The best Islamic forex broker accounts reviewed on this page are all swap-free accounts, for use by Muslims who want to trade forex. Most of the largest and most respected forex brokers offer Islamic trading accounts, including Pepperstone, Axi and FXTM.
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Islamic account have swap-free so are suitable for Muslim traders who observe sharia law
| Broker | Our Rating | Regulation | Standard EUR/USD Spread |
Standard GBP/USD Spread |
Standard AUD/USD Spread |
Raw EUR/USD Spread |
Raw GBP/USD Spread |
Raw AUD/USD Spread |
Commissions (USD Base) |
MetaTrader 4 | MetaTrader 5 | cTrader | Execution Speed | Minimum Deposit | Currency Pairs | Crypto CFDs | Retail Leverage | Prof. Leverage | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
8.17 | ASIC, CySEC | 1.1 | 1.3 | 1.3 | 0.10 | 0.20 | 0.20 | $3.00 |
|
|
|
225ms | $100 | 63+ | 4+ | 30:1 | 500:1 |
|
|
9.33 |
SCG, ASIC FCA, CySEC |
1.12 | 1.69 | 1.22 | 0.1 | 0.6 | 0.3 | $3.50 |
|
|
|
77ms | $0 | 62+ | 12+ | 30:1 | 500:1 |
|
|
8.50 |
ASIC, FSA CySEC |
0.62 | 0.83 | 0.77 | 0.02 | 0.23 | 0.17 | $3.50 |
|
|
|
134ms | $0 | 61+ | 18+ | 30:1 | 500:1 |
|
|
4.83 |
DFSA, FCA ASIC, FMA |
1.2 | 1.3 | 1.3 | 0.44 | 0.85 | 0.42 | $3.50 |
|
|
|
90ms | $0 | 72+ | 11+ | 30:1 | 400:1 |
|
|
6 |
FCA, FSCA, CySEC FSCM, CMA, |
1.9 | 2 | 2 | 0.0 | 0.0 | 0.5 | $2.00 |
|
|
|
160ms | $500 | 63+ | - | 30:1 | 300:1 |
|
|
7.67 |
FCA, FSCA ASIC, FSA-S, CySEC |
1.1 | 1.3 | 1.1 | 0.1 | 0.3 | 0.2 | $3.50 |
|
|
|
161ms | $0 | 46+ | 21+ | 30:1 | 500:1 |
|
|
7.33 |
ASIC, CySEC FSA, FSC |
- | - | - | - | - |
|
|
|
155ms |
$200 (Standard) $3,000 (Premium) $10,000 (VIP) |
62+ | 17+ | 30:1 | 500:1 |
|
||
|
8.33 |
ASIC, FSCA CBI, KNF, CIRO ADGM, FSC-BVI |
- | - | - | - | - | - | - |
|
|
|
160ms | $100 | 55+ | 15+ | 30:1 | 400:1 |
|
|
7.17 |
ASIC, CySEC, MFSA FCA, FSA, FINRA GFSC |
1.0 | 2.0 | 1.0 | - | - | - | - |
|
|
|
130ms | $200 (Australia), $50-$100 (EU) | 49+ | 46+ | 30:1 | 400:1 |
|
Some brokers offer Islamic accounts for traders of the Muslim faith that cannot receive or pay interest (or Riba) for religious reasons. These brokers below offer the top Islamic forex accounts based on key trading considerations such as account fees and spreads.
Has The Best Islamic Forex Account
FP Markets is one of the most reliable brokers in the industry with some of the most competitive spreads for their tradable instruments. The broker has one the best swap-free accounts for the following reasons:
FP Markets Islamic Accounts
FP Markets gives you a choice of two trading accounts. These are the standard account that has no commissions and spreads from 1.0 pip and the RAW account which uses ECN pricing.
The Islamic RAW account offers the best value of the two accounts. It has the same spreads as the RAW account with swaps which means you are getting the best spreads available directly from liquidity providers. The chart below compares the average spreads brokers offer for ECN pricing trading accounts (both swaps and swap-free) that brokers publish and we check and update each month. As one can see, FP Markets spreads are excellent.
|
ECN Broker Spreads
|
|||||
|---|---|---|---|---|---|
|
0.20 | 0.30 | 0.10 | 0.30 | 0.20 |
|
0.47 | 0.50 | 0.12 | 0.40 | 0.22 |
|
0.20 | 0.30 | 0.20 | 0.40 | 0.20 |
|
0.50 | 0.60 | 0.30 | 0.50 | 0.50 |
|
0.30 | N/A | 0.30 | 0.50 | 0.40 |
|
0.20 | 0.83 | 0.44 | 0.40 | 0.42 |
|
0.24 | N/A | 0.17 | 0.54 | 0.30 |
|
0.30 | 0.70 | 0.20 | 0.50 | 0.40 |
|
0.30 | 1.10 | 0.10 | 0.60 | 0.50 |
|
n/a | 0.30 | n/a | 0.60 | 0.50 |
|
0.77 | 1.41 | 0.44 | 1.13 | 1.23 |
Avg. spreads are taken from each broker's website and updated monthly. Last update on 01/09/2023
10-Day swap-free and admin free period
Many brokers charge an admin fee in place of overnight rolling charges for their swap-free Islamic accounts. While each broker has its own policy for how long you can hold an open position before an admin fee is charged, 2 or 3 overnights are common. FP Markets gives you a full 10 overnights before an admin fee will apply. This means if you frequently open and close your trades, then you will not incur additional trading costs.
Should you hold overnight positions then fees start from $1 per lot/per night for major indices, $5 per lot/per night for major currency pairs and metals.
FP Markets has noted that the Islamic account status will not apply to certain exotic forex pairs and Share CFDs. If you wish to trade those markets then ensure to close your positions before the end of day 00:00 platform time. WTI is a futures derivative product and doesn’t have a swap fee, but there is a monthly rollover swap charge. If you don’t want that fee to show up on the swap column then ensure your position is closed before the rollover occurs.
Islamic Accounts are good for all Muslim FP Markets clients
While some brokers require you to be from an Islamic country to be eligible for a swap-free (Islamic) account, FP accepts applications from all their clients provided you can provide a document signed from a mosque stating you are of the Muslim faith.
FP Markets have the following entities
FP Markets has made it easy for their Muslim clients to access an Islamic account. First, you have to open a MetaTrader 4 or MetaTrader 5 (MT4/MT5) account. Once the account has been successfully opened, just email your account number to their onboarding email address and request for it to be converted. Then just wait for their team to confirm it and you can start trading.
View FP Markets ReviewVisit FP Markets
The Broker That Has The Lowest Standard Account Spreads
Pepperstone is a forex broker from Australia, that specializes in the trading of forex, commodities, and indices. Pepperstone makes the list of best brokers with Islamic accounts for the following reasons:
Pepperstone Swap-free Account
The Pepperstone Islamic account is only available to clients who practice Islam, and not for anyone who wants to try a swap-free trading strategy. As a result, Pepperstone doesn’t publicly advertise its swap-free Islamic trading options.
As this is a swap-free account, there are no overnight rolling costs. Instead, an administration fee is charged however this does not kick in until you have held your position for 11 days and is then applied every 11 days you hold your position thereafter. In other words, if you hold your positions for 16 days, you only be charged an administration fee once.
Pepperstone only makes the swap-free account to traders in Islamic countries and to qualify for a trading swap-free account, you will need to provide evidence of your Islamic faith with documented evidence from your mosque. The following countries are just some of the countries Pepperstone will accept as clients:
Pepperstone Swap-Free Trading Account Has The Best No Commission Spreads
The Pepperstone swap-free account is the same as the Pepperstone standard account but with no swaps. The Pepperstone standard account has some of the lowest spreads in the market. These spreads start from 0.60 pips for the EUR/USD currency pair which is very tight considering there are no commission costs.
The below table compares the average spreads for brokers publish on their website and is updated each month. As you can Pepperstone spreads for the standard accounts are among the best available spreads for multiple currency pairs.
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Standard Account Spreads
|
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|---|---|---|---|---|---|
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1.12 | 1.22 | 1.40 | 1.69 | 1.47 |
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1.13 | 1.01 | 1.71 | 1.66 | 1.12 |
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0.90 | 1.30 | 1.40 | 1.40 | 1.40 |
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0.70 | 2.20 | 1.10 | 1.10 | 0.60 |
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1.20 | 0.90 | 1.50 | 1.80 | 1.80 |
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1.20 | 1.40 | 1.50 | 1.60 | 1.50 |
|
1.10 | 1.20 | 1.40 | 1.50 | 1.20 |
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1.10 | 1.30 | 1.30 | 1.30 | 1.30 |
|
|
1.20 | 1.30 | 1.20 | 1.30 | 1.10 |
|
1.70 | 1.60 | 1.70 | 2.00 | 1.60 |
|
1.20 | 1.80 | 1.90 | 1.90 | 1.60 |
|
1.30 | 1.70 | 2.10 | 1.40 | 1.50 |
|
1.12 | 1.64 | 0.86 | 1.30 | 1.38 |
|
1.32 | 1.95 | 1.37 | 1.70 | 1.40 |
|
1.20 | 1.30 | 1.50 | 1.30 | 1.20 |
Avg. spreads are taken from each broker's website and updated monthly. Last update on 01/09/2023
Pepperstone’s halal forex trading account guarantees no swap on FX trading. Click the button below if you want to enjoy the best forex trading conditions for Muslim traders.
A Broker That Has A Good Swap-Free Trading Account
If you’re a Muslim looking for the best Islamic forex broker account, then you need to look no further than IC Markets.
Note* On top of the tier-one FX licenses (ASIC and CySEC), IC Markets Global welcomes Muslim traders from all over the world through their entity regulated by the Financial Services Authority of Seychelles (FSA).
As in Islamic customs, Muslims are unable to receive or charge interest. To cater to the massive global demand for Islamic finance, where interest is not part of the broker’s business model, IC Markets offer Islamic trading accounts with a swap-free option. Islamic swap-free accounts at IC Markets, ensure that instead of paying interest, clients are billed a flat rate financing charge. Whether you’re trading forex, commodities or indices markets, you can be assured that you’ll never pay interest on an IC Markets Islamic account.
Below are some financing charges for holding trades overnight on some exotic trading pairs. Keep this in mind when executing your trading strategy on an IC Markets Islamic 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.
Please keep in mind that the rates & holding periods are subject to change, reflecting high-risk market conditions at the time. IC Markets Raw Spread and Standard Account commissions and spreads apply.
IC Markets have some of the best trading conditions of any ASIC regulated forex broker, and clients can be assured that their trades are being executed through the broker’s state-of-the-art trading infrastructure setup. By running a network of strategically placed servers, forex traders of the Islamic faith can be confident that the execution speeds on their trades mean they’re afforded the same competitive advantage as the rest of the broker’s client book.
To open an Islamic forex account with IC Markets, simply apply for a Raw Spread account with the broker’s swap-free option. This means that no interest fees will ever be credited or debited to your account, no matter how long you hold trades.
Available For All Clients
While some brokers restrict clients that can apply for a swap-free account to Islamic majority countries such as the UAE and Malaysia. IC Markets allow all clients to apply provided they can prove they follow Sharia law.
The Broker That Has The Best MT4 Islamic Account Features
One of the other most popular Australian forex brokers, Axi (formerly known as AxiTrader) has an Islamic forex broker account option. Like Pepperstone, Axi doesn’t actively advertise their Islamic account option on their website with a dedicated landing page.
They instead have a similar process where after you’ve opened an Axi Standard or Pro account, you are then required to sign a form from your client login portal to indicate that you wish for your account to become swap-free.
When trading on an Islamic account via the Axi MT4 or MT5 platforms, you’ll notice in the market view that FX majors, minors and metals will all now display the .swf suffix. For example, if you’re trading EUR/USD on a swap-free account, the market will be displayed at EURUSD.swf.
All of Axi’s MT4 NexGen add-ons work seamlessly under swap-free trading conditions. Whether you’re after advanced trade management tools, further order placement options, or want to see where the current Axi forex market sentiment is sitting, then you will face no problems on an Islamic account.
Axi Islamic Account
Axi’s Islamic forex broker accounts are not subject to any type of interest (riba) in the form of swaps or rollovers, rather they have an administration fee applied to any positions held open for 5 consecutive days or more. This distinction is a common practice in Islamic finance, something that the company knows all too well after having set up a major Middle Eastern arm of their business called Axi ME.
With a major customer hub operating out of the Middle East, Axi can truly be called an Islamic forex broker, employing the expertise required to ensure the delicate balance between respecting faith and having the ability to professionally trade forex.
The best CySEC Regulated Broker With An Islamic Account
The CySEC (Cyprus Securities and Exchange Commission) regulated broker, FXTM, is another popular choice of forex traders looking for a swap-free option to trade. While FXTM does offer Islamic forex broker accounts, there are a few conditions that Muslim traders have to be aware of before they make a final decision on where to open an account.
The swap-free option at FXTM is available on all of their trading account types, but traders are unable to log into them on the MT5 trading platform. This means that if you’ve already taken your forex broker’s advice and made the switch to MT5, then you’ll be unable to use your Islamic trading account.
The other condition that Muslims looking to open a swap-free account at FXTM need to be aware of, is that there are limitations on which currency pairs you can trade without accruing swaps. Even if you’re trading on the MT4 platform, then Islamic trading conditions still don’t apply to exotic currency pairs. Make sure you don’t get caught out by this.
With Islamic trading accounts only available for clients in selected countries, FXTM requires you to first apply for a standard trading account, then apply for a swap-free addition to your account through your MyFXTM client back end and then finally to select swap-free markets from the markets navigator in the sidebar of MT4.
The Best CFDs Trading Account
Known as a premium, multi-asset online brokerage, ThinkMarkets are much more than a forex broker. A fact that is reflected in the full suite of CFDs that they offer to the Islamic trading community.
Risk disclaimer: Regulatory bodies consider CFDs as complex instruments, in particular to retail investors.
ThinkMarkets Swap-Free Account
ThinkMarkets offers traders the option to trade swap-free on positions held overnight, with a fully Sharia-compliant account. Another of the global brokers with a presence in the Middle East, ThinkMarkets understands the needs of Muslims and that they must be governed by the principles of the Islamic Shari’ah. By choosing to trade with ThinkMarkets, you can be assured that you’ll remain in full compliance with Sharia law.
A ThinkMarkets Islamic account is completely swap-free. What this means is that Muslims can be assured that their positions held overnight in their trading account will never accrue interest (riba). Instead, clients are charged a simple, weekly administrative fee for positions held for seven days or more. It’s worth noting that this is a weekly charge and not a daily charge, like some other Islamic forex broker accounts highlighted in this review.
The administrative fee is made in 7-day increments, with the following rates being charged in $USD, per 1 full lot, per day:
To open an Islamic trading account with ThinkMarkets, traders must follow 3 simple steps. Apply for one of the standard account types, send a request for an Islamic trading account to the broker’s support email, then simply fund your account with the minimum deposit and start trading swap-free.
View ThinkMarkets ReviewVisit ThinkMarkets
*Your capital is at risk ‘71.89% of retail CFD accounts lose money’
A Broker That Has Guaranteed Stop Loss And Take Profit
EasyMarkets are another broker who is known as specialists in the field of trading CFDs, but offer a guaranteed stop loss and take profit to all clients. Their reputation as a simple, yet honest broker makes easyMarkets a popular choice for traders looking to open a swap-free or Islamic forex broker account.
EasyMarkets Islamic Account
Yes, easyMarkets offer trading accounts that adhere to Islamic laws (Sharia). On all easyMarkets Islamic trading accounts, when traders extend their strategy to hold a position overnight, no rollover fees will be charged the following day. This ensures that traders of the Islamic faith don’t ever accrue interest in their positions and remain fully Sharia-compliant.
Accordingly, the maximum period that you’re able to hold a position on an easyMarkets Islamic account is 2 weeks (or 14 days). After this period, open positions will automatically expire. While this may be an issue for traders implementing long term strategies, even many swing strategies don’t require 2-week holding periods.
EasyMarkets Islamic accounts with a swap-free option are only offered to clients who are following Islamic laws and are once again, not for regular traders who simply want to avoid swaps in their trading strategy. As a result, whether you’re able to open an Islamic account with easyMarkets is up to their sole discretion. Like we spoke about in the Pepperstone Islamic account section above, please keep this in mind when making an application so as not to run into any unintended offense.
Take a look at the easyMarkets Islamic account checklist below:
A Broker That Allows Trade On Fixed Spreads
AvaTrade is a global giant in the forex broker space, and its Islamic trading account lives up to the company’s reputation. By offering clients the option to trade on fixed spreads, they’re always trying to make sure they cater to all types of strategies.
AvaTrade Islamic Account
All AvaTrade Islamic accounts opened by Muslim clients are managed according to Sharia law, and as a result, forex traders of the Islamic faith can feel confident trading with AvaTrade. It is an important company ethos of AvaTrade to respect their Islamic clients’ beliefs and ensure the correct following of rules in Islam. With over 10 years of experience as a global forex broker, Muslims can feel safe that AvaTrade delivers on its promises.
To set up an Islamic account with AvaTrade, you must first open any of the broker’s regular account types and then contact your account manager before placing any trades. Your account manager will make the change to a swap-free account, ensuring that your trading is always fully compliant with Sharia law.
For your account manager to give the green light on the swap-free option, your account must first be fully verified and already funded. As this is the case, make sure that AvaTrade is the Islamic forex broker account that you’re set on using to trade, before going ahead and opening an account. If it just sits there unfunded, then it will never be changed to swap-free and a moral dilemma may be presented.
From there, requests for Islamic accounts are usually processed within 1-2 business days, with the process being moved faster if a customer support request is submitted. AvaTrade is considered safe because its global branches are regulated and authorized by top-tier financial institutions like ASIC, Central Bank of Ireland, IFSC and FSA and ADGM and FRSA in the United Arab Emirates (UAE).
A Top Broker for Social trading Without Interest Charges
At the social trading broker eToro, while copy trading is a little different from making the decisions yourself, the same issues around accruing interest on positions apply. At eToro, forex traders of the Muslim faith can copy trade on Islamic broker accounts that remain fully compliant with Sharia law.
eToro Islamic Account
The benefits of an eToro Islamic account include zero interest on settlements of more than 24 hours. This means that there’ll never be rollover interest applied to your account. Furthermore, there will never be any additional commissions charged for trades held over 24 hours. This is a huge plus when compared to the other best broker accounts reviewed on this page.
When copy trading on an eToro Islamic account, Muslim forex traders will never have charges, commissions or account management fees applied to their trading. This means that the only revenues made by the broker off Islamic accounts come from the spreads. This is massive!
Keep in mind that this also applies to all other fees and loans. With leveraged trading essentially relying on a loan from your broker, it is technically not permissible in Islam. To ensure full Sharia compliance on all Islamic trading accounts, eToro provides no interest leverage to clients.
To open an eToro Islamic account, clients must first register for a live account and fund it with a minimum of $1,000 USD. The application to trade swap-free is then made through your client account area, in consultation with support.
*Your capital is at risk ‘68% of retail CFD accounts lose money’
The question of whether forex is halal or haram is one of the most common questions throughout the world. It is also one of the most complex and difficult questions to answer. Haram means something that Allah and the Prophet have completely and specifically forbidden. It’s an act that could be described as a sin, or simply indecent for yourself and society as a whole.
While forex trading itself is not haram, aspects of trading such as the accruing of interest or the reckless side of gambling without a trading strategy definitely are. If you’re going to trade in a halal manner, then you must do so on an interest-free account with a trusted Islamic forex broker and do so in a professional manner with the intent to make a consistent income.
We must stress that those of us at Compare Forex Brokers are not Islamic scholars, we’re simply industry experts who’ve done our research on the topic. We highly encourage you to also continue to conduct your own research before making a decision on the forex broker that you in yourself are most comfortable with.
An Islamic forex broker account, sometimes referred to as swap-free accounts, are trading accounts for Muslim clients who are unable to earn or pay the interest due to their religious beliefs. An Islamic Forex account option is available from many of the best Islamic forex brokers that are listed in the review above.
Swap-free trading accounts do not pay or earn swaps when overnight positions are held on most markets within the forex, commodities and indices categories (keep in mind that cryptocurrencies such as bitcoin are different again). In place of overnight interest, the broker will either charge a flat rate financing charge or simply rely on the spread to make money from each trade opened and closed by you.
If your trading strategy relies on certain exotic pairs, check with each individual broker that your particular pair is covered, before opening an account.
When trading forex, if you leave a position open overnight, then depending on the interest rates of the currency pair being traded, you’ll either accrue or pay interest known as the swap. In Sharia law, interest is called riba and is forbidden. This means that Muslims who want to trade forex with a regular forex broker run into some real moral dilemmas, torn between trading profitably and their faith.
This is because unlike the financial systems that govern most of today’s developed economies where the end-game is to profit, Islamic finance take a more ethical approach. In Islam, interest is seen as unethical because it only rewards the lender, while the borrower incurs all risk.
Social and economic activity according to Islam, should promote happiness just like anything else in this life. Responsible lending without interest is just one aspect of this.
Whether forex spreads are wider on an Islamic forex broker account depends on the specific broker you choose. When making a decision on where to open an Islamic trading account, checking that individual broker’s trading conditions, including spreads, is key.
Spreads on some Islamic trading accounts are often slightly higher than those seen on a broker’s regular trading accounts. Islamic accounts are subjected to an increased spread across the forex market, commodities and indices. This is because the broker has to offset the cost of interest charges that are no longer being accrued when a position is held overnight.
If your forex broker offers fixed spreads on other accounts, then they will remain fixed on an Islamic account. It’s also not wise to compare spreads on a demo account to those on a live account.
Leverage in forex trading is the ratio of your funds to the size of your broker’s credit. This means that leverage is borrowed capital that traders can use to increase their potential returns. While this is usually a huge advantage when it comes to trading accounts, this is not the case for Islamic forex traders who are unable to use borrowed credit that accrues interest.
Leverage is based on a loan from the broker and therefore a real Islamic trading account must provide for no-interest leverage. This impacts the level of leverage that each broker offers on their Islamic account and again must be determined on a case-by-case basis when you go to open an account with any specific broker.
While leverage allows traders to trade much bigger volumes than they would normally be able to if they were just using their own trading capital, the loan aspect of it has implications for Islamic forex traders.
Below are some of the most frequently watched markets that can be traded using an Islamic online trading account. It should be also noted that there are other brokers that have Islamic accounts worth considering, including HYCM and OctaFX.
Islamic Forex Trading
Ensure you Trade forex on an Islamic trading account that is fully acceptable in the eyes of Islamic laws. By using a swap-free account from one of the brokers reviewed here, you’re able to take advantage of a massive number of forex trading pairs such as EUR/USD, GBP/USD and GBP/JPY.
If you’re trading forex on an Islamic account, some brokers limit trading on exotic currency pairs and pairs featuring cryptocurrencies such as bitcoin (BTC). If your trading strategy relies on having the ability to trade exotics and some riskier crosses, then make sure you consult the full list of available pairs from your Islamic forex broker of choice.
Important note: The UK’s Financial Conduct Authority (FCA) banned cryptocurrency trading starting from 6 Jan 2022. As a result, FCA regulated brokers no longer offer digital currencies.
Currency trading on forex trading accounts is fully Sharia-compliant if you’re not charged daily interest known as swaps. Interest is replaced by daily administration fees or the like, charged at the broker’s discretion.
Islamic Gold Trading
Trading gold is one of the oldest exchanges on the planet. Throughout history, gold has been traded by Islamic businessmen in full Sharia-compliance. Alongside gold, other commodities such as silver and oil have been similarly exchanged for money, goods, and services for as long as man has walked the Earth.
Truly Sharia-compliant gold and silver trading must have a physical backing of the commodity held by the broker, so partnerships with exchanges and vaults are a must. Likewise, when it comes to other commodities such as oil, physical backing must be present. Ensure your broker ties their prices to the major futures exchanges which monitor the supply flows in global reserves. View our forex statistics page to learn more about the size of the forex industry.
Islamic Indices Trading
Trading all stock market indexes and ETFs through CFDs can be fully Sharia-compliant if done correctly through an Islamic forex broker account. Traders of the Muslim faith can trade some of the world’s most liquid stock market indices, such as the S&P500 or the DAX30.
Instead of collecting rollover interest at the end of each trading day like normal, trading indices on an Islamic trading account ensures that you’re trading in an interest-free environment. Instead, the broker charges their Islamic traders administration fees depending on the size and duration that the trade is held.
Traders are encouraged to try out their new indices trading strategy on a demo account, before going live. This goes for any financial instruments that you’re trying out for the first time, as there is no risk warning required.
Ask an Expert
What is the administration cost charged by Pepperstone if I want to use their Islamic account?
The administration cost charged by Pepperstone’s Islamic account varies from instrument to instrument and is levied every time you hold a trade for 10 days. Costs vary depending on the currency you trade but major forex pairs are USD50 per lot which means an average USD5 per overnight.
Are there any Islamic accounts with zero extra costs like administration fees?
Yes – some brokers do offer ‘true’ swap-free accounts where the overnight fee is not replaced with an administration fee or wider spread. We believe Plus500, eToro, easyMarkets meet these criteria but do check as this can change. Other brokers have a time limit on the free swap. Pepperstone and IC Markets for example allow you to have your position open for 9 overnight sessions before an administration fee is applied