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10 Best Islamic Forex Trading Accounts in Guinea Bissau

Forex Brokers offering Islamic Forex Trading accounts in Guinea Bissau enable Muslim Traders to trade using a swap-free account in accordance with Sharia Law. An approximated 45% of the Bissau-Guinean population identifies as Muslim.

 

10 Best Islamic Forex Trading Accounts in Guinea Bissau Revealed (2022):

  1. ☑️ AvaTrade

Forex Trading in Guinea Bissau has not reached the same level of popularity as seen in a multitude of countries across the globe.

 

AvaTrade

Overall Rating

4.8/5

Rated #1 of
Recommended FX Brokers

💰Minimum Deposit

USD 100

🌐 Regulators

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

📱 Trading Desk

MetaTrader 4, MetaTrader 5, Ava Social, Ava Protect, Trading Central

Crypto

Yes

📈 Total Pairs

55+

☪️ Islamic Account

Yes

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

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 its 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+ tradersDoesn’t offer VPS
Established in 2006Not FCA Regulated
Regulated by the Central Bank of Ireland, ASIC, IIROC, FSA, FSB, UAE, and BVI
Minimum deposit from $100

 

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 acquainted with the popular MT4 forex trading platform.  AvaTrade also offers mobile apps for Android and iOS.

 

Trading Benefits

📊 Trading Features🔣 Accounts offered💰 Funding methods
Allows scalping Demo accountCredit cards
Allows hedging Micro accountBank Transfer
Low min depositMini account PayPal
Standard accountSkrill
Islamic accountPayoneer
Neteller

 

Customer support is available by email, phone, or live chat.

 

XTB

Overall Rating

4.6/5

Rated #69 of
Recommended FX Brokers

💰Minimum Deposit

USD 250

🌐 Regulators

FCA, CySEC, IFSC, KNF

📱 Trading Desk

No Trading Desk

Crypto

Yes

📈 Total Pairs

48

☪️ Islamic Account

Yes

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

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 that combines financial services with innovative technology and it offers clients two platforms to choose from xStation5 and MT4

 

Pros and Cons

✔️ Pros❌ Cons
Lowest FX spreadsDoes not accept U.S. clients
Regulated by FCA (U.K.)Non-FX spread costs are high
Offers protection for client accountsNo guaranteed stop loss
Emphasis on customer serviceNo back-testing or automated trading capabilities

 

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

 

Trading Benefits

📊 Trading Features🔣 Accounts offered💰 Funding methods
Allows scalpingDemo accountCredit cards
Allows hedgingMicro accountBank Transfer
Offers STPMini accountPayPal
Low minimum depositStandard accountSkrill
Guaranteed stop lossIslamic accountPayoneer
Offers Negative Balance ProtectionNeteller

 

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

 

XM Group

Overall Rating

4.5/5

Rated #68 of
Recommended FX Brokers

💰Minimum Deposit

USD 100

🌐 Regulators

IFSC, CySec, ASIC

📱 Trading Desk

MT4

Crypto

Yes

📈 Total Pairs

55

☪️ Islamic Account

Yes

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

XM

 

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 feesLimited product portfolio
Easy and fast account openingAverage forex and stock index CFD fees
Great educational toolsNo 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 CFDsForex 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 ProtectionMicro accountWire Transfer
Low SpreadsStandard accountCredit/Debit
Low CommissionXM Zero accountNeteller
Hedging AllowedUnionPay
Scalping AllowedWebMoney
Qiwi

 

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

 

BDSwiss

Overall Rating

4.7/5

Rated #5 of
Recommended FX Brokers

💰Minimum Deposit

$100

💰Sign-up

50% of Initial Deposit

🌐 Regulators

FSC, FSA

📱 Trading Desk

MT4, MT5

Crypto

Yes

📈 Total Pairs

83

☪️ Islamic Account

Yes

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

BDSwiss is a Forex and CFD broker which is regulated by CySEC.

 

Pros and Cons

✔️ Pros❌ Cons
250+ instrumentsNo US clients
Well RegulatedNo 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 the multiple choices.

 

Trading Benefits

📊 Trading Features🔣 Accounts offered💰 Funding methods
Negative Balance ProtectionClassic accountWire Transfer
Multiple Trading AccountsVIP accountCredit Card
No Deposit or Withdrawal feeRaw accountSkrill
Neteller

 

BDSwiss offers multilingual customer support 24/5 via Live Chat, Telephone, Email, Call Back, WhatsApp, Telegram, and an FAQ section.

 

HFM

Overall Rating

4.8/5

Rated #6 of
Recommended FX Brokers

💰Minimum Deposit

USD 5

🌐 Regulators

CySEC, FCA, FSA, DFSA, FSCA, CMA

📱 Trading Desk

MetaTrader 4 and MetaTrader 5

Crypto

No

📈 Total Pairs

50+

☪️ Islamic Account

Yes

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

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

 

Pros and Cons

✔️ Pros❌ Cons
Segregates client fundsLimited range of instruments
Established in 2010Not FCA Regulated
Regulated by CySEC
Minimum deposit from $1

 

The HotForex MT5 Terminal offers 21 different timeframes, superior analysis tools, trading across HotForex asset classes, close to 100 simultaneous charts, hedging, 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 scalpingMicro accountCredit cards
Allows hedgingMini accountBank Transfer
Offers STPStandard accountNeteller
Low minimum depositZero spread account
Offers Negative Balance ProtectionIslamic account

 

Customer support is available via phone and email.

 

IQ Option

Overall Rating

4.7/5

Rated #247 of
Recommended FX Brokers

💰Minimum Deposit

$10

🌐 Regulators

📱 Trading Desk

Own Platform

Crypto

Yes

📈 Total Pairs

☪️ Islamic Account

Yes

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

 

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 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 CySECDoes not provide MT4 and MT5 trading platforms
An easy and convenient method of opening an accountNot 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 that is also used for CFDs and for binary options tradingTraders 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 execute trades.

 

Trading Benefits

📊 Trading Features🔣 Accounts offered💰 Funding methods
Low minimum depositStandard accountAlipay
Low SpreadsVIP accountCredit Card
Regulated by CySecDemo accountMoneyGram
Perfect Money
QIWI
Skrill
Wire Transfer

 

The IQ Options trading platform and website are available to traders in thirteen different languages and allow 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.

 

IC Markets

Overall Rating

4.7/5

Rated #37 of
Recommended FX Brokers

💰Minimum Deposit

USD 200

🌐 Regulators

ASIC, CySEC, FSA, SCB

📱 Trading Desk

MetaTrader 4

Crypto

Yes

📈 Total Pairs

65

☪️ Islamic Account

Yes

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

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 fundsLimited range of instruments
Established in 2007Not FCA Regulated
Regulated by ASIC
Minimum 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 scalpingDemo accountCredit cards
Allows hedgingMini accountBank Transfer
Offers STPStandard accountNeteller
Low minimum depositZero spread accountPayPal
ECN accountSkrill
Islamic account

 

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

 

eToro

Overall Rating

4.8/5

Rated #20 of
Recommended FX Brokers

💰Minimum Deposit

USD 50

🌐 Regulators

CySec, FCA 

📱 Trading Desk

No Trading Desk

Crypto

Yes

📈 Total Pairs

47

☪️ Islamic Account

Yes

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

* Etoro has lowered the amount of the minimum FTD to $ 50 for the following countries: Germany, Austria, Netherlands, Norway, UK, Ireland, Spain, Italy, Sweden, Switzerland.

 

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+ tradersDoesn’t allow scalping
Established in 2006Inactivity Fee
Regulated by FCA, CySEC, and ASICLimited range of instruments

 

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 STPDemo accountCredit cards
Low minimum depositMicro accountBank Transfer
Mini accountPayPal
Standard accountSkrill
Islamic accountPayoneer
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.

 

Forex Time (FXTM)

Overall Rating

4.6/5

Rated #32 of
Recommended FX Brokers

💰Minimum Deposit

USD 10

🌐 Regulators

CySec, FSCA 

📱 Trading Desk

MetaTrader4, Metatrader 5

Crypto

Yes

📈 Total Pairs

☪️ Islamic Account

No

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

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 account 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 fundsLimited range of instruments
Established in 2011Not ASIC Regulated
Regulated by CySEC
Minimum 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 scalpingDemo accountCredit cards
Allows hedgingMicro accountBank Transfer
Offers STPMini accountPayoneer
Low minimum depositStandard accountNeteller
Offers Negative Balance ProtectionZero spread account
ECN account
Islamic account

 

Customer Service is available via phone, email, and online chat options – WhatsApp, live chat, Viber, Telegram, or Messenger.

 

OctaFX

 

Overall Rating

4.8/5

Rated #8 of
Recommended FX Brokers

💰Minimum Deposit

$5

🌐 Regulators

SVGFSA

📱 Trading Desk

MT4, MT5

Crypto

Yes

📈 Total Pairs

80

☪️ Islamic Account

Yes

📊 Trading Fees

Very Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Official Website

 

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+ tradersDoesn’t offer VPS
Established in 2011Limited range of instruments
Regulated by FSANot FCA Regulated
Minimum 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 Features🔣 Accounts offered💰 Funding methods
Allows scalpingDemo accountCredit cards
Allows hedgingMicro accountBank Transfer
Offers STPMini accountNeteller
Low minimum depositStandard account
Guaranteed stop lossZero spread account
Negative Balance ProtectionSTP 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.

 

Conclusion

 

The Best Forex Broker for Bissau-Guinean investors will be fully dependent on the investor’s personal trading needs.  Traders must keep in mind that no one broker is suited to all investors.

 

Frequently asked questions

 

What is an Islamic Forex Account?

An Islamic or Swap-free trading account refers to a forex trading account that is allowed in accordance with 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 Accounts opened?

Muslim investors will be able to open an Islamic Forex account by presenting documents, such as their ID and accompanying documentation proving their faith.

Author Details

Louis Schoeman

Louis Schoeman

Featured Forex and Stocks writer

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