- Forex Trading
- Online Brokers
Islamic Forex Account Brokers 2019
In the past, Islamic traders have faced a problematic barrier to entering the forex markets. This was due to SWAP or rollover fees applied by brokers for keeping positions open overnight. This is in conflict with Sharia Law which considers these fees to be riba. But thanks to Islamic forex brokers, Muslim traders can open trading accounts with no interest fees charged.
Halal Forex Brokers Explained
With an Islamic trading account, you can access the liquid market of trading currencies with no additional SWAP or rollover fees to worry about. This is different to a regular forex account, which will charge these fees for keeping positions overnight. You may ask yourself: how do these brokers remain profitable then and continue to operate? The answer is they will charge increased commission in sport forex trades; you will find this model commonplace across all Muslim forex accounts.
Despite this difference in payment models, an Islamic trading platform is virtually the same as any other forex platform. And that is an interesting point in itself; the various broker platforms vary greatly in terms of functionality, tools and even the types of currencies you can trade. Once you have found your ideal Islamic forex broker - consider these when signing up:
Does this platform have the tools I require? Having the right tools can mean deeper technical analysis and more trading opportunities. The various platforms offer a number of different tools to Muslim traders; you can view up to date market news, view upcoming economic events or analyse a currencies market sentiment.
Can I trial the platform with a demo account? If you’re not sure that the platform meets your specifications - then most Halal forex brokers will offer a trial account or what is also known as a practice forex account. With this type of account, you can trade forex using a demo balance, making it a solid choice for new traders looking to learn the ropes or for advanced traders interested in trialling new strategies. If you aren’t taking to the features of a brokers proprietary platform, then you could use the massively popular MT4 software.
Will I get the support I need? When trading forex, problems can arise - and it’s important to place your trust in a broker who will be there for you if you need assistance. Most Islamic forex brokers offer a range of customer support options. You could start talking to an advisor on live chat, send an email or contact their phone support. If you don’t mind a bit of DIY, you can even check the website or the FAQ section.
Can I trade from my phone? Smartphones and tablets have given forex traders a portable window of opportunities. Most Islamic brokers will offer a mobile application and typically these will be available from the respective app stores. If you have a busy and hectic lifestyle - your mobile phone could be your most invaluable trading tool.