Swap-free accounts are compliant with Sharia laws, charge no interest or rollover fees and are only available to Muslim traders. In this article, we review the 15 Best Swap-free Account Forex Brokers.
Before we continue, please note that this article is in no way a religious document regarding Islamic trading and we recommend consulting with your religious authorities on this matter.
This article does not intend to provide religious advice, but only gives a general overview of what swap-free trading is.
Sharia consists of religious laws from Islam and is followed by Muslims all around the world.
In Sharia, actions will either be Halal (lawful or permitted) or Haram (forbidden).
While gambling is strictly forbidden by Islamic law, Forex trading is Halal provided no interest is charged, trades are “hand to hand” and the instrument purchased is not offensive to the tenets of Islam.
For a trade to be hand to hand, the deal must be made between a trader and a forex broker directly and it must take effect immediately.
Islamic law acknowledges that people want to improve their financial positions, but paying interest or rollover fees on forex trading is seen as wasteful.
Other aspects that are considered Haram are marginal trading or leveraging your trades because you will be borrowing money from your broker and paying interest.
In most cases, Sharia law allows the trading of stocks, forex, commodities and some other instruments, but the trading of wine, pork, animal carcasses and any other alcohol is strictly prohibited.
As you can see, having a swap-free account does not simply mean the account holder does not pay interest or rollover fees. It is more complicated than that.
Whenever you buy stocks in a company, you need to make sure that the company does not offend Islamic laws.
Swap-free accounts cannot use margin or leverage, the instruments that can be traded are far more limited and no long-term trading strategies can be used.
The longest any position can be held is overnight, and it would have to be closed the next day.
The only benefit of this account is that no commission fee or interest will be charged on holding this position open overnight.
Countries that generally follow Islamic/Sharia law are as follows:
- Afghanistan
- Algeria
- Bahrain
- Bangladesh
- Brunei
- Comoros
- Djibouti
- Egypt
- Eritrea
- Ethiopia
- Gambia
- Ghana
- India
- Indonesia
- Iran
- Iraq
- Israel
- Jordan
- Kenya
- Kuwait
- Lebanon
- Libya
- Malaysia
- Maldives
- Mali
- Mauritania
- Morocco
- Myanmar
- Nigeria
- Oman
- Pakistan
- Palestine
- Philippines
- Qatar
- Saudi Arabia
- Singapore
- Somalia
- Sri Lanka
- Sudan
- Syria
- Tanzania
- Thailand
- Uganda
- United Arab Emirates
- United Kingdom
- Yemen
Before opening an account with a broker, make sure that your country is supported and eligible for swap-free accounts.
In most cases, you will be able to use your swap-free account for scalping, hedging and EA trading.
Let’s take a look at some of the best brokers that offer swap-free accounts:
Exness
Overall Rating Rated #1 of USD 10 FSA, CBCS, FSC, FSC, FSCA, CySEC, FCA 📱 Platforms MT4, MT5 ₿ Crypto Yes 💵 Account Currency USD, EUR, ZAR, CHF, NZD, SGD, JPY, AUD Yes 1:unlimited 🛒 Instruments 100+ Forex, Cryptocurrencies, Energies, Metals, Shares, Stocks, Commodities 🏛️ Visit Broker
4.9/5
Recommended FX Brokers
Min. Deposit
Regulators
Islamic Account
Leverage
Exness Pro, Raw Spread, Zero, Standard Cent and Standard accounts can be converted to swap-free accounts.
Exness offers 2 levels of swap-free accounts.
Exness Standard and Extended swap-free accounts do not charge overnight fees on Gold, Indices, Crypto and stocks, but will charge fees on other instruments.
Exness Extended swap-free accounts also do not charge overnight fees on several forex pairs.
When using Exness swap-free accounts, trade mostly during the day and keep overnight positions to a minimum.
Exness Pros and Cons:
| 100+ forex pairs | No trading bonus |
| Multiple accounts | |
| No inactivity fees |
FXTM
Overall Rating USD 10 CySEC, FCA, FSC 📱 Platforms MT4, MT5, FXTM Trader ₿ Crypto No 💵 Account Currency USD, EUR, GBP, NGN Yes 1:2000 🛒 Instruments Metals, Stocks, CFDs, Indices, Forex, Commodities 🏛️ Visit Broker
4.1/5
Minimum Deposit Regulators Islamic Account Leverage
FXTM offers 3 types of accounts and all 3 accounts can be used as swap-free accounts.
You can choose to open a swap-free account when you create your account and do not have to request a conversion.
The FXTM swap-free account cannot be used on MT5 and does not offer exotic currencies.
FXTM Pros and Cons:
| 2mil+ clients | No USA clients |
| Beginner-friendly | Inactivity fees |
| Tight spreads |
Pepperstone
Overall Rating USD 200 ASIC, FCA, DFSA, SCB, CMA, CySEC, BaFIN 📱 Platforms MT4, MT5, cTrader ₿ Crypto Yes 💵 Account Currency USD, GBP Yes Low 🛒 Instruments Forex, Crypto, Shares, ETFs, Indices, Commodities 🏛️ Visit Broker
4.0/5
Minimum Deposit Regulators Islamic Account Leverage
Pepperstone’s swap-free account offers spreads from 1 pip.
This account can be funded using USD, EUR, GBP or AUD.
The Pepperstone swap-free account can be sued for scalping, hedging and EA trading.
The minimum deposit required for the swap-free account is $200.
Trades held for more than 10 days will be subject to admin charges.
Pepperstone Pros and Cons:
| Highly regulated | High min. deposit |
| Multiple accounts | |
| Good for social trading |
Vantage Markets
Overall Rating USD 200 ASIC, FCA, CIMA 📱 Platforms MT4, MT5, Vantage app, Protrader, Metaquotes apps, ZuluTrade, DupliTrade, MyFxBook ₿ Crypto No 💵 Account Currency AUD, USD, GBP, EUR, SGD, CAD, NZD, JPY, HKD Yes 1:500 🛒 Instruments Forex, Indices, Energy, Soft commodities, Metals, CFDs 🏛️ Visit Broker
3.9/5
Minimum Deposit Regulators Islamic Account Leverage
Vantage Markets offers a swap-free account that can be used to trade more than 400 instruments.
The Standard STP accounts and RAW ECN accounts can be used as swap-free accounts and can be connected to MT4.
Spreads on the swap-free accounts start from 0 pips.
You can fund your swap-free account using AUD, USD, GBP, CAD, SGD or EUR.
Vantage Markets Pros and Cons:
| Free VPS | Commission fees on most accounts |
| Multiple account types | |
| Recommended for social trading |
OctaFX
Overall Rating USD 100 FSA, SVGFSA 📱 Platforms MT4, MT5, OctaFX app ₿ Crypto Yes 💵 Account Currency EUR, USD Yes 1:500 🛒 Instruments Forex, CFDs, Stocks, Commodities, Cryptocurrencies 🏛️ Visit Broker
3.7/5
Minimum Deposit Regulators Islamic Account Leverage
OctaFX offers 2 types of accounts and both accounts are Sharia-compliant.
Swap-free accounts can be funded using USD or EUR and a minimum deposit of $100 is required.
OctaFX swap-free accounts can be used for hedging, scalping and EA trading.
OctaFX offers floating spreads starting from as low as 0.6 pips.
OctaFX Pros and Cons:
| 12 mil+ clients | Not many regulations |
| Good for copy trading | 2 base currencies |
| Trading bonuses |
ACY Securities
USD 50 ASIC, VFSC 📱 Platforms MT4, MT5 ₿ Crypto Yes 💵 Account Currency USD, AUD, EUR, GBP, NZD, CAD, JPY Yes 1:500 🛒 Instruments Forex, Indices, Shares, ETFs, Metals, Commodities, Crypto 🏛️ Visit BrokerMinimum Deposit Regulators Islamic Account Leverage
The ACY Securities swap-free account can be used to trade Forex and CFDs on metals, commodities, crypto and indices.
This account can be used for EA trading and high-volume trading.
The swap-free account is available on MT4 and MT5.
You can fund your swap-free account using several currencies and spreads start from 1 pip.
No overnight fees or swaps are charged on this account but an administration fee is payable.
ACY Securities Pros and Cons:
| Multiple account types | No USA clients |
| 1,600+ instruments | |
| Recommend for high-volume traders |
Grand Capital
Overall Rating USD 10 FinaCom 📱 Platforms MT4, MT5, GrandTrade ₿ Crypto Yes 💵 Account Currency USD, EUR, JPY, GBP, CHF, RUB Yes 1:500 🛒 Instruments Stocks, Energies, Metals, Forex, CFDs, Crypto, Indices 🏛️ Visit Broker
4.8/5
Minimum Deposit Regulators Islamic Account Leverage
The Grand Capital swap-free account offers more than 150 instruments, including forex, metals and shares.
This account allows a maximum leverage of 1:500 and can be used for EA trading.
You can use your swap-free account on MT4 or the Grand Capital webtrader.
You have the option of using long-term strategies with Grand Capital.
Grand Capital Pros and Cons:
| 500+ instruments | Not many account currencies |
| Low minimum deposit | Not many regulations |
| 5 account types |
Moneta Markets
Overall Rating USD 50 VFSC 📱 Platforms MT4, Moneta PRO Trader ₿ Crypto No 💵 Account Currency AUD, USD, GBP, EUR, SGD, CAD, NZD, JPY, HKD Yes 1:500 🛒 Instruments Forex, Commodities, Indices, CFDs 🏛️ Visit Broker
3.9/5
Minimum Deposit Regulators Islamic Account Leverage
Moneta Markets offers 2 types of trading accounts.
You will need to open one of these accounts first and then complete the swap-free form.
You must wait until the application is approved before you start trading.
You can use your swap-free account on MT4 and a daily admin fee will be charged instead of rollover fees.
Moneta Markets offers more than 40 Forex pairs, over 200 shares and a variety of commodities, indices and crypto.
Spreads start from 0 pips, but may be slightly higher on swap-free accounts.
Swap-free accounts can be used for scalping, hedging and EA trading.
Moneta Markets Pros and Cons:
| 300+ instruments | No crypto |
| 40+ forex pairs | Not many regulations |
| Good or EA trading |
FBS
16,000,000+ Traders Overall Rating USD 1 CySEC, IFSC, FSCA, ASIC 📱 Platfroms MT4, MT5, FBS trader, CopyTrade ₿ Crypto Yes 💵 Account Currency EUR, USD Yes 1:30 🛒 Instruments Forex, Indices, Stocks, Metals, Energies, Crypto Welcome bonus 🏛️ Visit Broker FBS has launched a new type of account specifically for trading cryptocurrencies. The new Crypto account has over 100 instruments with digital currencies. BTC, LTC, and ETH are just some of the instruments that will be available for trading against other cryptocurrencies or against more traditional currencies, commodities, and other instruments.
4.7/5
Minimum Deposit Regulators Islamic Account Leverage
All FBS account types, except ECN and Crypto accounts, can be used for swap-free trading.
FBS offers commission-free trading even without converting to a swap-free account and spreads start from 0.5 pips.
You can use your swap-free accounts on the MetaTrader 4 platform and you can trade a variety of forex pairs, shares and other instruments.
FBS Pros and Cons:
| Zero-commission account | No USA clients |
| Tight spreads | |
| Negative balance protection |
Roboforex
Overall Rating USD 10 IFSC, CySEC 📱 Platforms MT4, MT5, cTrader, R Stocks Trader ₿ Crypto Yes 💵 Account Currency USD, EUR, RUB, CNY, GOLD, BTC Yes 1:2000 🛒 Instruments Forex, Indices, Stocks, Metals, Commodities, ETFs 🏛️ Visit Broker
4.7/5
Minimum Deposit Regulators Islamic Account Leverage
RoboForex allows for Cent, MT4 and Affiliate accounts to be used as swap-free accounts.
No swap fees are charged but a fixed forex commission is payable when using this account.
Spreads on the Cent account start from 1.3 pips and the MT4 account will give you access to more than 50 technical indicators, advanced charts and more.
Roboforex Pros and Cons:
| Low minimum deposit | No USA clients |
| Multiple platforms | Not many regulations |
| Negative balance protection |
FxView
Overall Rating USD 5 CySEC, SEBI 📱 Platforms MT4, MT5, ActTrader, ZuluTrade ₿ Crypto No 💵 Account Currency EUR, USD, GBP, AUD Yes 1:500 🛒 Instruments Forex, Commodities, Indices, Stocks 🏛️ Visit Broker
3.7/5
Minimum Deposit Regulators Islamic Account Leverage
FxView’s swap-free account offers raw ECN spreads and up to 500x leverage.
It can be funded using USD and EA trading is allowed on this account.
The FxView swap-free account can be used on MT4 and can also be used for hedging.
FxView Pros and Cons:
| Low minimum deposit | 4 base currencies |
| Regulated by CySEC | No crypto |
| VPS offered |
IC Markets
Overall Rating USD 200 FSA, CySEC, ASIC 📱 Platforms MT4, MT5, cTrader ₿ Crypto Yes 💵 Account Currency AUD, USD, JPY, EUR, NZD, SGD, GBP, CAD, HKD, CHF Yes 1:500 🛒 Instruments Stocks, Commodities, Indices, Forex, Bonds, Crypto, Futures 🏛️ Visit Broker
4.8/5
Minimum Deposit Regulators Islamic Account Leverage
The IC Markets Raw spread and Standard accounts can be used as swap-free accounts.
You can use your swap-free account on MT4, MT5 and cTrader.
More than 90 instruments can be traded on these swap-free accounts and spreads start from 0 pips.
IC Markets Pros and Cons:
| Tier-1 regulations | No USA clients |
| 6+ account currencies | High minimum deposit |
| Multiple account types |
FxGlory
Overall Rating USD 1 Off-shore regulation 📱 Platforms MT4 ₿ Crypto No 💵 Account Currency USD, EUR, GBP, CHF, JPY, XRP, LTC, BTC Yes 1:3000 🛒 Instruments Forex, Metals, Oil 🏛️ Visit Broker
2.8/5
Minimum Deposit Regulators Islamic Account Leverage
All the accounts offered by FxGlory can be used as swap-free accounts.
FxGlory offers 4 types of trading accounts that are entirely commission-free.
All accounts except the CIP account are eligible for deposit bonuses.
FxGlory spreads start from as low as 0.1 pips but may be slightly higher if you are using a swap-free account.
FxGlory Pros and Cons:
| Deposit bonus | No variety of instruments |
| Low minimum deposit | Offshore regulations |
| 50+ forex pairs |
NordFX
Overall Rating USD 10 VFSC 📱 Platforms MT4, NordFX mobile app ₿ Crypto Yes 💵 Account Currency USD, EUR, CNY, IDR, GBP, VND, THB, PHP No 1:1000 🛒 Instruments FX Pairs, Metals, Crypto, CFDs, Indices, Stocks, Oil 🏛️ Visit Broker
2.9/5
Minimum Deposit Regulators Islamic Account Leverage
You can contact NordFX customer support to apply for a swap-free account.
NordFX offers more than 20 currency pairs and spreads starting from 0 pips.
You can also trade commodities, stocks and oil with NordFX.
NordFX Pros and Cons:
| Good for copy trading | No tier-1 regulations |
| Low minimum deposit | Inactivity fees |
| 5+ base currencies |
FIBO Group
Overall Rating 0¢ (cent account ) or $50 FSC, CySEC 📱 Platforms MT4, MT5, cTrader, cTrader Copy ₿ Crypto Yes 💵 Account Currency EUR, USD, RUR, CHF, GBP Yes 1:1000 🛒 Instruments Forex, CFDs, Spot Metals, Crypto 🏛️ Visit Broker
4.5/5
Minimum Deposit Regulators Islamic Account Leverage
FIBO Group offers commission-free trading on the MetaTrader platforms and is an excellent opinion for beginners and copy traders.
Spreads with FIBO Group start from 0.6 pips and plenty of resources for research and analysis are provided.
FIBO Group Pros and Cons:
| Cent account offered | No USA clients |
| CySEC-regulated | Lack of educational content |
| Multiple platforms supported |
Conclusion
Swap-free accounts give Muslim and Islamic clients an opportunity to trade stocks, buy and sell currencies and participate in global markets and we recommend trading with one of these 15 Best Swap-free Account Forex Brokers.
Depending on your religious beliefs, you may also be able to leverage your trades with some of the brokers listed in this article.
If you will be trading commodities and stocks, always make sure that the companies you’re investing in align with Islamic values and laws.
Also, consult with your religious leaders and authorities before opening an account to make sure that you understand exactly how trading works within the framework of Sharia laws.
We hope that this review helps you choose a broker that is right for you.
Good luck with your trading!
Disclaimer
Remember, 75% of retail investors lose money when trading CFDs and there is a high risk of losing your capital in the forex markets.
The information on this website is in no way intended to be used as financial advice and opening an account with any broker is done at your own discretion and risk.
