Compare Brokers With Islamic Accounts

Looking for brokers with islamic accounts? We have compared 18 broker accounts (out of 147) that are suitable for you below.

We found 18 broker accounts (out of 147) that are suitable for Islamic Accounts.

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ThinkMarkets

Spreads From

Gold N/A points See all spreads

What can you trade?

  • Forex
  • Cryptocurrencies
  • Indices
  • Commodities
  • Stocks
  • ETFs

About ThinkMarkets

  • Regulated by: Financial Conduct Authority and ASIC.
  • Established in 2010 HQ in Australia.

Platforms

  • MT4
  • MT5
  • Web Trader
  • Mobile App

Funding Methods

  • Credit cards
  • PayPal
  • Bank transfer

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Losses can exceed deposits

Read our in-depth ThinkMarkets review

Between 54-87% of retail CFD accounts lose money. Based on 69 brokers who display this data.

The Ultimate Guide to

How to Find the Best Islamic Trading Accounts

What is an Islamic trading account?

Also known as “swap free” accounts, Islamic Accounts have a number of differences from regular forex trading accounts. With Sharia Law forbidding the accrual of interest on funds deposited in an account, traders with Islamic Accounts do not incur or receive rollover swap points on positions open for longer than 24 hours, and they earn no interest on deposited funds. Also, Islamic Account trades must be made with no delay, so currencies must be transferred from one account to another immediately, with transaction costs also paid at the same time.

Who is an Islamic trading account for?

Regular forex trading accounts charge interest on certain trades, which can be a problem for some traders as making money from money, or Riba, is not permissible under Sharia law. Additionally, in Islam Gharar, or gambling, is also not permitted. Gharar can refer to the volatile conditions in the forex market which make it difficult to predict with certainty what is likely to happen, and can therefore be considered akin to gambling.

What types of trades are not allowed in Islamic accounts?

These common forex trends are not generally permitted within Islamic trading accounts:

  • Riba – interest that is charged from the buyer under different conditions
  • Pledge – a signed commitment agreeing to pay back a loan within a limited time, with the agent permitted to sell out the contract and recover the loan if the customer is unable to reach the specific percentage of the margin.
  • Loans – money given by an agent (bank) to the customer on some settled terms of interest
  • Short selling – borrowing and selling an asset the trader does not own for profit
  • Trading on margin – borrowing money from a broker to purchase stock
  • Forwards sales – an agreement to buy or sell an asset at a future time on a price agreed today

How can I open an Islamic account?

Opening an Islamic forex account is now easier than ever. With the Islamic banking sector as a whole estimated to grow by an average of 19.7% a year to 2018, there are now a growing number of brokers and companies which are offering Islamic forex account services. The accounts are designed in the support of all the Islamic rulings on business and investments.

Why Choose ThinkMarkets
For Islamic Accounts?

ThinkMarkets scored best in our review of the top brokers for islamic accounts, which takes into account 120+ factors across eight categories. Here are some areas where ThinkMarkets scored highly in:

  • 8+ years in business
  • Offers 50+ instruments
  • A range of platform inc. MT4, Mac, Web Trader, Tablet & Mobile apps
  • 24/7 customer service
  • Tight spreads from 0.10pips
  • Used by 0+ traders.
  • Offers demo account
  • 2 languages

ThinkMarkets offers two ways to tradeForex, CFDs. If you wanted to trade GOLD

The two most important categories in our rating system are the cost of trading and the broker’s trust score. To calculate a broker’s trust score, we take into account a range of factors, including their regulation history, years in business, liquidity provider etc.

ThinkMarkets have a B trust score, which is good. This is largely down to them being regulated by Financial Conduct Authority and ASIC, segregating client funds, being segregating client funds, being established for over 8

Trust Score comparison

ThinkMarkets
Trust Score B
Established in 2010
Regulated by Financial Conduct Authority and ASIC
Uses tier 1 banks
Company Type Private
Segregates client funds

A Comparison of ThinkMarkets


Want to see how ThinkMarkets? We’ve compared their spreads, features, and key information below.



Spread & fee comparsion

The spreads below are illustrative. For more accurate pricing information, click on the names of the brokers at the top of the table to open their websites in a new tab.
ThinkMarkets
Fixed Spreads
Variable Spreads
EUR/USD Spread 0.10
GBP/USD Spread 1.2
Gold spreads from 0.20
Silver spreads from 0.03
Copper spreads from N/A
Crude Oil spreads from 0.03
Natural gas spreads from N/A
DAX Spread
FTSE 100 Spread N/A
S&P500 Spread

Comparison of account & trading features

ThinkMarkets
Platform MT4, Mac, Web Trader, Tablet & Mobile apps
Services Forex, CFDs
Base currency options USD, GBP, EUR, CHF, JPY, SGD, AUD, CAD, NZD, CNH
Funding options Payoneer, Credit cards, Bank transfer, Neteller, BPAY, UnionPay, FasaPay, DebitCard,
Micro account
ECN account

Between 54-87% of retail CFD accounts lose money. Based on 69 brokers who display this data.