Are you looking for the best forex brokers for Islamic traders? If you said yes, you are in the right place because we have compiled a list of the best brokers for you.
We have ranked these brokers using our methodology to choose among the best and most reputable online brokers in the forex trading industry.
Ranking Methodology – While testing and ranking the best forex brokers for Islamic traders, some of the critical factors which influenced our judgments include; regulatory compliance, product offering, execution model, execution speed, assets offered, trading cost (trading and non-trading fees), trading platforms provided, research offering, education offered, and customer support service.
Table of Contents
5 Best Forex Brokers For Islamic Traders
- IC Markets
- Forex.com
- FXPro
- FBS
- Admirals
1. IC Markets
IC Markets is a leading global online broker and one of the world’s largest forex providers by trade volume, with over 29 Billion USD in FX trades processed daily. It offers CFDs on various global markets, including forex, stocks, commodities, indices, cryptocurrencies, bonds, and futures, with over 2037+ instruments to trade.
With IC Markets, you can enjoy a plethora of top-notch trading services, including transparent pricing, low trading & non-trading fees, consistent ultra-low spreads from 0.0 pips, fast trade executions, low slippage, deep liquidity, advanced trading platforms & tools, and excellent customer support service.
IC Market’s ease of use, and excellent trading conditions, make it a suitable broker for beginners and professional traders. It also supports various trading strategies such as hedging, scalping, and algorithmic trading. Likewise, Its unique trading conditions, such as ultra-low trading fees, fast execution, and deep liquidity, make it an excellent choice for active and high-volume traders.
IC Markets Overview
| Broker | IC Markets |
|---|---|
| Regulation | ASIC, FSA, and CySEC. |
| Forex Pairs | 61 Currency Pairs |
| Trading Platforms | MetaTrader 4, MetaTrader 5, cTrader |
| Minimum Deposit | $200 or currency equivalent. |
| Demo Account | Available | Open Demo Account |
| Maximum Leverage | 1:500 |
| Account Currencies | AUD, USD, EUR, CAD, GBP, SGD, NZD, JPY, HKD, CHF. |
| Payment Methods | Credit and debit cards, Paypal, Neteller, Neteller VIP, Skrill, UnionPay, Wire Transfer, Bpay, FasaPay, Broker to Broker, POLI, Rapidpay, Thai internet banking, Vietnamese internet banking |
| Trading Tools | Virtual Private Server (VPS), Trading Servers, MT4 Advanced Trading Tools |
Pros
- Quick account setup.
- Strong regulatory framework.
- Over 180,000+ clients across 190 countries worldwide.
- Multiple industry standard trading platforms in web, mobile and desktop versions.
- Deep liquidity.
- Over 61 currency pairs to trade, including major, minor and exotic currency pairs.
- High leverage (up to 1:500).
- Ultra-fast trade execution.
- Supports all trading styles and strategies.
- Low trading fees across all account types.
- Ultra-low spreads from 0.0 pips on IC Markets’ Raw Spread accounts.
- Multiple fast and secure payment methods with fast deposit & withdrawal processing times.
- Demo account with unlimited duration.
- No inactivity fee is charged.
- Excellent customer support service.
Cons
- Its product offering is limited to forex and CFDs.
- No proprietary trading platform.
2. Forex.com
Forex.com is a global FX and CFD provider founded in 2001. It is owned and operated by its parent company StoneX Group Inc, a publicly-traded company listed on the NASDAQ Stock Exchange (NASDAQ: SNEX).
Forex.com offers CFDs, spreads betting, and futures across over 9,500+ global markets, including forex, commodities, indices, stocks, metals, and cryptocurrencies, through institutional-grade platforms, excellent execution, and high-touch expertise.
Other outstanding brokerage solutions you can enjoy with Forex.com includes deep liquidity, competitive pricing, transparent fee structure, superior trade executions, low slippage, multiple account types, an Active Trade Program (which can reduce trading costs by up to 15%), multiple industry-standard trading platforms, education & research tools, VPS hosting and an excellent customer support service.
The brokerage solutions offered by Forex.com makes it an ideal broker for traders of all experience levels, although high-volume traders would benefit more from its services.
Forex.com Overview
| Broker | Forex.com |
|---|---|
| Regulation | NFA, CFTC, FCA, ASIC, FSA, IIROC |
| Forex Pairs | 80+ |
| Trading Platforms | MT4, MT5, NinjaTrader, Web |
| Minimum Deposit | $100 |
| Demo Account | Yes (90 Days) |
| Maximum Leverage | 1:50 EU/UK Clients – 1:30 |
| Account Currencies | USD, EUR, CAD, JPY, CHF, AUD, GBP |
| Payment Methods | Wire Transfer, Card Payment, Paypal. |
| Trading Tools | VPS Hosting, Autochartist, Recognia, Smart Signals, Performance Analytics |
Pros
- 20+ years of industry experience.
- Strong regulatory framework.
- Parent company StoneX is a publicly-traded company listed on the NASDAQ Stock Exchange (NASDAQ: SNEX).
- Over 500,000+ clients across the world.
- Wide range of asset classes, including currencies, Indices, metals, commodities, stocks, and Cryptocurrencies.
- Low minimum deposit.
- Fast and secure payment methods.
- Competitive pricing.
- Offers Active Trader Program, which helps reduce trading costs by up to 15%.
- Superior order execution.
- Multiple industry standard trading platforms and tools.
- Great customer support service.
Cons
- Limited payment methods
- Slow account verification process.
- The demo account is only available for 90 days.
3. FXPro
FXPro is a leading global online broker established in 2006 by FXPro Limited. It offers CFD across various global markets, including forex, shares, indices, futures, metals, and energies, with over 1800+ instruments to trade.
Some outstanding advantages of trading with FXPro include its superior order execution, deep liquidity, competitive pricing, industry-standard trading platforms, multiple tailored account types, and 24/7 customer support service.
FXPro is ideal for traders who want a flexible range of low-cost offerings, multiple choices of trading platforms and account types, and a very reliable customer support service.
High-volume traders are also welcomed with VIP Premium accounts which are offered to select clients with high deposits of over $50k (or currency equivalent) and those with actively large trading volumes. Clients who qualify for these account types can enjoy free VPS service and reduced spreads/commissions.
FXPro Overview
| Broker | FXPro |
|---|---|
| Regulation | FCA, CySEC, SFCA, and SCB. |
| Forex Pairs | 70 |
| Trading Platforms | FXPro Edge, MetaTrader4, MetaTrader5 and cTrader |
| Minimum Deposit | $100 |
| Demo Account | Available |
| Maximum Leverage | 1:200 |
| Account Currencies | USD, EUR, GBP, CHF, PLN, AUD, JPY, ZAR. |
| Payment Methods | Bank Transfer, Broker To Broker Transfer, Credit/ Debit Cards, Paypal, Skrill, and Neteller. |
| Trading Tools | FxPro Direct App, Trader’s Dashboard, Virtual Private Server (VPS), FX Calculator |
Pros
- Strong regulatory framework.
- Easy account registration process.
- Multiple account types.
- Multiple industry standard trading platforms in web, mobile and desktop versions.
- 8 account base currencies.
- Fast and secure payment methods.
- Deep liquidity.
- Offers both fixed and floating spreads.
- Competitive spreads and commissions.
- Low minimum deposit.
- Supports all trading styles and strategies.
- Offers essential online trading tools.
- Excellent customer support service.
Cons
- Inactivity fee charged after 12 months of account inactivity.
- The demo account duration is limited to 120 days.
4. FBS
FBS is a global award-winning online broker established in 2009. It has maintained a tremendous reputation amongst traders over the years and has amassed a huge client base of over 23 million active traders in 190+ countries worldwide.
FBS offers CFDs across various global markets, including forex, stocks, indices, metals, energies, and cryptocurrencies, with over 150 instruments available to trade.
Some of the outstanding benefits you can enjoy with this broker include fast order execution, deep liquidity, industry-standard trading platforms, low trading fees, low minimum deposit from $1, multiple tailored account types, multiple fast & secure payment methods, high leverage (up to 1:3000) and an excellent 24/7 customer support service.
FBS offers an all-around trading solution that accommodates traders of all experience levels and traders with different capital sizes. Traders with low capital are welcomed with low minimum deposits and trading fees, while high-volume traders, on the other hand, can save a lot of money with their low trading fees.
FBS Overview
| Broker | FBS |
|---|---|
| Regulation | IFSC, CySEC, ASIC, FSCA |
| Forex Pairs | |
| Trading Platforms | FBS Trader, MetaTrader 4, MetaTrader 5 |
| Minimum Deposit | Cent Account – $1 Micro Account – $5 Standard Account – $100 Zero Spread Account – $500 ECN Account – $1000 Crypto Account – $1 |
| Demo Account | Yes |
| Maximum Leverage | Cent Account – 1:1000 Micro Account – 1:3000 Standard Account – 1:3000 Zero Spread Account – 1:3000 ECN Account – 1:500 Crypto Account – 1:5 EU/UK Clients – 1:30 |
| Account Currencies | USD, EUR |
| Payment Methods | Bank Wire Transfer, Credit Card, Debit Card, Perfect Money, WebMoney, cashU, Neteller, UnionPay, Skrill, OkPay, FasaPay, Local Deposits, SticPay |
| Trading Tools | Economic Calendar, Forex Calculators, Currency Convertors |
Pros
- Strong regulatory framework.
- Over 23 million active traders in 190+ countries worldwide.
- Low minimum deposit (from $1).
- Fast order execution.
- Multiple account types.
- High Leverage (up to 1:3000).
- Low forex-trading fees.
- Fast and secure payment methods.
- Industry-standard trading platforms.
- All trading strategies allowed.
- Great bonuses and contests for traders (EU clients excluded).
- Excellent customer support service.
Cons
- Its product offering is limited to CFDs.
5. Admirals
Admirals is a leading forex and CFD provider established in 2001 by the Admiral Group. It offers over 8000+ instruments across various global markets, including forex, commodities, indices, stocks, ETFs, and bonds.
Along with access to a wide variety of asset classes and over 8000+ instruments, other exceptional trading services traders can enjoy with Admirals include deep liquidity, fast order execution, industry-standard trading platforms, competitive spreads, multiple fast & secure payment methods, impressive educational and research offerings, and an excellent customer support service.
Admirals is a suitable broker for both beginner and professional traders. It is also ideal for traders who enjoy using the MetaTrader trading terminal and all that it offers because it offers multiple MetaTrader-themed account types, which enables traders to choose a MetaTrader account type that suits their trading style.
Admirals Overview
| Broker | Admirals |
|---|---|
| Regulation | FCA, EFSA, JSC, CySEC and AFSL. |
| Forex Pairs | 50 Currency Pairs |
| Trading Platforms | MetaTrader Web Trader, MetaTrader 4, MetaTrader 5 |
| Minimum Deposit | $100 or currency equivalent. |
| Demo Account | Available | Open Demo Account |
| Maximum Leverage | 1:500 |
| Account Currencies | EUR, USD, AUD, BGN, CHF, CZK, GBP, HRK, HUF, NOK, PLN, RON, RUB, SEK, CNY, SGD, CLP, IDR, MYR, THB, VND |
| Payment Methods | Bank Transfer, Credit/ Debit Cards, Paypal, Klarna, Skrill, Neteller, SafetyPay, Przelewy, iBank & BankLink, iDeal |
| Trading Tools | MetaTrader Supreme Edition, StereoTrader, Virtual Private Server, Parallels for Mac |
Pros
- Strong regulatory framework.
- Great for beginners.
- Deep liquidity.
- Fast order execution.
- Industry-standard trading platforms in web, mobile and desktop versions.
- Multiple account types with great trading conditions.
- Wide range of asset classes.
- Competitive spreads and low commissions.
- Multiple fast and secure payment methods.
- All types of trading strategies are allowed.
- Outstanding education offering.
- Excellent market research offering.
- Excellent customer service.
Cons
- The demo account is available for only 30 days.