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Best Islamic Forex Brokers in 2021

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The best Islamic forex brokers are XM, Forex.com, AVATrade, XTB, and FXCM. Some traders choose FXCM because of its professional analysis tools. Others prefer AVATrade for its easy-to-use trading platform. We chose XM as the best Islamic forex trading broker because it has full support for Arabic traders. 

Each broker has its advantages and disadvantages. This article discusses the best Islamic forex brokers in 2021. 

The Top 5 Islamic Forex Brokers In 2021 

Our reviews use a Trust Score Ranking system. The brokers mentioned below have the best services for Islamic residents: 

  • XM is the best Islamic forex trading broker. 
  • Forex.com has the best trading platforms for Islamic residents.
  • AVAtrade has the best web trading platform for beginner traders.
  • XTB is the best beginner-friendly Islamic forex broker.
  • FXCM is the best forex broker for professional traders. 

Best Islamic Forex Brokers in 2021

RANKBROKERGENERALPLATFORM SCOREBEST FORWEBSITE
#1XMBest for Forex Trading4.9/5Best for forex tradingOfficial website
#2Forex.comBest Forex Trading Platform4.7/5Best platformsOfficial website
#3AVAtradeBest web trading platform4.7/5Low spreadsOfficial website
#4XTBBest for beginners4.2/5Best Forex pairs and crypto optionsOfficial website
#5FXCMBest overall offer4.2/5Best Overall offerOfficial website

TOP 5 Forex Brokers in Overview:

01. XM: The Best Islamic Forex Trading Broker 

XM.com is the best broker for forex and CFD trading. They offer the best Social Copy Trading opportunities through their full suite of MT4 and MT5 web, desktop, and mobile platforms. XM Forex tools and accounts are suitable for both beginning and experienced traders. They have more than 1.5 million clients in 196 countries.

Their minimum opening fees range from $5 to $100 based on account type. XM Forex supports clients wanting to sample their platform with a Demo account. They provide auto-trading, fast order executions, multiple order types, and no hidden commissions. Their research group Tradepedia offers courses aimed at all levels. XM Forex customer service group is highly rated with e-mail, phone, and live chat 24/5. XM Forex Global Web-trade is regulated by CySEC (Cyprus Securities and Exchange Commission), ASIC (Australian Securities and Investment Commission), IFSC and is considered a safe broker for trading forex and CFDs.


02. Forex.com: The Best Forex Trading Platforms

Forex.com is a trustworthy forex broker with a professional trading platform, low fees, and advanced research tools. This broker offers many assets, like forex, CFD, and cryptocurrencies.

Forex.com has top-tier licenses, and it is listed on the New York Stock Exchange. This broker has a long track record on the market, which increases its reliability.

It is a versatile broker with no withdrawal or deposit fees. The required starting deposit is 100 USD. Creating a new account with Forex.com is straightforward because of the smooth verification process. It offers knowledgeable customer support via email and live chat.

Other recommended features at Forex.com include premium research and educational tools.


03. AVATrade: The Best Web Trading Platform For Inexperienced Traders 

avatrade-logo

Founded in Dublin in 2006, AvaTrade offers average-to-competitive fee spreads and several tradable currency pairs and CFD’s over stocks. They provide several platforms, each aimed towards traders with different experience and skill levels.

Deposits and withdrawals are free of charge. The minimum deposit is $100. There are fees for inactivity and overnight financing. A dedicated educational and research site offers several free courses, videos, and market analysis. Customer support is responsive and available through phone, email, and live chat. AvaTrade is regulated in six jurisdictions and available since 2021 in the UAE. They are regarded as a trusted broker with a long operational history.


04. XTB: The Best Islamic Forex Broker For Beginner Traders 

XTB is a forex and CFD trader with a long track record on the market. It is highly regulated by the leading financial regulators, including the FCA and Cyprus’s CySec. XTB is listed on the Warsaw stock exchange.

This online broker has impressive research tools. Withdrawing and depositing funds with XTB is transparent and fast.


05. FXCM: The Best Islamic Forex Broker For Professional Traders 

FXCM is a forex and CFD broker based in the UK. It has top-tier licenses from the FCA and ASIC.

It is an excellent online broker for professional traders. It offers premium technical research tools and trading platforms.

FXCM has no minimum deposit fee, while inactivity fees are charged only after a year. It has a dedicated customer support team with multilingual support, including Arabic.


Final Verdict

XM, Forex.com, AVATrade, XTB, and FXCM are the best Islamic Forex Brokers in 2021. Their comprehensive offer and reliable trading tools offer an excellent experience to Islamic traders. We chose XM because of its unrivaled Arabic language support. 

Frequently Asked Questions  

We review each broker with real accounts and money. Our results depend on 105 unique data points, like safety, accounts, research, and commissions. 

How We Identify A Reliable Forex Broker?  

Account security is an essential aspect of our research. We choose the best Islamic forex brokers depending on many factors. Learning tools, fees, and customer service are some of the main aspects we discuss. 

Safety Risks For Followers Of Islam? 

Islamic countries allow online forex trading. Not all brokers have transparent policies. A reliable Islamic forex broker has top-tier licenses. The most respected forex trading licenses are CySEC, FCA, and ASIC. 

What Is The Financial Regulatory Authority In Islamic Countries?  

There are two regulatory bodies for Islamic finance: the Bahrain-based Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) and the Malaysian Islamic Financial Services Board (IFSB). These two organizations promote sharia compliance globally. 

Each Islamic finance institution has a sharia supervisory board (SSB). The SSB is both consultative and regulatory. Sharia non-compliance leads to a negative reputation for any financial institution. 

How We Chose The Top International Forex Brokers For Islamic Residents?  

We identify the top Islamic forex brokers after in-depth research. We use 105 criteria like: 

Costs: A trustworthy Islamic forex broker has a transparent fee policy. Some Islamic brokers have higher prices than others. Verify our in-depth reviews to learn about the “all-in costs” of each broker. 

Account: Online forex brokers have different account types. Some Islamic forex brokers offer a single account type. Others have several account tiers. Read about account types in our in-depth reviews. 

Withdrawal and deposit: Withdrawing and depositing funds should be straightforward. Some Islamic forex brokers have a minimum deposit fee. Others won’t charge a commission for new accounts. Check which forex broker has the best withdrawing and depositing process in our in-depth reviews. 

Market and products: Markets and products are different from broker to broker. Read about Islamic forex brokers and assets in our in-depth reviews. 

Trading platforms: A good trading experience depends on the online platform. Choose an Islamic forex broker with a user-friendly platform. The Islamic brokers mentioned in this article have excellent platforms but might be challenging for beginning traders. Read our reviews to learn which platform is best for your trading experience. 

Our Methodology

We took the time to analyze and compare the top 30 international trading platforms in 2021. So, each firm received its review based on 105 distinct variables and more than 50,000 words of research.

Keep in mind that broker involvement was optional. Each broker had the option to provide a detailed profile and offer adequate time for a yearly update meeting. This opportunity came with two possibilities: giving information over the web or live in person.

We checked all the information provided by brokers with a lot of attention to details. Our purpose was to offer you access to reliable, accurate, and well-researched data. Our validation process comes with less than a 1% error rate per year, as all the reviews we share come with a focus on quality and not quantity.

Disclosure

All trading involves risk. More than 80% of investors lose in spread bet and CFD trading. As these complex instruments allow for the use of leverage, there is a high risk of losing more money than you have deposited. Before attempting to participate in spread bets and CFDs, consider how well you understand them and if you can afford to lose your money.

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Stefan Grasic (Dipl.-Jur) is the World Wide Director of research for Buisness24-7 and has considerable experience in the financial and investment niche, but also enjoys writing articles for the general readership. Stefan is an active Crypto, Forex and general investment researcher advising blockchain companies at their start up level. He keeps fit by mountain biking, surfing, skiing and lots of other adrenaline sports.

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