Best Islamic Forex Account 2026 Comparison

IC Markets is one of my top picks. I scored IC Markets 89 for its low-spread trading accounts. In Ross Collins's spread tests of standard accounts, IC Markets' Standard account averaged 0.73 pips on EUR/USD, the lowest of the 15 brokers in those tests.

You can trade with a wide range of trading platforms, letting you choose between MetaTrader 4, MetaTrader 5, cTrader, and TradingView. This makes IC Markets suitable for all trading styles.

There are advanced trading tools available, such as trading signals and VPS services.

IC Markets Standard Account Spreads

Ross Collins's spread tests captured average spreads on standard (spread-only) accounts at 15 brokers. Those tests did not cover Islamic accounts. IC Markets averaged 0.73 pips on EUR/USD, the lowest of the 15 and 34% below the 1.11 pip EUR/USD average across them.

The broker performed well across the other five currency pairs tested. The lowest USD/JPY spreads, for example, were 1.09 pips, saving you around 27% on spreads against the industry average.

From these tests, IC Markets achieved an average Standard account spread of 1.03 pips, which placed it first overall.

IC Markets Raw Spread Account

IC Markets' Raw account averaged 0.19 pips on EUR/USD in Ross Collins's spread tests. There was a commission of $3.50 per lot traded, which is average for Raw spread accounts.

So IC Markets gives you a solid choice of trading accounts with low spreads. However, after seeing the test results, I think the broker’s Standard account is a clear winner.

With the Islamic account, IC Markets does not charge swap fees, but an administration fee instead. This is a fixed cost, like with FP Markets.

You can pay between $2 to $10 on major and minor currencies. I found these admin costs to be quite expensive in my opinion. Here’s the breakdown of the costs below:

IC Markets Trading Platforms

I am a fan of IC Markets for offering a wide variety of forex trading platforms, which is why I scored the broker 9.50/10. I found you have access to TradingView, MetaTrader 5, MT4, and cTrader, which are excellent platforms for technical analysis.

If you are unsure which platform is right for you, I’ve developed the Trading Platform tool, which will recommend a platform tailored to your trading needs. Check it out below:

Out of the Islamic account brokers, I found FP Markets gives you the best choice for markets. There are 900+ CFD markets to trade, including top share CFDs like Tesla.

In our zero-spread testing, FP Markets' spread sat at its minimum 97.83% of the recorded time, which is why I think the broker suits traders choosing its Islamic Raw account. Its market orders filled in 96 ms, 8th of 36, in our 2026 execution test.

FP Markets scores 78.4/100 on our rating. I think scalpers in particular will benefit from the broker’s excellent trading conditions

You should know that FP Markets charges an admin fee instead of swap fees. This varies depending on the asset held, and may be between $1 to $5 on major markets. I did find that FP Market’s popular markets honour a 5-day grace period, the administration fee doesn’t kick in until the end of trading on the sixth day.

This five-day grace period should give you enough time to execute your short-term trade ideas without encountering excessive trading costs.

FP Markets Range Of Markets

FP Markets provides a catalogue of 900+ financial instruments, including 63 forex pairs, 800+ share CFDs, 12 cryptocurrencies, 13 commodities, and 19 indices.

FP Markets Islamic Raw Account Spreads

Our zero-spread testing recorded, for 15 brokers, the share of the recorded time each broker's spread sat at its minimum.

FP Markets' spread sat at its minimum 97.83% of the recorded time. I think this makes their Raw accounts suit scalping, because the spread you cover stays at its floor for most of the time.

FP Markets Execution Speed For Scalping

In our 2026 execution test, FP Markets' market orders averaged 96 ms, 8th of 36.

I found AvaTrade’s fixed spreads are surprisingly competitive. The EUR/USD comes in at 0.80 pips, beating most variable-spread brokers.

AvaTrade delivers a good set of trading tools on its AvaTrade platforms. Its market sentiment tools and trading signals are great for analysing the broker’s 700+ CFD markets. You also have a choice of MT4 or MT5 if you want advanced technical analysis tools and automated trading tools through Expert Advisors.

AvaTrade Fixed Spreads

AvaTrade prices with fixed spreads. This type of spread provides stable pricing when market volatility ramps up. At these times, variable spreads can become more expensive.

If you’re worried about price spikes while you trade, AvaTrade is a great choice for this reason. Your costs will always remain the same.

What’s more, AvaTrade’s fixed spreads are competitive if you trade popular markets.

The same can be said for USD/JPY. AvaTrade's 1 pip spread on the pair is around 33% below the 1.49 pip average across the major pairs for the 15 brokers in Ross Collins's spread tests of standard (variable-spread) accounts.

AvaTrade Islamic Account

The broker’s Islamic account has administration fees, which is the alternative option to paying swap fees. There is a 5-day grace period before incurring the fee. So ideally, you want to close your positions before this point.

Although the broker offers a decent range of markets, if you hold an Islamic account they restrict some markets like ZAR crosses and cryptocurrencies.

Even with the restrictions in place, you still have access to 55 forex pairs, 600+ share CFDs, 17 commodities, and 33 indices on your Islamic account.

AvaTrade Platforms With Fixed Spreads

You can access multiple platforms with AvaTrade, including MT4, MT5, and AvaTradeGO, letting you choose the best platform for your trading style. If you want to automate your trades, I found that only MetaTrader 4 and MT5 offer this feature through their Expert Advisor trading bots.

I chose eToro as my best copy trading broker, as the CopyTrader platform makes it easy to find and manage traders you want to follow. eToro’s Islamic account has no swap fees, but does carry admin fees.

These admin fees have a 7-day grace period, which is one of the most generous among the brokers on this list.

Trading costs with eToro are also simplified. You get spread-only pricing from 1 pip on EUR/USD. This means no commissions on any of its 7,000+ assets, including share CFDs.

eToro CopyTrader

Out of the copy trading platforms used, I like eToro’s CopyTrader platform the best as it’s much easier to use than alternatives like DupliTrade or ZuluTrade. You can choose from 2 million+ eligible copy traders and start mirroring their trades in just three clicks, making it simple for beginners to get started.

I like the platform’s filter tool, making it easy to find traders that match your requirements for investing. You can choose standard metrics like profitability and markets traded, but also use social proof to find current performing traders by filtering to just include traders with lots of followers.

If you’re a new trader, you can filter by Risk Score. This is eToro’s proprietary score, and is based on the trader’s risk profile, markets traded, and drawdown. I find this gives you a simplified top-down view of how the trader performs, so you don’t have to manually break down their trading results.

eToro Copy Trading Costs

When it comes to trading costs, eToro has competitive spreads with no commissions on any of the broker’s 7,000+ markets, which include share CFDs. I found the spreads start from 1 pip on EUR/USD. This is competitive, slightly beating the industry average of 1.20 pips.

The Islamic account does carry admin fees, but there is a generous grace period of seven days. However, I do think they are expensive compared with the other brokers I’ve looked at. For example, EUR/USD is $10 per lot per night after the grace period, almost triple the fee of the other brokers on this list.