The 8 Best Forex Brokers with Islamic Accounts in Canada – Rated and Reviewed. We have listed the best Brokers that offer Islamic accounts in Canada in 2025*.
In this in-depth write-up you will learn:
- A List of the 8 Best Forex Brokers with Islamic Accounts in Canada
- Pros and Cons of Forex Trading
- Is Forex Trading in Canada Compliant with Sharia Law?
and much, much more!
🔍Forex Broker | ✏️Sign Up Here | 🫴🏻Offers Islamic Account | 💵Minimum Deposit | 💰Minimum Deposit (CAD) |
🥇Forex.com | 👉 Click Here | ✅ Yes | 100 USD | 138.35 CAD |
🥈AvaTrade | 👉 Click Here | ✅ Yes | 100 USD | 138.35 CAD |
🥉BDSwiss | 👉 Click Here | ✅ Yes | 10 USD | 13.83 CAD |
🏅FP Markets | 👉 Click Here | ✅ Yes | 100 USD | 138.35 CAD |
🏆Octa | 👉 Click Here | ✅ Yes | 25 USD | 34.59 CAD |
🥇HYCM | 👉 Click Here | ✅ Yes | 20 USD | 27.67 CAD |
🥈FXCM | 👉 Click Here | ✅ Yes | 50 USD | 69.17 CAD |
🥉Vantage Fx | 👉 Click Here | ✅ Yes | 50 USD | 69.17 CAD |
8 Best Forex Brokers with Islamic Accounts in Canada (2025)
- ☑️Forex.com – Overall, The Best Brokers with an Islamic Account in Canada
- ☑️AvaTrade – Best Forex Broker for Beginners
- ☑️BDSwiss – Best Educational Broker
- ☑️FP Markets – Best Multi-Asset Forex Broker
- ☑️Octa – Best Customer Service Broker
- ☑️HYCM – Best Multi-Regulated Forex and CFD Provider
- ☑️FXCM – Best Mobile Trading App
- ☑️Vantage Fx – Best Affiliate Program
1. Forex.com
Forex.com, a globally recognized forex and CFD broker, offers a range of trading accounts to cater to diverse trader needs. For traders in Canada seeking to align their trading practices with Sharia law, Forex.com provides Islamic (swap-free) accounts.
🔍Broker | 🥇Forex.com |
🔢Year Founded | 2001 |
👥Amount of Staff | Approximately 400 |
👤Amount of Active Traders | Over 100,000 |
📌Publicly Traded | ✅Yes (part of GAIN Capital Holdings, listed on NYSE) |
📉Regulation | FCA, CFTC, ASIC |
🗂️Account Segregation | ✅Yes |
🌟Negative Balance Protection | ✅Yes |
💙Investor Protection Schemes | ✅Yes (NFA and FCA protections) |
➡️Institutional Accounts | ✅Yes |
🫴🏻Managed Accounts | None |
💴Minor Account Currencies | ✅Yes |
💵Minimum Deposit | $100 |
⏰Average Deposit/Withdrawal Processing Time | 1-3 business days |
💳Fund Withdrawal Fee | None (may vary by method) |
✏️Spreads From | 0.8 pips |
💷Commissions | None on standard accounts (commission applies for certain accounts) |
6️⃣Number of Base Currencies Supported | 6 (USD, EUR, GBP, CAD, AUD, JPY) |
💸Swap Fees | ✅Yes (varies by instrument) |
⬆️Leverage | Up to 1:200 |
📈Margin Requirements | Varies by asset type |
☪️Islamic Account (Swap-Free) | ✅Yes |
🆓Demo Account | ✅Yes |
⏱️Order Execution Time | < 1 second (market orders) |
🖥️VPS Hosting | ✅Yes (available at an additional cost) |
🫴🏻CFDs - Total Offered | Over 2,000 |
📈CFD Stock Indices | ✅Yes |
📉CFD Commodities | ✅Yes |
📊CFD Shares | ✅Yes |
💶Deposit Options | Bank transfer, credit/debit cards, e-wallets (PayPal, Skrill) |
💳Withdrawal Options | Bank transfer, credit/debit cards, e-wallets |
📊Trading Platforms | Forex.com Trading Platform, MetaTrader 4 |
🍎OS Compatibility | Windows Mac, iOS, Android |
🪛Forex Trading Tools | Charting tools, trading alerts, research tools |
🫴🏻Customer Support | ✅Yes |
🗣️Live Chat Availability | ✅Yes |
💻Customer Support Email Address | global.support@forex.com |
☎️Customer Support Contact Number | +1 (877) 999-2450 |
📱Social Media Platforms | Facebook, Twitter, |
⚙️Languages Supported on Forex.com Website | English, Spanish, Chinese, Japanese, French, German |
🎓Education and Research | ✅Yes |
✏️Forex Course | ✅Yes (various resources available) |
🖥️Webinars | ✅Yes |
📖Educational Resources | Articles, video tutorials, trading guides |
🤝Affiliate Program | ✅Yes |
👥Amount of Partners | Not publicly disclosed |
🫰🏻IB Program | ✅Yes |
🎁Sponsorships | ✅Yes (various trading and financial events) |
🎀Rebate Program | ✅Yes |
💰Cent or Micro Accounts | ✅Yes (micro accounts available) |
🚀Open an Account | 👉 Click Here |
Pros and Cons
✅Pros | ❌Cons |
Strong Regulatory Oversight | Higher Minimum Deposit for Some Accounts |
Multiple Trading Platforms | Inactivity Fee |
Competitive Spreads and Pricing | Complex Fee Structure |
Fast and Reliable Trade Execution | Limited Social Trading Features |
Frequently Asked Questions
What is Forex.com?
Forex.com is a global online broker that provides trading services in Forex, CFDs, commodities, indices, cryptocurrencies, and more.
Does Forex.com offer Islamic (swap-free) accounts?
Yes. Forex.com offers swap-free Islamic accounts, designed to comply with Sharia law.
What trading platforms are available on Forex.com?
Forex.com offers multiple platforms: MetaTrader 4 (MT4), MetaTrader 5 (MT5), and Forex.com’s proprietary platform.
Is Forex.com available in Canada?
Yes, Forex.com operates legally in Canada and is regulated by the Investment Industry Regulatory Organization of Canada (IIROC).
Our Verdict
Muslim traders in Canada can access Sharia-compliant forex trading through Forex.com’s Islamic (swap-free) accounts, part of a comprehensive offering that includes various account types, robust platforms, and strong regulatory oversight, suitable for traders of all levels seeking ethical and efficient solutions.
2. AvaTrade
AvaTrade is a globally recognized online broker offering a wide range of trading instruments, including Forex, CFDs, commodities, indices, and more.
For traders in Canada seeking to align their trading practices with Sharia law, AvaTrade provides Islamic (swap-free) accounts through its partnership with Friedberg Direct, a Canadian brokerage firm.
🔍Broker | 🥇AvaTrade |
🔢Year Founded | 2006 |
👤Amount of staff | 200+ |
👥Amount of active traders | Over 300,000 |
📌Publicly Traded | None |
📈Regulation | Central Bank of Ireland (CBI) Australian Securities and Investments Commission (ASIC) Financial Sector Conduct Authority (FSCA) Financial Services Agency (FSA) Japan Abu Dhabi Global Markets (ADGM) Financial Services Regulatory Authority (FSRA), and more. |
🌎Country of regulation | Ireland Australia Japan UAE South Africa British Virgin Islands |
🗂️Account Segregation | ✅Yes |
🌟Negative balance protection | ✅Yes |
💙Investor Protection Schemes | Compensation scheme for eligible clients under certain jurisdictions |
➡️Institutional Accounts | ✅Yes |
🫴🏻Managed Accounts | None |
💴Minor account currencies | USD EUR GBP AUD JPY CHF ZAR, and more |
💵Minimum Deposit | $100 |
⏰Average deposit/withdrawal processing time | Deposits: Instant Withdrawals: 1-3 business days |
💳Fund Withdrawal Fee | No fees on most payment methods, but some charges may apply depending on the method used |
✏️Spreads from | 0.9 pips (EUR/USD) |
💷Commissions | No commissions on most trades; spreads apply |
🔟Number of base currencies supported | 10+ |
💶Swap Fees | ✅Yes Swap-free accounts available for Islamic traders |
⬆️Leverage | Up to 1:400 depending on jurisdiction |
📉Margin requirements | Varies based on asset and leverage used |
☪️Islamic account (swap-free) | ✅Yes |
🆓Demo Account | ✅Yes |
⏱️Order Execution Time | Fast execution generally less than 1 second |
🖥️VPS Hosting | ✅Yes for qualifying accounts |
👉CFDs-Total Offered | 1000+ |
📈CFD Stock Indices | 30+ |
📉CFD Commodities | 20+ |
📊CFD Shares | 600+ |
💵Deposit Options | Credit/Debit Card Bank Transfer PayPal Skrill Neteller WebMoney, and more |
💳Withdrawal Options | Credit/Debit Card Bank Transfer PayPal Skrill Neteller WebMoney, and more |
📊Trading Platforms | MetaTrader 4 (MT4) MetaTrader 5 (MT5) AvaTradeGO WebTrader AvaOptions |
🍎OS Compatibility | Windows MacOS iOS Android |
🔩Forex trading tools | Autochartist Trading Central Economic Calendar AvaProtect, and more |
🫴🏻Customer Support | ✅Yes |
🗣️Live chat availability | ✅Yes |
💻Customer Support Email address | support@avatrade.com |
☎️Customer Support Contact Number | Varies by region accessible through the website |
📱Social media Platforms | Facebook YouTube |
⚙️Languages supported on FBS Website | Multiple languages including English Spanish French Italian Arabic, and more |
🎓Education and Research | ✅Yes |
✏️Forex course | ✅Yes (AvaAcademy) |
💻Webinars | ✅Yes |
📖Educational Resources | eBooks Videos Tutorials Blog Market Analysis |
🤝Affiliate program | ✅Yes |
👥Amount of partners | Thousands globally |
🫰🏻IB Program | ✅Yes |
🎁Sponsorships | ✅Yes Various sponsorships including the Manchester City Football Club) |
🎀Rebate program | ✅Yes |
💰Cent or Micro Accounts | None Offers Standard and Professional Accounts |
🚀Open an Account | 👉 Click Here |
Pros and Cons
✅Pros | ❌Cons |
Regulated by multiple authorities | High inactivity fees |
Various trading platforms | Fixed spreads can be higher |
Negative balance protection | Does not accept U.S. clients |
Islamic account options | Customer support can be slow |
Frequently Asked Questions
What is AvaTrade?
AvaTrade is a global online brokerage offering trading in Forex, CFDs, commodities, indices, stocks, ETFs, and cryptocurrencies.
What platforms does AvaTrade offer?
AvaTrade supports a variety of platforms: MetaTrader 4 (MT4), MetaTrader 5 (MT5), AvaTradeGO (Mobile App), WebTrader, and DupliTrade & ZuluTrade.
What is the minimum deposit to open an account?
The minimum deposit is typically USD 100, though it may vary by region and funding method.
Does AvaTrade offer demo accounts?
Yes. AvaTrade provides a free demo account with virtual funds, allowing traders to practice strategies and explore the platform risk-free.
Our Verdict
Catering to both novice and experienced traders in Canada, AvaTrade, in partnership with Friedberg Direct, offers a comprehensive trading experience with robust platforms and strong regulation, and importantly, provides Islamic (swap-free) accounts for those seeking Sharia-compliant and ethical trading.
3. BDSwiss
BDSwiss is a globally recognized online broker established in 2012, offering a wide range of trading instruments, including Forex, CFDs, commodities, indices, and cryptocurrencies.
BDSwiss serves clients globally, including Canada. BDSwiss offers Islamic (Swap-Free) accounts designed to comply with Sharia law by eliminating overnight interest charges (swaps) on open positions.
🔎 Broker | 🥇 BDSwiss |
🔢Year Founded | 2012 |
👥Amount of Staff | 200+ |
👤Amount of Active Traders | Over 1.5 million |
📌Publicly Traded | None |
📉Regulation | CySEC, FSC, FSA, NFA (for certain jurisdictions) |
🌎Country of Regulation | Cyprus, Mauritius, Seychelles, United States |
🗂️Account Segregation | ✅Yes |
🌟Negative Balance Protection | ✅Yes |
💙Investor Protection Schemes | ✅Yes, up to €20,000 under CySEC ICF |
➡️Institutional Accounts | None |
🫴🏻Managed Accounts | None |
💴Minor Account Currencies | EUR, USD, GBP |
💵Minimum Deposit | $10 |
⏰Average Deposit/Withdrawal Processing Time | Deposits: Instant; Withdrawals: 1-5 business days |
💳Fund Withdrawal Fee | Free (conditions apply, e.g., minimum withdrawal amount) |
✏️Spreads From | 0.0 pips on Raw accounts |
💷Commissions | $5 per lot on Raw accounts, None on Classic accounts |
3️⃣Number of Base Currencies Supported | 3 (EUR, USD, GBP) |
💸Swap Fees | ✅Yes, applicable on most instruments |
⬆️Leverage | Up to 1:50 (depending on the region) |
📉Margin Requirements | Varies by asset and region |
☪️Islamic Account (Swap-Free) | ✅Yes |
🆓Demo Account | ✅Yes, unlimited |
⏱️Order Execution Time | 11.06 milliseconds on average |
💻VPS Hosting | Available, but conditions apply |
🫴🏻CFDs-Total Offered | 250+ |
📈CFD Stock Indices | 10+ |
📉CFD Commodities | 15+ |
📊CFD Shares | 100+ |
💶Deposit Options | Bank transfer, Credit/Debit Card, E-wallets (Skrill, Neteller) |
💳Withdrawal Options | Bank transfer, Credit/Debit Card, E-wallets (Skrill, Neteller) |
📊Trading Platforms | MetaTrader 4, MetaTrader 5, BDSwiss WebTrader, BDSwiss Mobile App |
🍎OS Compatibility | Windows, MacOS, iOS, Android |
🪛Forex Trading Tools | Economic Calendar, Trading Alerts, Autochartist, Trading Academy |
🎓Customer Support | ✅Yes |
🗣️Live Chat Availability | ✅Yes |
💻Customer Support Email Address | support@bdswiss.com |
☎️Customer Support Contact Number | +44 203 695 3086 (UK) |
📱Social Media Platforms | Facebook, Twitter, LinkedIn, YouTube |
⚙️Languages Supported on HFM Website | 20+ including English, German, French, Spanish, Italian |
🎓Education and Research | ✅Yes |
✏️Forex Course | ✅Yes |
💻Webinars | ✅Yes |
📖Educational Resources | Articles, Video Tutorials, Market News, eBooks |
🤝Affiliate Program | ✅Yes |
👥Amount of Partners | Not publicly disclosed |
🫰🏻IB Program | ✅Yes |
🎁Sponsorships | ✅Yes, various financial and sports events |
🎀Rebate Program | ✅Yes |
🚀 Open a account | 👉 Open Account |
Pros and Cons
✅Pros | ❌Cons |
Regulated and Secure | Higher Fees on Certain Accounts |
Diverse Account Types | Limited Leverage for EU Clients |
Advanced Trading Platforms | Inactivity Fees |
Negative Balance Protection | Limited Cryptocurrency Options |
Frequently Asked Questions
What is BDSwiss?
BDSwiss is a global forex and CFD broker established in 2012, offering a wide range of trading instruments including forex, stocks, commodities, indices, and cryptocurrencies.
Does BDSwiss offer Islamic (Swap-Free) accounts?
Yes. BDSwiss offers Islamic accounts that are swap-free and comply with Sharia law. These accounts do not charge overnight interest on positions.
What trading platforms does BDSwiss offer?
BDSwiss supports: MetaTrader 4 (MT4), MetaTrader 5 (MT5), BDSwiss WebTrader, and BDSwiss Mobile App.
Is there a demo account?
Yes. BDSwiss offers a free demo account with virtual funds, allowing you to practice trading and test strategies before using real money.
Our Verdict
For Muslim traders, BDSwiss provides Islamic (swap-free) accounts upon request, though the swap-free benefit applies for up to 10 days only. This can be a suitable option for short-term Sharia-compliant trading. If you’re seeking a broker with Islamic account options, a user-friendly platform, and global presence, BDSwiss could be worth considering.
4. FP Markets
FP Markets is a globally recognized forex and CFD broker established in 2005, offering a wide range of trading instruments, including forex, commodities, indices, and cryptocurrencies.
For traders in Canada seeking to align their trading practices with Sharia law, FP Markets offers Islamic (swap-free) accounts that comply with Islamic finance principles.
🔍Broker | 🥇FP Markets |
🔢Year Founded | 2005 |
👥Amount of Staff | Over 200 |
👤Amount of Active Traders | 60,000+ |
📍Publicly Traded | None |
📈Regulation | ASIC (Australia) CySEC (Cyprus) FSCA (South Africa) |
🌎Country of Regulation | Australia Cyprus South Africa |
🗂️Account Segregation | ✅Yes |
📌Negative Balance Protection | ✅Yes |
🚩Investor Protection Schemes | ✅Yes (CySEC) |
🖋️Account Types and Features | Standard Raw ECN VIP accounts available |
🎉Institutional Accounts | ✅Yes |
👤Managed Accounts | None |
💵Minor Account Currencies | EUR USD GBP AUD CAD CHF JPY NZD SGD HKD |
💴Minimum Deposit | $100 |
⏱️Average Deposit/Withdrawal Processing Time | Instant - 1 business day |
💸Fund Withdrawal Fee | None |
✏️Spreads | 0.0 pips |
💷Commissions | From $3 per side (Raw account) |
🔢Number of Base Currencies Supported | 10 |
💶Swap Fees | ✅Yes |
⬆️Leverage | Up to 1:500 |
📉Margin Requirements | Varies by instrument and account type |
☪️Islamic Account (Swap-Free) | ✅Yes |
🆓Demo Account | ✅Yes |
⏰Order Execution Time | < 40ms |
➡️VPS Hosting | ✅Yes (for eligible accounts) |
🫴🏻CFDs - Total Offered | 10,000+ |
📊CFD Stock Indices | 23+ |
💡CFD Commodities | 12+ |
👉CFD Shares | 2,000+ |
💳Deposit Options | Bank transfer Credit/Debit card PayPal Neteller Skrill Fasapay and more |
💳Withdrawal Options | Bank transfer Credit/Debit card PayPal Neteller Skrill Fasapay and more |
🛎️Trading Platforms | MetaTrader 4 MetaTrader 5 IRESS,WebTrader Mobile Apps |
💻OS Compatibility | Windows macOS iOS Android |
🔩Forex Trading Tools | Autochartist VPS Trading Central Myfxbook |
🤝Customer Support | ✅Yes |
🗣️Live Chat Availability | ✅Yes |
🖥️Customer Support Email Address | support@fpmarkets.com |
☎️Customer Support Contact Number | +61 2 8252 6800 |
📱Social Media Platforms | Facebook YouTube |
⚙️Languages Supported on Website | 10+ including English Spanish Chinese Arabic |
📖Education and Research | ✅Yes |
✏️Forex Course | ✅Yes |
💻Webinars | ✅Yes |
🎓Educational Resources | ✅Yes (articles, videos, eBooks, market analysis) |
🤝Affiliate Program | ✅Yes |
👥Amount of Partners | Thousands worldwide |
👍IB Program | ✅Yes |
🎁Sponsorships | ✅Yes, involved in sports sponsorships |
💴Rebate Program | ✅Yes |
💰Cent or Micro Accounts | ✅Yes (Micro Accounts) |
🚀Open an Account | 👉 Click Here |
Pros and Cons
✅Pros | ❌Cons |
Regulated Broker | Withdrawal Fees |
Competitive Spreads | Complex Fee Structure |
Multiple Trading Platforms | Limited Research Tools |
Good Customer Support | No Social Trading Features |
Frequently Asked Questions
What is FP Markets?
FP Markets is a global forex and CFD broker founded in 2005, offering trading in forex, indices, commodities, shares, and cryptocurrencies via platforms like MT4, MT5, cTrader, and TradingView.
Does FP Markets offer Islamic (Swap-Free) accounts?
Yes. Islamic accounts are available upon request for Muslim traders. They are swap-free and comply with Sharia law, replacing overnight interest with a flat administrative fee.
Is FP Markets available in Canada?
Yes, Canadian traders can open accounts with FP Markets. However, the broker is not regulated by Canadian authorities (like IIROC), so users should trade at their discretion.
What is the minimum deposit to open an account?
The minimum deposit is AUD 100 or its equivalent in other currencies.
Our Verdict
For Muslim traders, FP Markets provides Islamic (swap-free) accounts that comply with Sharia law. These accounts offer interest-free trading, with administrative fees replacing overnight swaps. FP Markets is a suitable option for traders looking for a diverse range of instruments, competitive spreads, and Islamic account options.
5. Octa
Octa is a global forex broker offering a range of trading instruments, including currencies, indices, and commodities.
For Muslim traders in Canada seeking Sharia-compliant trading options, OctaFX offers Islamic (swap-free) accounts. These accounts are designed to align with Islamic principles by eliminating interest (riba) charges associated with overnight positions.
🔍Broker | 🥇OctaFX |
🔢Year Founded | 2011 |
👤Amount of Staff | 300+ |
👥Amount of Active Traders | Over 1.5 million |
📌Publicly Traded | None |
📈Regulation | Unregulated |
🌎Country of Regulation | N/A |
🗂️Account Segregation | ✅Yes |
❌Negative Balance Protection | ✅Yes |
💙Investor Protection Schemes | None |
➡️Institutional Accounts | None |
🫴🏻Managed Accounts | None |
💴Minor Account Currencies | EUR USD |
💵Minimum Deposit | $25 |
⏰Average Deposit/Withdrawal Processing Time | Within 1-3 hours |
💳Fund Withdrawal Fee | No fees |
✏️Spreads from | 0.6 pips |
💶Commissions | Zero commissions |
2️⃣Number of Base Currencies Supported | 2 (USD, EUR) |
💷Swap Fees | ✅Yes |
⬆️Leverage | Up to 1:500 |
📉Margin Requirements | Varies by account type and leverage |
☪️Islamic Account (Swap-Free) | ✅Yes |
🆓Demo Account | ✅Yes |
⏱️Order Execution Time | 0.1 seconds |
🖥️VPS Hosting | ✅Yes (free upon meeting conditions) |
➡️CFDs-Total Offered | 200+ |
📈CFD Stock Indices | ✅Yes |
👉CFD Commodities | ✅Yes |
📊CFD Shares | ✅Yes |
💴Deposit Options | Bank Transfer Credit/Debit Card E-Wallets Crypto |
💳Withdrawal Options | Bank Transfer Credit/Debit Card E-Wallets Crypto |
📊Trading Platforms | MetaTrader 4 (MT4) MetaTrader 5 (MT5) OctaFX WebTrader |
🍎OS Compatibility | Windows MacOS Android iOS |
🔩Forex Trading Tools | Economic Calendar Trading Calculators CopyTrading |
🫴🏻Customer Support | ✅Yes |
🗣️Live Chat Availability | ✅Yes |
💻Customer Support Email Address | support@octafx.com |
☎️Customer Support Contact Number | Not publicly listed |
📱Social Media Platforms | Facebook YouTube |
⚙️Languages Supported on Website | English Spanish Portuguese Indonesian Hindi Urdu Chinese, and more |
🎓Education and Research | ✅Yes |
✏️Forex Course | ✅Yes |
🖥️Webinars | ✅Yes |
📖Educational Resources | Articles Video Tutorials Market Analysis |
🤝Affiliate Program | ✅Yes |
👤Amount of Partners | Not disclosed |
🫰🏻IB Program | ✅Yes |
🎁Sponsorships | ✅Yes, sponsored motorsports and esports events |
🎀Rebate Program | ✅Yes |
💰Cent or Micro Accounts | ✅Yes |
🚀Open an Account | 👉 Click Here |
Pros and Cons
✅Pros | ❌Cons |
Low Minimum Deposit | No U.S. Clients |
Competitive Spreads and Low Fees | Limited Range of Tradable Assets |
Variety of Account Types | Higher Spreads on Some Account Types |
Bonus Offers and Promotions | Limited Research Tools |
Frequently Asked Questions
Are all Octa accounts Islamic-friendly?
Yes, all Octa accounts are designed to be Islamic-friendly, meaning they do not involve the accumulation, collection, or payment of interest rates, aligning with Islamic standards.
What is the minimum deposit to open an account?
The minimum deposit is approximately USD 25, depending on the chosen payment method.
What are the leverage options?
Octa provides flexible leverage options ranging from 1:1 to 1:1000, allowing traders to choose according to their risk tolerance.
Can I trade on mobile devices?
Yes, OctaFX offers mobile apps for both Android and iOS devices for MT4, MT5, and OctaTrader, so you can trade on the go
Our Verdict
Octa provides Muslim traders in Canada with Islamic (swap-free) accounts that adhere to Sharia law by removing interest (riba) on overnight positions, allowing them to trade in accordance with Islamic principles. These accounts are easily accessible across all supported platforms.
6. HYCM
HYCM is a well-established forex and CFD broker with over 40 years of experience, offering a wide range of financial instruments, including forex pairs, indices, commodities, and cryptocurrencies.
For Muslim traders in Canada seeking Sharia-compliant trading options, HYCM offers Islamic (swap-free) accounts.
🔍Broker | 🥇HYCM |
🔢Year Founded | 1977 |
👤Amount of staff | 100+ |
👥Amount of active traders | Not publicly disclosed |
📌Publicly Traded | None |
📈Regulation | FCA |
🌎Country of regulation | UK |
🗂️Account Segregation | ✅Yes |
🌟Negative balance protection | ✅Yes |
💙Investor Protection Schemes | ✅Yes (UK and EU) |
➡️Institutional Accounts | ✅Yes |
🫴🏻Managed Accounts | ✅Yes |
💴Minor account currencies | ✅Yes |
💵Minimum Deposit | $100 |
⏰Average deposit/withdrawal processing time | 1-3 business days |
💳Fund Withdrawal Fee | None |
✏️Spreads from | 0.2 pips (for fixed spreads) |
💷Commissions | Variable, depends on account type |
🔢Number of base currencies supported | 16 |
💸Swap Fees | ✅Yes (depends on account type and market conditions) |
⬆️Leverage | Up to 1:500 |
📉Margin requirements | Variable |
☪️Islamic account (swap-free) | ✅Yes |
🆓Demo Account | ✅Yes |
⏱️Order Execution Time | 1-2 seconds (depends on market conditions) |
🖥️VPS Hosting | Available |
🫴🏻CFDs-Total Offered | 150+ |
📈CFD Stock Indices | ✅Yes |
📉CFD Commodities | ✅Yes |
📊CFD Shares | ✅Yes |
💶Deposit Options | Bank Transfer Credit/Debit Cards, E-wallets |
💳Withdrawal Options | Bank Transfer, Credit/Debit Cards, E-wallets |
📊Trading Platforms | MetaTrader 4 (MT4), MetaTrader 5 (MT5) |
🍎OS Compatibility | Windows, MacOS, Android, iOS |
🪛Forex trading tools | Trading signals, market analysis tools |
🫴🏻Customer Support | ✅Yes |
🗣️Live chat availability | ✅Yes |
💻Customer Support Email address | info@hycm.com |
☎️Customer Support Contact Number | +44 (0) 207 071 5215 |
📱Social media Platforms | Facebook, Twitter, |
⚙️Languages supported on HYCM Website | English, Arabic, Chinese, Russian |
🎓Education and Research | ✅Yes |
✏️Forex course | ✅Yes |
💻Webinars | ✅Yes |
📖Educational Resources | Articles, video tutorials, trading guides |
🤝Affiliate program | ✅Yes |
👥Amount of partners | Not publicly disclosed |
🫰🏻IB Program | ✅Yes |
🎁Sponsorships | None |
🎀Rebate program | ✅Yes |
💰Cent or Micro Accounts | ✅Yes |
🚀Open an Account | 👉 Click Here |
Pros and Cons
✅Pros | ❌Cons |
Multiple Trading Platforms | Limited Cryptocurrency Options |
Competitive Spreads and High Leverage | High Minimum Deposit for Some Accounts |
Variety of Account Types | Inactivity Fees |
Multi-Language Support | Limited Social/Copy Trading Features |
Frequently Asked Questions
Is HYCM regulated?
Yes, HYCM is regulated by several financial authorities, including the UK’s Financial Conduct Authority (FCA) and the Dubai Financial Services Authority (DFSA).
Does HYCM offer a demo account?
Yes, HYCM offers demo accounts for clients to practice trading without real financial risk.
Can I trade through a VPS with HYCM MetaTrader 4/5?
Yes, HYCM supports trading through a Virtual Private Server (VPS) on MetaTrader 4 and 5 platforms.
Does HYCM offer Islamic (swap-free) accounts?
Yes, HYCM provides Islamic accounts that comply with Sharia law.
Our Verdict
Muslim traders seeking a reliable and globally recognized forex and CFD broker with a long history can find HYCM a suitable option, as it offers Islamic (swap-free) accounts designed to meet their needs by adhering to Sharia law principles, alongside other account types.
7. FXCM
FXCM is a globally recognized forex and CFD broker offering a diverse range of trading instruments, including forex pairs, indices, commodities, and cryptocurrencies.
FXCM offers Islamic (swap-free) accounts tailored for traders who wish to comply with Sharia law.
🔍Broke | 🥇FXCM |
🔢Year Founded | 1999 |
👤Amount of Staff | Over 600 |
👥Amount of Active Traders | Over 130,000 worldwide |
📌Publicly Traded | None |
📉Regulation | FCA, ASIC, FSCA, CySEC |
🌎Country of Regulation | United Kingdom, Australia, South Africa, among others |
🗂️Account Segregation | ✅Yes |
🌟Negative Balance Protection | ✅Yes (only for retail clients under FCA and ASIC regulation) |
💙Investor Protection Schemes | FSCS (UK) |
➡️Institutional Accounts | ✅Yes |
🫴🏻Managed Accounts | ✅Yes (through FXCM Prime) |
💴Minor Account Currencies | EUR, GBP, AUD, JPY, CAD, CHF |
💵Minimum Deposit | $50 for most account types |
⏰Average Deposit/Withdrawal Time | 1-3 business days |
💳Fund Withdrawal Fee | Varies by method |
✏️Spreads From | 1.3 pips (EUR/USD) |
💷Commissions | ✅Yes, depending on the account type |
5️⃣Number of Base Currencies Supported | 5 |
💸Swap Fees | ✅Yes |
⬆️Leverage | Up to 1:400 (depending on the region) |
📈Margin Requirements | Varies by asset class and region |
☪️Islamic Account (Swap-Free) | ✅Yes |
🆓Demo Account | ✅Yes |
⏱️Order Execution Time | Less than 1 second |
🖥️VPS Hosting | ✅Yes, for eligible clients |
👉CFDs - Total Offered | Over 300 |
📈CFD Stock Indices | ✅Yes |
📉CFD Commodities | ✅Yes |
📊CFD Shares | ✅Yes |
💶Deposit Options | Credit/Debit cards, Bank Transfer, Skrill, Neteller, UnionPay, etc. |
💳Withdrawal Options | Bank Transfer, Credit/Debit cards, Skrill, Neteller, etc. |
📊Trading Platforms | Trading Station, MetaTrader 4 (MT4), NinjaTrader, ZuluTrade |
🍎OS Compatibility | Windows, Mac, iOS, Android |
🪛Forex Trading Tools | Trading signals, market analysis, research tools, automated trading options |
🫴🏻Customer Support | ✅Yes |
🗣️Live Chat Availability | ✅Yes |
💻Customer Support Email Address | info@fxcm.com |
☎️Customer Support Contact Number | Varies by region |
📱Social Media Platforms | Facebook, Twitter, LinkedIn, YouTube |
⚙️Languages Supported on Website | English, French, German, Italian, Chinese, Japanese, Arabic, Spanish, and more |
🎓Education ans Research | ✅Yes |
✏️Forex Course | ✅Yes |
💻Webinars | ✅Yes |
📖Educational Resources | Articles, videos, tutorials, webinars, trading guides |
🤝Affiliate Program | ✅Yes |
👥Amount of Partners | Not specified |
🫰🏻IB Program | ✅Yes |
🎁Sponsorships | No notable sponsorships currently |
🎀Rebate Program | ✅Yes |
💰Cent or Micro Accounts | ✅Yes |
🚀Open an Account | 👉 Click Here |
Pros and Cons
✅Pros | ❌Cons |
Regulated Broker | Limited Range of Account Types |
Multiple Trading Platforms | Not Available in All Regions |
Competitive Spreads | Commission on Certain Accounts |
User-Friendly Interface | Customer Support Limitations |
Frequently Asked Questions
Does FXCM offer Islamic (swap-free) accounts?
Yes, FXCM offers Islamic or swap-free accounts designed to comply with Sharia law.
Can Canadian residents open an account with FXCM?
Yes, Canadian residents can open accounts with FXCM through Friedberg Direct, a division of Friedberg Mercantile Group Ltd.
What is FXCM?
FXCM (Forex Capital Markets) is a well-established, global forex and CFD broker founded in 1999. It offers trading on forex pairs, commodities, indices, and cryptocurrencies.
What platforms does FXCM offer?
FXCM supports several trading platforms: Trading Station, MetaTrader 4 (MT4), TradingView, NinjaTrader, and ZuluTrade.
Our Verdict
For Muslim traders, FXCM provides Islamic (swap-free) accounts, which are structured to align with Sharia law by eliminating interest-based overnight charges and applying alternative cost structures. Whether you’re a beginner or an experienced trader, FXCM’s flexible account options, educational tools, and strong regulatory framework make it a solid choice for forex and CFD trading.
8. Vantage Fx
Vantage Fx is a globally recognized forex and CFD broker, offering a wide range of trading instruments and account types.
For traders seeking Sharia-compliant options, Vantage Fx provides Islamic (swap-free) accounts.
🔍Broker | 🥇Vantage FX |
🔢Year Founded | 2009 |
👤Amount of Staff | 200+ |
👥Amount of Active Traders | 500,000+ |
📌Publicly Traded | None |
📈Regulation | ASIC (Australia), FCA (UK), CIMA (Cayman Islands) |
🌎Country of Regulation | Australia, United Kingdom, Cayman Islands |
🚩Account Segregation | ✅Yes |
➡️Negative Balance Protection | ✅Yes |
💙Investor Protection Schemes | ✅Yes (FCA regulated clients) |
👉Institutional Accounts | ✅Yes |
💡Managed Accounts | ✅Yes (MAM/PAMM accounts available) |
💴Minor Account Currencies | USD, EUR, GBP, AUD, SGD |
💵Minimum Deposit | $50 |
⏱️Average Deposit/Withdrawal Processing Time | 1 - 3 business days |
💳Fund Withdrawal Fee | None, but third-party fees may apply |
✏️Spreads | 0.0 pips |
💵Commissions | From $3 per lot (round turn) |
5️⃣Number of Base Currencies Supported | 5 |
💷Swap Fees | ✅Yes |
⬆️Leverage | Up to 1:500 |
📉Margin Requirements | Varies by instrument |
☪️Islamic Account (Swap-Free) | ✅Yes |
🆓Demo Account | ✅Yes |
⏱️Order Execution Time | < 30ms |
🖥️VPS Hosting | ✅Yes (free for eligible accounts) |
📊CFDs - Total Offered | 1000+ |
🖋️CFD Stock Indices | 15+ |
👉CFD Commodities | 20+ |
🌟CFD Shares | 500+ |
💷Deposit Options | Bank transfer Credit/Debit cards Skrill Neteller PayPal Cryptocurrencies |
💶Withdrawal Options | Bank transfer Credit/Debit cards Skrill Neteller PayPal Cryptocurrencies |
📊Trading Platforms | MetaTrader 4 MetaTrader 5 ProTrader |
📱OS Compatibility | Windows macOS iOS Android |
🔩Forex Trading Tools | Autochartist Trading Central VPS |
🫴🏻Customer Support | ✅Yes |
🗣️Live Chat Availability | ✅Yes |
💻Customer Support Email Address | support@vantagefx.com |
☎️Customer Support Contact Number | +44 2080 363 883 |
🌟Social Media Platforms | Facebook |
⚙️Languages Supported on Website | Multiple languages, including English Chinese Spanish |
🎓Education and Research | ✅Yes |
✏️Forex Course | ✅Yes |
🖥️Webinars | ✅Yes |
📖Educational Resources | Articles Video Tutorials Market Analysis |
🤝Affiliate Program | ✅Yes |
📍Amount of Partners | Not publicly disclosed |
🫶IB Program | ✅Yes |
🎁Sponsorships | ✅Yes (various sporting events and teams) |
🎀Rebate Program | ✅Yes |
💰Cent or Micro Accounts | ✅Yes (Micro accounts available) |
🚀Open an Account | 👉 Click Here |
Pros and Cons
✅Pros | ❌Cons |
Regulation and Safety | Limited Research Tools |
Low Spreads and Zero-Commission Options | Inactivity Fees |
High Leverage Options | Commission on RAW ECN Accounts |
Free VPS and Social Trading | Limited Availability of Islamic Accounts |
Frequently Asked Questions
Does Vantage FX offer Islamic (swap-free) accounts?
Yes, Vantage Fx offers Islamic or swap-free accounts designed to comply with Sharia law.
Is Vantage Fx regulated?
Yes, Vantage Fx is regulated by several financial authorities, including the Australian Securities and Investments Commission (ASIC) and the Financial Conduct Authority (FCA) in the UK.
What trading platforms does Vantage Fx offer?
Vantage provides access to industry-standard platforms such as MetaTrader 4 (MT4) and MetaTrader 5 (MT5), catering to both novice and experienced traders.
What types of accounts are available?
Vantage Fx offers various account types to suit different trading styles, including Standard STP, Raw ECN, and Pro ECN accounts. Each account type has its own fee structure and trading conditions.
Our Verdict
For traders seeking a Sharia-compliant trading experience, Vantage Fx provides Islamic (swap-free) accounts. These accounts eliminate interest-based overnight charges, adhering to Islamic financial principles, though alternative fees may apply. Vantage Fx is an appealing option for traders worldwide.
Is Forex Trading in Canada Compliant with Sharia Law?
In Canada, forex trading can be compliant with Sharia law depending on the broker and the account type offered. Specifically, brokers that provide Islamic (swap-free) accounts are a key factor in ensuring compliance with Sharia law.
Here are the key aspects to consider:
Islamic Accounts
Islamic accounts are structured to remove interest-based transactions (swap fees), which is a key principle of Sharia law. In forex trading, these accounts typically eliminate overnight interest charges (or swaps) that would otherwise be applied to positions held overnight. Instead, brokers may charge a fixed fee or commission to make up for the absence of swap fees.
Brokers and Regulations
Canadian forex brokers must comply with the regulations set by the Investment Industry Regulatory Organization of Canada (IIROC). While IIROC does not specifically address Islamic accounts, brokers can offer them as long as they adhere to Canadian financial regulations.
Other Compliance Aspects
In addition to swap-free accounts, brokers need to avoid offering products that might conflict with Islamic principles, such as those involving gambling or excessive risk (as per the concept of gharar).
Forex trading in Canada can be compliant with Sharia law if traders select brokers that offer Islamic accounts with no swap fees or interest charges. It’s crucial to research and choose a reputable, regulated broker that provides the necessary account structure and trading conditions to meet Sharia requirements.
In Conclusion
As Canada has strict regulations through the IIROC, brokers offering Islamic accounts must adhere to the necessary local financial regulations, providing a secure and compliant trading environment for traders. Forex trading in Canada can be compliant with Sharia law if you choose brokers that offer Islamic (swap-free) accounts. These accounts are designed to eliminate interest-based overnight charges, which are prohibited in Islamic finance.
You Might also Like:
- Islamic forex brokers in the Central African Republic
- Islamic forex brokers in Chad
- Islamic forex brokers in Chile
- Islamic forex brokers in China
Frequently Asked Questions
How do I open an Islamic account with Forex.com?
To open an Islamic account, sign up with Forex.com and contact customer support to request a swap-free option. The broker will review and activate the account accordingly.
Does AvaTrade offer Islamic (swap-free) accounts?
Yes. AvaTrade provides Islamic trading accounts for Muslim traders that comply with Sharia law.
What is the minimum deposit at BDSwiss?
The minimum deposit is USD 100, depending on the account type and funding method.
What trading platforms are supported by FP Markets?
FP Markets offers: MetaTrader 4 (MT4), MetaTrader 5 (MT5), cTrader, and TradingView.
Are there demo accounts available at Octa?
Yes, Octa offers demo accounts where traders can practice trading with virtual funds, allowing them to learn without any risk
Can Canadian residents open an account with HYCM?
Yes, HYCM accepts clients from Canada.
What is the minimum deposit at FXCM?
The minimum deposit typically starts at USD 50, but may vary depending on your region and payment method.
What is the minimum deposit requirement at Vantage Fx?
The minimum deposit to open a trading account with Vantage Fx is USD 50.
What is an Islamic account in forex trading?
An Islamic account is a trading account that is swap-free and adheres to the principles of Sharia law.
Can I open an Islamic account with Canadian brokers?
Canadian brokers typically do not offer swap-free accounts because the IIROC regulations do not specifically support Islamic account structures.
How does an Islamic account work?
Islamic accounts remove overnight interest fees (swaps) and allow traders to hold positions overnight without violating the principle of riba (interest).
Are there any additional fees for Islamic accounts?
Yes, while Islamic accounts don’t charge swap fees, brokers often apply wider spreads or commission-based fees to compensate for the removal of interest.
Are Islamic accounts regulated?
Yes, brokers offering Islamic accounts are regulated by reputable financial authorities, including the IIROC in Canada.
Can I open an Islamic account if I am not Muslim?
While Islamic accounts are designed to cater to Muslim traders, some brokers may offer these accounts to non-Muslim traders as well, as long as they do not trade in a manner that conflicts with Islamic principles.