Best Forex Brokers with Islamic Accounts in Kosovo

Forex Trading is still in its early stages within the country of Kosovo and only a small number of locals choose to participate in the market.  Approximately 95% of the population of Kosovo is classified as Muslim and Forex Brokers who wish to offer their services to local investors must make an Islamic or Swap Free account available, which will allow Muslim investors to trade in accordance with Sharia Law.

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Here is an overview of the 13 Best Forex Brokers offering Islamic Forex Trading Accounts in Kosovo.

FP Markets

FP Markets is a global, online broker regulated by the Australian ASIC and the Cypriot CySEC which was founded in 2005 and offer Forex trading and has a head office situated in Australia. When starting off with FP Markets traders will need to make a minimum deposit of $100 and a demo account is on offer with a wide variety of instruments and currency pairs on offer.

Over 100 instruments and over 60 currency pairs in total are on offer, on the popular MT4 forex trading platform.  FP Markets also offers traders mobile apps for Android and iOS.

Pros and Cons

Trading Benefits

All accounts support a wide range of languages including English, Spanish, Portuguese, Romanian, Bulgarian, Arabic, Russian, French, Italian, Greek, Philippines, Latvian, Polish, Indonesian, Thai, Malay, German, Vietnamese.

Customer Service is available via email, phone and live chat.

XM Group

XM Group (XM) is a group of regulated online brokers regulated by the Cyprus Securities and Exchange Commission.

Pros and Cons

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

Customer Service is available via live chat, Phone and email support.

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

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

Customer support is available 24/7 via Live Chat, Phone and Email.

FXPro

FXPro is an online broker which was founded in 2006 and offers Forex, Share Dealing, Spot Indices, Futures, Spot Metals and Spot Energies trading.  FXPro is a global broker with a head office located in the UK. FXPro is regulated by CySEC and operates under the CIF license number 078/07. As a CySEC regulated broker, FXPro is also a member of the Investor Compensation Fund scheme.  FXPro provides traders with access to top-tier liquidity and advanced trade execution with no dealing desk intervention and a starting account will need a minimum deposit of $100.

Pros and Cons

With FXPro, the minimum and maximum trade requirements vary depending on the trader and the instrument chosen.

Trading Benefits

FXPro offers customer support 24 hours a day, 5 days a week via Live Chat, Telephone and Email in a variety of different languages including English, Spanish, French, Polish, Malay, Arabic, Chinese, Greek, Hungarian, Japanese, Korean, Russian, Thai, Vietnamese, Indonesian and others.

HFM

HFM was established in 2007 is well regulated by FCA, CySEC, DFSA, FSCA and SFSA.

Pros and Cons

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

Customer support is available via phone and email.

Axi

Axi is an online broker which was founded in 2007 and offers Forex, CFDs and Social Trading, is a global broker and has a head office situated in Australia with no minimum deposit needed to get started plus a demo account is on offer.  Axi is authorised and regulated by the Australian Securities & Investments Commission (ASIC).

Pros and Cons

Axi is able to accommodate various levels of traders and offers the MT4 forex trading platform plus mobile apps for Android and iOS, respectively.

Trading Benefits

Customer support is available via Phone, Live Chat and Email.

XTB

XTB is a European broker which was founded in 2002, and has offices in 13 countries across the globe.  XTB is regulated by the UK Financial Conduct Authority (FRN 522157) and has been listed on the Warsaw Stock Exchange since 2016.

XTB is a fintech company which combines financial services with innovative technology and it offers clients two platforms to choose from:

• xStation5
• MT4

Pros and Cons

Traders can choose from 25 crypto CFDs (9 individual coins or 16 crypto pairs) which are available 7 days a week (from 3am Saturday to 9pm Friday). Traders can buy or sell digital coins with 2:1 leverage and 365-day expiry.

Trading Benefits

XTB support a wide range of languages including English, Spanish, Czech, Chinese, German, French, Italian, Polish, Portuguese, Romanian, Slovenian, Turkish, Arabic, and Russian.

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

Exness offers traders 5 different trading accounts to choose from and over 105 different instruments to trade, including over 103 currency pairs.

Trading Benefits

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.

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

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

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

InstaForex allows traders open an account with as little as $1 and Welcome bonuses may be on offer.

Trading Benefits

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.

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

OctaFX provides an array of educational tools to assist beginner traders to become more experienced and even professionals in trading.

Trading Benefits

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.

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

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

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.

FXCM

Forex Capital Markets Limited or FXCM is a Spread Betting, CFD and Forex trading broker, authorised and regulated by the UK Financial Conduct Authority under the Forex Capital Markets Limited and is part of the Leucadia Company, which offers users the ability to trade on Forex, Forex Baskets, Indices, Commodities and Crypto on its own proprietary Trading Station platform for Desktop, Web and Mobile, as well as on MetaTrader 4, NinjaTrader and ZuluTrade.

Pros and Cons

FXCM offers traders 4 main types of trading accounts to choose from, including  Spread Betting, CFD Trading, Active Trader and Professional Clients. A Free Demo account is also made available.

Trading Benefits

Customer Support is available via Live Chat, Phone, Email and SMS.

In Conclusion –

An impressive number of globally regulated forex brokers offer investors in Kosovo an Islamic Forex Trading Option and Muslim investors will not have a tough task in finding a suitable firm with which to trade.

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.