Interest free forex brokers
Forex trading can be challenging for religion-abiding Muslims. Compare the top 5 brokers with Islamic Forex accounts. Traditional Forex trading can pose problems for religion-abiding Muslims because it often involves interest.
Your Forex broker could charge interest if you borrow to open a position. And if you keep your position open overnight, you could stand to receive or pay interest depending on the prevailing interest rates.
It is possible to trade currencies without incurring interest: Instead, you could open an account with a Sharia-compliant broker Forex broker to enjoy interest-free leverage and avoid interest on rollovers. If you're a non-Muslim thinking of opening an Islamic account simply to avoid interest, think again. Most brokers will ask that you provide evidence of your faith if you request a Sharia compliant account. They could close your account altogether if they have grounds to believe you are trying to game the system.
Interest-free doesn't necessarily mean you'll be at an advantage, as some brokers will look for alternative sources of revenue if they cannot charge interest.
This is why Islamic accounts can have marginally wider spreads than conventional accounts. Other brokers may require higher minimum deposits. However, this isn't always the case. What's more, you can keep your open positions overnight for up to two weeks with no additional cost.
Our comparison table shows popular Forex brokers with Islamic accounts. Some brokers such as easyMarkets or HotForex have dedicated Islamic accounts, in which case signing up is straight forward. Finally, others such as AvaTrade.
You'll need to speak to your account manager to make that happen before placing your first trade. Trading foreign exchange, contracts for differences or spread bets on margin carries a high level of risk and may not be suitable for all investors.
You could sustain a loss of some or all of your funds if the markets move against you. For this reason, you should not invest more than you could afford to lose.
Information published on this website and in our external communications is factual and for information purposes only. It does not constitute financial advice under the Financial Services and Markets Act Forex Directory Submit a Link.
Broker Reviews Compare Brokers Stocks Gold and Metals Forex Promotions Forex Calculators Forex Profit Calculator Pivot Point Calculator Fibonacci Calculator Pip Value Calculator Forex FAQs Learn Forex Trading Forex Order Types MetaTrader 4 MetaTrader 5 Trading Books. Home Compare Brokers Popular Guides Islamic Forex Brokers. Execution Market Execution Instant Execution.
E-junkie Marketplace
Specifications Floating Spreads Fixed Spreads. Asset classes Forex Gold and Metals Oil and Energy Commodities Stocks Indices Bonds. Forex trading and the Sharia Traditional Forex trading can pose problems for religion-abiding Muslims because it often involves interest. Benefits of an Islamic broker Instead, you could open an account with a Sharia-compliant broker Forex broker to enjoy interest-free leverage and avoid interest on rollovers.
Islamic Forex brokers will provide interest-free leverage. In other words, you can borrow entirely free of charge. With an Islamic Forex account, your open positions will be closed by 5pm New York time to avoid rollover interest. You can them re-open them immediately after that. Some brokers will open them on your behalf free of charge. Are there any disadvantages?
How to open an Islamic account Our comparison table shows popular Forex brokers with Islamic accounts. Related articles Best MT5 Brokers 1: Featured Brokers 1 for Beginners. HotForex EU Micro Account.
Forex Brokers Comparison & Reviews
HotForex EU Islamic Account. Fullerton Markets ECN Account. Fullerton Markets Variable Spread Account. LCG CFD Trading - MT4.
Broker with no rollover fees - Forex Brokers - irexapezoren.web.fc2.com Forex Trading Forum
LCG ECN Trading - MT4. FXOpen STP MT4 Account. FXOpen ECN MT4 Account.
