Best Broker With a Swap Free Account
The best Forex swap free accounts:
eToro - Biggest copy trading community in the world (over 3,000 verified investors with copiers)
OANDA - Best for trading with advanced technical analysis tools (TradingView charts support)
FOREX.com - Diverse range of tradable assets (80+ currency pairs)
RoboForex - Best Forex broker for beginners ($10 min. deposit, copy trading)
Exness - Best raw spread account (avg. spread for major FX pairs 0.1-0.2 pips)
FBS - A reliable broker with affordable offers (ASIC regulation, min. deposit 5$)
In the realm of Forex trading, adhering to one’s religious principles while navigating the turbulent waves of the financial markets can be a delicate endeavor. For traders of Islamic faith, the challenge is maneuvered by opting for a Swap Free Forex Account, also known as an Islamic Forex Account. These accounts are meticulously crafted to comply with Sharia law, which prohibits transactions involving interest (Riba). The absence of swap interest on overnight positions makes these accounts a beacon of ethical trading for Muslims.
In this guide, we'll take a look at the best Forex brokers offering swap-free accounts. We'll also provide an overview of what swap free accounts are and how they work.
Warning:
There is a high level of risk involved when trading leveraged products such as Forex/CFDs. Between 65% and 82% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
The number of forex brokers offering swap-free accounts is expected to continue to grow. Here are the top 7 forex brokers offering swap-free accounts, based on expert assessment and user feedback:
| Brokers | Overall Score | Swap Free (Islamic) account | Minimum Deposit | Regulation | |
|---|---|---|---|---|---|
5.7 |
USD 10 |
CySEC |
|||
5.28 |
USD 10 |
CySEC |
|||
5.24 |
USD 10 |
CySEC |
|||
9.71 |
USD 10 |
CySEC |
|||
9.34 |
USD 10 |
CySEC |
|||
8.98 |
USD 10 |
CySEC |
|||
8.92 |
USD 10 |
CySEC |
|||
8.86 |
USD 10 |
CySEC |
|||
8.8 |
USD 10 |
CySEC |
|||
8.74 |
USD 10 |
CySEC |
The eToro broker was founded in 2007. The company promotes itself as a social trading platform working with traders from over 140 countries. The broker has several divisions operating under different jurisdictions and licensed by different regulators. For example, eToro (Europe) is licensed by the Cypriot regulator CySEC (109/10) and eToro (UK) is licensed by the British regulator FCA (583263). The broker also has a representative office in Australia and the USA. eToro Profile Details
| 💻 Trading platform: | MobileTrading, WebTrader |
| 🔧 Instruments: | Currencies, assets of stock and commodity markets, cryptocurrencies |
| ⭐ Trading features: | Cryptocurrency trade; Structural investment portfolios; Copy Portfolios; Trading Central. |
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.
| 💻 Trading platform: | WebTrader, MetaTrader4, Mobile platforms, MetaTrader5 |
| 🔧 Instruments: | FX, Indices, Bullion, Commodities, Crypto |
| ⭐ Trading features: | Advisors; Availability of a demo account; A large number of training materials. |
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).
| 💻 Trading platform: | FOREX.com, MT4, MT5 |
| 🔧 Instruments: | Forex, cryptocurrencies, indices, commodities, stocks |
| ⭐ Trading features: | There is a cryptocurrency trading |
RoboForex is a brokerage company that was founded in 2009. RoboForex is a leading software developer in the Forex industry and one of the best Forex brokers based on client reviews.
RoboForex is recognized as a reliable partner by the most respected financial market experts. The company has won numerous prestigious awards. The RoboForex group of companies has an international license to provide services from FSC Belize (license No. 000138/437).
| 💻 Trading platform: | MT4, MT5, R MobileTrader, R StocksTrader, R WebTrader |
| 🔧 Instruments: | Forex (currency pairs), ETFs, index CFDs, oil CFDs, CFD on European and U.S. stocks, real securities |
| ⭐ Trading features: | Negative Balance Protection; No swaps on Islamic accounts, a pleasant affiliate program: each market participant gets up to 20% loyalty; One Click Trading. |
The Exness brand is known worldwide due to its profitable trading conditions, high-security level, and wide range of financial instruments. It focuses on trading CFDs, especially currency pairs. Cryptocurrencies, commodities, stocks, and derivative stock indices are also available. Exness offers account types for novice traders, more experienced traders, and professionals. It allows traders to use a variety of strategies including passive ones, such as copy trading and algorithmic trading. The proprietary Exness platform for social trading is used by over 20,000 investors globally. The broker’s activities are legal and its services are available in over 130 countries. Exness is supervised by 8 financial commissions, including CySEC (Cyprus, 178/12), one of the strictest European regulators, and FCA (UK, 730729), FSA (Seychelles, SD025), FSC (BVI) SIBA/L/20/1133, CBCS (Curacao, 0003LSI), FSCA (South Africa, 51024), and CMA (Kenya, 162). The broker offers demo and cent accounts for novice traders, as well as standard and ECN account types for experienced traders.
| 💻 Trading platform: | Exness Trade App (mobile), Exness Terminal (web), MetaTrader5, MetaTrader4 |
| 🔧 Instruments: | Forex CFDs on: cryptos, commodities, indices, and stocks |
| ⭐ Trading features: | Floating spreads; Fixed fee per lot on professional account types. |
FBS (fbs.com) is an international broker operating in 190 countries. The brokerage company has been on the market for over 10 years, and during this time it has earned about 40 international awards. It is regulated by the CySEC under license number 331/17 and provides flexible conditions for Forex trading. In addition to classic currency pairs, the company's clients can trade indices, futures contracts, exotic currencies, and metals. FBS is especially popular in Asian countries such as India, Malaysia and Indonesia.
| 💻 Trading platform: | MT4, MobileTrading |
| 🔧 Instruments: | Forex, indices, metals, futures contracts |
| ⭐ Trading features: | Advisors; Hedging; Protection against a gap. |
TeleTrade was established in 1994. The company won 2018 Traders Union Awards as the Best Broker in Europe. The brokerage company is a member of the Association of Forex Dealers, a self-regulatory organization in the financial market. The company is also regulated by the Cyprus Securities and Exchange Commission (CySEC, 158/11). The European branch of TeleTrade has adopted the brand name Earn.
The broker provides access to trading various currency pairs, as well as metals, stocks, cryptocurrencies, indices, and energies.
| 💻 Trading platform: | MT4, MT5 |
| 🔧 Instruments: | Forex, metals, indices, energies, stocks, cryptocurrencies |
| ⭐ Trading features: | Cryptocurrency trading; Social trading. |
Octa is a broker of choice for investors worldwide who wish to trade CFDs on highly favorable conditions, including lower entry thresholds and short to medium-term trading strategies. Octa was launched in 2011, and has grown to be on the edge of the industry today. Octa offers top services for both traders who choose live trades and investors who choose copy trading. Today, Octa is proud to serve over 6.6 million customers globally as an intermediary to the financial markets. The company mainly focuses on the countries of the Asia-Pacific region, in particular India, Indonesia, Malaysia, and others. Octa is a world-known broker that has won more than 60 awards.
| 💻 Trading platform: | MetaTrader4, MetaTrader5 |
| 🔧 Instruments: | 32 currency pairs, 10 cryptocurrencies, 3 CFDs on energy resources, 10 indices, gold, silver and +150 CFDs on stocks |
| ⭐ Trading features: | All trading strategies are allowed; MT4 account with a floating or fixed spread. |
Vantage Markets is a multi-asset broker that has been operating since 2009. The company operates under the licenses of four regulators – the UK (FCA, 590299), Australia (ASIC, 428901), Vanuatu (VFSC, 700271), and South Africa (FSCA, 51268). Over the years, Vantage Markets has received numerous accolades and prestigious awards. Read more about Vantage Markets Available Countries.
| 💻 Trading platform: | MT4, MT5, WebTrader, Mobile Apps |
| 🔧 Instruments: | Currency pairs (57), CFDs on stocks (226), indices (26), and commodities (22), energy, ETFs, bonds, share SFDs |
| ⭐ Trading features: | Automated trading; Pro Trader Tools; VPS server; Analytical instruments; Proprietary mobile application. |
The FxPro broker was registered in July 2006 in Cyprus. The company’s activities are licensed by financial regulators: CySEC, 078/07 (Cyprus), Bahamas SCB (SIA-F184), FCA, 509956 (UK), and South African FSCA (45052). FxPro is successfully operating in more than 170 countries for retail and institutional clients. The broker has received more than 85 awards, including “Best Forex Trading Platform” and “Best Trading Platform”. FxPro has become known for providing the best trading tools. With FxPro broker, traders can trade more than 70 currency pairs, futures and stocks (Twitter, Apple, Google). The broker has over 2,100 trading assets in its pool, including cryptocurrencies, which are subject to the account type. The basic set of assets is available on cTrader accounts, the full set is available on accounts opened on MT4 and MT5. FxPro sets high safety standards with the client's funds being kept in large international banks. They are insured and separated from the broker's equity.
| 💻 Trading platform: | MT4, MobileTrading, MT5, cTrader, FxPro Edge |
| 🔧 Instruments: | Over 2,100 assets are available: currencies, stocks, indices, futures, metals, energies, and cryptocurrencies. |
| ⭐ Trading features: | Scalping - for all types of financial instruments; Negative balance protection for customer accounts; 24-hour multilingual support, 5 days a week; Advisors; Algorithmic Trading. |
| Minimum Deposit | Leverage | EUR/USD Spread | GBP/USD Spread | ||
|---|---|---|---|---|---|
50$ |
|||||
No |
0.15 |
0.2 |
|||
$1000 |
|||||
$10 |
0.2 |
0.4 |
|||
$10 |
0.1 |
0.3 |
|||
€10 |
0.1 |
0.2 |
|||
USD 10 |
0.2 |
0.2 |
|||
From USD 25 |
|||||
$50 |
0.3 |
0.5 |
|||
100 (USD, EUR, GBP, CHF) |
0.2 |
0.2 |
A swap-free or Islamic account is a type of forex account that does not charge or earn interest on trades in accordance with Islamic religious principles. Swap-free accounts are also sometimes referred to as no swap accounts or rollover-free accounts.
The forex market operates on a 24-hour basis, with currencies traded around the world in different time zones. This means that forex trades can often be held open for long periods of time, sometimes for days or even weeks.
In standard forex accounts, interest is charged or earned on trades depending on the direction of the trade and the currency pairs being traded. For example, if you were to buy the EUR/USD currency pair, you would be charged interest on the trade if you held it open overnight, as USD is the base currency and EUR is the counter currency. However, if you sold the EUR/USD currency pair, you would earn interest on the trade.
The amount of interest charged or earned can vary depending on the forex broker but is typically a small percentage of the total value of the trade. The interest charged or earned is known as the "swap" or "rollover" fee.
Swap free accounts are designed for forex traders who want to avoid paying or earning interest on their trades, in accordance with Islamic religious principles. With a swap-free account, any interest that would be charged or earned on a trade is instead applied to the account as a commission.
Commission charges on swap-free accounts are typically a little higher than on standard forex accounts, as the forex broker needs to make up for the loss of revenue from not being able to charge or earn interest on trades.
The Islamic religion forbids the charging or earning of interest on trades, which is why forex brokers offering swap-free accounts do not charge or earn interest on trades. Instead, they apply a commission to trades, which is used to make up for the loss of revenue from not being able to charge or earn interest.
Swap-free accounts are designed for forex traders who want to adhere to the Islamic religious principles of no interest being charged or earned on trades.
While swap-free accounts are not available from all forex brokers, there is a growing number of brokers offering this type of account to cater to the needs of Muslim forex traders.
Let's discuss the advantages and disadvantages of swap-free accounts.
The main advantage of swap-free accounts is allowing Muslim traders to trade without going against their beliefs. It is more important to those living in Muslim countries where the law is against interest.
The second advantage is that it brings certainty to swap charges. Unlike regular accounts, most swap-free accounts allow users to hold positions without charges.
The main disadvantage of swap-free accounts is they attract higher costs. The broker charges a fixed amount in such accounts, usually higher than in regular accounts.
The second disadvantage is that they are usually only available in some countries. Jurisdictions with stricter rules may bar brokers from offering swap-free accounts.
The question of whether forex trading is halal or haram is a difficult one to answer. There are many different schools of thought on the matter, and it ultimately comes down to interpretation.
Some people believe that forex trading is halal if you avoid trading in currencies, commodities, or stocks that are considered haram. For example, some people believe that forex trading is halal as long as you only trade in currencies.
Other people believe that forex trading is haram if you are trading on margin. This means that you are borrowing money to trade, which is considered haram by some people.
There are some general principles that can be used to determine whether forex trading is halal or haram. One key principle is that Muslims should only engage in activities that are permissible according to Islamic law (Shariah). The Shariah prohibits Muslims from engaging in activities that involve interest or gambling. Forex trading may involve interest if the trader borrows money to trade, or it may involve gambling if the trader makes bets on the movement of currency prices.
That said, it's important to note that some forex accounts are swap-free. This means that there is no interest charged on positions that are held overnight. Swap-free accounts are available from some forex brokers, and they may be suitable for Muslim traders who wish to trade in a way that complies with Shariah law.
If you're considering forex trading and you're Muslim, it's important to research the topic and make sure you're comfortable with the risks involved. You should also speak to a qualified Islamic scholar to get their opinion on forex trading and whether it's halal or haram.
Forex Islamic accounts are available in most countries around the world. In addition to Muslim-majority countries, these accounts are also available in Europe, Asia, and South America. US traders, unfortunately, cannot use these types of accounts, as no brokers offer them in the US.
Some of the countries where Islamic Forex accounts are available include Bahrain, Indonesia, Kuwait, Malaysia, Oman, Qatar, Saudi Arabia, and the United Arab Emirates.
When choosing a forex broker, there are a few things you need to consider. Here are some tips on how to choose a swap-free account:
Make sure you check the rating of the forex broker you're considering. There are plenty of websites that rate forex brokers, and you can check to see if the broker you're considering is reputable.
Generally, you want to opt for brokers with a rating of 4 or 5. You can also check to see if the broker is regulated by a reputable financial regulator such as the Financial Conduct Authority (FCA) in the UK or the Commodity Futures Trading Commission (CFTC) in the US.
When you're forex trading, you need to be aware of the commissions and fees that your broker will charge. Some brokers charge a commission on each trade, while others charge a flat fee.
Some forex brokers also charge what's known as a "swap" fee. This is a fee charged for holding a position overnight. If you're planning on holding positions for longer periods of time, then you need to make sure that the broker you're considering doesn't charge exorbitant swap fees.
When you're trading in forex, timing is crucial. You need to make sure that your trades are executed quickly and at the price you want. Some brokers can take a long time to execute trades, and this can cost you money.
When you're choosing a forex broker, look for one that offers extra services that can be helpful to traders. Some brokers offer things like educational resources, market analysis, and even signals. These services can be helpful, especially if you're new to forex trading.
Some forex brokers have a minimum deposit that you need to make before you can start trading. This might be $500, $1,000, or more. If you don't have a lot of money to deposit, then you need to make sure that the broker you're considering has a low minimum deposit.
When you're choosing a forex broker, it's a good idea to opt for one that offers a demo account. A demo account allows you to trade in the real forex market without actually risking any money. This is a great way to test out a broker and see if they're a good fit for you.
Some Islamic accounts prohibit trading certain assets like commodities, stocks, or indices. Make sure you can trade your desired markets.
Look for brokers with responsive customer support and positive feedback on their swap free service. This ensures a smooth trading experience.
Swap in FxPro refers to the overnight financing charge that is applied to positions that are held open overnight. This charge is based on the difference in interest rates between the two currencies in the currency pair being traded, and is either credited or debited to the trader's account depending on the direction of the position.
A swap-free account, also known as an Islamic account, is a type of trading account that is designed to comply with Islamic Shariah law, which prohibits the payment or receipt of interest. In a swap-free account, no overnight financing charges (or swaps) are applied to positions that are held open overnight.
To avoid swap fees in forex, traders can either close their positions before the end of the trading day, or they can open a swap-free account (also known as an Islamic account) that does not charge overnight financing fees.
Swap charges are calculated based on the difference in interest rates between the two currencies in the currency pair being traded, and the size of the position held overnight. If the interest rate on the currency being bought is higher than the interest rate on the currency being sold, then the trader will earn a credit for holding the position overnight.
You can apply for a swap free broker account by registering with a broker that offers such accounts. You'll need to provide some personal information and documents for verification purposes. Once your account is approved, you can deposit funds and start trading.
The main benefit of a forex Islamic account is that it does not charge a fee for holding positions overnight. This is in accordance with Sharia law.
There are a number of brokers that offer forex Islamic accounts. Some of the most popular include eToro, XM, and OctaFX.
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