Georgia is regarded as one of the most promising developing countries in the Forex Market and interest in the Financial Market continues to rise. According to a census taken approximately 11% of the country’s population is Muslim and Forex Brokers who offer their services in the country must make an Islamic Forex Trading account available. An Islamic or Swap Free account will allow Muslim investors to trade in accordance with Sharia Law.
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Here is an overview of the 15 Best Forex Brokers offering Islamic Forex Trading Accounts in Georgia.
Exness
Exness is authorised by the Financial Services Authority (FSA) of Seychelles and was founded in 2008. Traders have the ability to trade on Forex and CFDs on Crypto, Metals, Energies, Stocks and Indices on the MetaTrader 4 and MetaTrader 5 trading platforms for Windows, Mac, Linux, Android and iOS and the Exness Web Terminal.
Pros and Cons
| Pros | Cons |
| 107 currency pairs. | Licensing in the Seychelles –low level of protection |
| Low commissions | Narrow choice of markets. |
| Zero spread accounts. | No instruments for passive investment. |
| Wide choice of trading accounts | Superficial learning and analytical content. |
| Over 60 base currencies of the account |
Exness offers traders 5 different trading accounts to choose from and over 105 different instruments to trade, including over 103 currency pairs.
Trading Benefits
| Trading Features | Accounts Offered | Funding Methods |
| Low Trading Fees | Cent | Visa |
| Allows Hedging | Classic | MasterCard |
| Allows Scalping | Mini | E-wallets |
| Mobile Trading | ECN | Perfect Money |
| One Click Execution | FasaPay | |
| Web Based Trading | Wire Transfer |
Exness supports a wide range of languages including English, Russian, Chinese, Urdu, Malay, Indonesian, Hindi, Arabic, Bengali, Farsi, Tamil, Vietnamese, Thai, Korean, and Spanish via Live Chat and Email.
AvaTrade
AvaTrade is an online broker which was founded in 2006 and offers Forex, CFDs, Spread Betting and Social Trading and is a global broker with their head office situated in The British Virgin Islands. AvaTrade is regulated in Europe, the British Virgin Islands, Australia, Japan, and South Africa by ASIC, CySEC and FCA.
Pros and Cons
| Pros | Cons |
| Used by 200,000+ traders | Doesn’t offer VPS |
| Established in 2006 | Not FCA Regulated |
| Regulated by Central Bank of Ireland, ASIC, IIROC, FSA, FSB, UAE and BVI | |
| Min. deposit from $100 |
For those who are looking to start out with AvaTrade will need a minimum deposit of $250 and a demo account is available for those who want to get acquaint with the popular MT4 forex trading platform. AvaTrade also offer mobile apps for Android and iOS.
Trading Benefits
| Trading Features | Accounts offered | Funding methods |
| Allows scalping | Demo account | Credit cards |
| Allows hedging | Micro account | Bank Transfer |
| Low min deposit | Mini account | PayPal |
| Standard account | Skrill | |
| Islamic account | Payoneer | |
| Neteller |
Customer support is available by email, phone, or live chat.
IC Markets
IC Markets is a regulated Forex ECN and CFD broker which offers more than 236+ financial instruments across Forex, Commodities, Indices, Bonds, Cryptocurrency, Stocks and Futures on the MetaTrader 4, MetaTrader 5 and cTrader platforms for desktop, web and mobile. IC Markets is regulated by the Australian Securities and Investments Commission (ASIC), the Cyprus Securities and Exchange Commission (CySEC), as well as the Seychelles Financial Services Authority (FSA).
Pros and Cons
| Pros | Cons |
| Segregates client funds | Limited range of instruments |
| Established in 2007 | Not FCA Regulated |
| Regulated by ASIC | |
| Min. deposit from $200 |
IC Markets offers traders three main types of live trading accounts to choose from, including Raw Islamic swap-free accounts and the use of a free demo trading account.
Trading Benefits
| Trading Features | Accounts offered | Funding methods |
| Allows scalping | Demo account | Credit cards |
| Allows hedging | Mini account | Bank Transfer |
| Offers STP | Standard account | PayPal |
| Low min deposit | Zero spread account | Skrill |
| ECN account | Neteller | |
| Islamic account |
Customer support is available 24/7 via Live Chat, Phone and Email.
eToro
eToro is an online broker which was founded in 2006 and offers CFDs and Social Trading, with a head office based in Cyprus, UK. eToro is supervised by the Financial Conduct Authority (FCA), Cyprus Securities and Exchange Commission (CySEC) regulatory bodies and has been in operation for over 14 years.
Pros and Cons
| Pros | Cons |
| Used by 6,000,000+ traders | Doesn’t allow scalping |
| Established in 2006 | Inactivity Fee |
| Regulated by Financial Conduct Authority, CySEC, ASIC | Limited range of instruments |
| Min. deposit from $200 |
eToro offers traders two ways to trade: CFDs, Social Trading and eToro traders will need to make a minimum deposit of $200 and the platform can accommodate various levels of traders from beginner to expert. Traders can trade in a wide variety of over 100 instruments and over 50 currency pairs on eToro’s user-friendly custom trading platform which is available as a browser-based web application. eToro also offers traders mobile apps for Android and iOS, making it easier to keep an eye on and execute trades.
Trading Benefits
| Trading Features | Accounts offered | Funding methods |
| Offers STP | Demo account | Credit cards |
| Low min deposit | Micro account | Bank Transfer |
| Mini account | PayPal | |
| Standard account | Skrill | |
| Islamic account | Payoneer | |
| Neteller |
eToro supports a wide range of languages including English, German, Spanish, French, and Italian. 24/6 customer support is available via telephone and support ticket.
XM Group
XM Group (XM) is a group of regulated online brokers regulated by the Cyprus Securities and Exchange Commission.
Pros and Cons
| Pros | Cons |
| Low stock CFD and withdrawal fees | Limited product portfolio |
| Easy and fast account opening | Average forex and stock index CFD fees |
| Great educational tools | No investor protection for non-EU clients |
XM offers traders more than 1000 financial instruments to trade on both the MT4 and MT5 platforms, including Forex Trading, Stocks CFDs, Commodities CFDs, Equity Indices CFDs, Precious Metals CFDs and Energies CFDs. Forex trading is available on over 55 pairs, including the major USD, GBP, EUR and JPY pairs. Traders must take note that XM does not offer binary options or futures.
Trading Benefits
| Trading Features | Accounts Offered | Funding Methods |
| Negative Balance Protection | Micro | Wire Transfer |
| Low Spreads | Standard | Credit/Debit |
| Low Commission | XM Zero | Neteller |
| Hedging Allowed | UnionPay | |
| Scalping Allowed | WebMoney | |
| Qiwi |
Customer Service is available via live chat, Phone and email support.
Pepperstone
Pepperstone was founded in 2010 and is regulated by the Australian Securities and Investments Commission (ASIC), as well as the UK’s Financial Conduct Authority (FCA).
Pros and Cons
| Pros | Cons |
| Segregates client funds | Limited range of instruments |
| Established in 2010 | |
| Min. deposit from $200 |
Trading platforms on offer include MetaTrader 4, MetaTrader 5 and cTrader. All three FX trading platforms come with a free demo account which will allow traders to test out the forex broker and platform for 30 days.
Trading Benefits
| Trading Features | Accounts offered | Funding methods |
| Allows scalping | Demo account | Credit cards |
| Allows hedging | Mini account | Bank Transfer |
| Offers STP | Standard account | PayPal |
| Low min deposit | MAM/PAMM account | Skrill |
| Offers Negative Balance Protection | Islamic account | Payoneer |
Pepperstone offers 24/5 multiple language support via email, phone and live chat.
FBS
FBS is a Forex and CFD broker which is authorised and regulated by the International Financial Services Commission (IFSC) of Belize and the Cyprus Securities and Exchange Commission (CySEC).
Pros and Cons
| Pros | Cons |
| Negative Balance Protection | Limited Tradable assets |
| Excellent Regulation | Limited Trading Platforms |
| Available in Multiple Countries | |
| Award Winning Service |
FBS offers users the option to trade on Forex, Indices, Stocks, Metals and Energies across the MetaTrader 4, MetaTrader 5 and FBS Trader trading platforms .
Trading Benefits
| Trading Features | Accounts Offered | Funding Methods |
| Copy Trading | Cent | Wire Transfer |
| Rapid Order Execution | Micro | Credit/Debit |
| Standard | Neteller | |
| Zero Spread | Bitwallet | |
| ECN | Perfect Money |
Customer Support is available 24/7 via a Call-back service, online Live Chat, Telegram, Viber and Facebook Messenger.
InstaForex
InstaForex is a global online brokerage which is registered and regulated in several offshore jurisdictions around the world, including the EU jurisdiction of Cyprus.
Pros and Cons
| Pros | Cons |
| No requirements for minimum deposit | High commissions on Forex market |
| Low commissions on CFDs on stocks | Low diversity of available markets |
| Support of Islamic accounts | |
| Wide selection of trading platforms |
InstaForex allows traders open an account with as little as $1 and Welcome bonuses may be on offer.
Trading Benefits
| Trading Features | Accounts offered | Funding Methods |
| PAMM Accounts | Insta.Standard | Credit Cards |
| Market Analysis | Insta.Eurica | E-Wallets |
| Cent.Standard | Bitcoin | |
| Cent.Eurica | Wire Transfer |
Customer service is available 24 hours a day, with local phone numbers for nine countries, as well as through popular apps like Telegram, WhatsApp, Skype, and others channels.
HFM
HFM was established in 2007 is well regulated by FCA, CySEC, DFSA, FSCA and SFSA.
Pros and Cons
| Pros | Cons |
| Segregates client funds | Limited range of instruments |
| Established in 2010 | Not FCA Regulated |
| Regulated by CySEC | |
| Min. deposit from $1 |
The HFM MT5 terminal offers 21 different timeframes, superior analysis tools, trading across HFM asset classes, close to 100 simultaneous charts, hedging and one-click trading and 80+ technical indicators plus an in-built economic calendar. The account can be accessed from anywhere using an iPhone, interactive charts for 9 timeframes, advanced trading functions, one-click trading, 24 analytical objects, and 30 technical indicators.
Trading Benefits
| Trading Features | Accounts offered | Funding methods |
| Allows scalping | Micro account | Credit cards |
| Allows hedging | Mini account | Bank Transfer |
| Offers STP | Standard account | Neteller |
| Low min deposit | Zero spread account | |
| Offers Negative Balance Protection | Islamic account |
Customer support is available via phone and email.
OctaFX
OctaFX is an online broker which was founded in 2011, offering Forex trading. As OctaFX is regulated by the Financial Conduct Authority (FCA), each new client must pass a few basic compliance checks when signing up for an account. OctaFX has won numerous industry awards over the course of 9 years and is one of the few brokers that offer both of the MetaTrader platforms; MT4 and MT5.
Pros and Cons
| Pros | Cons |
| Used by 300,000+ traders | Doesn’t offer VPS |
| Established in 2011 | Limited range of instruments |
| Regulated by FSA | Not FCA Regulated |
| Min. deposit from $5 |
OctaFX provides an array of educational tools to assist beginner traders to become more experienced and even professionals in trading.
Trading Benefits
| Trading benefits | Accounts Offered | Funding Methods |
| Allows scalping | Demo account | Credit cards |
| Allows hedging | Micro account | Bank Transfer |
| Offers STP | Mini account | Neteller |
| Low min deposit | Standard account | |
| Guaranteed stop loss | Zero spread account | |
| Negative Balance Protection | STP account | |
| Islamic account |
Customer Support is available 24/5 via Live Chat, Email, Phone, WhatsApp and an Enquiry Form across multiple languages including English, Indonesian, Hindi, Chinese and more.
Forex Time (FXTM)
FXTM or ForexTime was founded in 2011 and is a registered brand name of Exinity Limited, regulated by the Financial Services Commission of Mauritius with license number C113012295. FXTM offers users seven different accounts types where the execution method, range of markets, available platform, and commissions and fees may vary. Three accounts are offered under the Standard category. Forex Time (FXTM) is a MetaTrader broker which offers forex and CFD traders multiple account options for both MT4 and MT5 platforms.
Pros and Cons
| Pros | Cons |
| Segregates client funds | Limited range of instruments |
| Established in 2011 | Not ASIC Regulated |
| Regulated by CySEC | |
| Min. deposit from $10 |
FXTM provides research in the form of daily technical and fundamental news analysis provided by an in-house team of analysts.
Trading Benefits
| Trading Features | Accounts offered | Funding methods |
| Allows scalping | Demo account | Credit cards |
| Allows hedging | Micro account | Bank Transfer |
| Offers STP | Mini account | Payoneer |
| Low min deposit | Standard account | Neteller |
| Offers Negative Balance Protection | Zero spread account | |
| ECN account | ||
| Islamic account |
Customer Service is available via phone, email, online chat options – WhatsApp, live chat, Viber, Telegram or Messenger.
Forex.com
Forex.com is a platform which can be used for trading foreign currencies and precious metals. Traders can trade over 80 currency pairs as well as silver and gold.
Pros and Cons
| Pros | Cons |
| Segregates client funds | Doesn’t offer VPS |
| Established in 1999 | Not ASIC Regulated |
| Regulated by Financial Conduct Authority | |
| Min. deposit from $50 |
To open a live trading account, traders will need a minimum deposit of at least $50.
Trading Benefits
| Trading Features | Accounts offered | Funding methods |
| Allows scalping | Demo account | Credit cards |
| Allows hedging | Mini account | Bank Transfer |
| Offers STP | Standard account | |
| Low min deposit | ECN account | |
| Islamic account |
Customer support is available by phone, live chat, or email 24 hours a day during market hours.
BDSwiss
BDSwiss is a Forex and CFD broker which is regulated by CySEC.
Pros and Cons
| Pros | Cons |
| 250+ instruments | No US clients |
| Well Regulated | No Fixed Spread Accounts |
| Commission Free Accounts | |
| Free VPS | |
| Daily Trading Alerts |
BDSwiss offers full demo and Islamic accounts and traders can fund their account via one of multiple choices.
Trading Benefits
| Trading Features | Accounts Offered | Funding Methods |
| Negative Balance Protection | Classic | Wire Transfer |
| Multiple Trading Accounts | VIP | Credit Card |
| No Deposit or Withdrawal fee | Raw | Skrill |
| Neteller |
BDSwiss offers multilingual customer support 24/5 via Live Chat, Telephone, Email, Call Back, WhatsApp, Telegram and an FAQ section.
Vantage FX
Vantage FX is a Forex ECN and CFD broker which offers traders the ability to trade on 120+ tradable assets across Currencies, Indices, Commodities and U.S and Hong Kong Share CFDs on the MetaTrader platform for Mac, PC, iOS and Android and other social trading platforms. Vantage FX is authorised and regulated by the Cayman Islands Monetary Authority (CIMA) under the name Vantage International Group.
Pros and Cons
| Pros | Cons |
| Strict Regulation | No US Clients |
| Segregated Client Funds | Restricted Leverage |
| 300+ CFD Trading Instruments | No Fixed Spread Accounts |
Vantage FX offers traders access to the MetaTrader 4 and MetaTrader 5 trading platforms for Windows, Mac, Android and iOS.
Trading Benefits
| Trading Features | Accounts Offered | Funding Methods |
| Pro Trader Tools | Standard | Wire Transfer |
| ZuluTrade | Raw | Credit Cards |
| MAM/PAMM Accounts | Pro | Neteller |
| Commission Free Accounts | UnionPay |
Customer support is available 24 hours a day, 5 days via phone, email, live chat and remote TeamViewer in English, Mandarin, Thai and Vietnamese.
IQ Option
IQ Option is a broker developed under the IQ Option Europe company which was founded in 2013. IQ Option contains a CySEC license Cyprus Securities and Exchange Commission from Cyprus, with permission to provide its financial services within the European Economic Area zone, with several licenses from other EU local jurisdictions. IQ Option offers its clients services in binary options, stocks and shares, currencies, and ETF trading.
Pros and Cons
| Pros | Cons |
| Regulated by the Cyprus Securities and Exchange Commission (CySEC) | Does not provide MT4 and MT5 trading platforms |
| Easy and convenient method of opening an account | Not available for traders in the US, Canada, Australia, Japan, and other countries |
| Wide range of trading instruments on offer | |
| No deposit and withdrawal fees |
IQ Option provides clients with a proprietary platform which is also used for CFDs and for binary options trading. Traders can also install the mobile trading app which is provided free of charge. The mobile trading app has been designed specifically for use on smartphones and mobile devices and allows traders to check their account status, keep updated with all the developments in the market as well as to execute trades.
Trading Benefits
| Trading Features | Accounts Offered | Funding Methods |
| Low min. deposit | Standard | Alipay |
| Low Spreads | VIP | Credit Card |
| Regulated by CySec | Demo | MoneyGram |
| Perfect Money | ||
| QIWI | ||
| Skrill | ||
| Wire Transfer |
The IQ Options trading platform and website are available to traders in thirteen different languages and allows traders to choose the currency to trade with. The selections of currencies are: GBP, RUB, EUR, IDR, USD, MUR, and Yuan.
Customer service is available via email, live chat or the telephone.
In Conclusion –
No matter the Account selected, the investor needs to ensure that they fully understand all factors associated with their choice. For instance, Muslim investors should ensure that their chosen Islamic Forex Trading Account does indeed comply with Islamic and Sharia Law.
FAQs
What is an Islamic Forex Account?
An Islamic or Swap free trading account refers to a forex trading account which is allowed in accordance to the Islamic Sharia Law.
Is Forex Trading considered to be Halal or Haram?
Forex Trading is deemed as Halal. Halal means “Permissible”.
What is Sharia Law and how does it impact Muslim Forex Trading?
The Islamic Shariah principle in Forex Trading refers to no interest applied for an overnight position.
Is an Islamic and Swap Free account similar?
Yes. In Fact, they are one and the same. Islamic Trading Accounts are popularly referred to as Swap Free trading accounts.
What does the term Haram mean?
As mentioned before, Halal means Permissible, whereas Haram means forbidden.
What are Islamic Forex Brokers?
Islamic Forex Brokers simply means that the Forex Brokerage Firm offers Islamic Forex Trading Accounts as an option to their clientele.
How are Islamic Forex Account opened?
Muslim investors will able to open a Islamic Forex account by presenting documents, such as their ID and accompanying documentation proving their faith.
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