In this post, I will analyze Best IC Markets, Pepperstone, Exness, FxPro, and other brokers that allow trading and do not charge or pay interest overnight, and do so in full compliance with Shariah Law.
These brokers offer secure trading, reasonably priced spreads, and regulatory oversight, making them the best choice for Muslim traders seeking ethical, safe forex trading.
Why Use Swap-Free Islamic Forex Brokers
Compliance with Sharia Law
- Islamic Forex Trading Accounts follow Sharia law which forbids any earning of interest (Riba).
- Some traders do not earn overnight interest (swaps) or pay to hold a position overnight.
Equitable Trading Opportunities for Muslims
- This permits Muslims to engage in Forex trading without infringing on their religious obligations.
- Trading is done in an ethical manner and in a transparent environment.
Inclusive Account Options
- Swap-free accounts generally have the same options of any standard account (same functionalities on the platform, same leverage, same spreads).
- This allows traders to get full access to the Forex markets and avoid additional charges for any interest.
Support for Risk Management
- Several Islamic accounts offer stop-loss, take-profit, and margin calls.
- This retains Shariah compliance and assists traders manage risk.
Availability of Global Brokers
- Several leading brokers offer accounts without swap fees such as IC Markets, Pepperstone, Exness, and AvaTrade.
- This broadens the scope of Forex trading for many across the globe.
Key Point & Best Swap-Free Islamic Forex Brokers List
| Broker | Key Points / Highlights |
|---|---|
| IC Markets | Ultra-low spreads, ECN execution, advanced trading platforms (MT4, MT5, cTrader). |
| Pepperstone | Fast execution, low commissions, strong regulatory oversight (ASIC, FCA). |
| Exness | Flexible account types, low minimum deposit, high leverage options. |
| FxPro | Multiple platforms (MT4, MT5, cTrader), competitive spreads, strong risk management tools. |
| Admirals (Admiral Markets) | Educational resources, wide asset range, robust trading platforms. |
| OANDA | Trusted broker, strong research tools, flexible lot sizes, transparent pricing. |
| Saxo Bank | Institutional-grade execution, extensive global markets, advanced proprietary platform. |
| CMC Markets | Competitive spreads, over 10,000 instruments, powerful Next Generation platform. |
| IG Group | Strong regulation, vast market coverage, comprehensive trading tools. |
| AvaTrade | Fixed and variable spreads, multiple platforms including MT4/MT5, strong educational support. |
1. IC Markets
IC Markets is one of the most established and recognized Swap-Free Islamic Forex Brokers in the world, providing ECN trading accounts with ultra-low spreads and fast order execution. Every trader would like Swap-Free accounts, and so for those requiring Shariah-compliant options, IC Markets offers Islamic accounts with no overnight interest, making them suited for long-term trading strategies.
Furthermore, IC Markets is regulated with the highest authorities of the world, such as ASIC, CySEC, and the FSA, so trading is safe. Many instruments are available such as forex, indices, and commodities, as well as crypto. For Forex trading with no interest, IC Markets is among the best with Islamic accounts.
| Feature | Details |
|---|---|
| Broker Name | IC Markets |
| Account Type | Swap-Free Islamic Account |
| KYC Requirement | Minimal – Proof of ID and Address |
| Regulation | ASIC (Australia), CySEC (Cyprus), FSA (Seychelles) |
| Platforms | MetaTrader 4, MetaTrader 5, cTrader |
| Spreads | From 0.0 pips (ECN accounts) |
| Leverage | Up to 1:500 (varies by regulation) |
| Instruments Available | Forex, Commodities, Indices, Cryptocurrencies |
| Key Features | No overnight interest, fast execution, tight spreads, 24/5 support |
| Deposit & Withdrawal | Fast processing via Bank Transfer, Credit/Debit, e-Wallets |
2. Pepperstone
Pepperstone is an award-winning forex and Swap-Free Islamic Forex Brokers with notable mentions for its low spreads, fast execution, and wide range of products. The broker has no overnight interest and offers swap-free Islamic accounts. Pepperstone accommodates these accounts within the parameters set by Shariah law and preserves full functionality on the trading account.
Using MetaTrader 4, MetaTrader 5, and cTrader platforms, clients are equipped with professional trading tools as well as automated trading strategies and advanced charting capabilities.
The broker is also regulated by the Australian Securities and Investments Commission (ASIC), the Financial Conduct Authority (FCA), and the Securities Commission of the Bahamas (SCB). Hence, traders are not deprived of the peace of mind they deserve. For one of the most reliable and best Swap-Free Islamic Forex Brokers, Pepperstone is a trusted choice on the global stage.
| Feature | Details |
|---|---|
| Broker Name | Pepperstone |
| Account Type | Swap‑Free (Islamic) Account |
| KYC / Verification | Requires proof of ID and address; standard account verification → request Islamic status via support |
| Regulation | ASIC (Australia), FCA (UK), CySEC, BaFin, DFSA, CMA, SCB |
| Platforms | MetaTrader 4, MetaTrader 5, cTrader, TradingView |
| Minimum Deposit | No fixed minimum, but recommended ~ US$200 equivalent |
| Leverage | Up to ~1:30 (retail, depending on regulation) |
| Swap / Interest Fees | No overnight interest (riba) charged; instead, fixed administrative fee applies after 5 days (or 10 days for some instruments) |
| Admin Fee | ~US$100 per standard lot per day after 5 days for FX/precious metals |
| Instruments Available | Forex, indices, commodities, stocks, etc. on same instruments as regular account |
| Trading Styles Allowed | Scalping, hedging, EAs (Expert Advisors) all permitted on Islamic account |
| Geographic Eligibility | Islamic account offered to clients in select countries (e.g., Malaysia, Jordan, Qatar, Saudi Arabia, Pakistan, Indonesia, etc.) |
3. Exness
Exness is one of the Swap-Free Islamic Forex Brokers with worldwide recognition. Deregulated swap-free Islamic brokerage Exness offers a balanced capital account. Exness provides an account with overnight interest fees waived, which allows Exness to remain fully Shariah-compliant for international transactions. Exness is known for its clarity and reliability.
Exness is reputable in Islamic Forex trading for its reliable and advanced trading platforms. Exness provides technology overlooks and large opportunities for financial trading. In the first class, swap-free Islamic forex brokers for eXness. These Islamic Forex brokers are the best with Islamic accounts. Exness provides products with relatively lower cost for exchange.
| Feature | Details |
|---|---|
| Broker Name | Exness |
| Account Type | Swap‑Free (Islamic) Account |
| KYC / Verification | Minimal: ID and proof of address; proof of religion may be requested. |
| Eligibility | Automatic for clients in listed Islamic countries; manual request possible for others. |
| Swap-Free Policy | No overnight swap on eligible instruments; applies account-wide. |
| Grace / Admin Fees | Fixed admin fee may apply for some instruments beyond a certain holding period. |
| Platforms | MetaTrader 4, MetaTrader 5 |
| Trading Instruments | Forex, metals, indices, cryptocurrencies |
| Regulatory Note | Swap-free status may be revoked if trading behavior violates terms. |
4. FxPro
FxPro is one of the industry’s Swap-Free Islamic Forex Brokers, having won multiple awards for its exceptional service! FxPro offers multiple platforms under its regulatory umbrella, allowing the opening of swap-free Islamic accounts.
These accounts allow traders to hold positions without being charged interest over the duration of a trade. This is especially useful for equity traders to hold overnight positions without a fee.
FxPro is operated under FCA, CySEC, and FSCA, making it one of the highest-calibrated brokers in the industry. With their numerous markets, exceptional customer service, and low fees, FxPro is undoubtedly one of the best, if not the best, swap-free Islamic Forex Brokers, especially for new traders!
| Feature | Details |
|---|---|
| Broker Name | FxPro |
| Account Type | Swap‑Free / Islamic Account |
| KYC / Verification | Requires ID (passport, national ID, or driver’s licence) + proof of residence (utility bill / bank statement) |
| Swap‑Free Policy | No swap on indices, futures & shares; for other instruments a grace period is provided, after which a fixed admin fee applies. |
| Grace Period | 1 day for energy spot; 3 days for metals, minor forex, crypto; up to 8 days for major forex pairs |
| Fixed Fee After Grace | From US$ 7.50 up to US$ 80 per lot per night, depending on instrument |
| Platforms Supported | MetaTrader 4, MetaTrader 5, cTrader |
| Regulation / Notes | Swap‑free status is for religious purposes only; FxPro may ask for justification or proof. |
| How to Apply | Send email to FxPro Back Office to request swap-free account. |
5. Admirals (Admiral Markets)
Admiral Markets’ change of name to Admirals brought many trading solutions to the table, including Islamic accounts with no Swaps (Islamic Forex Brokers).
These accounts eliminate the overnight swap fees and allow traders to access forex, indices, commodities, and ETFs, all while complying with Islamic finance principles. Traders use MetaTrader 4 and 5, which offer advanced charting, automated trading, and other risk management tools.
With FCA, EFSA, and ASIC as regulatory bodies, compliance and protection of clients are as top of the line as it gets. Admirals is one of the top tier, flexible, and globally accessible forex brokers as a result of transparent and competitive pricing along with educational resources.
| Feature | Details |
|---|---|
| Broker Name | Admirals (Admiral Markets) |
| Account Type | Islamic / Swap‑Free Account (only on Trade.MT5) |
| KYC / Verification | Valid ID (passport or government ID) + Proof of address (utility bill or bank statement) |
| Swap‑Free Policy | No overnight swap or interest on most instruments; small financing charge may apply on exotic currency pairs |
| Administration Fees | Flat fee for trades held > 3 days (1 day for exotic/digital pairs) |
| Fee Examples | Admin fee for index CFDs (e.g., Germany40) ≈ USD 4 per lot/day after 3 days |
| Platforms Supported | MetaTrader 5 (MT5) |
| Regulations | FCA (UK), CySEC (Cyprus), ASIC (Australia), JSC (Jordan) |
6. OANDA
When it comes to automated trading with a genuine swap-free Islamic brokerage, OANDA is an exemplary, trustworthy, and established broker.
As a Shariah-compliant forex broker, OANDA does not charge trading fees on the Islamic accounts. Over a wide array of currency pairs, commodities, and indices, they offer a reasonable range.
OANDA possesses one of the best trading platforms, the fxTrade platform, where there is the provision of funded advance charting, algorithmic trading, and streaming of the real-time market.
Apart from being one of the best Swap Free Islamic Forex Brokers, due to their credibility and flexibility, OANDA possesses top tier regulations, from the FCA, CFTC, IIROC, and MAS, which is a hallmark of exemplary client best practices.—
| Feature | Details |
|---|---|
| Broker Name | OANDA |
| Account Type | Swap‑Free / Islamic Account |
| KYC / Verification | Optional full ID verification: accounts with balance under US$9,000 may not require full ID proof. |
| Swap‑Free Policy | No interest or swaps on open trades. |
| Administrative Fees | Fixed admin fee charged from day 6: e.g., US$7 per lot/day for forex, US$4 for indices. |
| Grace Period | 5 calendar days before admin fees kick in. |
| Platforms Supported | MetaTrader 4 only for Islamic account. |
| Instruments Available | ~25 currency pairs + selected indices. |
| Leverage | Up to 1:200 (depending on jurisdiction). |
| Important Notes | – OANDA may revoke swap-free status at its discretion. – Admin fees are fixed, not tied to market rates. |
7. Saxo Bank
As an investment, Swap-Free Islamic Forex Brokers bank Saxo Bank is distinguished among competitors in its niche and is entirely online. They offer premium online trading, investment and other financial services and products.
As these services are in the financial trading space, they offer swap-free Islamic accounts. In these accounts they do not have rollover interest when they do positions overnight, and they have a wide range of services provided in forex, CFDs, stocks and bonds. Banks and major financial services such as the FSA and FINMA Saxo Bank, and other organizations, provide services such as Saxo Trader GO and Saxo Trader PRO which have charting, and orders and management portfolio.
They are one of the best and most trusted swap free Islamic Forex Brokers. Saxo Bank, among other service providers in their field, wins and is a great choice for professional and institutional traders.
| Feature | Details |
|---|---|
| Broker Name | Saxo Bank |
| Islamic / Swap‑Free Account | Not available — Saxo Bank does not offer swap‑free Islamic accounts. |
| KYC / Verification | Requires standard verification: valid ID + proof of address. |
| Regulation | Regulated by top-tier authorities including FCA (UK) and ASIC (Australia). |
| Platforms Supported | SaxoTraderGO, SaxoTraderPRO, SaxoInvestor (proprietary — no MT4/MT5). |
| Instruments Available | Over 6,000 instruments: forex, stocks, bonds, options, ETFs, indices, commodities. |
| Deposit / Trade‑tier Info | Multiple account tiers (Classic, Platinum, VIP, Pro), with varying pricing and access. |
8. CMC Markets
Designed with the principle of Islamic finance in mind, CMC Markets provides its traders with accounts specifically created to be free of all interest Swap-Free Islamic Forex Brokers. This allows them to trade both forex and CFDs without breaching their ethical code.
Interest will not be charged. CMC Markets has its own Next Generation Trading Platform, offering user-friendly features and superior charting and analysis. CMC Markets have made available numerous trading instruments like trading in forex, different commodities, trade indices, and various share holdings.
This broker is supervised under both the FCA and ASIC, giving them the assurance of high regulatory transparency and client protection. For traders in search of better trading tools and an ethical approach to trading, the relative low costs and dependable trade fulfillment help make CMC Markets one of the best Swap-Free Islamic Forex Brokers.
| Feature | Details |
|---|---|
| Broker Name | CMC Markets |
| Islamic / Swap‑Free Account | Not Available — CMC Markets does not offer swap‑free / Islamic accounts. |
| KYC / Verification | Standard KYC: requires ID + proof of address (for all accounts). |
| Regulation | Regulated by major authorities (e.g., FCA). |
| Platforms Supported | Proprietary Next‑Generation platform, not MT4/MT5 for Islamic account (since it isn’t offered). |
| Instruments | Wide range: forex, CFDs on indices, commodities, shares, etc. |
| Important Note | Because there is no Islamic / swap‑free option, CMC Markets may not be suitable for traders strictly needing Shariah‑compliant (interest-free) trading. |
9. IG Group
Global broker IG Group is renowned and offers Swap-Free Islamic Forex Brokers-compliant trading. Accounts do not incur overnight swap fees and retain access to Forex, commodities, indices, and CFDs. The IG and MT4 platforms offer advanced charting, automated trading, and comprehensive research. IG Group is regulated by the FCA, ASIC, and the CFTC, meaning trades are safe.
They have most competitive spreads along with strong liquidity and access to the global market. Thus, they qualify as some of the best in providing Swap-Free Islamic Forex brokerage services in the market and have a devoted clientele in beginner and professional trading who look for ethically driven trading solutions without a compromise in advanced trading functionality.
| Feature | Details |
|---|---|
| Broker Name | IG Group |
| Islamic / Swap‑Free Account | Not Available — IG does not provide an Islamic or swap‑free forex trading account. |
| KYC / Verification | Standard: requires identity proof + address proof (as per IG’s onboarding process) |
| Regulation | Highly regulated — FCA (UK) and other global regulatory bodies |
| Platforms Supported | IG Web Platform, MetaTrader 4, and other proprietary platforms |
| Instruments Available | Forex, CFDs on indices, commodities, shares, and more |
| Important Note | Since IG does not have an Islamic or swap‑free account, it may not be suitable for traders strictly seeking Shariah‑compliant (interest‑free) trading. |
10. AvaTrade
A reputable broker in the industry can offer Swap-Free Islamic Forex Brokers, tailored for Shariah-compliant trading. These accounts do not entail any overnight interest fee but still allows for trade in forex, commodities, indices, cryptocurrencies, and CFDs.
AvaTrade integrates with MetaTrader 4, MetaTrader 5, AvaOptions, and AvaTradeGO which allows for advanced charting, automated trade, and risk management. AvaTrade is regulated by ASIC, CBI, FSA, and FSCA meaning they run their business in a constructive and transparent manner.
AvaTrade is known for a plethora of educational materials, reputable customer support, and reliable trading systems which is why they are recognized of being one of the best Swap-Free Islamic Forex Brokers in the world for traders that consider ethics in their trading.
| Feature | Details |
|---|---|
| Broker Name | AvaTrade |
| Account Type | Islamic / Swap‑Free Account |
| KYC / Verification | Full account verification required (ID + address) before requesting Islamic account |
| Swap‑Free Policy | No overnight interest up to 5 days; after 5 days, fixed admin fee applies |
| Limit on Holding | Cannot hold trades open for more than 5 days under Islamic status |
| Instruments Available | Forex, commodities (gold, oil), indices. Some FX pairs (e.g. ZAR, TRY) and crypto not allowed in Islamic account |
| Platform(s) | MetaTrader 4, MetaTrader 5, AvaTradeGO |
| Minimum Deposit | ~US$ 100 for Islamic account |
| Risk / Conditions | AvaTrade may revoke Islamic status in case of abuse; admin fees not classified as interest (riba) |
Conclusion
As there are no overnight customers’ swap interest fees for Islamic accounts, forex brokers allowing Islamic accounts are boxing traders’ Shariah forex trading ethical options. IC Markets, Pepperstone, Exness, FxPro, Admirals (Admiral Markets), OANDA, Saxo Bank, CMC Markets, IG Group, and AvaTrade are distinguished forex brokers providing reliable, secure data and globally accepted platforms.
Forex brokers provide customers with numerous trading instruments with competitive spreads, along with trading in forex, CFDs, and commodities, and advanced trading tools. Top these brokers are the best forex brokers.
FAQ
What is a swap‑free (Islamic) forex account?
A swap-free or Islamic forex account is specifically designed to comply with Islamic finance principles. In such accounts, traders do not pay or receive overnight interest (called “swap”) on open positions, which helps avoid riba (interest), prohibited under Shariah law. Instead of swap, some brokers may apply a fixed administration or holding fee for keeping trades open for multiple days.
Why do brokers charge a fee if there is no swap?
While Islamic accounts avoid interest-based swaps, brokers often impose administration or handling fees for overnight positions. This compensates the broker for the cost of holding trades without interest. These fees vary by broker, instrument, and the number of days a position remains open.
Who is eligible for a swap‑free account?
Swap-free accounts are generally intended for traders who follow Islamic finance principles. Many brokers may ask for proof of religious belief or declaration during account setup. However, eligibility rules vary: some brokers allow any trader to request it, while others restrict it to clients from Islamic-majority countries.
