Tuesday, January 12, 2021

Best Islamic Account Brokers in 2021























What is an Islamic Trading Account?

Also known as a "swap-free" account, Islamic accounts have some differences from regular trading accounts. Traditional Forex trading can pose problems for religious Muslims because it often involves some interest. Sharia Law forbids the accrual of interest on funds deposited in a trading account, so traders with Islamic Trading Accounts do not incur or receive rollover swap points on positions open for longer than 24 hours. They earn no interest in deposited funds.

Also, Islamic Forex Account trades must be made with no delay, so that currencies are transferred immediately from one account to another, with transaction costs paid simultaneously.

Who is for an Islamic trading account?

Regular forex trading accounts charge interest on specific trades, which can be a problem for some traders. Riba, or making money from money, is not permissible under Sharia Law. Furthermore, Gharar, or gambling, is also not permitted in Islam. Gharar can refer to the market's volatile conditions, making it challenging to be sure what is likely to happen and, therefore, be considered gambling.

What types of trades are forbidden in Islamic trading accounts?

These forex trends are generally not permitted with Islamic accounts:

  • Riba: interest that is charged from the buyer under different conditions.
  • Rahn (pledge): a signed commitment to pay back a loan within an agreed time, with the agent allowed to sell out the contract and recover the loan if the customer cannot reach the specific percentage of the margin.
  • Loans: money given by an agent (bank) to the customer on some settled terms of interest.
  • Short selling: borrowing and selling an asset the trader does not own for profit.
  • Margin trading: borrowing money from a broker to purchase stock.
  • Forwards sales: an agreement to buy or sell an asset at a future time on a price agreed today.

Are there any disadvantages to Islamic Accounts?

If you are opening an Islamic account to avoid interest, think again. Most brokers will ask you to provide evidence of your faith if you request a Sharia compliant account. The broker can close your account altogether if it has ground to believe that you are trying to abuse the system.

Interest-free does not necessarily mean that you will be at an advantage, as some brokers will try alternative sources of revenue if they cannot charge interest. That is why Islamic accounts can have marginally wider spreads than conventional trading accounts. Other brokers may require higher minimum deposits.

However, this isn't always the case. Some brokers offer Forex and commodity trading accounts in Islamic format to all clients of the Muslim faith. Besides, you can keep your open positions overnight for up to 2 days at no additional cost. Other brokers tend to apply a carry charge after seven days.

How can I open an Islamic account?

Opening an Islamic trading account is now easier than ever. With the Islamic banking sector growing by an average of 19.7% a year,  more and more brokers offer Islamic forex account services. The accounts are designed in support of all the Islamic rulings on business and investments.

The following list shows the best Forex brokers with Islamic accounts. It would be best to tell your account manager that you want to open an Islamic trading account before placing your first trade.

The best Forex brokers with Islamic accounts in 2021

>>> LiteForex <<<

LiteForex logo

 LiteForex Review on WiBestBroker.com Click Here. 


Broker name: LiteForex

Operating since: 2005.

Offices in: Marshall Island

Regulated by: Marshall Island's Business Corporation Act

Website: www.liteforex.com

Trading platforms: MetaTrader 4, MetaTrader 5

Minimum deposit: $50

Depositing options: N/A

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>>> XTB <<<

XTB logo

 XTB Review on WiBestBroker.com Click Here. 


Broker name: N/A

Operating since: 2005.

Offices in: Belize

Regulated by: FCA

Website: www.xtb.com

Trading platforms: xStation 5, xStation  Mobile

Minimum deposit: N/A

Depositing options: N/A

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>>> IC Markets <<<

IC Markets logo

 IC Markets Review on WiBestBroker.com Click Here. 


Broker name: International Capital Markets Pty Ltd

Offices in: Australia

Operating since: 2007.

Regulated by: ASIC

Trading platforms: MetaTrader 4, Metatrader 5, cTrader, Web Trader

Website: www.icmarkets.com

Minimum deposit: N/A

Depositing options: Credit and debit cards, PayPal, Skrill, Bpay, Union Pay, Neteller, FasaPay, Broker to Broker, POLI, Thai Internet Banking, Rapidpay, Klarna, Bitcoin Wallet, UnionPay, Wire Transfer, and many more.

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 >>> ROinvesting <<<


ROinvesting logo


 ROinvesting Review on WiBestBroker.com Click Here. 


Broker name: ROinvesting

Operating since: 2017.

Offices in: Cyprus

Regulated by: CySEC

Website: www.roinvesting.com

Trading platforms: WebTrader, MetaTrader 4, MobileTrader

Minimum deposit: 250$

Depositing options: Visa, Maestro, MasterCard, Skrill, Neteller, PayPal, SafeCharge, MIR Limited, Wirecard, Decta, etc.

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 >>> ETFinance <<<

ETFinance logo

 ETFinance Review on WiBestBroker.com Click Here. 


Broker name: ETFinance

Operating since: 2019.

Offices in: Cyprus

Regulated by: CySEC

Website: www.etfinance.eu

Trading platforms: MetaTrader 4, WebTrader, Mobile App

Minimum deposit: $250

Depositing options: N/A

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>>> Fundiza <<<

 Fundiza Review on WiBestBroker.com Click Here. 


Broker name: Fundiza

Operating since: 2019.

Offices in: St. Vincent and Grenadines

Regulated by: N/A

Website: www.fundiza.com

Trading platforms: MetaTrader 5

Minimum deposit: $5,000

Depositing options: N/A

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>>> InvestiGram <<<

 InvestiGram Review on WiBestBroker.com Click Here. 


Broker name: InvestiGram

Operating since: 2019.

Offices in: St. Vincent & Grenadines

Regulated by: N/A

Website: N/A

Trading platforms: MetaTrader 5

Minimum deposit: $100

Depositing options: N/A

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>>> Kiexo <<<

 Kiexo Review on WiBestBroker.com Click Here. 


Broker name: Kiexo

Operating since: 2020.

Offices in: Saint Vincent

Regulated by: St. Vincent and the Grenadines

Website: www.kiexo.com

Trading platforms: MetaTrader 5

Minimum deposit: $100

Depositing options: N/A

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>>> Nixse <<<

 Nixse Review on WiBestBroker.com Click Here. 


Broker name: Nixse

Operating since: 2020.

Offices in: Saint Vincent and the Grenadines

Regulated by: N/A

Website: www.nixse.com

Trading platforms: MetaTrader 5

Minimum deposit: $250

Depositing options: N/A

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>>> T1Markets <<<

 T1Markets Review on WiBestBroker.com Click Here. 


Broker name: T1Markets

Operating since: 2020.

Offices in: Cyprus

Regulated by: CySec

Website: www.t1markets.com

Trading platforms: Meta Trader 4, WebTrader, MobileTrader

Minimum deposit: $250

Depositing options: N/A

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 >>> Forex.com <<<

Forex.com logo

 Forex.com Review on WiBestBroker.com Click Here. 


Broker name: Forex.com

Operating since: N/A

Offices in: USA

Regulated by: N/A

Website: www.forex.com

Trading platforms: MetaTrader 4

Minimum deposit: 50

Depositing options: N/A

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>>> Uptos <<<

 Uptos Review on WiBestBroker.com Click Here. 


Broker name: Uptos

Operating since: N/A

Offices in: St. Vincent

Regulated by: N/A

Website: www.uptos.com

Trading platforms: MetaTrader 5

Minimum deposit: N/A

Depositing options: N/A

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>>> Vlom <<<

 Vlom Review on WiBestBroker.com Click Here. 


Broker name: Vlom

Operating since: N/A

Offices in: Saint Vincent and the Grenadines

Regulated by: N/A

Website: www.vlom.com

Trading platforms: MetaTrader 5

Minimum deposit: $150

Depositing options: N/A



Best Islamic Account Brokers in 2021

What is an Islamic Trading Account? Also known as a "swap-free" account, Islamic accounts have some differences from regular tradi...