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9 Best Islamic Forex Trading Accounts in Iceland

Forex Brokers offering Islamic Forex Trading accounts in Iceland enable Muslim Traders to trade using a swap-free account in accordance with Sharia Law. Forex Trading is legal in the country and a selection of Globally Regulated Forex Brokers accept local investors.

 

9 Best Islamic Forex Trading Accounts in Iceland Revealed (2022):

  1. ☑️ XM Group

 

Forex trading is definitely not very popular in the Scandinavian countries, and Iceland is no different.  Icelanders have guaranteed freedom of religion and the population affiliates with Christianity, Buddhism, and Islam, to name but a few.  For this reason, multiple Forex Brokers who offer their services in Iceland will make an Islamic Forex Trading Account available to Muslim investors.

 

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.

 

Pepperstone

Overall Rating

4.9/5

Rated #10 of
Recommended FX Brokers

💰Minimum Deposit

USD 10

🌐 Regulators

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

📱 Trading Desk

MetaTrader 4, MetaTrader 5 and cTrader, TradingView

Crypto

Yes

📈 Total Pairs

1000+

☪️ Islamic Account

Yes

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

Pepperstone was founded in 2010 and is regulated by the Australian Securities and Investments Commission (ASIC), as well as the UK’s Financial Conduct Authority (FCA).

 

Pros and Cons

✔️ Pros❌ Cons
Segregates client fundsLimited range of instruments
Established in 2010
Minimum deposit from $200

 

Trading platforms on offer include MetaTrader 4MetaTrader 5, and cTrader. All three FX trading platforms come with a free demo account which will allow traders to test out the forex broker and platform for 30 days.

 

Trading Benefits

📊 Trading Features🔣 Accounts offered💰 Funding methods
Allows scalpingDemo accountCredit cards
Allows hedgingMini accountBank Transfer
Offers STPStandard accountPayPal
Low minimum depositMAM/PAMM accountSkrill
Offers Negative Balance ProtectionIslamic accountPayoneer

 

Pepperstone offers 24/5 multiple language support via email, phone, and live chat.

 

FXPro

Overall Rating

4.7/5

Rated #202 of
Recommended FX Brokers

💰Minimum Deposit
USD 100 (recommended amount USD 1000)
🌐 Regulators

FCA, CySEC, FSCA, SCB

📱 Trading Desk

MT4

Crypto

Yes

📈 Total Pairs

70

☪️ Islamic Account

Yes

📊 Trading Fees

High

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

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

 

Pros and Cons

 

✔️ Pros❌ Cons
Easy Account OpeningOnly CFDs and Forex
Excellent Customer ServiceHigh Trading Fees
Free Deposit and WithdrawalInactivity Fee

 

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

 

Trading Benefits

📊 Trading Features🔣 Accounts offered💰 Funding methods
Allows scalpingMicro accountCredit cards
Allows hedgingMini accountBank Transfer
Low minimum depositStandard accountPayPal
Negative Balance ProtectionIslamic accountPayoneer
Neteller

 

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

 

EasyMarkets

Overall Rating

4.9/5

Rated #18 of
Recommended FX Brokers

💰Minimum Deposit

$100

🌐 Regulators

CySEC, ASIC, BVI, FSA

📱 Trading Desk

MetaTrader 4, TradingView

Crypto

Yes

📈 Total Pairs

275+

☪️ Islamic Account

Yes

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

EasyMarkets is one of the most popular choices for Beginners and is regulated by CySEC (Cyprus) and ASIC (Australia) and offers beginner forex traders enhanced risk management tools as standard, fixed spreads on all forex pairings, and an easy-to-use forex trading platform

 

Pros and Cons

✔️ Pros❌ Cons
Segregates client fundsDoesn’t offer VPS
Established in 2003Limited range of instruments
Regulated by CySEC and ASICNot FCA Regulated
Minimum deposit from $1

 

The available trading platforms offered are MT4 and the EasyMarkets web platform.

 

Trading Benefits

📊 Trading Features🔣 Accounts offered💰 Funding methods
Allows scalpingDemo accountCredit cards
Allows hedgingMicro accountBank Transfer
Low minimum depositMini accountPayoneer
Guaranteed stop lossStandard accountNeteller
Offers Negative Balance ProtectionIslamic account

 

Customer Support is available 24/5 via various chat channels, email, phone, and web forms.

 

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.

 

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.

 

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 YuanCustomer service is available via email, live chat, or the telephone.

 

FP Markets

Overall Rating

4.7/5

Rated #23 of
Recommended FX Brokers

💰Minimum Deposit

USD 100

🌐 Regulators

ASIC, CySEC

📱 Trading Desk

MT4, MT5

Crypto

Yes

📈 Total Pairs

60

☪️ Islamic Account

Yes

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

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

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

 

Pros and Cons

✔️ Pros❌ Cons
Low Forex FeesHigh Stock CFD fees
Easy Account OpeningLimited Product Portfolio
Quick Deposit and WithdrawalOutdated Platform

 

Trading Benefits

📊 Trading Features🔣 Accounts offered💰 Funding methods
Allows scalpingMini accountBank Transfer
Allows hedgingStandard accountCredit/Debit
Offers STPECN accountElectronic Wallets
Low min depositSTP account
Offers Negative Balance ProtectionManaged account

 

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

 

Customer Service is available via email, phone, and 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 namely 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.

 

Conclusion

 

Even though Forex trading may not be very popular in Iceland, it is definitely very safe and properly regulated.

 

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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