10 Best
Forex Trading Platforms and Brokers in
Islam

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4.2/5

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alpari

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4.1/5

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Avatrade

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4.2/5

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fxtm

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4.3/5

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Blackstone Futures

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4.1/5

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HotForex

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4.1/5

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XM Group

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Islamic trading accounts are growing massively in popularity. Traders must keep in mind that with Muslim brokers there are very strict rules on trading itself. 

In Muslim (or Sharia) law, it is forbidden to accumulate interest on deposited funds, because traders cannot be charged rollovers or overnight fees, and Muslim trades must be made instantly, with funds transferred immediately. The brokers mentioned on this list meet all these requirements and in addition to offering Muslim compliant accounts, fulfil a large number of other key criteria to make them leaders in their fields.

In this list of recommended brokers, there are brokers that have built up a solid reputation paired with a proven track record and excellent technology and tools and are regulated with favourable trading conditions.

What is an Islamic Account?

FX Islamic Accounts, also known as a swap-free accounts, incur no swaps or interest charges on overnight positions and the account holder is charged an administration fee on positions which is deducted from the balance of the account.

What is Swap-Free Trading?

A swap-free trading account, also known as a no-swap or interest-free trading account, is an account for traders who do not want to, or are not allowed to pay or receive interest. These accounts are exempt from overnight interest rate adjustments or rollover charges.

Advantages of Islamic Accounts

Simply stated, when it comes to trading in foreign currency, traders will need to make use a forex broker, also known as a currency trading broker, to place their trades. When a trader trades forex, they will buy or sell in currency pairs, e.g. “EUR / USD” (Euro / U.S. Dollar). Traders will open an account, deposit funds, then use the broker’s trading platform to buy and sell currency using margin. The forex markets are open 24 hours a day, five days a week.

To select a forex broker, traders should start off by looking for brokers that are regulated in their country. Next, they should assess the trading costs, tools, research capabilities, customer service, and other features of each forex broker. Finally, compare the top two choices side-by-side to decide on a winner.

The retail forex market is extremely competitive and choosing which forex broker to trade with can be a very overwhelming task.  But knowing what to look for, can make this task do-able. 

The Best Forex Trading Platforms and Brokers in Zambia

FxPrimus best broker

FXPrimus

FXPrimus is an online broker which was founded in 2009 and offers Forex and Social Trading.

FXPrimus is a global broker with a head office based in Cyprus. 

FXPrimus is a fully licensed online brokerage firm regulated by the Cyprus Securities and Exchange Commission (CySEC) and is managed by a team of professional traders, with clients in more than 200 countries across the globe.  In addition to Forex, traders have the opportunity to trade spot metals, indices, global equities and other CFDs all within the MetaTrader4 platform.

FXPrimus offer traders two ways to trade: Forex, Social Trading, and traders will need a minimum deposit of $100. A demo account is available and FXPrimus is able to accommodate various levels of traders whether a trader is experienced or a beginner.

  • Headquarters:¬†Cyprus
  • Founded in:¬†2009
  • Min Deposit:¬†100
  • Used by over¬†10,000 traders

FXPrimus is a regulated platform which means FXPrimus is supervised by and is checked for conduct by the Cyprus Securities and Exchange Commission (CySEC), The markets in financial instruments directive (MiFID) regulatory bodies.

FXPrimus Trading benefits:

  • Allows scalping
  • Allows hedging
  • Offers STP
  • Low min deposit

FXPrimus Trading Accounts Offered:

  • Demo account
  • Micro account
  • Mini account
  • Standard account
  • ECN account
  • STP account
  • Managed account
  • Islamic account

FXPrimus Features include:

FXPrimus provides cutting-edge technology, speedy execution, and low-latency solutions to traders that ensure the most optimal trading environment.  FXPrimus offers traders a fully automated trading tool which allows them to watch other traders that have the highest profits, learn from them and copy their style, and place trades easily.

Platforms

FXPrimus offers traders several trading options and they can opt for the popular and reliable Meta Trader 4 trading platform or a simpler web-based trading platform.

MetaTrader 4

The MetaTrader 4 platform is perfect for traders of all experience levels be it beginner, intermediate or pro and is recognized for its user-friendly interface, advanced charting features, technical analysis tools and automated trading capabilities. The FXPRIMUS MetaTrader 4 platform supports multiple account base currencies including USD, EUR, GBP, AUD and SGD and is available in over 30 different languages.

Mobile

FXPrimus offers a free Android and iPhone/iPad app with real-time pricing and execution of trades, enhanced charting functionality with various timeframes, pip value calculators, economic news calendars and much more and is ready for download from the Apple App Store and Google Play.

FXPrimus support a wide range of languages including English, Spanish, Indonesian, Chinese, Thai, Vietnamese, Hungarian, and Malaysian.

easyMarkets

EasyMarkets

EasyMarkets is an online broker founded in 2001 and offers Forex and CFDs trading.  EasyMarkets is a global broker and have a head office based in Cyprus, Australia.  EasyMarkets is Regulated by Cyprus Securities and Exchange Commission (CySEC), Australian Securities and Investment Commission (ASIC)

  • Headquarters:¬†Cyprus, Australia
  • Founded in:¬†2001
  • Min Deposit:¬†100
  • Used by over¬†10,000 traders

Pros

Cons

Fixed spreads, no slippage and no commissions.

High spreads compared to other brokers.

Up to 50% first deposit bonus to welcome new traders.

No services to clients from USA and over 20 other countries.

Innovative trading platform with innovative features.

No cent account, VPS and forex calculators.

Responsive and professional client support

 

EasyMarkets offers over 191 different instruments to trade, including over 135 currency pairs and offers the popular MT4 forex trading platform. With EasyMarkets, the minimum and maximum trade requirements will vary and are dependent on the trader and the instrument.

Trading Features:

Accounts offered:

Funding methods:

Allows scalping 

Demo account

Credit cards

Allows hedging 

Micro account 

Bank Transfer

Low min deposit 

Mini account 

Payoneer

Guaranteed stop loss 

Standard account 

Neteller

Offers Negative Balance Protection

Islamic Account

 

EasyMarkets offer traders a demo account to try before putting down funding.  EasyMarkets support a wide range of languages including English, German, Arabic, Chinese, Spanish and Polish.

EasyMarkets is regulated by CySEC and ASIC and each new client must pass a few basic compliance checks to ensure that they understand the risks of trading and are allowed to trade. 

Roboforex robo forex best brokers

Roboforex

Roboforex is an online broker founded in 2009 which offers Forex and CFDs trading.  Roboforex is a global broker and has a head office in Cyprus.  Roboforex is regulated by Cyprus Securities and Exchange Commission (CySEC).

  • Min Deposit:¬† At least $10
  • Used by over¬†10,000 traders

Roboforex Trading benefits:

  • Allows scalping
  • Allows hedging
  • Offers STP
  • Low min deposit

The features of trading with RoboForex include:

  • Tight spreads starting from 0 pips.
  • Micro accounts with minimum of 0.01 lot size
  • Multiple trading platforms including MT5, cTrader and R Trader.
  • Several promotions and bonuses.
  • Regulated broker with security and insurance for clients‚Äô deposits.

Pros

Cons

Segregates client funds

Limited range of instruments

Established in 2009

Not FCA Regulated

Regulated by IFSC Belize

 

Min. deposit from $10

 

Roboforex offers over 34 different instruments to trade, including over 32 currency pairs and is one of the few brokers that offer both of the MetaTrader platforms; MT4 and MT5. 

Roboforex support a wide range of languages including English, Chinese Simplified, Chinese Traditional, Indonesian, Malaysian, Portuguese, Spanish, Italian, Polish, Arabic, Thai, Russian, Ukrainian and have a double AA grade support rating because Roboforex offer live chat and email support in multiple languages.

FP Markets

FP Markets

FP Markets is an online broker which was founded in 2005 and offers Forex trading.  FP Markets is a global broker and have a head office situated in Australia.  FP Markets is regulated by Australian Securities and Investment Commission (ASIC), Cyprus Securities and Exchange Commission (CySEC) and is used by over 10,000 traders.

FP Markets is a sponsor of events and sports which helps FP Markets give back to the community and build brand awareness.  Traders can trade in a wide variety of over 100 instruments and

trading currency pairs on offer are over 60 currency pairs.

Pros

Cons

Low forex fees

High stock CFD fees

Easy and fast account opening

Limited product portfolio

Quick deposit and withdrawal

Outdated web and desktop platform

FP Markets Trading benefits:

  • Allows scalping
  • Allows hedging
  • Offers STP
  • Low min deposit
  • Offers Negative Balance Protection

FP Markets Trading Accounts Offered:

  • Demo account
  • Mini account
  • Standard account
  • ECN account
  • STP account
  • Managed account
  • Islamic account

FP Markets offers the popular MT4 forex trading platform alongside mobile apps for Android and iOS, making it easy to keep an eye on and execute trades on the move.

XM Group

XM

XM is an online broker which was founded in 2009, offering Forex and CFDs trading.  XM is a global broker and is Regulated by the Financial Conduct Authority (FCA), Cyprus Securities and Exchange Commission (CySEC), Australian Securities and Investment Commission (ASIC) and has their headquarters situated in Cyprus. XM is used by over 70,000 traders world-wide.

XM is one of the few brokers that offer both of the MetaTrader platforms; MT4 and MT5 and also offers mobile apps for Android and iOS.

What Assets Can be Traded With XM?

XM gives clients the ability to trade more than 1,000 instruments across seven asset classes including forex, individual stocks, precious metals, commodities, cryptocurrencies, energies, and equity indices.

  • There are 57 forex pairs available, including majors, minors, and exotics.
  • There are 1,210 stock CFDs.
  • The stock CFDs span 17 countries.

XM Trading Accounts Offered:

  • Demo account
  • Micro account
  • Mini account
  • Standard account
  • Zero spread account
  • Islamic account

To trade effectively with XM, it is very important for traders to have a good, clear understanding of the XM trading tools and the Forex markets.  XM support a wide range of languages including Arabic, Chinese, English, French, German, Greek, Hindi, Hungarian, Indonesian, Italian, Japanese, Korean, Malay, Polish, Portuguese, Russian, Spanish, Swedish, Thai, and Turkish.

ThinkMarkets

ThinkMarkets

ThinkMarkets is an online broker which was founded in 2010 and offers both Forex and CFDs trading.  ThinkMarkets is a global broker with a head office based in Australia and is regulated by Financial Conduct Authority (FCA), Australian Securities and Investment Commission (ASIC) and is used by over 10,000 traders and has won multiple industry awards over a 10-year span.

Pros

Cons

Segregates client funds

Limited range of instruments

Established in 2010

 

Regulated by Financial Conduct Authority and ASIC

 

Min. deposit from $250

 

ThinkMarkets offers over 50 different instruments to trade, including over 34 currency pairs and trading benefits include:

  • Allows scalping
  • Allows hedging
  • Offers STP
  • Low min deposit

ThinkMarkets Trading Accounts Offered:

  • Demo account
  • Mini account
  • Standard account
  • ECN account
  • STP account
  • Islamic account

ThinkMarkets support a wide range of languages including English, Chinese, and Japanese and is governed and supervised by reputable financial regulatory bodies.

HYCM

HYCM

HYCM is an online broker founded in 1977 and offers both Forex and CFDs trading.  HYCM are a global broker with a head office based in UK and is used by over 10,000 traders. Regulated by the FCA and CySEC and CIMA and represented globally in the United Kingdom, Hong Kong, Cyprus and Dubai, HYCM clients can be assured they are trading with a solid and secure company.  HYCM has also won numerous industry awards over the past 43 years and is governed and supervised by reputable financial regulatory bodies.

Pros

Cons

FCA Regulated Broker

Demo Account Not Available

Parent Company is 40 years old

Limited Info on Website

Commission Free Trading

 

Generous Bonus Program

 

Multiple Trading Instruments

 

Multi Lingual Customer Support

 

HYCM Trading benefits:

  • Allows scalping
  • Allows hedging
  • Low min deposit

HYCM Trading Accounts Offered:

  • Demo account
  • Micro account
  • Mini account
  • Standard account
  • Islamic account

With HYCM, the minimum and maximum trade requirements may vary depending on the trader and the instruments.  HYCM supports a wide range of languages including English, Chinese, Chinese (Traditional), Arabic, and Russian.

AvaTrade

AvaTrade

AvaTrade is an online broker founded in 2006 which offers Forex trading, CFDs trading, Spread Betting trading, and Social Trading.  AvaTrade is a global broker and has a head office based in The British Virgin Islands and is used by over 200,000 traders globally. AvaTrade is a global CFD and FX broker regulated by several financial authorities, such as the Central Bank of Ireland.

Pros

Cons

Low trading fees

Inactivity fee

No withdrawal fee

Administration fee

What can be traded with AvaTrade?

  • Over 250 instruments
  • Over 80 currency pairs

AvaTrade offers the popular MT4 forex trading platform plus mobile apps for Android and iOS.

AvaTrade Trading benefits:

  • Allows scalping
  • Allows hedging
  • Low min deposit

AvaTrade Trading Accounts Offered:

  • Demo account
  • Micro account
  • Mini account
  • Standard account
  • Islamic account

With AvaTrade, traders will need a minimum deposit of $250 and they can sign up for a¬†demo account to start.¬† AvaTrade doesn’t charge any account fees and deposits and withdrawals are free of charge.¬†AvaTrade offers 24/5 chat/phone support as well as social media portals and an online form entry.¬†

Forex.com

Forex.com

Forex.com is an online broker founded in 1999 and offering Forex trading, Indices trading, Commodities trading, Equities trading, and Cryptocurrencies trading.  Forex.com is a global broker and has a head office in the United States.

Pros

Cons

Low forex fees

Limited product portfolio

Great variety of currency pairs

High stock CFD fees

Diverse technical research tools

Non-user-friendly desktop platform

With Forex.com traders will need a minimum deposit of $500 and they can sign up for a demo account to start.

What can be traded with Forex.com?

  • Over 4500 instruments
  • Over 80 currency pairs

Forex.com is the only broker that offers FMA in the US. DMA (Direct Market Access) is also available in the rest of the world and Forex.com UK services.

Forex.com Trading benefits:

  • Allows scalping
  • Allows hedging
  • Offers STP
  • Guaranteed stop loss
  • Offers Negative Balance Protection

Forex.com Trading Accounts Offered:

  • Demo account
  • Mini account
  • Standard account
  • ECN account
  • STP account
  • Islamic account

Forex.com offer a good selection of educational resources and supports a wide range of languages including English, Chinese, Arabic.  Forex.com is best suited for Forex traders located in the United States, MetaTrader 4 users, Beginner forex traders and Active forex traders.

OctaFX

OctaFX

OctaFX is an online broker which was founded in 2011, offering Forex trading. OctaFX is regulated by the British Financial Conduct Authority (FCA), one of the strictest forms of regulation in the Forex industry.

Pros

Cons

Regulated and authorized by CySEC

Limited assets

Unlimited demo account

Low Crypto coverage

Advanced technology

No VPS

Forex and CFDs offered

No education tools on Forex

More than 30 FX pairs to trade

Telephonic support not available 24/7

No commission deposits or withdrawal options

No clients from USA, Canada, Belgium, or others outside EU

OctaFX has won numerous industry awards over the course of 9 years and is one of the few brokers that offer both of the MetaTrader platforms; MT4 and MT5.

OctaFX Trading benefits:

  • Allows scalping
  • Allows hedging
  • Offers STP
  • Low min deposit
  • Guaranteed stop loss
  • Offers Negative Balance Protection

OctaFX Trading Accounts Offered:

  • Demo account
  • Micro account
  • Mini account
  • Standard account
  • Zero spread account
  • STP account
  • Islamic account

As OctaFX is regulated by Financial Conduct Authority (FCA), each new client must pass a few basic compliance checks when signing up for an account.  OctaFX provides an array of educational tools to assist beginner traders to become more experienced and even professionals in trading.

What Types Of Trades Are Generally Not Allowed In Islamic Accounts?

  • Riba¬†
  • Pledge¬†
  • Loans¬†
  • Short selling¬†
  • Trading on margin¬†
  • Forwards sales¬†

Conclusion

slamic principles direct many aspects of a Muslim‚Äôs life, from social to economic matters. All of which are outlined in the Koran and by Sharia Law, which quite literally means ‚Äėpathway to be followed.‚Äô Halal trading will greatly depend on a trader‚Äôs actions and the broker that they choose. Also known as ‚Äėno swap accounts‚Äô, Islamic trading accounts allow Muslims to engage in online¬†forex trading¬†in conformity to Sharia law