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Islamic Trading Accounts

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

Steps to open an Islamic Forex Account:
Open a MetaTrader 4 or MetaTrader 5 (MT4/MT5) trading account
Email the account number to [email protected] and request for it to be converted to Islamic
Wait for a confirmation from our Onboarding team

* We do not offer Swap Free accounts on IRESS platform.
* FP Markets reserves the right to request additional documentation in order to offer swap free privilege to an account. If the religion is not mentioned on your ID document, we may require a proof of faith in the form of a letter from your mosque confirming your religion.


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.

Account MT4 - MT5
Try a Free Demo
* excluding MT5 equities
POPULAR Account MT4 - MT5
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 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) you can keep the position open without administration fees for the first 5 nights of trading. 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 a multi-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:

Symbol
Admin fee in USD
per lot, per night
Grace period
NZDUSD $1 5 nights
AUS200 $1 0 nights
EURO50 $1 0 nights
FRA40 $2 0 nights
HK50 $1 0 nights
US500 $1 0 nights
BCHUSD $1 0 nights
DOGUSD $1 0 nights
DOTUSD $1 0 nights
EOSUSD $1 0 nights
ETHUSD $1 0 nights
LNKUSD $1 0 nights
LTCUSD $1 0 nights
RPLUSD $1 0 nights
SOLUSD $1 0 nights
XBRUSD $10 0 nights
XLMUSD $1 0 nights
XTIUSD $10 0 nights
ADAUSD $1 0 nights
JP225 $2 0 nights
GBPUSD $2 5 nights
AUDCAD $3 0 nights
AUDSGD $2 0 nights
EURSEK $2 0 nights
NZDCAD $2 0 nights
SPA35 $2 0 nights
UK100 $1 0 nights
USDCAD $3 5 nights
EURNOK $3 0 nights
GBPCAD $3 0 nights
GBPNZD $3 0 nights
AUDUSD $3 5 nights
AUDNZD $3 0 nights
CHINA50 $3 0 nights
EURAUD $2 0 nights
EURDKK $3 0 nights
GER40 $3 0 nights
USDPLN $4 0 nights
EURSGD $5 0 nights
US100 $2 0 nights
EURCAD $5 0 nights
NZDSGD $3 0 nights
EURUSD $5 5 nights
AUDCHF $5 0 nights
CADCHF $5 0 nights
CHFJPY $5 0 nights
EURGBP $5 0 nights
EURNZD $5 0 nights
EURPLN $5 0 nights
GBPAUD $5 0 nights
GBPPLN $5 0 nights
GBPSEK $5 0 nights
GBPSGD $5 0 nights
NZDCHF $5 0 nights
USDCNH $5 0 nights
USDCZK $5 0 nights
USDDKK $5 0 nights
USDNOK $5 0 nights
USDSEK $5 0 nights
USDSGD $5 0 nights
AUDJPY $5 0 nights
EURCHF $5 0 nights
GBPDKK $5 0 nights
US30 $3 0 nights
USDCHF $10 5 nights
CADJPY $10 0 nights
CHFSGD $10 0 nights
NZDJPY $10 0 nights
USDTHB $55 0 nights
USDZAR $10 0 nights
BTCUSD $60 0 nights
BWPUSD $20 0 nights
EURCZK $10 0 nights
EURJPY $10 0 nights
GBPCHF $10 0 nights
USDINR $15 0 nights
XNGUSD $80 0 nights
USDJPY $15 5 nights
EURZAR $15 0 nights
XAGEUR $15 0 nights
XPTUSD $15 0 nights
USDZMW $25 0 nights
XAGAUD $15 0 nights
GBPJPY $20 0 nights
USDHUF $20 0 nights
USDMXN $20 0 nights
XPDUSD $15 0 nights
USDKRW $15 0 nights
XAGUSD $20 0 nights
EURMXN $25 0 nights
XAUEUR $25 0 nights
EURHUF $25 0 nights
GBPMXN $25 0 nights
XAUAUD $25 0 nights
XAUUSD $30 5 nights
USDTWD $30 0 nights
USDCLP $45 0 nights
USDUGX $30 0 nights
USDKES $55 0 nights
USDCOP $35 0 nights

Please refer to our Account Terms in the Product Disclosure Statement for specific terms and conditions relating to Islamic Accounts. In the Grace Period section, you will find information on how many days a product can be held overnight without incurring a charge.


* For Islamic Accounts, these products will not be subject to an admin fee for the first five nights of trading. However, if positions are held for longer than this period, the admin fee will become applicable from the sixth night onwards.


* Kindly note that Admin fees will not occur in the Swap free demo accounts.

Please note that Islamic account status does not apply to pairs not listed above, and swaps will be charged/credited as with a normal account. To avoid receiving any swap credits/charges on these symbols, ensure that all open positions are closed before the end of the day at 00:00 platform time. FP Markets reserves the right to update administration charges regularly. Any amendments to the charges will be notified to clients via the FP Markets website.

Swap-Free Accounts will have the same trading conditions and terms as a regular MetaTrader 4, MetaTrader 5, or cTrader Platform Account.

  • Islamic clients can trade all instruments available on the platform.

  • Please note, when triple swap charges apply - on Wednesday and Friday nights - the admin fee is not charged at a triple rate; instead, we absorb the risk/cost.

  • Future products do not incur swap charges/credits. However, the monthly Rollover is applied in the swap column. Clients who wish to avoid even the appearance of a swap charge should ensure positions are closed before the roll date

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