Between 54-87% of retail CFD accounts lose money. Based on 69 brokers who display this data.
For our islamic accounts comparison, we found 16 brokers that are suitable and accept traders from United States of America.
Gold N/A points See all spreads
69% of retail investor accounts lose money when trading CFDs with this provider
Read our in-depth Forex.com review
Gold N/A points See all spreads
Between 54-87% of retail CFD accounts lose money. Based on 69 brokers who display this data.
Also known as a “swap free” account, 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.
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.
These common forex trends are not generally permitted within Islamic trading accounts:
Opening an Islamic forex account is now easier than ever. With the Islamic banking sector as growing by an average of 19.7% a year, there is now an increasing number of brokers offering Islamic forex account services. The accounts are designed in the support of all the Islamic rulings on business and investments.
Forex.com 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 Forex.com scored highly in:
Forex.com offers one way to tradeForex. 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.
Forex.com have a AAA trust score. This is largely down to them being regulated by Financial Conduct Authority, segregating client funds, being segregating client funds, being established for over 19
Forex.com | ThinkMarkets | ||
---|---|---|---|
Trust Score | AAA | B | |
Established in | 1999 | 2010 | |
Regulated by | Financial Conduct Authority | Financial Conduct Authority and ASIC | |
Uses tier 1 banks | |||
Company Type | Private | ||
Segregates client funds |
Want to see how Forex.com stacks up against ThinkMarkets? We’ve compared their spreads, features, and key information below.
Forex.com | ThinkMarkets | ||
---|---|---|---|
Fixed Spreads | |||
Variable Spreads | |||
EUR/USD Spread | 1.00 | 0.10 | |
GBP/USD Spread | 0.9 | 1.2 | |
Gold spreads from | 0.3 | 0.20 | |
Silver spreads from | 0.61 | 0.03 | |
Copper spreads from | 7.0 | N/A | |
Crude Oil spreads from | 5.0 | 0.03 | |
Natural gas spreads from | 8.0 | N/A | DAX Spread | 250.0 |
FTSE 100 Spread | 150.0 | ||
S&P500 Spread | 50.0 | ||
Forex.com | ThinkMarkets | ||
---|---|---|---|
Platform | MT4, Web Trader, NinjaTrader, Tablet & Mobile apps | MT4, Mac, Web Trader, Tablet & Mobile apps | |
Services | Forex | Forex, CFDs | |
Base currency options | USD, GBP, EUR | USD, GBP, EUR, CHF, JPY, SGD, AUD, CAD, NZD, CNH | |
Funding options | Bank transfer, Cheque, DebitCard, | Payoneer, Credit cards, Bank transfer, Neteller, BPAY, UnionPay, FasaPay, DebitCard, | |
Micro account | |||
ECN account |