Best Swap Free Forex Halal Sites

 

Traditionally, Muslims were not allowed to participate in Forex trading. Because they charge overnight swaps, the standard Forex trading sites tend not to be compliant with the Sharia Law. For this reason, and more, Islamic (or Halal) accounts are provided by some specific brokerage sites.

These accounts are specially designed for those unwilling to either pay or receive interest fees resulting from their trading activities on a daily basis. Aside from this, Halal accounts do not pay interest on their deposits into the Forex brokers. This is because some brokers offer bonuses and balance top-ups to their members whenever they make a deposit. Simply phrased, Halal accounts are the same as your standard Forex trading account, the only difference being that the Islamic accounts do not offer interest payments or interest fees. Detailed below is a list of Forex sites that offer the option of Halal accounts to their customers with no rollover charges.

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7 Websites For Forex Halal Islamic Accounts

Grand Capital – With allowed hedging, a minimum deposit of $100 and a leverage of up to 500:1, Grand Capital guarantees no losses to its traders when they transfer their positions through to midnight. This broker has more than 350 trading instruments for you to choose from. Grand Capital offers security for your funds by implementing a two-factor authentication after you open your account with them.

They have convenient and ranging deposit options for you to use. Once this is done, you can start making a profit which is available for withdrawal at any time. They are flexible, efficient, fast, and offer multicurrency accounts to their traders.

IQ Option – With a minimum deposit of $10, a 91 percent payout rate, and availability of a demo account; IQ option is a good choice, especially for binary options traders. In the past, this broker has been thought to be a scam, but this is far from the truth. They have a wonderful trading platform, but what makes them stand out is their robot builder feature. This broker, although great, offers fewer trading commodities and not for United States residents. They, however, have a full range of stocks including gold and oil.

XM – The XM forex account is considerably different from other accounts provided by other Forex brokers. As mentioned, most brokers look for alternative sources of revenue by widening the spread on Halal accounts (the XM spreads are at 1.9 pips). This is not the case with XM; this forex broker requires no additional charges on the part of their customers.

The logic behind this is that Muslim traders are forbidden by their religion to pay interest. This is swap-free trading. However, if the interest charge is simply transferred to another type of fee, then it is essentially still there and was never taken away at all. This is swap-free trading in disguise. XM is one of the few forex brokers that is fair and ethical in its ways.

In just three steps, you can open your account at XM and start trading. You will be able to hold your position with no time limit, no up-front commissions, and certainly no swap charges on your overnight positions. XM will offer you real-time market execution, a leverage ratio of up to 888:1, no hidden costs, a minimum deposit of $5, and no re-quotes. You will have access to multiple trading platforms and a dedicated customer support teams to help you in all your trades. The good news is, you will be able to do this within the bounds of Islam.

FX Primus – This broker requires that you deposit at least $100 to start trading with them. The leverage offered here goes up to 500:1. The broker allows hedging on its trades. They offer fast deposits and withdrawals with 0 percent fees, 24/5 live chat customer support, and spreads as low as 0 pips. This broker offers a safe and regulated place to trade. Here, you can be sure of deep liquidity, great trading conditions for you, and no requotes. There are also numerous options for depositing and withdrawing funds from your account.

Etoro –This site has been rated among the top 50 brokers and was found to be one of the best by TheFXView.com. The minimum deposit of $1000 is a bit high, but Etoro is 100 percent compliant with Sharia law. There are no swap fees, and the thousands of Muslim clients can attest to the rest of its advantages. The broker trades in a wide selection of markets including but not limited to stocks, commodities, Indices, Currencies and cryptocurrencies.

With it, great spreads- 2 pips- Etoro has an even greater social trading platform dominated by thousands of successful traders. They even offer the site in Arabic for those traders that prefer it. You can open a demo account to try out the site before you decide to open a real one.

Ava Trade – The minimum deposit at Ava Trade is $1. With markets in FX & Commodity, bitcoin, stocks, and indices and bond CFDs, this Forex broker will offer you a leverage of up to 400:1 with a typical EUR/ USD spread of 3 pips. On request, you will get an Islamic account that permits scalping, hedging, trailing stops, and integrates expert advisors to help you make investment decisions.

The conditions here are decent with only a few limitations being imposed on the traders. So far, the wider spreads here is the only thing making this site lag behind; otherwise, Ava Trade deals in the most profitable instruments and gives all its customers a fair chance to make profits. If you wish to trade in a wider range of instruments from one place, then this is the broker for you. Their customer support is always alert and always helpful. You can start by opening a demo account to try out the site. With its solid license, the broker will ensure your trading is secure, but not easier.

InstaForex – On this site, you can convert a regular account into a Sharia compliant one as soon as you place a request. Even after switching from the standard account to a swap-free account, the trading terms remain. The least amount one can deposit is $1. The broker, aside from allowing hedging, also allows its traders unlimited time to carry their positions. The leverage here is up to 1000:1.

You get to trade on any currency pair without losing or gaining any amount of money despite the position volume you hold. InstaForex also offers you a chance to extend your swap-free account and open a live trading account. All you have to do is contact their customer care department. The trading instruments offered by this broker are wide- 107 currency pairs, 200 CFDs on U.S. shares and ECN broker services. The broker does not require its traders to have spread so as to trade in the money market. This more than doubles your opportunities to be a successful trader.

Things To Consider In Conclusion About Forex Halal…

Halal accounts have a lot of benefits, but this does not mean that they put you at an advantage over their traders. Additionally, it’s always important to note trading comes with its fair share of risks. Some brokers look for other ways to make revenue aside from charging interest. You may find that some accounts have marginally wider spreads, while others require their customers to make higher minimum deposits. Therefore, choose your broker carefully and ensure you select one that suits you perfectly.

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