Islamic Forex
Trading
Accounts

Islamic Forex
Trading
Accounts
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Islamic accounts

Islamic Accounts

What is an Islamic Forex Account
and how to trade in accordance
with Islamic Finance?

Swap Fees will not be credited or debited (on selected products) on FP Markets Islamic Trading accounts for traders of Islamic faith

Also known as a swap-free accounts, Islamic accounts are ideally suited to muslim clients as they are in line with Islamic law in that they incur no swaps or interest charges on overnight positions. Instead, the account holder is charged an administration fee on positions which is deducted from the balance of the account.

Trading in Islam can be considered to be haram but it is still possible to trade if you find an Islamic Forex Account which provides swap-free trading and which has been designed for forex traders who cannot pay or receive swaps or rollover interest on overnight positions due to their religious beliefs, in line with Sharia Law.

In order to open an Islamic Forex Account, a client must first open a MetaTrader 4 or MetaTrader 5 (MT4/MT5) Platform account and then request for it to be converted into an Islamic Account. We do not offer Swap Free accounts on IRESS, only MT4/MT5.

If you want to be sure that your trading activities are halal, you can consult a religious authority that can take into account your personal situation.

Islamic Account Types

MetaTrader 4 Islamic Account

Trade Forex and access the markets on the World's most Powerful
Trading Platform

Open MT4 Account

MetaTrader 5 Islamic Account

Experience the future of day trading with a range of powerful new
features

Open MT5 Account

Demo Islamic Account

Practice trading today

Try a Demo

What Islamic Account
Types Does FP Markets
Offer?

The swap-free account option is available on both our Raw and Standard account types on the MT4 and MT5 trading platforms.

An Islamic client can trade all the
instruments available on the platforms.

Minimum
Opening Balance

$100 AUD or
equivalent

Spreads

From 1.0 pips

Instruments

60+ FX pairs, metals,
indices, commodities

Maximum Leverage

500:1

Execution

ECN-Pricing

Commission per Lot

Zero

Minimum Trade Size

0.01 Lot

EA’s

Yes

Mobile App

Yes

VPS Available

Yes
START TRADING NOW
TRY A FREE DEMO

Minimum
Opening Balance

$100 AUD or
equivalent

Spreads

From 0.0 pips

Instruments

60+ FX pairs, metals,
indices, commodities

Maximum Leverage

500:1

Execution

ECN-Pricing

Commission per Lot

USD $3 per 100,000

Minimum Trade Size

0.01 Lot

EA’s

Yes

Mobile App

Yes

VPS Available

Yes
START TRADING NOW
TRY A FREE DEMO

What Can You Trade With An Islamic Account?

Islamic Accounts at FP Markets
allow you to start trading the
following financial instruments:

Forex

if you are interested in trading forex, try your hand at currency trading on 60+ pairs

Commodities

gold, silver, oil & more

Indices

12 to trade on global indices

Share

54 share CFDs on global stock markets

Cryptocurrencies

Bitcoin, Ethereum, Ripple, Bitcoin Cash, Litecoin

About Halal Forex
Trading - Halal Trading
with Islamic Forex
Accounts

Islamic finance is guided by four basic principles:

1 | Prohibition of gambling

According to Islam, gambling is prohibited but trading forex and other financial instruments can be considered an educated game of chance which involves the buying and selling of assets based on forex market analysis and using a variety of concepts and trading strategies.

2 | Prohibition of payment and
receipt of any interest rate (Riba)

Usually, when a trader holds open positions at the close of a trading session, FP Markets charges a swap commission linked to an interest rate which is in turn related to the fact that traders receive an indirect loan through leverage. This leverage usually results in profit for the forex broker and therefore why a standard trading account is classified as haram given it includes interest payment whereas an Islamic trading account would be halal as it does not feature payment of these swap interest rates and therefore satisfies the riba threshold.

3 | Risk and benefits distribution

One of the principal concerns about trading is the element of shared risk. Interest ensures a reward for the lender and the borrower is the one who incurs the risk. Excessive or a high level of risk (gharar) is prohibited in the same way that excessive gambling is. Financial activity must also be seen to promote social and economic activity and justice as well as happiness. With an Islamic trading account, all interest charges are waived.

4 | Immediate Exchange or "Hand in Hand"

Now that interest rates not being applicable, the next item to consider is that trading is only permitted if it is "hand in hand". In times gone by this meant face-to-face but in the modern world and with the advent of online trading and e-commerce, which involves an almost instantaneous transaction between broker and trader executed in seconds, is considered halal under Shariah and is therefore permissable.

Key Features of the FP Markets
Islamic Forex Account:

Zero interest/swap charges on selected pairs


Similarly excellent trading conditions, services and features as FP Markets trading accounts; the only difference being the elimination of non-Shariah compliant interest charges


Stable, secure and intuitive leading trading platforms with no re quotes, nor any hidden charges


Fast execution under 40 milliseconds^


Free and unlimited access to MetaTrader 4 and MetaTrader 5 trading platforms including WebTrader, and Android and iOS platforms


Compatible with a variety of trading strategies including Scalping, Swing Trading and Day trading.


Advantages of Islamic Accounts

Sometimes a trader opens a position in the morning, with the intention of closing it at the end of the day, but at the end of the session the position is making a profit and the trader anticipates that the movement should continue. When trading on selected pairs (Outlined below) with 5 days swap free you can keep the position open for longer without administration fees eating into your profit. Also trading in a non-Islamic account also exposes the Islamic trader to the risk of forgetting and falling into a haram trading activity.

3 Simple Steps to Open
an Islamic Account with
an Australian-Regulated
CFD & Forex Broker

We offer swap-free accounts to those clients of the Muslim faith. Steps as follows:

Open a MetaTrader 4 or
MetaTrader 5 account.

Please send your request to make it an Islamic Trading account via email from your registered email address to [email protected].


Please include an official document showing confirmation of your faith (e.g a Proof of Faith document from your local mosque) if evidence is not already included visible in the ID document we have on record for you.


If you have any questions, please contact our customer support team here.

Islamic Account Admin Fees

Please note there will be the following administration fees:

Currency Pairs Admin fee in USD per lot, per night
AUS200*, CHINA50*, FRA40*, GER30*, HK50*, JP225*, US100*, EURO50*, UK100* $1*
AUDUSD*, EURUSD*, GBPUSD*, USDCAD*, USDCHF*, USDJPY*, NZDUSD*, XAGUSD*,XAUUSD* $5*
AUDNZD, US500, LTCUSD, RPLUSD $2
US30*, SING30*, EURSEK, USDSGD $3
AUDSGD, CADJPY, EURCHF, EURJPY, GBPCAD, NZDSGD $4
AUDCAD, CADCHF, CHFJPY, EURDKK, EURGBP, , NZDCAD, USDTHB,XAGAUD, USDCZK, EURCZK $5
BTCUSD, GBPJPY, GBPSEK, XAUAUD, XPTUSD $6
AUDJPY, EURCAD, GBPCHF, NZDJPY $7
AUDCHF, EURSGD, GBPAUD, GBPPLN, NZDCHF, USDCNH, USDPLN, USDSEK $8
CHFSGD, EURAUD, EURNOK,EURNZD, EURPLN,GBPDKK,GBPSGD,GBPNZD, USDDKK,USDNOK,XBRUSD,XTIUSD, EURHUF, USDHUF $10
EURZAR, USDMXN, USDZAR, XBRUSD, XTIUSD,XPDUSD $20
EURMXN, GBPMXN, USDRUB $30
EURTRY, GBPTRY,USDTRY $70
XNGUSD $80

Please refer to our Account Terms in the Product Disclosure statement for the specific terms and conditions that relate to Islamic Accounts.


* These products on Islamic Accounts will not be charged the admin fee for the first ten nights of trading. If positions are held longer, the admin fee will be applicable from the eleventh night.

Please note that Islamic account status will not apply on the pairs not listed above including certain exotic pairs and our Share CFDs and swaps will be charged/credited as a normal account. If you do not wish to receive any swap credit/charges on these symbols you should ensure that all open positions are closed before end of day 00:00 platform time. FP Markets reserves the right to update the administration charges from time to time, any amendments to the charges will be notified to clients via the FP Markets website. Islamic Accounts will not debit or credit swap charge or swap credits when holding positions overnight. Apart from these differences, Swap Free Accounts will have the same trading conditions and terms as a regular MetaTrader 4 or MetaTrader 5 Platform Account.

  • An Islamic client can trade all the instruments available on the platform.

  • Islamic account status will not apply on the following currency pairs USDTRY, EURTRY and Stocks. We can also add that this is subject to change without notice.

  • When there are triple swap charges - on Wednesday and Friday night - the admin fee is not charged triple, we carry the risk/cost basically.

  • WTI is a future product which doesnt have a swap charge/credit. But the monthly Rollover is applied in the swap column so if clients do not want even the appearance of a swap charge then they should ensure positions are closed before the roll date.

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* The average order execution time between the trade being received, processed and confirmed as executed by us is 38 milliseconds. As observed from our bridge provider between 01-12-2020 to 31-12-2020. FP Markets was rated by Investment Trends as the Best for Quality of Trade Execution 2019

** Terms and conditions apply.

DISCLAIMER: This material on this website is intended for illustrative purposes and general information only. It does not constitute financial advice nor does it take into account your investment objectives, financial situation or particular needs. Commission, interest, platform fees, dividends, variation margin and other fees and charges may apply to financial products or services available from FP Markets. The information in this website has been prepared without taking into account your personal objectives, financial situation or needs. You should consider the information in light of your objectives, financial situation and needs before making any decision about whether to acquire or dispose of any financial product. Contracts for Difference (CFDs) are derivatives and can be risky; losses can exceed your initial payment and you must be able to meet all margin calls as soon as they are made. When trading CFDs you do not own or have any rights to the CFDs underlying assets.

FP Markets recommends that you seek independent advice from an appropriately qualified person before deciding to invest in or dispose of a derivative. A Product Disclosure Statement for each of the financial products available from FP Markets can be obtained either from this website or on request from our offices and should be considered before entering into transactions with us. First Prudential Markets Pty Ltd (ABN 16 112 600 281, AFS Licence No. 286354). FP Markets is a group of companies which include, First Prudential Markets Ltd (registration number HE 372179), a company authorised and regulated by the Cyprus Securities and Exchange Commission (CySEC License number 371/18, Registered Address: Griva Digeni, 109, Aigeo Court, 2nd floor, 3101, Limassol, Cyprus. FP Markets does not accept applications from U.S, Japan or New Zealand residents or residents from any other country or jurisdiction where such distribution or use would be contrary to those local laws or regulations.