Abstract： Islamic forex broker account is designed to offer Muslims who want to trade forex. Most of the largest and most reputable brokers offer Islamic trading accounts. In today’s article, we list three different forex brokers (IC Markets, FXTM, FP Markets) that provide excellent Islamic accounts.
What is an Islamic account in forex trading？
An Islamic Forex Account is a Forex trading account that abides by Islamic law, known as the Sharia. According to Sharia law, Muslims are not allowed to earn interest in their giving. However, brokers can open an Islamic forex trading account where interest-free forex trading is made available. Today, many brokers around the world are keen to offer Islamic Forex accounts for those who want to comply with Sharia law.
Top brokers with Islamic forex trading account
IC Markets makes swap-free trading simple for clients, allowing you to change both Raw Spread and Standard account types to swap-free. This means that you can trade on MetaTrader 4 (MT4), MetaTrader 5 (MT5), Webtrader, and even the cTrader platform with an IC Markets Islamic trading account.
FXTM is considered a solid broker with high floating leverage and fast execution. To open an Islamic account with FXTM, you can open any account type (except one that uses MetaTrader 5 which is not eligible) as normal, and then just “enable swap-free mode” in the “accounts overview” section. The option is only available to residents of certain countries. Please note that you cannot trade exotic currencies in an FXTM Islamic account.
FP Markets offers two trading accounts. Standard accounts do not have commissions and spread starts at 1.0 pip, while RAW accounts use ECN pricing. Islamic RAW accounts offer the highest value. The spreads are the same as the RAW account with swaps, which means you are getting the most favorable spreads directly from liquidity providers.
There is another article about the Islamic forex trading account, you can click the link for more information. www.wikifx.com/en/newsdetail/202204156034929417.html
WikiFX lists the three Muslim-friendly forex brokers for you and you can determine which Islamic forex broker is the best one for you.
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