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Best Islamic Forex Trading Accounts in Tonga

Not much is known about the popularity nor legality of the Forex Exchange Market in the Polynesian country of Tonga.  However, multiple International Forex Brokerage firms do offer their services to local investors as no locally situated Forex Brokers are available.  Tonga does not have an official state religion with Muslims in the country belonging to the Sunni denomination. The number of Muslims in Tonga is estimated to be far less than 1000.  Muslim investors in Tonga must choose an International Forex Brokerage firm that makes an Islamic or Swap Free Forex Trading account available.  This account type will allow Islamic investors to trade Forex in accordance with Sharia Law.

 

 

 

 

Here is an overview of the 11 Best Forex Brokers offering Islamic Forex Trading Accounts in Tonga.

 

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.

 

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.

 

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.

 

Pepperstone

 

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 funds Limited range of instruments
Established in 2010  
Min. 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 scalping Demo account Credit cards
Allows hedging Mini account Bank Transfer
Offers STP Standard account PayPal
Low min deposit MAM/PAMM account Skrill
Offers Negative Balance Protection Islamic account Payoneer

 

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

 

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.

 

HYCM

 

HYCM is an online broker which was founded in 1977 and offers Forex and CFDs trading on the popular MT4 forex trading platform plus mobile apps for Android and iOS.

 

Pros and Cons

 

Pros Cons
Segregates client funds Doesn’t offer VPS
Established in 1977 Inactivity Fee
Regulated by Financial Conduct Authority Limited range of instruments
Min. deposit from $1 Not ASIC Regulated

 

Traders starting off with HYCM will need to make a minimum deposit of at least $100 and have the choice to sign up for a demo account perfect for various levels of traders, experienced or novice.

a wide variety of instruments and currency pairs are available for trade:

 

  • Over 100 instruments
  • Over 40 currency pairs

 

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
  Islamic account Payoneer

 

HYCM customer service is available through WhatsApp, Skype, Viber, Telegram Instant messaging services, Facebook Chat and Phone – 24/5.

 

EasyMarkets

 

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
  • An easy-to-use forex trading platform

 

Pros and Cons

 

Pros Cons
Segregates client funds Doesn’t offer VPS
Established in 2003 Limited range of instruments
Regulated by CySEC and ASIC Not FCA Regulated
Min. deposit from $1  

 

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

 

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 Payoneer
Guaranteed stop loss Standard account Neteller
Offers Negative Balance Protection Islamic account  

 

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

 

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 MetaTrader4, MetaTrader5 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.

 

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.

 

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 MetaTrader4, MetaTrader5 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.

 

eToro

 

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+ traders Doesn’t allow scalping
Established in 2006 Inactivity Fee
Regulated by Financial Conduct Authority, CySEC, ASIC Limited range of instruments
Min. deposit from $200  

 

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 STP Demo account Credit cards
Low min deposit Micro account Bank Transfer
  Mini account PayPal
  Standard account Skrill
  Islamic account Payoneer
    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.

 

In Conclusion –

 

For Tongan Investors choosing an Internationally regulated Forex Broker may seem like their only choice, and even though this is true – it is also beneficial.  As Forex Trading is not widely recognised in the country it is important for local traders to take all available steps to keep their investment safe.  By using a Internationally Regulated Broker, Investors can be sure that they will be trading under a trusted regulatory authority.

 

 

Author Details

Louis Schoeman

Louis Schoeman

Featured Forex and Stocks writer

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