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8 Best Forex Brokers with Islamic Accounts in Canada

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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✅ Yes100 USD138.35 CAD
🥈AvaTrade👉 Click Here✅ Yes100 USD138.35 CAD
🥉BDSwiss👉 Click Here✅ Yes10 USD13.83 CAD
🏅FP Markets👉 Click Here✅ Yes100 USD138.35 CAD
🏆Octa👉 Click Here✅ Yes25 USD34.59 CAD
🥇HYCM👉 Click Here✅ Yes20 USD27.67 CAD
🥈FXCM👉 Click Here✅ Yes50 USD69.17 CAD
🥉Vantage Fx👉 Click Here✅ Yes50 USD69.17 CAD

 

8 Best Forex Brokers with Islamic Accounts in Canada


8 Best Forex Brokers with Islamic Accounts in Canada


8 Best Forex Brokers with Islamic Accounts in Canada


8 Best Forex Brokers with Islamic Accounts in Canada


8 Best Forex Brokers with Islamic Accounts in Canada


8 Best Forex Brokers with Islamic Accounts in Canada


8 Best Forex Brokers with Islamic Accounts in Canada


8 Best Forex Brokers with Islamic Accounts in Canada


🏆 10 Best Rated Forex Brokers

Broker

Rating

Regulators

Platforms

Min Deposit

Max Leverage

Crypto

Official Site

🥇

4.7/5

ASIC, FSA, CBI, BVI, FSCA, FRSA, CySEC, ISA, JFSA

MT4, MT5, Avatrade Social

USD 100

400:1

Yes

🥈

4.5/5

CBCS, CySEC, FCA, FSA, FSC, FSCA, CMA

MT4, MT5

USD 10

2000:1

Yes

🥉

4.8/5

FSA, CySEC, FSCA, FSC

MT4, MT5

USD 1

3000:1

Yes

4

4.6/5

FSC, CMA

MT4, MT5, FXTM Trader

USD 200

2000:1

Yes

5

4.9/5

CySEC, FSCA, FCA, FSA, DFSA, CMA, St. Vincent & the Grenadine

MT4, MT5, HFM App, HFM Copy Trading

USD 0

2000:1

Yes

6

4.6/5

CySEC, MISA, FSCA

MT4, MT5, OctaTrader

USD 25

1:1000

Yes

7

4.9/5

ASIC, BaFin, CMA, CySEC, DFSA, FCA, SCB

MT4, MT5, cTrader, Tradingview, Pepperstone Platform

USD 10

400:1

Yes

8

4.7/5

FCA, DFSA, SVG

MT4, MT5, Mobile Trader

USD 20

1:500

Yes

9

4.7/5

ASIC, FCA, CySEC, SCB

MT4, MT5, TradingView

USD 100

1:500

Yes

10

4.9/5

ASIC, CySEC, FSCA, FSA

MT4, MT5

USD 100

500:1

Yes

🏆 10 Best Rated Forex Brokers

Broker

Min Deposit

Max Leverage

Official Site

🥇

USD 100

400:1

🥈

USD 10

2000:1

🥉

USD 1

3000:1

4

USD 200

2000:1

5

USD 0

2000:1

6

USD 25

1000:1

7

USD 10

400:1

8

USD 20

1:500

9

USD 100

1:500

9

USD 200

1:500

10

USD 100

500:1

 

8 Best Forex Brokers with Islamic Accounts in Canada (2025)

 

  1. ☑️Forex.com – Overall, The Best Brokers with an Islamic Account in Canada
  2. ☑️AvaTrade – Best Forex Broker for Beginners
  3. ☑️BDSwiss – Best Educational Broker
  4. ☑️FP Markets – Best Multi-Asset Forex Broker
  5. ☑️Octa – Best Customer Service Broker
  6. ☑️HYCM – Best Multi-Regulated Forex and CFD Provider
  7. ☑️FXCM – Best Mobile Trading App
  8. ☑️Vantage Fx – Best Affiliate Program

 

Forex.com Review

 

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 Founded2001
👥Amount of StaffApproximately
400
👤Amount of Active TradersOver 100,000
📌Publicly Traded ✅Yes (part
of GAIN
Capital
Holdings,
listed on
NYSE)
📉RegulationFCA, CFTC, ASIC
🗂️Account Segregation✅Yes
🌟Negative Balance Protection✅Yes
💙Investor Protection Schemes✅Yes (NFA
and FCA
protections)
➡️Institutional Accounts✅Yes
🫴🏻Managed AccountsNone
💴Minor Account Currencies✅Yes
💵Minimum Deposit$100
⏰Average Deposit/Withdrawal Processing Time1-3 business days
💳Fund Withdrawal FeeNone (may
vary by
method)
✏️Spreads From0.8 pips
💷CommissionsNone on
standard
accounts
(commission
applies for
certain
accounts)
6️⃣Number of Base Currencies Supported6 (USD,
EUR, GBP,
CAD, AUD,
JPY)
💸Swap Fees✅Yes (varies
by
instrument)
⬆️LeverageUp to 1:200
📈Margin RequirementsVaries 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 OfferedOver 2,000
📈CFD Stock Indices✅Yes
📉CFD Commodities✅Yes
📊CFD Shares✅Yes
💶Deposit OptionsBank transfer,
credit/debit cards,
e-wallets
(PayPal,
Skrill)
💳Withdrawal OptionsBank transfer,
credit/debit cards,
e-wallets
📊Trading PlatformsForex.com
Trading Platform,
MetaTrader 4
🍎OS CompatibilityWindows
Mac,
iOS,
Android
🪛Forex Trading ToolsCharting tools,
trading alerts,
research tools
🫴🏻Customer Support✅Yes
🗣️Live Chat Availability✅Yes
💻Customer Support Email Addressglobal.support@forex.com
☎️Customer Support Contact Number+1 (877) 999-2450
📱Social Media PlatformsFacebook,
Twitter,
LinkedIn
⚙️Languages Supported on Forex.com WebsiteEnglish,
Spanish,
Chinese,
Japanese,
French,
German
🎓Education and Research✅Yes
✏️Forex Course✅Yes (various
resources
available)
🖥️Webinars✅Yes
📖Educational ResourcesArticles,
video tutorials,
trading guides
🤝Affiliate Program✅Yes
👥Amount of PartnersNot 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

 

Overall Rating

Min Deposit

USD 100 

Regulators

FCA, CFTC, ASIC

Trading Platform

MT5, Proprietary

Crypto

Yes

Total Pairs

91

Islamic Account

No

Trading Fees

Low

Account Activation

24 Hours

 

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).

 

Overall Rating

Min Deposit

USD 100 

Regulators

FCA, CFTC, ASIC

Trading Platform

MT5, Proprietary

Crypto

Yes

Total Pairs

91

Islamic Account

No

Trading Fees

Low

Account Activation

24 Hours

 

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.

 

AvaTrade Review

 

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 Founded2006
👤Amount of staff200+
👥Amount of active tradersOver 300,000
📌Publicly Traded None
📈RegulationCentral 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 regulationIreland
Australia
Japan
UAE
South Africa
British Virgin Islands
🗂️Account Segregation✅Yes
🌟Negative balance protection✅Yes
💙Investor Protection SchemesCompensation scheme
for eligible
clients under
certain
jurisdictions
➡️Institutional Accounts✅Yes
🫴🏻Managed AccountsNone
💴Minor account currenciesUSD
EUR
GBP
AUD
JPY
CHF
ZAR, and more
💵Minimum Deposit$100
⏰Average deposit/withdrawal processing timeDeposits: Instant
Withdrawals: 1-3
business days
💳Fund Withdrawal FeeNo fees on
most payment
methods,
but some
charges may
apply depending
on the
method used
✏️Spreads from0.9 pips (EUR/USD)
💷CommissionsNo commissions
on most
trades; spreads
apply
🔟Number of base currencies supported10+
💶Swap Fees✅Yes
Swap-free
accounts available
for
Islamic traders
⬆️LeverageUp to 1:400
depending on
jurisdiction
📉Margin requirementsVaries based
on asset and
leverage used
☪️Islamic account (swap-free)✅Yes
🆓Demo Account✅Yes
⏱️Order Execution TimeFast execution
generally
less than 1 second
🖥️VPS Hosting✅Yes
for qualifying
accounts
👉CFDs-Total Offered1000+
📈CFD Stock Indices30+
📉CFD Commodities20+
📊CFD Shares600+
💵Deposit OptionsCredit/Debit Card
Bank Transfer
PayPal
Skrill
Neteller
WebMoney, and more
💳Withdrawal OptionsCredit/Debit Card
Bank Transfer
PayPal
Skrill
Neteller
WebMoney, and more
📊Trading PlatformsMetaTrader 4 (MT4)
MetaTrader 5 (MT5)
AvaTradeGO
WebTrader
AvaOptions
🍎OS CompatibilityWindows
MacOS
iOS
Android
🔩Forex trading toolsAutochartist
Trading Central
Economic Calendar
AvaProtect, and more
🫴🏻Customer Support✅Yes
🗣️Live chat availability✅Yes
💻Customer Support Email addresssupport@avatrade.com
☎️Customer Support Contact NumberVaries by region
accessible through
the website
📱Social media PlatformsFacebook
Twitter
LinkedIn
YouTube
⚙️Languages supported on FBS WebsiteMultiple languages including
English
Spanish
French
Italian
Arabic, and more
🎓Education and Research✅Yes
✏️Forex course✅Yes (AvaAcademy)
💻Webinars✅Yes
📖Educational ResourceseBooks
Videos
Tutorials
Blog
Market Analysis
🤝Affiliate program✅Yes
👥Amount of partnersThousands globally
🫰🏻IB Program✅Yes
🎁Sponsorships✅Yes
Various sponsorships
including the
Manchester City
Football Club)
🎀Rebate program✅Yes
💰Cent or Micro AccountsNone
Offers Standard
and Professional
Accounts
🚀Open an Account👉 Click Here

 

Overall Rating

Min Deposit

USD 100 

Regulators

ASIC, FSA, CBI,  BVI, FSCA, FRSA, ISA

Trading Platform

MT4, MT5, Ava Social, Ava Protect, Trading Central

Crypto

Yes

Total Pairs

55+

Islamic Account

Yes

Trading Fees

Low

Account Activation

24 Hours

 

Pros and Cons

✅Pros❌Cons
Regulated by
multiple authorities
High inactivity fees
Various trading platformsFixed spreads can
be higher
Negative balance
protection
Does not accept
U.S. clients
Islamic account optionsCustomer 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.

 

Overall Rating

Min Deposit

USD 100 

Regulators

ASIC, FSA, CBI,  BVI, FSCA, FRSA, ISA

Trading Platform

MT4, MT5, Ava Social, Ava Protect, Trading Central

Crypto

Yes

Total Pairs

55+

Islamic Account

Yes

Trading Fees

Low

Account Activation

24 Hours

 

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.

 

BDSWISS Review

 

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 Founded2012
👥Amount of Staff200+
👤Amount of Active TradersOver 1.5 million
📌Publicly Traded None
📉RegulationCySEC,
FSC,
FSA,
NFA
(for certain
jurisdictions)
🌎Country of RegulationCyprus,
Mauritius,
Seychelles,
United States
🗂️Account Segregation✅Yes
🌟Negative Balance Protection✅Yes
💙Investor Protection Schemes✅Yes, up to
€20,000
under CySEC
ICF
➡️Institutional AccountsNone
🫴🏻Managed AccountsNone
💴Minor Account CurrenciesEUR,
USD,
GBP
💵Minimum Deposit$10
⏰Average Deposit/Withdrawal Processing TimeDeposits: Instant;
Withdrawals:
1-5 business
days
💳Fund Withdrawal FeeFree
(conditions
apply, e.g.,
minimum
withdrawal
amount)
✏️Spreads From0.0 pips on
Raw accounts
💷Commissions$5 per lot
on Raw
accounts,
None on
Classic
accounts
3️⃣Number of Base Currencies Supported3 (EUR,
USD, GBP)
💸Swap Fees✅Yes,
applicable
on most
instruments
⬆️LeverageUp to
1:50
(depending
on the
region)
📉Margin RequirementsVaries by
asset and
region
☪️Islamic Account (Swap-Free)✅Yes
🆓Demo Account✅Yes, unlimited
⏱️Order Execution Time11.06 milliseconds
on average
💻VPS HostingAvailable, but
conditions
apply
🫴🏻CFDs-Total Offered250+
📈CFD Stock Indices10+
📉CFD Commodities15+
📊CFD Shares100+
💶Deposit OptionsBank transfer,
Credit/Debit Card,
E-wallets
(Skrill,
Neteller)
💳Withdrawal OptionsBank transfer,
Credit/Debit Card,
E-wallets
(Skrill,
Neteller)
📊Trading PlatformsMetaTrader 4,
MetaTrader 5,
BDSwiss
WebTrader,
BDSwiss Mobile
App
🍎OS CompatibilityWindows,
MacOS,
iOS,
Android
🪛Forex Trading ToolsEconomic
Calendar,
Trading Alerts,
Autochartist,
Trading Academy
🎓Customer Support✅Yes
🗣️Live Chat Availability✅Yes
💻Customer Support Email Addresssupport@bdswiss.com
☎️Customer Support Contact Number+44 203 695 3086 (UK)
📱Social Media PlatformsFacebook,
Twitter,
LinkedIn,
YouTube
⚙️Languages Supported on HFM Website20+ including
English,
German,
French,
Spanish,
Italian
🎓Education and Research✅Yes
✏️Forex Course✅Yes
💻Webinars✅Yes
📖Educational ResourcesArticles,
Video Tutorials,
Market News,
eBooks
🤝Affiliate Program✅Yes
👥Amount of PartnersNot publicly
disclosed
🫰🏻IB Program✅Yes
🎁Sponsorships✅Yes, various
financial and
sports events
🎀Rebate Program✅Yes
🚀 Open a account👉 Open Account

 

Overall Rating

Min Deposit

USD 10

Regulators

FSC, FSA, FSCA, MISA, SCA

Trading Platform

MT4, MT5, BDSwiss Mobile app, BDSwiss WebTrader

Crypto

Yes

Total Pairs

50+

Islamic Account

Yes

Trading Fees

Low

Account Activation

24 Hours

 

Pros and Cons

✅Pros❌Cons
Regulated and SecureHigher Fees on Certain
Accounts
Diverse Account TypesLimited 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.

 

Overall Rating

Min Deposit

USD 10

Regulators

FSC, FSA, FSCA, MISA, SCA

Trading Platform

MT4, MT5, BDSwiss Mobile app, BDSwiss WebTrader

Crypto

Yes

Total Pairs

50+

Islamic Account

Yes

Trading Fees

Low

Account Activation

24 Hours

 

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.

 

FP Markets Review Main Banner Image

 

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 Founded2005
👥Amount of StaffOver 200
👤Amount of Active Traders60,000+
📍Publicly Traded None
📈RegulationASIC (Australia)
CySEC (Cyprus)
FSCA (South Africa)
🌎Country of RegulationAustralia
Cyprus
South Africa
🗂️Account Segregation✅Yes
📌Negative Balance Protection✅Yes
🚩Investor Protection Schemes✅Yes (CySEC)
🖋️Account Types and FeaturesStandard
Raw ECN
VIP accounts
available
🎉Institutional Accounts✅Yes
👤Managed AccountsNone
💵Minor Account CurrenciesEUR
USD
GBP
AUD
CAD
CHF
JPY
NZD
SGD
HKD
💴Minimum Deposit$100
⏱️Average Deposit/Withdrawal Processing TimeInstant - 1 business day
💸Fund Withdrawal FeeNone
✏️Spreads 0.0 pips
💷CommissionsFrom $3
per side
(Raw account)
🔢Number of Base Currencies Supported10
💶Swap Fees✅Yes
⬆️LeverageUp to 1:500
📉Margin RequirementsVaries 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 Offered10,000+
📊CFD Stock Indices23+
💡CFD Commodities12+
👉CFD Shares2,000+
💳Deposit OptionsBank transfer
Credit/Debit card
PayPal
Neteller
Skrill
Fasapay
and more
💳Withdrawal OptionsBank transfer
Credit/Debit card
PayPal
Neteller
Skrill
Fasapay
and more
🛎️Trading PlatformsMetaTrader 4
MetaTrader 5
IRESS,WebTrader
Mobile Apps
💻OS CompatibilityWindows
macOS
iOS
Android
🔩Forex Trading ToolsAutochartist
VPS
Trading Central
Myfxbook
🤝Customer Support✅Yes
🗣️Live Chat Availability✅Yes
🖥️Customer Support Email Addresssupport@fpmarkets.com
☎️Customer Support Contact Number+61 2 8252 6800
📱Social Media PlatformsFacebook
Twitter
LinkedIn
Instagram
YouTube
⚙️Languages Supported on Website10+ 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 PartnersThousands 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

 

Overall Rating

Min Deposit

AUD 100 

Regulators

ASIC, CySEC, FSCA, FSA, FSC, CMA

Trading Platform

MT4, MT5, Iress, WebTrader, cTrader, TradingView, Mobile App

Crypto

Yes

Total Pairs

70+

Islamic Account

Yes

Trading Fees

Low

Account Activation

24 Hours

 

Pros and Cons

✅Pros❌Cons
Regulated BrokerWithdrawal Fees
Competitive SpreadsComplex Fee Structure
Multiple Trading
Platforms
Limited Research Tools
Good Customer SupportNo 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.

 

Overall Rating

Min Deposit

AUD 100 

Regulators

ASIC, CySEC, FSCA, FSA, FSC, CMA

Trading Platform

MT4, MT5, Iress, WebTrader, cTrader, TradingView, Mobile App

Crypto

Yes

Total Pairs

70+

Islamic Account

Yes

Trading Fees

Low

Account Activation

24 Hours

 

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.

 

Octa Review

 

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 Founded2011
👤Amount of Staff300+
👥Amount of Active TradersOver 1.5 million
📌Publicly Traded None
📈RegulationUnregulated
🌎Country of RegulationN/A
🗂️Account Segregation✅Yes
❌Negative Balance Protection✅Yes
💙Investor Protection SchemesNone
➡️Institutional AccountsNone
🫴🏻Managed AccountsNone
💴Minor Account CurrenciesEUR
USD
💵Minimum Deposit$25
⏰Average Deposit/Withdrawal Processing TimeWithin 1-3 hours
💳Fund Withdrawal FeeNo fees
✏️Spreads from0.6 pips
💶CommissionsZero commissions
2️⃣Number of Base Currencies Supported2 (USD, EUR)
💷Swap Fees✅Yes
⬆️LeverageUp to 1:500
📉Margin RequirementsVaries by
account type
and leverage
☪️Islamic Account (Swap-Free)✅Yes
🆓Demo Account✅Yes
⏱️Order Execution Time0.1 seconds
🖥️VPS Hosting✅Yes (free
upon
meeting
conditions)
➡️CFDs-Total Offered200+
📈CFD Stock Indices✅Yes
👉CFD Commodities✅Yes
📊CFD Shares✅Yes
💴Deposit OptionsBank Transfer
Credit/Debit Card
E-Wallets
Crypto
💳Withdrawal OptionsBank Transfer
Credit/Debit Card
E-Wallets
Crypto
📊Trading PlatformsMetaTrader 4 (MT4)
MetaTrader 5 (MT5)
OctaFX WebTrader
🍎OS CompatibilityWindows
MacOS
Android
iOS
🔩Forex Trading ToolsEconomic Calendar
Trading Calculators
CopyTrading
🫴🏻Customer Support✅Yes
🗣️Live Chat Availability✅Yes
💻Customer Support Email Addresssupport@octafx.com
☎️Customer Support Contact NumberNot publicly listed
📱Social Media PlatformsFacebook
Twitter
Instagram
YouTube
⚙️Languages Supported on WebsiteEnglish
Spanish
Portuguese
Indonesian
Hindi
Urdu
Chinese, and more
🎓Education and Research✅Yes
✏️Forex Course✅Yes
🖥️Webinars✅Yes
📖Educational ResourcesArticles
Video Tutorials
Market Analysis
🤝Affiliate Program✅Yes
👤Amount of PartnersNot disclosed
🫰🏻IB Program✅Yes
🎁Sponsorships✅Yes,
sponsored
motorsports
and esports
events
🎀Rebate Program✅Yes
💰Cent or Micro Accounts✅Yes
🚀Open an Account👉 Click Here

 

Overall Rating

Min Deposit

USD 25

Regulators

CySEC, MISA, FSCA, FSC

Trading Platform

MT5, OctaTrader

Crypto

Yes

Total Pairs

52

Islamic Account

Yes

Trading Fees

No

Account Activation

24 Hours

 

Pros and Cons

✅Pros ❌Cons
Low Minimum DepositNo U.S. Clients
Competitive Spreads
and Low Fees
Limited Range of
Tradable Assets
Variety of Account TypesHigher 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

 

Overall Rating

Min Deposit

USD 25

Regulators

CySEC, MISA, FSCA, FSC

Trading Platform

MT5, OctaTrader

Crypto

Yes

Total Pairs

52

Islamic Account

Yes

Trading Fees

No

Account Activation

24 Hours

 

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.

 

HYCM Review

 

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 Founded1977
👤Amount of staff100+
👥Amount of active tradersNot publicly disclosed
📌Publicly Traded None
📈RegulationFCA
🌎Country of regulationUK
🗂️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 time1-3 business days
💳Fund Withdrawal FeeNone
✏️Spreads from0.2 pips
(for fixed
spreads)
💷CommissionsVariable, depends
on account
type
🔢Number of base currencies supported16
💸Swap Fees✅Yes
(depends on
account type
and market
conditions)
⬆️LeverageUp to 1:500
📉Margin requirementsVariable
☪️Islamic account (swap-free)✅Yes
🆓Demo Account✅Yes
⏱️Order Execution Time1-2 seconds
(depends on
market
conditions)
🖥️VPS HostingAvailable
🫴🏻CFDs-Total Offered150+
📈CFD Stock Indices✅Yes
📉CFD Commodities✅Yes
📊CFD Shares✅Yes
💶Deposit OptionsBank Transfer
Credit/Debit Cards,
E-wallets
💳Withdrawal OptionsBank Transfer,
Credit/Debit Cards,
E-wallets
📊Trading PlatformsMetaTrader 4
(MT4),
MetaTrader 5
(MT5)
🍎OS CompatibilityWindows,
MacOS,
Android,
iOS
🪛Forex trading toolsTrading signals,
market analysis
tools
🫴🏻Customer Support✅Yes
🗣️Live chat availability✅Yes
💻Customer Support Email addressinfo@hycm.com
☎️Customer Support Contact Number+44 (0) 207 071 5215
📱Social media PlatformsFacebook,
Twitter,
LinkedIn
⚙️Languages supported on HYCM WebsiteEnglish,
Arabic,
Chinese,
Russian
🎓Education and Research✅Yes
✏️Forex course✅Yes
💻Webinars✅Yes
📖Educational ResourcesArticles,
video tutorials,
trading
guides
🤝Affiliate program✅Yes
👥Amount of partnersNot publicly
disclosed
🫰🏻IB Program✅Yes
🎁SponsorshipsNone
🎀Rebate program✅Yes
💰Cent or Micro Accounts✅Yes
🚀Open an Account👉 Click Here

 

Overall Rating

Min Deposit

USD 20

Regulators

FCA

Trading Platform

MT4, MT5

Crypto

Yes

Total Pairs

69

Islamic Account

Yes

Trading Fees

Low

Account Activation

24 Hours

 

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 TypesInactivity Fees
Multi-Language SupportLimited 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.

 

Overall Rating

Min Deposit

USD 20

Regulators

FCA

Trading Platform

MT4, MT5

Crypto

Yes

Total Pairs

69

Islamic Account

Yes

Trading Fees

Low

Account Activation

24 Hours

 

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.

 

FXCM Review

 

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 Founded1999
👤Amount of StaffOver 600
👥Amount of Active TradersOver 130,000
worldwide
📌Publicly Traded None
📉RegulationFCA,
ASIC,
FSCA,
CySEC
🌎Country of RegulationUnited Kingdom,
Australia,
South Africa,
among
others
🗂️Account Segregation✅Yes
🌟Negative Balance Protection✅Yes (only for
retail clients
under FCA
and ASIC
regulation)
💙Investor Protection SchemesFSCS (UK)
➡️Institutional Accounts✅Yes
🫴🏻Managed Accounts✅Yes (through
FXCM Prime)
💴Minor Account CurrenciesEUR,
GBP,
AUD,
JPY,
CAD,
CHF
💵Minimum Deposit$50 for
most account
types
⏰Average Deposit/Withdrawal Time1-3 business days
💳Fund Withdrawal FeeVaries by method
✏️Spreads From1.3 pips (EUR/USD)
💷Commissions✅Yes,
depending on
the account
type
5️⃣Number of Base Currencies Supported5
💸Swap Fees✅Yes
⬆️LeverageUp to 1:400
(depending on
the region)
📈Margin RequirementsVaries by asset
class and
region
☪️Islamic Account (Swap-Free)✅Yes
🆓Demo Account✅Yes
⏱️Order Execution TimeLess than 1 second
🖥️VPS Hosting✅Yes, for
eligible clients
👉CFDs - Total OfferedOver 300
📈CFD Stock Indices✅Yes
📉CFD Commodities✅Yes
📊CFD Shares✅Yes
💶Deposit OptionsCredit/Debit cards,
Bank Transfer,
Skrill,
Neteller,
UnionPay, etc.
💳Withdrawal OptionsBank Transfer,
Credit/Debit cards,
Skrill,
Neteller, etc.
📊Trading PlatformsTrading Station,
MetaTrader 4 (MT4),
NinjaTrader,
ZuluTrade
🍎OS CompatibilityWindows,
Mac,
iOS,
Android
🪛Forex Trading ToolsTrading signals,
market analysis,
research tools,
automated
trading options
🫴🏻Customer Support✅Yes
🗣️Live Chat Availability✅Yes
💻Customer Support Email Addressinfo@fxcm.com
☎️Customer Support Contact NumberVaries by region
📱Social Media PlatformsFacebook,
Twitter,
LinkedIn,
YouTube
⚙️Languages Supported on WebsiteEnglish,
French,
German,
Italian,
Chinese,
Japanese,
Arabic,
Spanish,
and more
🎓Education ans Research✅Yes
✏️Forex Course✅Yes
💻Webinars✅Yes
📖Educational ResourcesArticles,
videos,
tutorials,
webinars,
trading guides
🤝Affiliate Program✅Yes
👥Amount of PartnersNot specified
🫰🏻IB Program✅Yes
🎁SponsorshipsNo notable
sponsorships
currently
🎀Rebate Program✅Yes
💰Cent or Micro Accounts✅Yes
🚀Open an Account👉 Click Here

 

Overall Rating

Min Deposit

USD 50

Regulators

FCA, ASIC, FSCA, CySEC

Trading Platform

MT4

Crypto

Yes

Total Pairs

42

Islamic Account

Yes

Trading Fees

Low

Account Activation

24 Hours

 

Pros and Cons

✅Pros❌Cons
Regulated BrokerLimited Range of
Account Types
Multiple Trading
Platforms
Not Available in
All Regions
Competitive SpreadsCommission on
Certain Accounts
User-Friendly InterfaceCustomer 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.

 

Overall Rating

Min Deposit

USD 50

Regulators

FCA, ASIC, FSCA, CySEC

Trading Platform

MT4

Crypto

Yes

Total Pairs

42

Islamic Account

Yes

Trading Fees

Low

Account Activation

24 Hours

 

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.

 

VANTAGE FX Review

 

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 Founded2009
👤Amount of Staff200+
👥Amount of Active Traders500,000+
📌Publicly Traded None
📈RegulationASIC (Australia),
FCA (UK),
CIMA (Cayman Islands)
🌎Country of RegulationAustralia,
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 CurrenciesUSD,
EUR,
GBP,
AUD,
SGD
💵Minimum Deposit$50
⏱️Average Deposit/Withdrawal Processing Time1 - 3 business days
💳Fund Withdrawal FeeNone, but third-party fees may apply
✏️Spreads 0.0 pips
💵CommissionsFrom $3 per lot (round turn)
5️⃣Number of Base Currencies Supported5
💷Swap Fees✅Yes
⬆️LeverageUp to 1:500
📉Margin RequirementsVaries by instrument
☪️Islamic Account (Swap-Free)✅Yes
🆓Demo Account✅Yes
⏱️Order Execution Time< 30ms
🖥️VPS Hosting✅Yes (free for eligible accounts)
📊CFDs - Total Offered1000+
🖋️CFD Stock Indices15+
👉CFD Commodities20+
🌟CFD Shares500+
💷Deposit OptionsBank transfer
Credit/Debit cards
Skrill
Neteller
PayPal
Cryptocurrencies
💶Withdrawal OptionsBank transfer
Credit/Debit cards
Skrill
Neteller
PayPal
Cryptocurrencies
📊Trading PlatformsMetaTrader 4
MetaTrader 5
ProTrader
📱OS CompatibilityWindows
macOS
iOS
Android
🔩Forex Trading ToolsAutochartist
Trading Central
VPS
🫴🏻Customer Support✅Yes
🗣️Live Chat Availability✅Yes
💻Customer Support Email Addresssupport@vantagefx.com
☎️Customer Support Contact Number+44 2080 363 883
🌟Social Media PlatformsFacebook
Twitter
LinkedIn
Instagram
⚙️Languages Supported on WebsiteMultiple languages, including English
Chinese
Spanish
🎓Education and Research✅Yes
✏️Forex Course✅Yes
🖥️Webinars✅Yes
📖Educational ResourcesArticles
Video Tutorials
Market Analysis
🤝Affiliate Program✅Yes
📍Amount of PartnersNot 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

 

Overall Rating

Min Deposit

USD 200

Regulators

FSCA, VFSC, ASIC, FCA

Trading Platform

MT4, MT5

Crypto

Yes

Total Pairs

49

Islamic Account

Yes

Trading Fees

Low

Account Activation

24 Hours

 

Pros and Cons

✅Pros❌Cons
Regulation and SafetyLimited Research Tools
Low Spreads and
Zero-Commission
Options
Inactivity Fees
High Leverage OptionsCommission 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.

 

Overall Rating

Min Deposit

USD 200

Regulators

FSCA, VFSC, ASIC, FCA

Trading Platform

MT4, MT5

Crypto

Yes

Total Pairs

49

Islamic Account

Yes

Trading Fees

Low

Account Activation

24 Hours

 

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?

 

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.

 

8 Best Forex Brokers with Islamic Accounts in Canada

 

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.

 

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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.

Author Details

Picture of Louis Schoeman

Louis Schoeman

Featured Forex and Stocks writer

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