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Best Islamic Forex Trading Accounts in Yemen

Not much is known about the Forex Exchange Market in Yemen aside from the fact that a large selection of internationally regulated Forex Brokers does indeed make their service available to local investors in the country.  Islam is the state religion of Yemen and Forex Brokers who accept local investors will generally make an Islamic or Swap Free Forex Trading Account available. An Islamic or Swap Free Forex account will allow Muslim investors to trade Forex in accordance with Sharia Law.

 

 

 

 

Here is an overview of the 13 Best Forex Brokers offering Islamic Forex Trading Accounts in Yemen.

 

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.

 

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.

 

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 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.

 

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.

 

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 platforms.  Vantage 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.

 

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.

 

FP Markets

 

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 Fees High Stock CFD fees
Easy Account Opening Limited Product Portfolio
Quick Deposit and Withdrawal Outdated Platform

 

Trading Benefits

 

Trading Benefits Accounts Offered Funding Methods
Allows scalping Mini Bank Transfer
Allows hedging Standard Credit/Debit
Offers STP ECN Electronic Wallets
Low min deposit STP  
Offers Negative Balance Protection Managed  

 

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, Vietnamese.

 

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

 

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.

 

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.

 

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.

 

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.

 

In Conclusion –

 

Islamic Forex Trading accounts must be fully inline with Islamic Law. This means that the account must offer Swap Free trading in accordance to Sharia Law.  Investors must keep in mind that even though a large selection of brokers do make an Islamic Forex Trading Account available, other factors such as regulation and customer service must be taken into account before a final choice is made.

 

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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