The best halal trading platforms are compliant with the ethical and philosophical norms of Islamic finance.
Such platforms give Muslims the opportunity to participate in investing activities that are in keeping with their religious views.
As a general rule, a stock broker will make this procedure easier for customers by offering a specialized Islamic account that, in addition to its regular assortment of services, does not charge customers for interest or any other fees.
In the vast majority of situations, it operates in the same way as any other broker would. It is vital to commence the process of creating an account by registering, and after that, making a monetary deposit in order to get started investing.
This is the first step in the procedure. The site displays both the buy and sell prices for each stock, enabling users to choose the appropriate trading volume for their needs.
Your name is the one that is shown as the owner of the shares included inside the broker account.
The supply of certain functionality is the key differentiation between the two, such as the incorporation of CFD trading.
There is often a charge incurred in the event that open positions in CFDs are held over night. However, Islamic accounts provide this service free of charge, but for a more condensed period of time.
Trading CFDs, forex, and stocks are some of well-known halal investment options.
It is very necessary to avoid making interest payments and secret charges in order to properly adhere to the rules that have been set.
If you have any questions or want to invest as an expat or high-net-worth individual, you can email me (advice@adamfayed.com) or use these contact options.
Best Halal Trading Platforms for Forex
Forex.com
The year 1999 marked the beginning of Forex.com’s successful career as an online brokerage business, eventually rising to become one of the best halal trading platforms.
It provides users with access to a diverse set of trading alternatives, including indices, commodities, stocks, cryptocurrencies, and foreign exchange.
The United States of America is home to the headquarters of the brokerage business Forex.com, which has a stellar reputation around the globe.
The Financial Market Authority (FMA) service is only offered by one brokerage company in the United States, and that company is Forex.com.
Direct Market Access (DMA) is accessible in a variety of different worldwide marketplaces and may be accessed via the services provided by Forex.com UK.
License
The Cayman Islands Monetary Authority (CIMA), Financial Conduct Authority (FCA), the National Futures Association (NFA), and the Investment Industry Regulatory Organization of Canada (IIROC) are among the regulatory bodies that oversee Forex.com’s operations.
Supported Languages
Forex.com gives users access to a vast library of instructional materials and offers customer service in a number of other languages, including English, Arabic, and Chinese.
Markets.com
Markets.com is a reputable online brokerage company that was founded in the year 2008. It is one of the best halal trading platforms.
Trading in foreign exchange (Forex), contracts for difference (CFDs), and spread betting are only some of the financial products and services that are offered by this company.
Customers who are involved in trading operations and are located in the United Kingdom are the only ones who are eligible to use spread bets.
Markets.com is a brokerage company that sets itself apart from competitors by giving clients access to both of the MetaTrader platforms, namely MT4 and MT5. In addition to this, they provide mobile apps that are compatible with the operating systems used by Android and iOS.
License
Markets.com is subject to the oversight of a number of prestigious governing bodies in the financial industry.
These bodies include the Cyprus Securities and Exchange Commission (CySEC), the Financial Sector Conduct Authority (FSCA), the Financial Conduct Authority (FCA), and the Australian Securities and Investment Commission (ASIC).
Supported Languages
Markets.com has support for a wide variety of languages, some of which are English, French, Spanish, Italian, German, Dutch, Polish, Romanian, Russian, Turkish, Arabic, Chinese, Japanese, and Norwegian.
FXPrimus
FXPrimus, one of the best halal trading platforms, is a well-regarded online brokerage company that was founded in 2009. Forex and Social Trading, both of which provide exceptionally competitive spreads, are both part of the extensive variety of services that it offers.
FXPrimus is very proud to provide its respected customers with access to a wide variety of online trading platforms so that it can satisfy their individual requirements.
In addition, it is able to give its Muslim customers with trading accounts that do not include the use of swaps and are developed expressly with their needs in mind.
FXPrimus is a brokerage company that is well known all over the world, and its headquarters can be found in Cyprus. Forex and Social Trading are the two trading alternatives that traders have access to while using FXPrimus.
A minimum deposit of one hundred dollars is necessary for traders to participate. Demo accounts are available, and FXPrimus caters to traders of all experience levels, including novices as well as seasoned industry veterans.
License
The Cyprus Securities and Exchange Commission (CySEC) and the Markets in Financial Instruments Directive (MiFID) are two of the regulatory bodies that FXPrimus complies with in order to function as a platform that is subject to regulatory scrutiny.
These regulatory agencies are in charge of monitoring and assessing FXPrimus’s behavior in their respective spheres of authority.
Supported Languages
The following languages are supported by FXPrimus: English, Spanish, Chinese, Thai, Vietnamese, Indonesian, Malaysian, and Hungarian.
PaxForex
PaxForex is one of the best halal trading platforms that first opened its doors in the year 2010. It specializes in offering its valued clients a broad variety of trading services, including trading in foreign currency and contracts for difference (CFD).
PaxForex offers a custom trading platform that is both user-friendly and intuitive, and it can be used via a web browser or through mobile apps that are compatible with Android and iOS devices.
License
PaxForex has registration number 21973 IBC 2014 1825, which identifies it as a regulated organization operating under the watchful eye of the Financial Services Authority (FSA).
Supported Languages
PaxForex provides support for a wide variety of languages, including English, Spanish, French, Italian, Portuguese, Romanian, Czech, Slovenian, Chinese, German, Arabic, Hindi, Hebrew, and Russian.
EasyMarkets
EasyMarkets, one of the best halal trading platforms, is a well-known and respected online brokerage company that was formed in the year 2001.
This trading platform offers a wide variety of trading services, with a focus on foreign exchange (Forex) and contracts for difference (CFDs) trading.
EasyMarkets is one of the most well-known brokerage companies in the world, and its headquarters can be found in Cyprus, Australia.
License
Both the Cyprus Securities and Exchange Commission (CySEC) and the Australian Securities and Investment Commission (ASIC) are in charge of overseeing EasyMarkets’ compliance with the relevant regulations.
EasyMarkets gives traders access to a wide variety of trading account types, one of which is an Islamic version of a swap-free account.
Supported Languages
Traders may choose this option. EasyMarkets provides customer service in a wide variety of languages, including Arabic, Chinese, English, German, Polish, and Spanish.
OctaFX
OctaFX is a respected online brokerage company that began operations in 2011 and specializes in the provision of services related to foreign exchange (Forex) trading. It is one of the best halal trading platforms.
OctaFX is a supplier of financial services that falls under the regulatory umbrella of the Financial Conduct Authority (FCA), which oversees the company’s operations.
During its nine years in business, OctaFX has been recognized with a number of prestigious industry awards, and it is notable for being one of the very few brokers that provide access to both of the MetaTrader platforms, known respectively as MT4 and MT5.
License
Because OctaFX is subject to regulation by the Financial Conduct Authority (FCA), the process of opening an account requires that all new customers go through a number of routine compliance tests.
These checks ensure that the client is in accordance with OctaFX’s requirements.
Roboforex
Roboforex is a well-regarded online brokerage company that was founded in the year 2009. The firm specializes in offering its valued customers a broad variety of trading services, including trading in foreign currency and contracts for difference (CFDs).
RoboForex, one of the best halal trading platforms, offers its clients a wide variety of trading platforms, including several of the most popular choices, in addition to the more traditional trading accounts.
In addition, customers who want to comply with Islamic principles may choose to open an account that follows Islamic law, which is another service they provide.
License
Roboforex is a brokerage company that is well known all over the world, and its headquarters can be found in Cyprus. CySEC, which stands for the Cyprus Securities and Exchange Commission, is the governing body that oversees Roboforex’s operations.
Supported Languages
Roboforex offers customer service in a number of different languages, including Arabic, Chinese Simplified, Chinese Traditional, English, Indonesian, Italian, Malaysian, Polish, Portuguese, Russian, Spanish, Thai, and Ukrainian.
It is important to bring to your attention the fact that Roboforex has been given a support rating of AA for both its live chat and its email assistance in a number of different languages.
Axi
Axi is a company that specializes in online brokerage and was founded in 2007. Trading in foreign currency exchange (Forex), trading in contracts for difference (CFDs), and social trading are some of the financial services it offers to its customers.
Axi, one of the best halal trading platforms, offers its customers the MT4 forex trading platform, which is quite popular, and also charges commission fees on CFD products.
License
Axi is subject to the regulation of the acclaimed Financial Conduct Authority (FCA), the Australian Securities and Investment Commission (ASIC), and the Dubai Financial Services Authority (DFSA), among the respected regulatory bodies.
Supported Languages
A wide variety of languages, including Arabic, Chinese, Spanish, German, Japanese, Russian, and Romanian, are supported by Axi. These languages are in addition to English and Chinese.
FP Markets
FP Markets is a highly regarded online brokerage company that began operations in 2005. The company’s primary focus is on the supply of foreign exchange (Forex) trading services.
The headquarters of the famous international brokerage business FP Markets are situated in the country of Australia.
FP Markets, one of the best halal trading platforms, is able to contribute to the community via its sponsorship of a variety of activities and sports, which also helps the firm to increase its brand awareness.
Traders have the chance to participate in trading operations involving more than 100 different instruments, which represents a comprehensive variety of financial products.
In addition, those interested in engaging in currency trading may choose from among more than 60 different currency pairings.
In addition to offering mobile apps for Android and iOS, FP Markets makes available the industry-standard MT4 trading platform, which makes it easier to keep track of open positions and execute trades while traveling.
License
FP Markets is a financial institution that is supervised by the regulatory authorities of both the Cyprus Securities and Exchange Commission (CySEC) and the Australian Securities and Investment Commission (ASIC).
FXPro
Established in 2006, the reputable online brokerage business known as FXPro began operations that year.
Trading foreign currencies (Forex), share dealing (Share Dealing), spot indices (Spot Trading), futures (Futures Trading), spot metals (Spot Trading), and spot energies (Spot Trading) are all part of its extensive range of services.
The United Kingdom serves as the location of FXPro’s main office, which is part of a well-known worldwide brokerage organization known as FXPro.
Traders may take advantage of FXPro’s sophisticated trade execution capabilities and have access to high-quality liquidity when they open an account with the company.
MT4 Instant, MT4 Market, MT4 Fixed Spreads, MT5, and Ctrader are some of the trading platforms that are made available to customers by FXPro. These platforms are designed to meet the requirements of both VIP customers and Islamic customers.
License
The The Dubai Financial Services Authority (DFSA), the Cyprus Securities and Exchange Commission (CySEC), the Financial Conduct Authority (FCA), the Financial Sector Conduct Authority (FSCA), and the Securities Commission of The Bahamas (SCB) are among the authorities that regulate and oversee the operations of the financial institution known as FXPro.
FXPro is a financial institution that is subject to the regulation and oversight of these and other reputable authorities.
XM
XM is a highly regarded online brokerage company that began operations in 2009 and specializes in the provision of trading services for foreign exchange (Forex) and contracts for difference (CFDs).
XM, one of the best halal trading platforms, is a well-known and respected brokerage company all around the world.
MT4 and MT5 are two of the MetaTrader platforms, and XM, which is a brokerage company, is unique in that it gives its clients access to both of these platforms. In addition, XM provides mobile apps for devices running the iOS as well as the Android operating system.
It is very necessary for traders to have a complete and clear understanding of both the XM trading tools and the Forex markets in order for them to be able to participate in profitable trading with XM.
License
XM is subject to the oversight of highly regarded regulatory bodies in the financial industry, including the Cyprus Securities and Exchange Commission (CySEC), the Financial Conduct Authority (FCA), and the Australian Securities and Investment Commission (ASIC).
Supported Languages
XM has support for a wide variety of languages, including Korean, Greek, Indonesian, Chinese, Spanish, Italian, Portuguese, French, Swedish, Russian, Malay, English, Turkish, Arabic, Thai, German, Japanese, Hindi, and Hungarian.
XM is available in over 100 countries worldwide.
ThinkMarkets
ThinkMarkets is a well-regarded online brokerage company that first opened its doors in the year 2010. It is one of the best halal trading platforms.
This trading platform gives users access to a wide variety of investment opportunities, including Forex and CFDs.
ThinkMarkets is a brokerage business that is well known all over the world and has its headquarters in Australia.
License
Financial Conduct Authority (FCA) and Australian Securities and Investment Commission (ASIC) are the regulatory bodies that oversee ThinkMarkets’ operations as a financial institution. ThinkMarkets is a member of both of these organizations.
Over the course of a decade, ThinkMarkets has been honored with a plethora of prestigious accolades from within its sector.
Supported Languages
ThinkMarkets supports a wide variety of languages, including Chinese, English, and Japanese, amongst others.
In addition, this company is subject to the supervision and control of reputable financial regulatory organizations in all of its activities.
NordFX
The reputable online brokerage company NordFX was founded in 2008 and has since been an industry leader in the supply of services related to foreign exchange (Forex) trading. It is one of the best halal trading platforms.
Traders with NordFX are required to make a minimum deposit of $1 before they can begin trading with the company. In addition to that, they are given the chance to sign up for a free demo account.
The MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms are available to clients of NordFX, which places the company in an exclusive group of forex brokers.
It is very necessary for traders to have a full grasp of both the trading tools provided by NordFX as well as the financial markets in order for them to be able to participate in profitable trading with NordFX.
The instructional tools made available by NordFX are extensive in their scope.
License
The Cyprus Securities and Exchange Commission (CySEC) has issued License No. 209/13 to NordFX, making it a licensed forex broker.
Supported Languages
Support for a wide variety of languages is provided by NordFX. These languages include Arabic, Brazilian Portuguese, Brazilian, Chinese, English, Indian, Russian, Spanish.
HYCM
The year 1977 marks the beginning of HYCM, which is now recognized as a highly regarded online brokerage service. It is one of the best halal trading platforms.
It offers a wide variety of trading services, including dealing in foreign currency and contracts for difference (CFDs).
The United Kingdom is home to HYCM’s headquarters, which contribute to the company’s prominence both locally and internationally.
Throughout the 43 years that HYCM has been in business, the company has been honored with many distinctions from within the industry. In addition to this, it is governed and monitored by reputable financial regulatory agencies at all times while it is in operation.
When trading with HYCM, the minimum and maximum transaction requirements may change depending on the individual trader as well as the particular instruments that are being traded.
License
HYCM is a reputable financial institution that is governed by the regulatory guidelines laid down by a number of different agencies.
The Dubai Financial Services Authority (DFSA) with a license number of 000048, the Cyprus Securities and Exchange Commission (CySEC) with a license number of 259/14, the Financial Conduct Authority (FCA) with a reference number of 186171, and the Cayman Islands Monetary Authority (CIMA) with a reference number of 1442313 are some of these regulatory bodies.
Supported Languages
HYCM provides support for a wide variety of languages, including Arabic, Chinese (Traditional), English, Chinese, and Russian, among others.
Best Halal Trading Platforms for Stocks
AvaTrade
Individuals who are interested in engaging in professional trading activities may take use of the powerful trading software offered by AvaTrade.
AvaTrade is a well-known and respected online brokerage company that was formed in 2006. Trading in foreign currency (Forex), contracts for difference (CFDs), spread betting, and social trading are some of the financial instruments that may be traded via the organization.
AvaTrade is a brokerage company that is well-known all over the world, and the British Virgin Islands are home to the company’s headquarters.
AvaTrade has now attained substantial regulatory monitoring in many different locations, including Australia, Europe, Japan, South Africa, the British Virgin Islands, and the United Arab Emirates.
AvaTrade, one of the best halal trading platforms, is a reputed CFD broker that provides clients with access to a vast array of trading choices, including access to more than 600 equities traded on major exchanges around the world.
AvaTrade gives traders access to a diverse selection of trading choices, including over 250 different instruments and 80 different currency pairings.
Traders may take use of AvaTrade’s acclaimed MT4 forex trading platform, in addition to AvaTrade’s handy mobile apps, which are available for download on Android and iOS smartphones respectively.
AvaTrade connects effortlessly with well-known trading tools such as MetaTrader 4 and 5. In addition to this, it provides its own recognized and unique mobile app program, which is known as AvaTradeGo.
License
Avatrade is subject to the regulation of a number of highly regarded authorities, including the Australian Securities and Investment Commission (ASIC), the British Virgin Islands Financial Services Commission (BVI), the Central Bank of Ireland, the Financial Services Authority (FSA), and the Financial Stability Board (FSB).
Fee
It is important to note that AvaTrade does not impose any commission fees on any of the stock transactions that it facilitates.
When it comes to the costs, it is essential to take into account the fact that there are no fees linked with any kind of stock trading activity.
Instead, AvaTrade collects income from the gap between the bid and the ask price. The lowest possible spread for stock transactions is 0.13%.
A minimum deposit of $250 is needed of Traders who want to begin trading with AvaTrade. Traders may then begin trading with AvaTrade.
In addition to this, customers have the opportunity to open a practice trading account in order to get started with their trading activity.
If there is no action on the account for a consecutive period of three months, the account will be subject to a monthly inactivity fee of £50.
MetaTrader
MetaTrader trading platform is considered one of the best halal trading platforms because it provides traders with a fundamental instrument and interface for executing their market orders.
To put it another way, regardless of whether an investor has a normal account, a pro account, or a Swap-Free Account, their orders will all be executed in the same manner.
The trading circumstances that traders invest in are completely defined by their individual brokers, and the platform does not make any changes or adjustments to these trading conditions in any way, shape, or form.
Please be aware that selecting a trading account may dramatically impact trading circumstances and decide whether one is engaged in halal or haram trading activities. This is something that you should keep in mind.
Skilling
Skilling, one of the best halal trading platforms, is a user-friendly trading platform that attempts to make stock trading accessible to people with varying degrees of expertise in the market.
Trades in over 700 different stocks may be made on this platform without incurring any commission fees.
In addition, this platform enables users to trade using the convenience of mobile as well as desktop apps, guaranteeing mobility and accessibility for those who make use of its services.
The fact that Skilling can be easily integrated with TradingView is one of its standout features. Users are able to effortlessly visualize and evaluate trading ideas using powerful charting tools and then execute transactions by immediately attaching them to their trading accounts.
This gives users a competitive advantage in the financial markets. In addition to this, it provides a comprehensive selection of user-friendly software alternatives, which allow for uninterrupted trading experiences on mobile devices as well as online browsers.
These include the proprietary platform known as Skilling Trader as well as the cTrader platform, which was developed with the input of industry experts and is geared exclusively toward their needs.
Fee
The purchasing and selling of stocks does not incur any fees. Skilling brings in income by the gap between the bid and the asking price of a stock, with spreads beginning at 0.9%.
Swap fees will be assessed for any positions that are held open for a whole overnight session. The total cost of these fees could change depending on the magnitude of the business transaction.
Pacific Union
The Pacific Union platform, one of the best halal trading platforms, is intuitive and user-friendly, and it provides a plethora of instructional tools, including in-depth how-to instructions and insightful video demonstrations.
More than two hundred different stock CFDs, many of which are renowned global firms, are available to trade via Pacific Union’s extensive platform.
This broker has been honored with numerous honors, and it provides its clients with a special social trading program.
This application makes it easier for inexperienced traders to monitor the trading tactics and positions of the platform’s most successful traders.
In combination with both its mobile and web-based apps, Pacific Union makes use of the industry-standard Metatrader 4 trading software.
Traders have the ability to choose the appropriate degree of leverage, with a maximum leverage ratio of 500:1 being offered to them.
Fee
Specific stock CFDs are subject to a fee of 0.1 points across the board, regardless of the kind of account.
Every stock is subject to the spread, which starts at a value of 0.5 points and may go up to any value. It’s possible that the fees connected with holding a transaction overnight may change depending on how big it is.
FP Markets
The execution of all stock transactions at FP Markets is carried out with lightning-fast speed because of the cutting-edge technology used by the company. It is one of the best halal trading platforms.
This broker has been honored with numerous honors and offers clients a comprehensive selection of over 10,000 share CFDs and stock CFDs from Australia and across the world, spread out over four continents.
FP Markets allows traders to engage in a broad variety of strategies, including scalping and the use of expert advisers and provides a comprehensive selection of trading alternatives that are not subject to any limits.
The Metatrader 5 trading platform and the Iress trading platform both make it possible to trade stock CFDs in a straightforward manner.
Direct market access is provided via the Iress platform to a number of different worldwide exchanges. These exchanges include the Nasdaq, the NYSE, and the London Stock Exchange.
Fee
Each and every stock transaction on FP Market is subject to commission costs.
The commission fee for Australian stocks is 0.05%, the commission rate for Hong Kong stocks is 0.20%, the commission rate for UK stocks is 0.10%, the commission rate for European stocks is 0.10%, and the commission rate for USA stocks is $2.00 per share.
Exness
Trading with Exness features a variety of benefits, including as low spreads and individualized attention from support staff.
Exness, one of the best halal trading platforms, gives customers access to a wide variety of stocks from key US exchanges, including some of the most well-known corporations in the world including Apple, Amazon, and Google.
Exness offers its customers a complete variety of professional trading tools as well as a broad choice of account types that are geared to suit people with various degrees of expertise.
Beginner traders have the option of using a free demonstration account or micro-lots for making small transactions, while more experienced traders have the choice of using the Exness terminal or integrating it with the MetaTrader program to carry out their trading activity.
Standard accounts are not subject to the commission costs that are associated with other account types; nonetheless, spreads do result in the accumulation of fees. Spreads for equities start out at 0.3 pip increments.
There are overnight costs involved with some assets, but swap-free accounts are exempt from these charges.
Final Thoughts
This guide has discussed the best halal trading platforms, emphasizing their costs, attributes, and trading resources.
Today, more brokers than ever provide a Sharia-compliant Islamic account, guaranteeing Muslim traders may have the same trading experience while upholding their beliefs.
To ensure that your trading is not haram, numerous brokers around the Islamic world provide Shari’ah compliant accounts; nevertheless, this does imply that there are certain variations when compared to conventional Forex accounts.
A broker who follows Islam provides sharia-compliant trading conditions. The lack of overnight swap rates is the primary distinction from standard accounts.
Many brokers claim that they provide Islamic accounts. Most traders substitute other trading expenses for the absence of financing fees on leveraged overnight positions, increasing trading costs.
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Adam is an internationally recognised author on financial matters with over 830million answer views on Quora, a widely sold book on Amazon, and a contributor on Forbes.
