Company

Spread

for Gold

Min.

Deposit

Platforms

Offered

Account

Types

Spread

Type

Funding

Methods

Customer

Support

Execution

Details

AvaTrade

Offers four ways to trade: Forex, Spread betting, CFD trading, and options trading

 Offers Bitcoin, Ethereum, Dash, Ripple and Litecoin
AvaTrade
See Details Try a Demo
Your capital is at risk
0.60points See All Spreads
€/£/$100Min. Deposit Learn More
  • MT4
  • WebTrader
  • Mobile apps
See Platforms
  • Micro
  • Standard
  • VIP
See All Accounts
  • Fixed
  • Variable

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  • Bank transfer
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  • Email support
Contact Details
  • Market Maker
  • DMA
  • ECN
Learn More
Trust Score:

AAA

Used by:

200,000

Established in:

2006

Regulated by:

Central Bank of Ireland, ASiC ...

London Capital Group

Offers one way to trade: Forex

London Capital Group
See Details Try a Demo
Your capital is at risk
0.6points See All Spreads
$100Min. Deposit Learn More
  • MT4
  • WebTrader
  • Mobile apps
See Platforms
  • Micro
  • Standard
  • VIP
See All Accounts
  • Fixed
  • Variable

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Trust Score:

A

Established in:

1996

Regulated by:

Financial Conduct Authority

See DetailsTry a Demo
Your capital is at risk

XTB

Offers one way to trade: Forex

XTB
See Details Try a Demo
Your capital is at risk
N/Apoints See All Spreads
$1Min. Deposit Learn More
  • MT4
  • WebTrader
  • Mobile apps
See Platforms
  • Micro
  • Standard
  • VIP
See All Accounts
  • Fixed
  • Variable

See Spreads
  • Bank transfer
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  • PayPal
See Methods
  • Live chat
  • Phone support
  • Email support
Contact Details
  • Market Maker
  • DMA
  • ECN
Learn More
Trust Score:

AAA

Markets:

1,500

Established in:

2002

Regulated by:

Financial Conduct Authority

See DetailsTry a Demo
Your capital is at risk

XM

Offers five ways to trade: Forex, Commodities, Equity Indices, Precious Metals, Energies

XM
Your capital is at risk
0.47points See All Spreads
$5Min. Deposit Learn More
  • MT4
  • WebTrader
  • Mobile apps
See Platforms
  • Micro
  • Standard
  • VIP
See All Accounts
  • Fixed
  • Variable

See Spreads
  • Bank transfer
  • Credit cards
  • PayPal
See Methods
  • Live chat
  • Phone support
  • Email support
Contact Details
  • Market Maker
  • DMA
  • ECN
Learn More
See Details
Your capital is at risk

Trade.com

Offers two ways to trade: Forex, CFDs

Trade.com
Your capital is at risk
0.7points See All Spreads
Min. Deposit Learn More
  • MT4
  • WebTrader
  • Mobile apps
See Platforms
  • Micro
  • Standard
  • VIP
See All Accounts
  • Fixed
  • Variable

See Spreads
  • Bank transfer
  • Credit cards
  • PayPal
See Methods
  • Live chat
  • Phone support
  • Email support
Contact Details
  • Market Maker
  • DMA
  • ECN
Learn More
See Details
Your capital is at risk

ThinkMarkets

Offers five ways to trade: Forex, CFDs, Spread Betting, Autotrade, Autochartist

ThinkMarkets
Your capital is at risk
0.20points See All Spreads
$250Min. Deposit Learn More
  • MT4
  • WebTrader
  • Mobile apps
See Platforms
  • Micro
  • Standard
  • VIP
See All Accounts
  • Fixed
  • Variable

See Spreads
  • Bank transfer
  • Credit cards
  • PayPal
See Methods
  • Live chat
  • Phone support
  • Email support
Contact Details
  • Market Maker
  • DMA
  • ECN
Learn More
See Details
Your capital is at risk

Pepperstone

Offers one way to trade: Forex

Pepperstone
Your capital is at risk
0.6points See All Spreads
$200Min. Deposit Learn More
  • MT4
  • WebTrader
  • Mobile apps
See Platforms
  • Micro
  • Standard
  • VIP
See All Accounts
  • Fixed
  • Variable

See Spreads
  • Bank transfer
  • Credit cards
  • PayPal
See Methods
  • Live chat
  • Phone support
  • Email support
Contact Details
  • Market Maker
  • DMA
  • ECN
Learn More
See Details
Your capital is at risk

HY Markets

Offers two ways to trade: CFDs, Forex

HY Markets
Your capital is at risk
40points See All Spreads
Min. Deposit Learn More
  • MT4
  • WebTrader
  • Mobile apps
See Platforms
  • Micro
  • Standard
  • VIP
See All Accounts
  • Fixed
  • Variable

See Spreads
  • Bank transfer
  • Credit cards
  • PayPal
See Methods
  • Live chat
  • Phone support
  • Email support
Contact Details
  • Market Maker
  • DMA
  • ECN
Learn More
See Details
Your capital is at risk

ForexTime

Offers three ways to trade: Forex, Metals, CFD

ForexTime
Your capital is at risk
10.7points See All Spreads
$5Min. Deposit Learn More
  • MT4
  • WebTrader
  • Mobile apps
See Platforms
  • Micro
  • Standard
  • VIP
See All Accounts
  • Fixed
  • Variable

See Spreads
  • Bank transfer
  • Credit cards
  • PayPal
See Methods
  • Live chat
  • Phone support
  • Email support
Contact Details
  • Market Maker
  • DMA
  • ECN
Learn More
See Details
Your capital is at risk

EasyMarkets

Offers one way to trade: Forex

EasyMarkets
Your capital is at risk
50.0points See All Spreads
$1Min. Deposit Learn More
  • MT4
  • WebTrader
  • Mobile apps
See Platforms
  • Micro
  • Standard
  • VIP
See All Accounts
  • Fixed
  • Variable

See Spreads
  • Bank transfer
  • Credit cards
  • PayPal
See Methods
  • Live chat
  • Phone support
  • Email support
Contact Details
  • Market Maker
  • DMA
  • ECN
Learn More
See Details
Your capital is at risk
CFDs are leveraged products and can result in the loss of your capital. All information collected on 1/11/2017.

The Ultimate Guide to

Choosing a Broker
For Islamic Accounts

Not sure which broker is right for you?

Don’t worry - we’ve got you covered. In this guide, you’ll learn:

Ready?

Part 1

Why Choose AvaTrade
For Islamic Accounts?

AvaTrade 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 AvaTrade scored highly in:

  • 11+ years in business
  • Offers 250+ instruments
  • A range of platform inc. MT4, Mac, Mirror Trader, ZuluTrade, Web Trader, Tablet & Mobile apps
  • 24/7 customer service
  • Tight spreads from 1.0 pips
  • Used by 200,000+ traders
  • Allows hedging
  • 1 languages
  • Leverage up to 1:400

AvaTrade offers four ways to trade: Forex, Spread betting, CFD trading, and options trading. If you wanted to trade GOLD through copy trading or other means, skip to part two.

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.

AvaTrade have a AAA trust score, which is v. good. This is largely down to them being regulated by Central Bank of Ireland, ASiC , FSA, FSB and BVI, segregating client funds, being established for over 11 years, and much more. For comparison:

Trust Score comparsion

AvaTrade London Capital Group XTB
Trust Score AAA A AAA
Year Established 2006 1996 2002
Regulated by Central Bank of Ireland, ASiC , FSA, FSB and BVI Financial Conduct Authority Financial Conduct Authority
Uses tier 1 banks
Company Type Private Public Private
Segregates client funds

The second thing we look for is the competitiveness of the spreads, and what fees they charge. We've compared these in detail in part three of this guide.

Part 2

Who AvaTrade is (& Isn’t)
Suitable For

As mentioned, AvaTrade allows you to trade in four ways: Forex, Spread betting, CFD trading, and options trading.

Suitable for:

  • Spread Betting
  • CFD Trading
  • Forex Trading
  • Social Trading

Not Suitable for:

  • Share Dealing

To trade with AvaTrade, you'll need a minimum deposit of $100. AvaTrade offers a range of different account types for different traders including a micro account, mini account, vip account.

Finally, AvaTrade isn't available in the following countries: US, Belgium, Canada & Singapore.

Part 3

A Comparison of AvaTrade vs. London Capital Group vs. XTB


Want to see how AvaTrade stacks up against London Capital Group and XTB? 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.
AvaTrade London Capital Group XTB
Fixed Spreads
Variable Spreads
EUR/USD Spread 1.0 0.6 2.0
GBP/USD Spread 1.8 0.9 4.0
Gold spreads from 0.600.6N/A
Silver spreads from 0.054.0N/A
Copper spreads from 0.00640.0N/A
Crude Oil spreads from 0.034.0N/A
Natural gas spreads from 0.00330.0N/A
DAX Spread 1.5 1.0 2
FTSE 100 Spread 1.0 1.0 3.8
S&P500 Spread 0.25 N/A 1.5

Comparison of account & trading features

AvaTrade London Capital Group XTB
Spread type Fixed A AAA
EUR/USD Spread 2006 1996 2002
EUR/GBP Spread Central Bank of Ireland, ASiC , FSA, FSB and BVI Financial Conduct Authority Financial Conduct Authority
Crude Oil Spread
Gold Spread Private Public Private
DAX Spread

Part 4

Islamic friendly forex broker - avatrade

What is an Islamic forex account?

An Islamic Forex Account is an interest-free account that supports the rulings of Islamic Sharia. In a regular forex trading account, there are certain situations where interest charges may be charged, for example, with London Capital Group, a low 0.0027% overnight financing fee is charged for each open position at 22:00 each day. However, in a halal Islamic Forex account, no interest is charged for an overnight open position in the market like the other conventional trading accounts.

Why regular forex accounts are not Sharia compliant (halal)?

Muslims cannot just open a regular forex account which makes money from money, by charging interest, and making money from money is not permissible in Islam and referred to as Riba.
The interest that is termed as Riba in Islam refers to the amount that is charged above the originally decided amount or any payment that is made without any benefit from the other side. Riba – interest – is not supported in Islam but in the regular forex accounts, there is certain interests and commission charged on a trade.

Secondly, there is another prohibited activity when it comes to Islam which is referred to as Gharar or simply put gambling. Gharar refers to the volatile conditions in the forex market which make it difficult to predict without certainty the what is likely to happen in the future and is akin to gambling. When in any deal, terms and procedures that are not defined and the buyer is not actually aware of all the hazards and outcomes that lead to Gharar and it is declared forbidden in Islam.

Types of trading that are not Sharia compliant

The common forex trends followed by the international markets are not complainant according to Sharia.
Riba – an interest that is charged from the buyer under different conditions
Pledge – a signed commitment that is signed by the customer agreeing to the terms to pay the loan back in the limited time or else the agent is 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 was given by the agent (Bank) to the customer on some settled terms of interest
Short selling, trading on margin and forwards sales are also not permitted by Islam

How do you get an Islamic account?

Getting an Islamic forex account is not a big deal today; a number of brokers and companies are offering the Islamic forex account services. The accounts are designed in the support of all the Islamic rulings on business and investments.

Summary

Islamic Forex Trading account is something that is Riba free and follows the Islamic Sharia rulings for business and investment.

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