Best Swap Free Forex Accounts

Go to broker’s website Plus500 Overview

If you're too busy to read the entire article and want a quick answer, the best swap free Forex account is Plus500. Why? Here are its key advantages:

• Is legit in your country (Identified as United States )
• Has a good user satisfaction score 6.83 out of 10
• Transparent fee structure
• Advanced trading features

Go to broker’s website Plus500 Overview

Below, we'll explain in more detail why we believe this and how brokers were evaluated.

Forex trading comes with its own set of opportunities and challenges, especially for traders who want to stay true to their religious beliefs. For Muslim traders, swap-free Forex accounts — also called Islamic Forex accounts — help navigate these concerns. These accounts follow Sharia law by removing swap charges on overnight positions, ensuring trading remains interest-free.

This article breaks down how swap-free accounts work and highlights the best Forex brokers that offer them, so traders can choose the right option with confidence.

Best swap free Forex accounts in 2025

Swap-free Forex accounts, also known as Islamic accounts, are designed for traders who want to comply with Sharia law by avoiding interest charges on overnight positions. These accounts cater to both Muslim traders and those who prefer an alternative fee structure. Below is a comparison of the best swap-free Forex accounts, highlighting key features such as spreads, commissions, and trading conditions.

Top swap free Forex accounts

	Swap Free	Min. deposit, $	Currency pairs	Min Spread EUR/USD, pips	Max Spread EUR/USD, pips	Investor protection	Regulation level	TU overall score	Open an account
Plus500	Yes	100	60	0,5	0,9	€20,000 £85,000 SGD 75,000	Tier-1	6.83	Open an account Your capital is at risk.
Pepperstone	Yes	No	90	0,5	1,5	£85,000 €20,000 €100,000 (DE)	Tier-1	7.17	Open an account Your capital is at risk.
OANDA	Yes	No	68	0,1	0,5	£85,000 SGD 75,000 $500,000	Tier-1	6.79	Open an account Your capital is at risk.
FOREX.com	Yes	100	80	0,7	1,2	£85,000	Tier-1	6.95	Study review
RockGlobal	Yes	200	50	0,9	1,4	No	No	1.95	Study review
Fyntura	Yes	10	70	0,7	1,3	No	No	1.96	Open an account Your capital is at risk.

Top company reviews

1

9.4/10

Go to broker

Your capital is at risk.

Minimum deposit:

$100

Deposit Bonus:

0%

Regulation:

FCA, CySEC, MAS, ASIC, FMA, FSA (Seychelles)

Review

Plus500 is an international fintech holding that offers CFD and options trading worldwide through its network of branches, as well as futures trading in the U.S. The company was established in 2008 in the Israel. It is regulated by the FCA, as well as by 9 financial supervisory authorities in other countries, such as CySEC (Cyprus), ASIC (Australia), MAS (Singapore), FSCA (South Africa), among others. Plus500 is listed on the London Stock Exchange (ticker: PLUS) and is part of the companies that make up the FTSE 250 stock index. Plus500 is a reliable intermediary for accessing financial markets, used by over 25 million traders worldwide.

Pros/Cons

•Multi-regulation — licensed in 10 countries;

•Wide range of trading instruments — over 2800;

•Highly functional trading platforms — browser and mobile versions;

•Transparent pricing model — Spreads and Additional fees;

•Automatic adjustment of trading conditions to meet regulatory requirements;

•Provision of educational content, free analytics, and demo accounts;

•Customizable trading alerts — both on the platform and through external communication channels.

•Lack of Micro or Cent-type accounts in its account lineup, which allow trading with minimal risks and investments;

•The Plus500 platform does not support automated trading;

•Some popular trader strategies are prohibited.

STUDY REVIEW

2

9.2/10

Go to broker

Your capital is at risk.
Your capital is at risk.

Minimum deposit:

$0

Deposit Bonus:

0%

Regulation:

ASIC, FCA, DFSA, BaFin, CMA, SCB, CySec

Review

Pepperstone (Pepperstone.com) was founded in 2010 in Melbourne, Australia, by professional traders who were not satisfied with the quality of services provided by most brokers. The founders decided to avoid many of the disadvantages of competitors, including high commissions, delayed execution of orders, etc. The founders therefore focused on improving the technical component. The company has set itself the goal of changing the “rules of the game” and setting the bar high for online trading.
Today, Pepperstone offers clients all over the world some of the best technological solutions and favorable trading conditions. The company also provides professional tools that help traders not only master the fine art of trading, but also significantly increase trading efficiencies. In addition, Pepperstone’s platform is scrutinized by seven regulatory authorities, including ASIC (Australian Securities and Investments Commission, AFSL No.414530), FCA (UK Financial Conduct Authority, 684312), DFSA (F004356), BaFin (151148), CMA, SCB (SIA-F217), and CySec (388/20). Moreover, with Pepperstone, clients' assets are maintained in aggregated accounts with several major, global banking institutions. These facts confirm the reliability of the company and guarantee the safety of the client's capital.

Pros/Cons

•Attractive trading conditions;

•Fast order execution - 30 ms on average;

•1,200+ trading instruments;

•Low fees; and

•No inactivity fee.

•Support service works only 24/7;

•No cent account;

•Not available to US clients;

•Limited passive trading opportunities;

•Limited analytical materials available on the site. The only way to resolve this issue is to connect to trading signals;

•No news section; and

•Demo accounts can only trade for free for 60 days.

STUDY REVIEW

3

9.1/10

Go to broker

Your capital is at risk.

Minimum deposit:

No minimum

Deposit Bonus:

0%

Regulation:

FSC (BVI), ASIC, IIROC, FCA, CFTC, NFA

Review

The name OANDA is an acronym for “Olsen & Associates” or “Olsen AND Associates”. It is registered in the United States and provides its clients with a wide range of financial services in most countries of the world. The company was founded in 1996 and is currently regulated in four jurisdictions. The main regulator of the broker is the UK Financial Conduct Authority (FCA). Oanda Canada is licensed by IIROC. The company has several significant awards to its credit, including a victory in the category "Best Forex Trading Technologies" from the UK Forex Awards, "Best Trading Platform" from FX Week, as well as "Best Customer Service" from the US Foreign Exchange Report.

Pros/Cons

•Minimum deposit from 1 dollar.

•A large selection of the most popular trading instruments.

•Several reliable and reputable financial regulators.

•Inconvenient and poorly functioning site.

•Lack of cent accounts.

•Lack of bonus programs.

STUDY REVIEW

4

8.9/10

STUDY REVIEW

Minimum deposit:

$1000

Deposit Bonus:

0%

Regulation:

CIMA, FCA, FSA (Japan), NFA, IIROC, ASIC, CFTC

Review

Forex.com is a company owned by GAIN Capital Holdings, Inc. (NYSE: GCAP) and has earned a reputation as a reliable broker in the trading industry for its transparent work and high quality of services. The company cooperates with clients in 140 countries. The broker is registered in the Cayman Islands and supervised by CIMA (Certified Institute for Management Accountants). The license number is 25033. The parent company of the Forex.com broker is registered in England and Wales under the number 1761813 at the UK Companies House. It is licensed by one of the most reputable regulators in the world, FCA (No. 113942).

Pros/Cons

•average rate of order execution is 0.04 ms;

•reliability is controlled by several regulators so customer funds are kept on separate accounts from the company's assets;

•attractive trading conditions are tight spreads on over 90 assets, including currency pairs and metals, and over 4,500 markets, including FX, indices, commodities, stocks, and cryptocurrencies.

•poor quality of site optimization, little specifics in the descriptions of services, tabs at the top of the page do not work. To find the information you have to use a tab called "Sitemap";

•it is difficult to contact the support service due to its high workload;

•large fixed commission for withdrawing funds;

•high initial deposit, it starts from $1,000;

•there are few options for depositing and withdrawing funds, the terms rarely correspond to those stated.

STUDY REVIEW

5

8.7/10

STUDY REVIEW

Minimum deposit:

$0

Deposit Bonus:

0%

Regulation:

Review

RockGlobal is the trade name of Rockfort Markets Ltd, a company registered in New Zealand. The broker offers a variety of trading products, including Forex, stocks, options, futures, and contracts for difference (CFDs). The minimum deposit is $0. RockGlobal supports the MetaTrader 4 and Trader Workstation (TWS) platforms, known for their powerful analytical tools and automated trading capabilities. The company is registered as a Financial Service Provider (FSP) and is a member of New Zealand's Financial Services Complaints Limited (FSCL).

Pros/Cons

•RockGlobal is registered in New Zealand and is a member of FSCL.

•The company offers diverse trading instruments, including Forex, stocks, futures, commodities, and indices.

•Competitive spreads start from 0.1 pips.

•High leverage up to 1:500.

•MetaTrader 4 and Trader Workstation, available for desktop and mobile devices.

•Free educational materials and market analysis.

•Client support is available Monday through Friday with personal account managers.

•The company does not accept clients from certain countries, including the United States and China.

•Does not offer cent accounts.

STUDY REVIEW

6

8.6/10

Go to broker

Your capital is at risk.
Your capital is at risk.

Minimum deposit:

$10

Deposit Bonus:

0%

Regulation:

–

Review

Fyntura is the trade name of Fyntura Ltd, a company registered in the Seychelles. The broker offers three types of live accounts: Zero, Pro, Prime, as well as demo accounts with a virtual deposit. The minimum deposit ranges from $10 to $100, depending on the account type. Fyntura supports MetaTrader 4 (MT4), a popular trading platform known for its functionality and ease of use. Currently, Fyntura is not regulated.

Pros/Cons

•A wide choice of account currencies is offered, including USD, EUR, GBP, CAD, and cryptocurrencies.

•Fyntura offers a variety of trading instruments, including Forex, metals, stocks, and indices.

•The Pro account offers competitive spreads from 0.0 pips.

•Fyntura provides high leverage, up to 1:500.

•The MetaTrader 4 (MT4) trading platform is supported and available for desktop, web, and mobile devices.

•There are no restrictions on popular strategies; scalping and hedging are allowed.

•Multilingual client support is available 24/5.

•No license and deposit protection.

•Deposits and withdrawals are exclusively in cryptocurrencies.

STUDY REVIEW

How to select the right swap-free Forex account

Choosing the ideal swap-free Forex account requires careful consideration of multiple factors to ensure it aligns with both your trading goals and religious principles. Here’s a detailed guide to help you make an informed decision:

Evaluate the broker’s reputation

Before choosing a broker, take some time to check its credibility. Look at user reviews on reputable financial websites to see what real traders are saying. A broker with consistently high ratings (4 or 5 stars) is usually a safer bet, but don’t just go by the numbers — read the reviews to spot any recurring issues.

It's also important to make sure the broker is regulated by a trusted financial authority, like the FCA in the UK or the CFTC in the U.S. A regulated broker follows strict guidelines, which helps protect your funds and ensures fair trading conditions.

Analyze fees and commissions

A broker’s fee structure can have a big impact on your trading costs. Swap-free accounts usually replace overnight interest charges with a fixed commission or an administrative fee, which varies by broker. Checking these fees upfront helps you find a cost-effective option without sacrificing good service.

If you plan to hold positions for a long time, watch out for extra fees. Some brokers charge more for extended trades, so it’s worth making sure these costs stay reasonable over time.

Assess execution speed

In Forex trading, even a slight delay can make or break a trade. If a broker takes too long to execute orders, you might miss out on a good entry or get stuck with a bad price. Go for brokers known for quick and reliable execution to keep your trades smooth and stress-free.

Look for added features

Some brokers offer useful add-ons that make trading easier. They provide helpful tools like guides, tutorials, and market insights. These resources are great for beginners who want to improve their trading skills.

Check the minimum deposit requirement

If you’re starting with a limited budget, consider brokers with low minimum deposit requirements. Some brokers require as little as $100 to open an account, while others may set the threshold at $500 or more. Choose a broker whose deposit requirements align with your financial capacity.

Verify trading restrictions

Some Islamic accounts impose restrictions on certain asset classes, such as commodities, stocks, or indices. Before signing up, ensure the broker supports the instruments you intend to trade.

More brokers are now offering swap-free accounts to accommodate traders who follow Islamic finance rules. Here are some of the best options, backed by real trader reviews and expert insights.

How does the Forex swap mechanism work?

Islamic Forex accounts, also known as swap-free accounts, are designed to meet the needs of traders who follow Islamic finance principles.

• No overnight interest charges. Swap-free accounts don’t charge interest for holding positions overnight. Instead, they remove interest entirely to ensure compliance with Islamic laws.

• Flat administrative fees. Instead of interest, brokers might charge a straightforward flat fee. This fee is known from the start, so it’s transparent and easy to understand.

• Ethical trading guidelines. Certain risky financial instruments are not allowed. This prevents speculative or gambling-like trading practices, making it a more responsible approach.

• Real asset focus. Islamic accounts often encourage trading assets that have a clear real-world backing, rather than purely speculative trades.

• Better for long-term trading. Without overnight charges, these accounts are well-suited to traders who hold positions for a longer time, avoiding unexpected costs.

Pros and cons of swap-free accounts

Is Forex trading halal or haram?

Determining whether Forex trading is halal (permissible) or haram (forbidden) in Islam is a nuanced issue, and opinions vary among Islamic scholars and schools of thought. The decision often depends on the interpretation of Islamic principles and how trading is conducted.

Some argue that Forex trading can be considered halal if it avoids practices that conflict with Sharia law. For example, trading may be deemed permissible when it involves only currencies and avoids haram activities, such as trading in prohibited commodities or engaging in excessive speculation.

Others believe Forex trading is haram if it involves margin trading, where a trader borrows funds to leverage their positions. The reasoning here is that borrowing money for trading often incurs interest charges (riba), which are explicitly prohibited in Islam.

Are Forex Islamic accounts accessible in your country?

Forex Islamic accounts, also known as swap-free accounts, are widely available across the globe. While these accounts are particularly popular in Muslim-majority countries, they are also accessible in various regions, including Europe, Asia, and South America.

Unfortunately, traders in the United States face restrictions, as no brokers currently provide Islamic accounts in the U.S. due to local regulatory constraints.

Several nations actively support Islamic trading accounts to cater to the needs of Muslim traders. These countries include:

• United Arab Emirates (UAE) – a major financial hub offering Sharia-compliant trading services.

• Saudi Arabia – supports Islamic finance and provides swap-free trading options.

• Malaysia – a leader in Islamic banking with strong regulations for Halal trading.

• Indonesia – the largest Muslim-majority country with growing Islamic trading options.

• Turkey – encourages Islamic finance and offers swap-free Forex accounts.

• Pakistan – provides Sharia-compliant financial services, including trading.

• Qatar – hosts financial institutions that cater to Islamic traders.

• Kuwait – supports swap-free trading through Islamic financial frameworks.

• Bahrain – a well-regulated financial center with a strong Islamic finance sector.

• Egypt – growing Islamic finance sector with swap-free trading options.

Whether you reside in a Muslim-majority region or a non-Muslim country, it is essential to verify with individual brokers about the availability of Islamic accounts, as offerings may vary by jurisdiction. This ensures you can trade in a manner that aligns with your religious principles.

Liquidity pools and hidden markups decide the real cost of swap-free Forex accounts

Anastasiia Chabaniuk Author, Financial Expert at Traders Union

Not all swap-free Forex accounts are created equal — what looks like a great deal on the surface can have trade-offs that most beginners overlook. The best accounts don’t just waive overnight fees; they are structured to ensure fair execution, minimal hidden costs, and unrestricted market access. A key factor to assess is whether the broker subtly compensates for lost swap revenue through wider spreads, synthetic holding fees, or restrictive contract terms.

The best swap-free accounts strike a balance by maintaining competitive pricing without embedding hidden costs that quietly drain profitability over time. Look beyond the obvious "no swap" label — study how your broker handles execution speed, order priority, and potential markups on exotic pairs, as these factors often make a bigger impact than the absence of overnight interest alone.

Another overlooked detail is how brokers manage liquidity providers for swap-free accounts. Some firms reroute swap-free trades through separate liquidity pools, which can result in minor execution delays or even different pricing from standard accounts. This means two traders using the same broker — one with a swap-free account and one with a regular account — might receive slightly different entry and exit prices, which adds up over time.

The best swap-free brokers ensure seamless liquidity access, matching the execution quality of standard accounts. If your broker won’t disclose whether swap-free trades are handled separately, that’s a red flag. Always test execution consistency by comparing trade fills between demo and live accounts under similar market conditions before committing real capital.

Conclusion

Swap-free accounts provide a vital solution for traders who wish to engage in the Forex market while adhering to Islamic financial principles. By eliminating interest (riba) on overnight positions, these accounts enable Muslim traders to trade ethically without compromising their beliefs. However, it’s essential to understand that compliance with Sharia law involves more than just avoiding swaps; traders must also ensure their strategies align with ethical trading practices, such as avoiding excessive speculation or gambling-like behavior.

FAQs

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Team that worked on the article

Rinat Gismatullin

Author and business expert

Rinat Gismatullin is an entrepreneur and a business expert with 9 years of experience in trading. He focuses on long-term investing, but also uses intraday trading. He is a private consultant on investing in digital assets and personal finance. Rinat holds two degrees in Economy and Linguistics.

Learn about our editorial policies

Chinmay Soni

Developmental English Editor

Chinmay Soni is a financial analyst with more than 5 years of experience in working with stocks, Forex, derivatives, and other assets. As a founder of a boutique research firm and an active researcher, he covers various industries and fields, providing insights backed by statistical data. He is also an educator in the field of finance and technology.

As an author for Traders Union, he contributes his deep analytical insights on various topics, taking into account various aspects.

Mirjan Hipolito

Cryptocurrency and stock expert

Mirjan Hipolito is a journalist and news editor at Traders Union. She is an expert crypto writer with five years of experience in the financial markets. Her specialties are daily market news, price predictions, and Initial Coin Offerings (ICO).

Glossary for novice traders

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Forex leverage is a tool enabling traders to control larger positions with a relatively small amount of capital, amplifying potential profits and losses based on the chosen leverage ratio.

Day trading

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Exotic Currency Pairs

Exotic currencies are currencies from countries with smaller or emerging economies, and they are less commonly traded in the foreign exchange market compared to major currencies like the US Dollar, Euro. These currencies are often considered exotic because they are not as liquid or widely used in international trade and finance.

Yield

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Forex Trading

Forex trading, short for foreign exchange trading, is the practice of buying and selling currencies in the global foreign exchange market with the aim of profiting from fluctuations in exchange rates. Traders speculate on whether one currency will rise or fall in value relative to another currency and make trading decisions accordingly. However, beware that trading carries risks, and you can lose your whole capital.