFTC in the US, FCA in the UK, and ASIC in Australia
FCA in the UK, SEC in the US, and ASIC in Australia
Trust metrics for the best forex brokers for Islamic accounts in 2023
We label a broker as trusted if it has reliable regulation.

How does an Islamic account work?

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 .

Islamic forex accounts

Forex is almost always 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 forex traders do not charge or pay overnight or swap fees.

Instead, Islamic account holders are typically offered wider spreads on the currency pairs 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 currency pair.

Most brokers allow day trading, scalping and hedging for Islamic account holders.

Oanda is a US broker that offers mainly forex trading, with EU clients also able to trade US stocks.

Oanda offers high-quality and easy-to-use trading platforms, and its research tools are also powerful, with numerous technical indicators and a great API offer. The account opening process is user-friendly and quick. It is a good choice for beginner investors.

On the downside, Oanda has a limited product portfolio, as US clients can trade only forex and CFDs, with stock trading available only to EU customers. It is not listed on a stock exchange and doesn't have a banking background, two factors that could boost its safety qualification. In addition, customer support is only available 24/5.

BrokerChooser gave Oanda a 4.6/5 rating based on analyzing 500+ criteria and testing via opening a live account.

Recommended for forex traders who value a user-friendly platform and great research tools

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78.3% of retail CFD accounts lose money is a global forex and CFD broker, regulated by many financial authorities, including the top-tier FCA in the UK. provides everything you need for forex trading: low forex fees, many currency pairs and lots of technical research tools.

At the same time, it lacks some popular asset classes, such as real stocks or bonds. Stock CFD fees are high, and the desktop trading platform is not user-friendly.

Recommended for forex traders looking for low fees and great research tools

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68% 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

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Author of this article

Krisztián Gátonyi

Method-Man | Forex • Market Analysis • Stock Market

I have 15 years of experience in proprietary trading, mainly in the interbank currency market as a foreign exchange risk manager. I'm actively involved in reviewing the 100+ brokers listed on our site. I personally open accounts with real money, execute trades, test customer services. I hold an MSc in International Business from the University of Middlesex. My purpose is to help people find the best investment provider.

Everything you find on BrokerChooser is based on reliable data and unbiased information. We combine our 10+ years finance experience with readers feedback. Read more about our methodology.

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