BEST 5 ISLAMIC BROKER WHICH YOU CAN USE TO TRADE WITHOUT RIBA

What is an Islamic forex Account？

An Islamic forex account, or we can call it swap-free forex account, is an second optional forex account type that often selected after signing up with the broker. Which is use by Muslims traders, which is totally zero interest payment (Zero Riba).

What is Interest in Islamic business (Riba)？

According to Islamic law, or Shari'ah law, Muslims are prohibited from earning Interest (Riba) on loans.

Riba also means excess, increase, or additional and from the shariah view it can be interpreted as an excess compensation or unjustified return in a lending, borrowing, or sale transaction.

Here are 5 best forex brokers which offer Islamic accounts

• XTB

• FP MARKETS

• FXPRO

• HOTFOREX

• FXTM

All the above brokers offered an swap-free forex account, which Islamic traders can use and trade without any interest (Riba). Traders can find all their information in WikiFX.

Brief information about those 5 brokers

1.XTB: 6.62

XTB is the best Proprietary platform for Islamic traders, it was founded in 2002, it's a well regulated forex broker in WikiFX. It has the standard Account and the Islamic Account. The Islamic Account holders are charged a commission of 10 USD / lot,

XTB, it's well regulated, Tight Spreads, low minimum deposit, Good for beginners to trade. You can download it in both IOS and Android.

XTB ranks the fourth largest stock exchange listed forex and CFD broker in the world，founded in 2002 and headquartered in London, UK, with offices in over 12 countries, including Poland, Germany, France, and Turkey. XTB Limited is authorized and regulated by the Financial Conduct Authority in the UK, with regulatory license number 522157.

2.FP MARKETS: 8.39

It's well regulated in WikiFX and it's the most Transparent Islamic Accounts. FP Markets publishes all information about the Islamic Account on their website, the free-swap-free account option is available on both it's Raw and Standard Account type MT4/ MT5. The minimum deposit amont 100USD.

FP Markets established in Australia in 2005. FP Markets is a group of companies which include First Prudential Markets Pty Ltd, an ASIC regulated provider of Derivatives and Forex trading services (ABN 16 112 600 281, AFS License No. 286354) and FP Markets LLC. which is a registered company of St. Vincent and the Grenadines, Limited Liability Number 126 LLC 2019. First Prudential Markets LTD is the entity authorized by the Cyprus Securities and Exchange Commission (CySEC), with regultory license number 371/18. FP Markets does not accept applications from residents of countries or jurisdictions where such distribution or use would be contrary to local laws or regulations.

3.FXPRO: 7.66

FxPro is a regulated forex broker in many companies and also its a well regulated in WikiFX. Is largest Account Variety, FxPro offers excellent trade execution on a variety of platforms on their Islamic accounts.

Islamic swap-free options are available on the MT4, cTrader and FxPro Edge account types, which feature a minimum deposit of 100 USD and leverage of up to 200:1.

Founded in 2006, FxPro is a Forex and CFD broker, providing retail and institutional clients in over 170 countries with over 260 CFD products across six asset classes. FxPro Group Limited is the holding company of FxPro Financial Services Ltd, FxPro UK Limited and FxPro Global Markets Ltd. FxPro UK Limited is authorised and regulated by the Financial Conduct Authority (registration no. 509956). FxPro Financial Services Ltd is authorised and regulated by the Cyprus Securities and Exchange Commission (licence no. 078/07) and authorised by the Financial Sector Conduct Authority ('FSCA') (authorisation no. 45052). FxPro Global Markets Ltd is authorised and regulated by the SCB (license no. SIA-F184). FxPro does not offer Contracts for Difference to residents of certain jurisdictions including the USA, Iran and Canada.

4.HOT FOREX: 7.13

HotForex is the Best Micro Account. HotForex offers Islamic accounts for all customers of the Muslim faith on four of its six account types, including the Micro Account and Auto Account.

Trading conditions are especially good on the Micro Account, with spreads starting at 1 pip, a low minimum deposit of 5 USD, and hedging, scalping, and copy-trading all available.

HotForex is a brand name of the HF Markets (Europe) Ltd., founded in 2010, a financial broker that provides both individual and institutional clients with online trading services. HotForex itself has headquartered in Cyprus but serves several global offices in Dubai, South Africa, and offshore entities in St Vincent and the Grenadines, all under respective regulation authorities. HF Markets (Europe) Ltd is regulated and licensed by the CySEC in Cryprus, with regulatory license number 183/12, its UK entity under regulation of FCA in UK (license number 801701), Dubai entity under regulation of DFSA in Dubai ( license number F004885), and Spain entity is authorized and regulated by the CNMV under the license numer 3427.

5.FXTM: 7.06

FXTM is the best MT4 Islamic forex Trading platform broker FXTM offers three accounts on MT4 and MT5, but Islamic accounts are only available on MT4 and trading on exotic currency pairs is prohibited.

Islamic accounts will not be charged a swap fee, a commission is charged instead, starting at 12.90 USD per lot on the EUR/USD.

Islamic account users can also take advantage of FXTMs copy-trading platform, FXTM Invest, which allows traders to follow profitable traders for a fee.

Founded in 2011, FXTM is an online forex broker, providing services for foreign exchange, indices, commodities, and more financial instruments. FXTM is regulated in multiple jurisdictions worldwide, with offices in Europe, the Middle East, Africa, Asia, and Latin America, attracting over 2 million clients from over 150 countries worldwide. Exinity Limited is regulated by the Mauritius Financial Services Commission, and Exinity UK Ltd is regulated by the Financial Conduct Authority (FCA) in the UK (Reg. No. 777911), and Forextime Ltd is regulated by the Cyprus Securities and Exchange Commission (CySEC) (Reg. No. 185/12).