Best Islamic Forex Brokers 2026
Sharia-compliant trading. Compare top swap-free accounts for Muslim traders.
Written by
James Wilson
Fact Checked by
Edith Balazs
What is an Islamic Forex Account?
An Islamic account (also known as a Swap-Free account) is designed to comply with Sharia law, which prohibits the earning or paying of interest (Riba). In standard forex trading, swaps are interest fees paid or earned on positions held overnight. Islamic accounts remove these interest charges. Instead, brokers may charge a fixed administration fee or simply widen the spread to cover their costs.
How do I open an Islamic account?
Usually, you open a standard account first and then request a conversion to 'Islamic' status via the client portal or by emailing support. Some brokers require proof of faith, while others (like XM) offer it to all eligible clients in Islamic countries automatically.
Sharia Compliance
How the swap-free status works.
| Broker | ||
|---|---|---|
| XM | Yes | None |
| Exness | Yes | None |
| HFM | Yes | None |
| FXTM | Yes | Varies by pair |
| AvaTrade | Yes | Varies |
| BlackBull Markets | Yes | None |
| IC Markets | Yes (All types) | No (Major pairs) |
| Pepperstone | Yes | Depends on pair |
| FP Markets | Yes | $5-$30/lot |
| Vantage | Yes | Varies |
Detailed Broker Analysis
True Islamic Raw
IC Markets offers one of the fairest Islamic accounts. Unlike many brokers who widen spreads to compensate for the lack of swaps, IC Markets keeps their raw spreads intact and only charges a flat admin fee on certain pairs if held for an extended period.
No Hidden Fees
XM is highly popular among Muslim traders because their Islamic account setup is straightforward. There are no hidden fees, no widening of spreads, and no swap charges on overnight positions for their 'Ultra Low' accounts.
Swap-Free Razor
Pepperstone allows you to access their institutional-grade 'Razor' execution environment with a swap-free structure. They offer a generous grace period of 10 days before any administration fees are applied to open positions.
Flexible Islamic
FP Markets provides a dedicated portal for converting your account to Islamic status. They offer competitive raw spreads and a transparent fee structure for positions held longer than the initial grace period.
No Admin Fees
Exness provides instant swap-free conversion with no admin fees whatsoever. Unlimited leverage and instant withdrawals make it perfect for Islamic traders.
Automatic Swap-Free
HFM automatically enables swap-free status for eligible accounts with no hidden fees. Zero spread accounts are also available.
MENA Focused
FXTM offers easy swap-free conversion through their client portal. Strong focus on MENA region with excellent educational resources.
Fixed Spread Islamic
AvaTrade offers swap-free accounts on request with fixed spreads for predictable trading costs. Strong multi-asset coverage.
Raw ECN Islamic
Vantage provides Islamic accounts with raw ECN spreads. Fast account conversion and 14-day grace period before admin fees.
Deep Liquidity Islamic
BlackBull provides swap-free accounts with institutional-grade execution. TradingView integration and unlimited grace period on majors.
Frequently Asked Questions
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January 2026