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Best Islamic Forex Trading Accounts in Moldova

Forex Trading in Moldova is seen as legal and active as multiple Globally Regulated Forex Brokers have recently decided to offer their services in the country.  Orthodox Christianity is the main Religion in Moldova with other religions such as Islam making up only a small percentage of the population.  Muslim investors must choose a Forex Broker which has an Islamic or Swap Free Forex trading account on offer.  This must be done in order to trade in accordance with Sharia Law.

 

 

 

 

Here is an overview of the 15 Best Forex Brokers offering Islamic Forex Trading Accounts in Moldova.

 

Exness

 

Exness is authorised by the Financial Services Authority (FSA) of Seychelles and was founded in 2008. Traders have the ability to trade on Forex and CFDs on Crypto, Metals, Energies, Stocks and Indices on the MetaTrader 4 and MetaTrader 5 trading platforms for Windows, Mac, Linux, Android and iOS and the Exness Web Terminal.

 

Pros and Cons

 

Pros Cons
107 currency pairs. Licensing in the Seychelles –low level of protection
Low commissions Narrow choice of markets.
Zero spread accounts. No instruments for passive investment.
Wide choice of trading accounts Superficial learning and analytical content.
Over 60 base currencies of the account  

 

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

 

Trading Benefits

 

Trading Features Accounts Offered Funding Methods
Low Trading Fees Cent Visa
Allows Hedging Classic MasterCard
Allows Scalping Mini E-wallets
Mobile Trading ECN Perfect Money
One Click Execution   FasaPay
Web Based Trading   Wire Transfer

 

Exness supports a wide range of languages including English, Russian, Chinese, Urdu, Malay, Indonesian, Hindi, Arabic, Bengali, Farsi, Tamil, Vietnamese, Thai, Korean, and Spanish via Live Chat and Email.

 

AvaTrade

 

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 their 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+ traders Doesn’t offer VPS
Established in 2006 Not FCA Regulated
Regulated by Central Bank of Ireland, ASIC, IIROC, FSA, FSB, UAE and BVI  
Min. deposit from $100  

 

For 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 acquaint with the popular MT4 forex trading platform.  AvaTrade also offer mobile apps for Android and iOS.

 

Trading Benefits

 

Trading Features Accounts offered Funding methods
Allows scalping Demo account Credit cards
Allows hedging Micro account Bank Transfer
Low min deposit Mini account PayPal
  Standard account Skrill
  Islamic account Payoneer
    Neteller

 

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

 

IC Markets

 

IC Markets is a regulated Forex ECN and CFD broker which offers more than 236+ financial instruments across Forex, Commodities, Indices, Bonds, Cryptocurrency, Stocks and Futures on the MetaTrader 4, MetaTrader 5 and cTrader platforms for desktop, web and mobile.  IC Markets is regulated by the Australian Securities and Investments Commission (ASIC), the Cyprus Securities and Exchange Commission (CySEC), as well as the Seychelles Financial Services Authority (FSA).

 

Pros and Cons

 

Pros Cons
Segregates client funds Limited range of instruments
Established in 2007 Not FCA Regulated
Regulated by ASIC  
Min. 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 scalping Demo account Credit cards
Allows hedging Mini account Bank Transfer
Offers STP Standard account PayPal
Low min deposit Zero spread account Skrill
  ECN account Neteller
  Islamic account  

 

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

 

InstaForex

 

InstaForex is a global online brokerage which is registered and regulated in several offshore jurisdictions around the world, including the EU jurisdiction of Cyprus.

 

Pros and Cons

 

Pros Cons
No requirements for minimum deposit High commissions on Forex market
Low commissions on CFDs on stocks Low diversity of available markets
Support of Islamic accounts  
Wide selection of trading platforms  

 

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

 

Trading Benefits

 

Trading Features Accounts offered Funding Methods
PAMM Accounts Insta.Standard Credit Cards
Market Analysis Insta.Eurica E-Wallets
  Cent.Standard Bitcoin
  Cent.Eurica Wire Transfer

 

Customer service is available 24 hours a day, with local phone numbers for nine countries, as well as through popular apps like Telegram, WhatsApp, Skype, and others channels.

 

HotForex

 

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

 

Pros and Cons

 

Pros Cons
Segregates client funds Limited range of instruments
Established in 2010 Not FCA Regulated
Regulated by CySEC  
Min. 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 and one-click trading and 80+ technical indicators plus an in-built economic calendar.  The account can be accessed from anywhere using an iPhone, interactive charts for 9 timeframes, advanced trading functions, one-click trading, 24 analytical objects, and 30 technical indicators.

 

Trading Benefits

 

Trading Features Accounts offered Funding methods
Allows scalping Micro account Credit cards
Allows hedging Mini account Bank Transfer
Offers STP Standard account Neteller
Low min deposit Zero spread account  
Offers Negative Balance Protection Islamic account  

 

Customer support is available via phone and email.

 

Forex.com

 

Forex.com is a platform which can be used for trading foreign currencies and precious metals. Traders can trade over 80 currency pairs as well as silver and gold.

 

Pros and Cons

 

Pros Cons
Segregates client funds Doesn’t offer VPS
Established in 1999 Not ASIC Regulated
Regulated by Financial Conduct Authority  
Min. deposit from $50  

 

To open a live trading account, traders will need a minimum deposit of at least $50.

 

Trading Benefits

 

Trading Features Accounts offered Funding methods
Allows scalping Demo account Credit cards
Allows hedging Mini account Bank Transfer
Offers STP Standard account  
Low min deposit ECN account  
  Islamic account  

 

Customer support is available by phone, live chat, or email 24 hours a day during market hours.

 

BDSwiss

 

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

 

Pros and Cons

 

Pros Cons
250+ instruments No US clients
Well Regulated No 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 multiple choices.

 

Trading Benefits

 

Trading Features Accounts Offered Funding Methods
Negative Balance Protection Classic Wire Transfer
Multiple Trading Accounts VIP Credit Card
No Deposit or Withdrawal fee Raw Skrill
    Neteller

 

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

 

FXPro

 

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 Opening Only CFDs and Forex
Excellent Customer Service High Trading Fees
Free Deposit and Withdrawal Inactivity 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 scalping Micro account Credit cards
Allows hedging Mini account Bank Transfer
Low min deposit Standard account PayPal
Negative Balance Protection Islamic account Payoneer
    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.

 

XM Group

 

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 fees Limited product portfolio
Easy and fast account opening Average forex and stock index CFD fees
Great educational tools No 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 Protection Micro Wire Transfer
Low Spreads Standard Credit/Debit
Low Commission XM Zero Neteller
Hedging Allowed   UnionPay
Scalping Allowed   WebMoney
    Qiwi

 

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

 

FBS

 

FBS is a Forex and CFD broker which is authorised and regulated by the International Financial Services Commission (IFSC) of Belize and the Cyprus Securities and Exchange Commission (CySEC).

 

Pros and Cons

 

Pros Cons
Negative Balance Protection Limited Tradable assets
Excellent Regulation Limited Trading Platforms
Available in Multiple Countries  
Award Winning Service  

 

FBS offers users the option to trade on Forex, Indices, Stocks, Metals and Energies across the MetaTrader 4, MetaTrader 5 and FBS Trader trading platforms .

 

Trading Benefits

 

Trading Features Accounts Offered Funding Methods
Copy Trading Cent Wire Transfer
Rapid Order Execution Micro Credit/Debit
  Standard Neteller
  Zero Spread Bitwallet
  ECN Perfect Money

 

Customer Support is available 24/7 via a Call-back service, online Live Chat, Telegram, Viber and Facebook Messenger.

 

OctaFX

 

OctaFX is an online broker which was founded in 2011, offering Forex trading.  As OctaFX is regulated by the Financial Conduct Authority (FCA), each new client must pass a few basic compliance checks when signing up for an account.  OctaFX has won numerous industry awards over the course of 9 years and is one of the few brokers that offer both of the MetaTrader platforms; MT4 and MT5.

 

Pros and Cons

 

Pros Cons
Used by 300,000+ traders Doesn’t offer VPS
Established in 2011 Limited range of instruments
Regulated by FSA Not FCA Regulated
Min. 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 benefits Accounts Offered Funding Methods
Allows scalping Demo account Credit cards
Allows hedging Micro account Bank Transfer
Offers STP Mini account Neteller
Low min deposit Standard account  
Guaranteed stop loss Zero spread account  
Negative Balance Protection STP 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.

 

Forex Time (FXTM)

 

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 accounts 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 funds Limited range of instruments
Established in 2011 Not ASIC Regulated
Regulated by CySEC  
Min. 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 scalping Demo account Credit cards
Allows hedging Micro account Bank Transfer
Offers STP Mini account Payoneer
Low min deposit Standard account Neteller
Offers Negative Balance Protection Zero spread account  
  ECN account  
  Islamic account  

 

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

 

Vantage FX

 

Vantage FX is a Forex ECN and CFD broker which offers traders the ability to trade on 120+ tradable assets across Currencies, Indices, Commodities and U.S and Hong Kong Share CFDs on the MetaTrader platform for Mac, PC, iOS and Android and other social trading platformsVantage FX is authorised and regulated by the Cayman Islands Monetary Authority (CIMA) under the name Vantage International Group.

 

Pros and Cons

 

Pros Cons
Strict Regulation No US Clients
Segregated Client Funds Restricted Leverage
300+ CFD Trading Instruments No Fixed Spread Accounts

 

Vantage FX offers traders access to the MetaTrader 4 and MetaTrader 5 trading platforms for Windows, Mac, Android and iOS.

 

Trading Benefits

 

Trading Features Accounts Offered Funding Methods
Pro Trader Tools Standard Wire Transfer
ZuluTrade Raw Credit Cards
MAM/PAMM Accounts Pro Neteller
Commission Free Accounts   UnionPay

 

Customer support is available 24 hours a day, 5 days via phone, email, live chat and remote TeamViewer in English, Mandarin, Thai and Vietnamese.

 

IQ Option

 

IQ Option is a broker developed under the IQ Option Europe company which was founded in 2013. IQ Option contains a CySEC license Cyprus Securities and Exchange Commission from Cyprus, with permission to provide its financial services within the European Economic Area zone, with several licenses from other EU local jurisdictions. IQ Option offers its clients services in binary options, stocks and shares, currencies, and ETF trading.

 

Pros and Cons

 

Pros Cons
Regulated by the Cyprus Securities and Exchange Commission (CySEC) Does not provide MT4 and MT5 trading platforms
Easy and convenient method of opening an account Not 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 which 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 to execute trades.

 

Trading Benefits

 

Trading Features Accounts Offered Funding Methods
Low min. deposit Standard Alipay
Low Spreads VIP Credit Card
Regulated by CySec Demo MoneyGram
    Perfect Money
    QIWI
    Skrill
    Wire Transfer

 

The IQ Options trading platform and website are available to traders in thirteen different languages and allows traders to choose the currency to trade with. The selections of currencies are: GBP, RUB, EUR, IDR, USD, MUR, and Yuan.

 

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

 

XTB

 

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

 

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

 

  • xStation5
  • MT4

 

Pros and Cons

 

Pros Cons
Lowest FX spreads Does not accept U.S. clients
Regulated by FCA (U.K.) Non-FX spread costs are high
Offers protection for client accounts No guaranteed stop loss
Emphasis on customer service No 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 3am Saturday to 9pm Friday). Traders can buy or sell digital coins with 2:1 leverage and 365-day expiry.

 

Trading Benefits

 

Trading Features Accounts offered Funding methods
Allows scalping Demo account Credit cards
Allows hedging Micro account Bank Transfer
Offers STP Mini account PayPal
Low min deposit Standard account Skrill
Guaranteed stop loss Islamic account Payoneer
Offers Negative Balance Protection   Neteller

 

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

 

 

In Conclusion –

 

Finding an Islamic or Swap Free Forex Trading Account has become much easier over the past decade as most established Forex Brokers across the globe make this account option available.

 

FAQs

 

What is an Islamic Forex Account?

An Islamic or Swap free trading account refers to a forex trading account which is allowed in accordance to the Islamic Sharia Law.

 

Is Forex Trading considered to be Halal or Haram?

Forex Trading is deemed as Halal. Halal means “Permissible”.

 

What is Sharia Law and how does it impact Muslim Forex Trading?

The Islamic Shariah principle in Forex Trading refers to no interest applied for an overnight position.

 

Is an Islamic and Swap Free account similar?

Yes.  In Fact, they are one and the same.  Islamic Trading Accounts are popularly referred to as Swap Free trading accounts.

 

What does the term Haram mean?

As mentioned before, Halal means Permissible, whereas Haram means forbidden.

 

What are Islamic Forex Brokers?

Islamic Forex Brokers simply means that the Forex Brokerage Firm offers Islamic Forex Trading Accounts as an option to their clientele.

 

How are Islamic Forex Account opened?

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

 

Author Details

Louis Schoeman

Louis Schoeman

Featured Forex and Stocks writer

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