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5 Best Swap Free (Islamic) Forex Accounts

Best Swap Free (Islamic) Forex Accounts

 

The 5 Best Islamic Swap Free Forex Accounts revealed. Forex trading has seen the development of Muslim Forex accounts, also known as Swap-Free accounts, to promote inclusivity and respect for diverse religious beliefs.

 

In this in-depth guide, you’ll learn:

 

  • The Best Islamic, Swap-Free Forex Accounts – a List.
  • What are Islamic Forex Accounts?
  • Islamic Forex Accounts – Explained.
  • The Importance of Swap-Free Accounts for Muslim Forex Traders.
  • The Best Swap-Free Forex Accounts for Beginners

 

And lots more…

 

🔎 Broker🚀Open an Account📱Features🖥️Platforms📌 Max Leverage
🥇 IC Markets👉 Open AccountECN trading environment
Over 90 instruments
No swaps on most instruments
MetaTrader 4/5,
cTrader
1:500
🥈 Pepperstone👉 Open AccountLow spreads
Fast execution
Wide range of instruments
MetaTrader 4/5,
cTrader
1:500
🥉 AvaTrade👉 Open AccountDiverse trading instruments
Up to 5 days without rollover fees
MetaTrader 4/5, AvaOptions1:400
🏅 FOREX.com👉 Open AccountWide range of currency pairs
Interest-free accounts
MetaTrader 4,
Proprietary
1:50
🎖️ HFM👉 Open AccountTight spreads
Comprehensive educational resources
Accessible for beginners
MetaTrader 4/51:1000

 

🏆 10 Best Rated Forex Brokers

Broker

Rating

Regulators

Platforms

Min Deposit

Max Leverage

Crypto

Official Site

🥇

4.7/5

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

MT4, MT5, Avatrade Social

USD 100

400:1

Yes

🥈

4.5/5

CBCS, CySEC, FCA, FSA, FSC, FSCA, CMA

MT4, MT5

USD 10

2000:1

Yes

🥉

4.8/5

FSA, CySEC, FSCA, FSC

MT4, MT5

USD 1

3000:1

Yes

4

4.6/5

FSC, CMA

MT4, MT5, FXTM Trader

USD 200

2000:1

Yes

5

4.9/5

CySEC, FSCA, FCA, FSA, DFSA, CMA, St. Vincent & the Grenadine

MT4, MT5, HFM App, HFM Copy Trading

USD 0

2000:1

Yes

6

4.6/5

CySEC, MISA, FSCA

MT4, MT5, OctaTrader

USD 25

1:1000

Yes

7

4.9/5

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

MT4, MT5, cTrader, Tradingview, Pepperstone Platform

USD 10

400:1

Yes

8

4.5/5

ASIC, CySEC, FSA, SCB

MT4, MT5, WebTrader

USD 200

1:1000

Yes

9

4.7/5

ASIC, FCA, CySEC, SCB

MT4, MT5, TradingView

USD 100

1:500

Yes

10

4.9/5

ASIC, CySEC, FSCA, FSA

MT4, MT5

USD 100

500:1

Yes

🏆 10 Best Rated Forex Brokers

Broker

Min Deposit

Max Leverage

Official Site

🥇

USD 100

400:1

🥈

USD 10

2000:1

🥉

USD 1

3000:1

4

USD 200

2000:1

5

USD 0

2000:1

6

USD 25

1000:1

7

USD 10

400:1

8

USD 200

1:1000

9

USD 100

1:500

9

USD 200

1:500

10

USD 100

500:1

🏆 10 Best Rated Forex Brokers

Broker

Rating

Regulators

Platforms

Min Deposit

Max Leverage

Crypto

Official Site

🥇

4.7/5

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

MT4, MT5, Avatrade Social

USD 100

400:1

Yes

🥈

4.5/5

CBCS, CySEC, FCA, FSA, FSC, FSCA, CMA

MT4, MT5

USD 10

2000:1

Yes

🥉

4.8/5

FSA, CySEC, FSCA, FSC

MT4, MT5

USD 1

3000:1

Yes

4

4.9/5

FSCA, FSC, ASIC, CySEC, DFSA

MT4, MT5

USD 5

1000:1

Yes

5

4.9/5

CySEC, FSCA, FCA, FSA, DFSA, CMA, St. Vincent & the Grenadine

MT4, MT5, HFM App, HFM Copy Trading

USD 0

2000:1

Yes

6

4.6/5

CySEC, MISA, FSCA

MT4, MT5, OctaTrader

USD 25

1:1000

Yes

7

4.9/5

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

MT4, MT5, cTrader, Tradingview, Pepperstone Platform

USD 10

400:1

Yes

8

4.5/5

ASIC, CySEC, FSA, SCB

MT4, MT5, WebTrader

USD 200

1:1000

Yes

9

4.9/5

ASIC, CySEC

MT4

USD 100

1:500

Yes

10

4.9/5

ASIC, CySEC, FSCA, FSA

MT4, MT5

USD 100

500:1

Yes

🏆 10 Best Rated Forex Brokers

Broker

Min Deposit

Max Leverage

Official Site

🥇

USD 100

400:1

🥈

USD 10

2000:1

🥉

USD 1

3000:1

4

USD 5

1000:1

5

USD 0

2000:1

6

USD 25

1000:1

7

USD 10

400:1

8

USD 200

1:1000

9

USD 100

1:500

10

USD 100

500:1

🏆 10 Best Rated Forex Brokers

Broker

Rating

Regulators

Platforms

Min Deposit

Max Leverage

Crypto

Official Site

🥇

4.7/5

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

MT4, MT5, Avatrade Social

USD 100

400:1

Yes

🥈

4.5/5

CBCS, CySEC, FCA, FSA, FSC, FSCA, CMA

MT4, MT5

USD 10

2000:1

Yes

🥉

4.8/5

FSA, CySEC, FSCA, FSC

MT4, MT5

USD 1

3000:1

Yes

4

4.9/5

FSCA, FSC, ASIC, CySEC, DFSA

MT4, MT5

USD 5

1000:1

Yes

5

4.9/5

CySEC, FSCA, FCA, FSA, DFSA, CMA, St. Vincent & the Grenadine

MT4, MT5, HFM App, HFM Copy Trading

USD 0

2000:1

Yes

6

4.6/5

CySEC, MISA, FSCA

MT4, MT5, OctaTrader

USD 25

1:1000

Yes

7

4.9/5

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

MT4, MT5, cTrader, Tradingview, Pepperstone Platform

USD 10

400:1

Yes

8

4.5/5

ASIC, CySEC, FSA, SCB

MT4, MT5, WebTrader

USD 200

1:1000

Yes

9

4.7/5

ASIC, FCA, CySEC, SCB

MT4, MT5, TradingView

USD 100

1:500

Yes

10

4.9/5

ASIC, CySEC, FSCA, FSA

MT4, MT5

USD 100

500:1

Yes

🏆 10 Best Rated Forex Brokers

Broker

Min Deposit

Max Leverage

Official Site

🥇

USD 100

400:1

🥈

USD 10

2000:1

🥉

USD 1

3000:1

4

USD 5

1000:1

5

USD 0

2000:1

6

USD 25

1000:1

7

USD 10

400:1

8

USD 200

1:1000

9

USD 100

1:500

9

USD 200

1:500

10

USD 100

500:1

🏆 10 Best Rated Forex Brokers

Broker

Rating

Regulators

Platforms

Min Deposit

Max Leverage

Crypto

Official Site

🥇

4.7/5

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

MT4, MT5, Avatrade Social

USD 100

400:1

Yes

🥈

4.5/5

CBCS, CySEC, FCA, FSA, FSC, FSCA, CMA

MT4, MT5

USD 10

2000:1

Yes

🥉

4.8/5

FSA, CySEC, FSCA, FSC

MT4, MT5

USD 1

3000:1

Yes

4

4.9/5

FSCA, FSC, ASIC, CySEC, DFSA

MT4, MT5

USD 5

1000:1

Yes

5

4.9/5

CySEC, FSCA, FCA, FSA, DFSA, CMA, St. Vincent & the Grenadine

MT4, MT5, HFM App, HFM Copy Trading

USD 0

2000:1

Yes

6

4.6/5

CySEC, MISA, FSCA

MT4, MT5, OctaTrader

USD 25

1:1000

Yes

7

4.9/5

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

MT4, MT5, cTrader, Tradingview, Pepperstone Platform

USD 10

400:1

Yes

8

4.5/5

ASIC, CySEC, FSA, SCB

MT4, MT5, WebTrader

USD 200

1:1000

Yes

9

4.7/5

ASIC, FCA, CySEC, SCB

MT4, MT5, TradingView

USD 100

1:500

Yes

10

4.9/5

ASIC, CySEC, FSCA, FSA

MT4, MT5

USD 100

500:1

Yes

🏆 10 Best Rated Forex Brokers

Broker

Min Deposit

Max Leverage

Official Site

🥇

USD 100

400:1

🥈

USD 10

2000:1

🥉

USD 1

3000:1

4

USD 5

1000:1

5

USD 0

2000:1

6

USD 25

1000:1

7

USD 10

400:1

8

USD 200

1:1000

9

USD 100

1:500

9

USD 200

1:500

10

USD 100

500:1

🏆 10 Best Rated Forex Brokers

Broker

Rating

Regulators

Platforms

Min Deposit

Max Leverage

Crypto

Official Site

🥇

4.7/5

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

MT4, MT5, Avatrade Social

USD 100

400:1

Yes

🥈

4.5/5

CBCS, CySEC, FCA, FSA, FSC, FSCA, CMA

MT4, MT5

USD 10

2000:1

Yes

🥉

4.8/5

FSA, CySEC, FSCA, FSC

MT4, MT5

USD 1

3000:1

Yes

4

4.9/5

FSCA, FSC, ASIC, CySEC, DFSA

MT4, MT5

USD 5

1000:1

Yes

5

4.9/5

CySEC, FSCA, FCA, FSA, DFSA, CMA, St. Vincent & the Grenadine

MT4, MT5, HFM App, HFM Copy Trading

USD 0

2000:1

Yes

6

4.6/5

CySEC, MISA, FSCA

MT4, MT5, OctaTrader

USD 25

1:1000

Yes

7

4.9/5

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

MT4, MT5, cTrader, Tradingview, Pepperstone Platform

USD 10

400:1

Yes

8

4.5/5

ASIC, CySEC, FSA, SCB

MT4, MT5, WebTrader

USD 200

1:1000

Yes

9

4.9/5

ASIC, CySEC

MT4

USD 100

1:500

Yes

10

4.9/5

ASIC, CySEC, FSCA, FSA

MT4, MT5

USD 100

500:1

Yes

🏆 10 Best Rated Forex Brokers

Broker

Min Deposit

Max Leverage

Official Site

🥇

USD 100

400:1

🥈

USD 10

2000:1

🥉

USD 1

3000:1

4

USD 5

1000:1

5

USD 0

2000:1

6

USD 25

1000:1

7

USD 10

400:1

8

USD 200

1:1000

9

USD 100

1:500

10

USD 100

500:1

5 Best Swap-Free Islamic Forex Brokers

 

  1. ☑️IC Markets – Overall, the Best Swap-Free Islamic Account
  2. ☑️Pepperstone – Best Online Trading Experience
  3. ☑️AvaTrade – Muslim clients can enjoy Islamic accounts.
  4. ☑️FOREX.com – Low Minimum Deposit and Fees
  5. ☑️HFM – Best Overall Offering

 

IC Markets Review

 

1. IC Markets

IC Markets, founded in 2007, is an ECN broker offering tight spreads on 63 Forex pairs and 41 CFDs across various assets, including indices, metals, and cryptocurrencies. Regulated by ASIC, IC Markets provides trading platforms like MetaTrader 4, MetaTrader 5, and cTrader.

For Muslim traders, IC Markets offers Swap-Free Islamic accounts, adhering to Shariah principles with no overnight interest charges. The broker is known for fast execution, advanced platforms, strong customer support, and comprehensive educational resources, making it a reliable choice for ethical and efficient trading.

 

Features

📍Featureℹ️ Details
🖥️Company NameIC Markets
🏦HeadquartersSydney, Australia
👥Account TypesStandard,
Raw Spread,
Swap-Free Islamic
✅Available InstrumentsForex,
Indices,
Commodities, Cryptocurrencies,
Bonds,
Futures,
Stocks
📊SpreadsTight spreads starting from 0.0 pips
📑Commission$3.50 per lot per side on Raw Spread account;
no commission on Standard account
💹Execution TypeECN
execution with fast order processing
💻Trading PlatformsMetaTrader 4,
MetaTrader 5,
cTrader
⚙️LeverageUp to 1:500
🪙Minimum Deposit$200
💲Account CurrenciesUSD,
EUR,
GBP,
AUD,
JPY,
CHF,
NZD,
SGD,
HKD,
CAD,
and others
🛡️RegulationASIC (Australia),
CySEC (Cyprus),
FSA (Seychelles),
SCB (Bahamas)
☪️Swap-Free Islamic AccountAvailable,
adheres to Shariah law by eliminating overnight interest charges
📲Additional FeesAdministration fee may apply instead of swaps on Islamic accounts
💳Deposit & Withdrawal OptionsBank Transfer, Credit/Debit Cards, PayPal,
Skrill,
Neteller,
and others
👥Customer Support24/7 multilingual support via phone,
email,
and live chat
📚Educational ResourcesWebinars,
video tutorials,
trading guides,
market analysis
🔖Founded2007
🎖Special FeaturesVPS hosting,
MAM/PAMM
accounts,
advanced trading tools
👉Open a account👉 Open Account

 

Overall Rating

Min Deposit

USD 200

Regulators

FSA

Trading Platform

MT4, MT5, cTrader

Crypto

Yes

Total Pairs

65

Islamic Account

Yes

Trading Fees

Low

Account Activation

24 Hours

 

Rules and Regulation

📍Categoryℹ️ Details
👥Account TypeSwap-Free Islamic Account
🕉 ComplianceAdheres to Shariah law by eliminating overnight interest charges
✅Available InstrumentsForex,
Indices,
Commodities,
Cryptocurrencies,
Bonds,
Futures,
and Stocks
📊SpreadsTight spreads starting from 0.0 pips
📑CommissionApplicable on certain account types
💹Execution ECN
execution with fast order processing
🖥️PlatformsMetaTrader 4,
MetaTrader 5,
cTrader
⚙️LeverageUp to 1:500
💲Account CurrenciesMultiple currencies available,
including
USD,
EUR,
GBP,
AUD,
and others
📱Additional FeesAdministration fee may apply instead of swaps on Islamic accounts
💳Minimum Deposit$200
💻Support24/7 multilingual customer support
🛡️RegulationRegulated by
ASIC (Australia), CySEC (Cyprus), FSA (Seychelles), and SCB (Bahamas)

 

Pros and Cons

✅ Pros❌ Cons
Easy and fast account openingNo investor protection
Low Forex feesOnly Forex, CFD, and crypto trading
Free deposit and withdrawalLack of research tools

 

Frequently Asked Questions

 

What is IC Markets?

IC Markets is a leading Forex and CFD broker known for offering several trading instruments, including Forex, indices, commodities, and cryptocurrencies.

 

When was IC Markets founded?

IC Markets was founded in 2007.

 

Is IC Markets regulated?

Yes, IC Markets is regulated by several authorities, including the Australian Securities and Investments Commission (ASIC) and the Cyprus Securities and Exchange Commission (CySEC).

 

What types of accounts does IC Markets offer?

IC Markets offers several account types, including Standard, Raw Spread, and Islamic (swap-free) accounts.

 

Overall Rating

Min Deposit

USD 200

Regulators

FSA

Trading Platform

MT4, MT5, cTrader

Crypto

Yes

Total Pairs

65

Islamic Account

Yes

Trading Fees

Low

Account Activation

24 Hours

 

Our Verdict

IC Markets stands out as a top-tier broker, particularly for traders that prioritize tight spreads and fast execution.

 

Pepperstone Review

 

2. Pepperstone

Pepperstone is a Forex broker offering Islamic accounts that are free from swap (overnight interest), allowing Muslim traders to trade without violating Shariah law. The broker is popular for its low spreads, fast order execution, and a wide range of trading instruments.

Additionally, Pepperstone provides excellent customer service and advanced trading platforms, making it a reliable choice for traders seeking an ethical and compliant trading experience.

 

Features

📍Featureℹ️ Details
👤Company NamePepperstone
🏦HeadquartersMelbourne,
Australia
👥Account TypesStandard,
Razor,
Swap-Free
✅Available InstrumentsForex,
Indices,
Commodities, Cryptocurrencies,
Stocks
📊SpreadsTight spreads starting from 0.0 pips
📑Commission$3.00 per lot per side on Razor account;
no commission on Standard account
💹Execution TypeECN
execution with fast order processing
💻Trading PlatformsMetaTrader 4 (MT4),
MetaTrader 5 (MT5), cTrader
⚙️LeverageUp to 1:500
🪙Minimum Deposit$10
💲Account CurrenciesUSD,
EUR,
GBP,
AUD,
JPY,
CHF,
NZD,
SGD,
HKD,
CAD,
and others
🛡️RegulationASIC (Australia),
FCA (UK),
DFSA (Dubai),
SCB (Bahamas)
☪️Swap-Free Islamic AccountAvailable, adheres to Shariah law by eliminating overnight interest charges
📲Additional FeesAdministration fee may apply instead of swaps on Islamic accounts
💳Deposit & Withdrawal OptionsBank Transfer, Credit/Debit Cards, PayPal,
Skrill,
Neteller,
and others
👥Customer Support24/5 multilingual support via phone,
email,
and live chat
📚Educational ResourcesWebinars,
video tutorials,
trading guides,
market analysis
🔖Founded2007
🎖Special FeaturesVPS hosting,
MAM/PAMM
accounts,
advanced trading tools
👉Open a account👉 Open Account

 

Overall Rating

Min Deposit

USD 10

Regulators

ASIC, FCA, CySEC, DFSA

Trading Platform

MT4, MT5, cTrader, TradingView, Pepperstone Platform

Crypto

Yes

Total Pairs

1000+

Islamic Account

Yes

Trading Fees

Low

Account Activation

24 Hours

 

Rules and Regulation

📍Categoryℹ️ Details
👥Account TypeSwap-Free Islamic Account
🕉 ComplianceAdheres to Shariah law by removing overnight interest charges
✅Available InstrumentsForex,
Indices,
Commodities, Cryptocurrencies,
Shares,
ETFs,
and more
📊SpreadsTight spreads starting from 0.0 pips on some account types
📑CommissionApplicable on Razor account,
no commission on Standard account
💹Execution ECN-style execution with fast order processing
🖥️PlatformsMetaTrader 4,
MetaTrader 5,
cTrader
⚙️LeverageUp to 1:500
💲Account CurrenciesMultiple options,
including USD,
EUR,
GBP,
AUD,
and others
📱Additional FeesAdmin fee may replace swaps for positions held overnight
💳Minimum Deposit$10
💻Support24/5 multilingual customer support
🛡️RegulationRegulated by ASIC (Australia),
FCA (UK),
DFSA (Dubai),
SCB (Bahamas),
CySEC (Cyprus)

 

Pros and Cons

✅ Pros❌ Cons
Adheres to Islamic financial principles. May have limitations on trading instruments or strategies.
No overnight interest charges.May incur additional fees.
May have limited trading hours.
Offers competitive pricing for various trading instruments.May not be the lowest spreads available.
(When compared)
Offers user-friendly and powerful trading platformsMay require a learning curve for new traders.

 

Frequently Asked Questions

 

How do I open a Pepperstone Swap-Free (Islamic) Forex Account?

To open a Swap Free account with Pepperstone, you need to apply for a standard account

 

Are there any additional fees for using a Pepperstone Swap Free (Islamic) Account?

While there are no swap fees

 

Can I trade using leverage with a Pepperstone Swap-Free (Islamic) Forex Account?

Yes, you can trade with leverage on a Swap Free account.

 

Is Pepperstone a legit broker?

Pepperstone is a legit brokerage.

 

Overall Rating

Min Deposit

USD 10

Regulators

ASIC, FCA, CySEC, DFSA

Trading Platform

MT4, MT5, cTrader, TradingView, Pepperstone Platform

Crypto

Yes

Total Pairs

1000+

Islamic Account

Yes

Trading Fees

Low

Account Activation

24 Hours

 

Our Verdict

Pepperstone is a highly regarded broker known for its competitive pricing and efficient execution, making it a strong choice for active traders.

 

AvaTrade Review

 

3. AvaTrade

AvaTrade was founded in 2006 and has its headquarters in Dublin, Ireland. It has offices worldwide, including in Japan, Australia, Ireland, and the British Virgin Islands, and sales offices in Paris, Milan, Madrid, Mongolia, Beijing, Nigeria, Santiago, and Johannesburg.

AvaTrade offers more than 250 instruments, including major stock Indices, cryptocurrencies, commodities, bonds, individual shares, and ETFs, as well as more than 60 currency pairs.

AvaTrade’s Islamic Forex account which is Swap-Free is a provision for Muslim traders that strictly observes Shariah laws.

 

Features

📍Featureℹ️ Details
👤Company NameAvaTrade
🏦HeadquartersDublin,
Ireland
👥Account TypesStandard,
Swap-Free Islamic
✅Available InstrumentsForex,
Indices,
Commodities,
Cryptocurrencies,
Bonds,
ETFs,
Options,
Stocks
📊SpreadsFixed and variable spreads, starting from 0.9 pips
📑CommissionNo commission on most accounts
💹Execution TypeMarket execution
💻Trading PlatformsMetaTrader 4,
MetaTrader 5,
AvaTradeGO,
WebTrader,
AvaOptions
⚙️LeverageUp to 1:400 (varies by region and account type)
🪙Minimum Deposit$100
💲Account CurrenciesUSD,
EUR,
GBP,
AUD,
JPY,
CHF
🛡️RegulationCentral Bank of Ireland,
ASIC (Australia),
FSA (Japan),
FSCA (South Africa),
FFAJ (Japan),
ADGM (UAE)
☪️Swap-Free Islamic AccountAvailable, adheres to Shariah law by eliminating overnight interest charges
📲Additional FeesInactivity fee after 3 months, administration fee may apply instead of swaps on Islamic accounts
💳Deposit & Withdrawal OptionsBank Transfer, Credit/Debit Cards, PayPal,
Skrill,
Neteller,
and others
👥Customer Support24/5 multilingual support via phone, email, and live chat
📚Educational ResourcesWebinars,
eBooks,
video tutorials,
trading guides,
market analysis
🔖Founded2006
🎖Special FeaturesAvaProtect (risk management tool), negative balance protection, fixed spreads
👉Open a account👉 Open Account

 

Overall Rating

Min Deposit

USD 100 

Regulators

ASIC, FSA, CBI,  BVI, FSCA, FRSA, ISA

Trading Platform

MT4, MT5, Ava Social, Ava Protect, Trading Central

Crypto

Yes

Total Pairs

55+

Islamic Account

Yes

Trading Fees

Low

Account Activation

24 Hours

 

Rules and Regulation

📍Categoryℹ️ Details
👥Account TypeSwap-Free Islamic Account
🕉 ComplianceAdheres to Shariah law by removing overnight interest charges
✅Available InstrumentsForex,
Indices,
Commodities,
Cryptocurrencies,
Shares,
ETFs,
Bonds
📊SpreadsCompetitive spreads, fixed or variable depending on the account type
📑CommissionNo commission on standard trading accounts
💹Execution Market execution with no re-quotes
🖥️PlatformsMetaTrader 4,
MetaTrader 5,
AvaTradeGO,
WebTrader
⚙️LeverageUp to 1:400 (varies by region and account type)
💲Account CurrenciesMultiple currencies available, including USD,
EUR,
GBP,
AUD,
and more
📱Additional FeesAdministration fee may apply for positions held over an extended period
💳Minimum Deposit$100
💻Support24/5 multilingual customer support
🛡️RegulationRegulated by Central Bank of Ireland,
ASIC (Australia),
FSA (Japan),
FSCA (South Africa),
FSA (BVI)

 

Pros and Cons

✅ Pros❌ Cons
Easy and fast account openingLimited research tools
Great educational toolsPoor support telephonically
No withdrawal feeAdministration fee
Free deposit and withdrawal optionsInactivity fee

 

Frequently Asked Questions

 

What types of accounts does AvaTrade offer?

AvaTrade offers several account types, including Standard, Islamic (Swap-Free), Professional, and Demo accounts.

 

What trading platforms are available on AvaTrade?

AvaTrade provides access to popular trading platforms such as MetaTrader 4 (MT4), MetaTrader 5 (MT5), AvaTradeGO, AvaOptions, and AvaTrade WebTrader.

 

Does AvaTrade offer educational resources for traders?

Yes, AvaTrade offers a wide range of educational resources, including webinars, eBooks, video tutorials, and a comprehensive trading academy.

 

Does AvaTrade offer customer support?

Yes, AvaTrade provides 24/5 customer support via live chat, phone, and email.

 

Overall Rating

Min Deposit

USD 100 

Regulators

ASIC, FSA, CBI,  BVI, FSCA, FRSA, ISA

Trading Platform

MT4, MT5, Ava Social, Ava Protect, Trading Central

Crypto

Yes

Total Pairs

55+

Islamic Account

Yes

Trading Fees

Low

Account Activation

24 Hours

 

Our Verdict

AvaTrade is a versatile broker that caters to a broad spectrum of traders with its diverse range of trading platforms and instruments.

 

Forex.com Review

 

4. Forex.com

Forex.com was established in 2001 and is the brand name of GAIN Capital, listed on the New York Stock Exchange, and is a global FX and CFD brokerage firm. Forex.com is regulated by the Financial Conduct Authority (FCA) in the UK or the US Commodity Futures Trading Commission (CFTC).

Forex.com has garnered many awards, and in 2025, it has earned Best in Class (top 7) awards for numerous categories, including Offering of Investments, Commissions & Fees, Education, Professional Trading, Crypto Trading, Ease of Use, and Overall.

 

Features

📍Featureℹ️ Details
👤Company NameFOREX.com
🏦HeadquartersBedminster,
New Jersey,
USA
👥Account TypesStandard,
Commission,
DMA (Direct Market Access),
Swap-Free Islamic
✅Available InstrumentsForex,
Indices,
Commodities,
Cryptocurrencies,
Stocks,
Precious Metals, Futures
📊SpreadsTight spreads starting from 0.0 pips (DMA account)
📑Commission$5 per 100K traded on Commission account;
no commission on Standard account
💹Execution TypeMarket execution with fast order processing
💻Trading PlatformsMetaTrader 4,
MetaTrader 5,
WebTrader,
FOREX.com Advanced Trading Platform
⚙️LeverageUp to 1:200 (varies by region and account type)
🪙Minimum Deposit$100
💲Account CurrenciesUSD,
EUR,
GBP,
AUD,
CAD,
JPY
🛡️RegulationCFTC (USA),
NFA (USA),
FCA (UK),
ASIC (Australia),
IIROC (Canada),
FSA (Japan)
☪️Swap-Free Islamic AccountAvailable, adheres to Shariah law by eliminating overnight interest charges
📲Additional FeesInactivity fee after 12 months, administration fee may apply instead of swaps on Islamic accounts
💳Deposit & Withdrawal OptionsBank Transfer, Credit/Debit Cards, PayPal,
Skrill,
Neteller,
and others
👥Customer Support24/5 multilingual support via phone,
email,
and live chat
📚Educational ResourcesWebinars,
video tutorials,
trading guides,
market analysis
🔖Founded2001
🎖Special FeaturesAdvanced charting
tools,
integrated trading strategies,
negative balance protection
👉Open a account👉 Open Account

 

Overall Rating

Min Deposit

USD 100 

Regulators

FCA, CFTC, ASIC

Trading Platform

MT5, Proprietary

Crypto

Yes

Total Pairs

91

Islamic Account

No

Trading Fees

Low

Account Activation

24 Hours

 

Rules and Regulation

📍Categoryℹ️ Details
👥Account TypeSwap-Free Islamic Account
🕉 ComplianceAdheres to Shariah law by removing overnight interest charges
✅Available InstrumentsForex,
Indices,
Commodities,
Cryptocurrencies, Precious Metals,
Energies
📊SpreadsVariable spreads with competitive pricing
📑CommissionCommission-free trading on standard accounts
💹Execution Market execution with no re-quotes
🖥️PlatformsMetaTrader 4,
MetaTrader 5,
FOREX.com WebTrader, Mobile Trading apps
⚙️LeverageUp to 1:200 (varies by region and account type)
💲Account CurrenciesMultiple options, including
USD,
EUR,
GBP,
and others
📱Additional FeesAdministration fee may apply instead of swaps for positions held overnight
💳Minimum Deposit$100
💻Support24/5 customer support via multiple channels
🛡️RegulationRegulated by FCA (UK), CFTC/NFA (US), ASIC (Australia), IIROC (Canada), FSA (Japan)

 

Pros and Cons

✅ Pros❌ Cons
Great variety of currency pairsLimited product portfolio
Fast and easy account openingHigh stock CFD fees
No withdrawal feeHigher spreads than some brokers
Fast execution of tradesNo negative balance protection

 

Frequently Asked Questions

 

What instruments can I trade on FOREX.com?

FOREX.com offers a wide range of trading instruments, including over 80 currency pairs, commodities, indices, stocks, and cryptocurrencies.

 

Does FOREX.com offer educational resources for traders?

Yes, FOREX.com provides a comprehensive range of educational resources, including webinars, video tutorials, articles, and a trading academy.

 

How can I contact FOREX.com customer support?

FOREX.com offers 24/5 customer support via live chat, phone, and email.

 

What account types are available on FOREX.com?

FOREX.com offers several account types

 

Overall Rating

Min Deposit

USD 100 

Regulators

FCA, CFTC, ASIC

Trading Platform

MT5, Proprietary

Crypto

Yes

Total Pairs

91

Islamic Account

No

Trading Fees

Low

Account Activation

24 Hours

 

Our Verdict

FOREX.com is a well-established broker that offers a robust trading experience, backed by strong regulatory oversight and a comprehensive range of trading instruments.

 

HFM Review

 

5. HFM

HFM is a Cyprus-based broker that was founded in 2010. It has several global satellite offices in Dubai and South Africa and offshore entities in St Vincent and the Grenadines.

World Finance Magazine listed the company among the Top 100 Companies, and in 2015, it received the award for Business Excellence.

Users can access 150+ trading instruments across Forex, Commodities, Indices, Shares, Bonds, and Cryptocurrency CFDs over 6 core trading accounts. Commission-free trading for Forex pairs is offered on every account.

 

Features

📍Featureℹ️ Details
👤Company NameHFM
🏦HeadquartersLarnaca,
Cyprus
👥Account TypesMicro,
Premium,
Zero Spread,
Auto,
PAMM,
HFCOPY,
Swap-Free Islamic
✅Available InstrumentsForex, Indices,
Commodities, Cryptocurrencies,
Shares,
Bonds,
ETFs,
Energies,
Metals
📊SpreadsTight spreads starting from 0.0 pips (Zero Spread account)
📑Commission$3 per lot per side on Zero Spread account; no commission on other account types
💹Execution TypeMarket execution with fast order processing
💻Trading PlatformsMetaTrader 4,
MetaTrader 5,
HFM Platform
(Web & Mobile)
⚙️LeverageUp to 1:1000
(varies by region and account type)
🪙Minimum Deposit$0
💲Account CurrenciesUSD,
EUR,
GBP,
NGN,
JPY,
CHF,
PLN
🛡️RegulationCySEC (Cyprus),
FCA (UK),
DFSA (Dubai),
FSCA (South Africa),
FSA (Seychelles)
☪️Swap-Free Islamic AccountAvailable, adheres to Shariah law by eliminating overnight interest charges
📲Additional FeesInactivity fee after 6 months, administration fee may apply instead of swaps on Islamic accounts
💳Deposit & Withdrawal OptionsBank Transfer, Credit/Debit Cards, PayPal,
Skrill,
Neteller,
Crypto,
and others
👥Customer Support24/5 multilingual support via phone, email,
and live chat
📚Educational ResourcesWebinars,
video tutorials,
trading guides,
market analysis, eBooks
🔖Founded2010
🎖Special FeaturesNegative balance protection,
HFCOPY for social trading,
S hosting
👉Open a account👉 Open Account

 

Overall Rating

Min Deposit

USD 0 

Regulators

CySEC, FCA, FSA, DFSA, FSCA, CMA

Trading Platform

MT4, MT5, HFM APP

Crypto

Yes

Total Pairs

50+

Islamic Account

Yes

Trading Fees

Low

Account Activation

24 Hours

 

Rules and Regulation

📍Categoryℹ️ Details
👥Account TypeSwap-Free Islamic Account
🕉 ComplianceAdheres to Shariah law by removing overnight interest charges
✅Available InstrumentsForex,
Indices,
Commodities,
Shares,
Bonds,
Cryptocurrencies, Energies
📊SpreadsTight spreads starting from 0.1 pips (varies by account type)
📑CommissionNo commission on Micro,
Premium, or
Zero Spread accounts
💹Execution Market execution with no re-quotes
🖥️PlatformsMetaTrader 4,
MetaTrader 5,
HFM App
⚙️LeverageUp to 1:1000 (varies by region and account type)
💲Account CurrenciesMultiple options, including
USD,
EUR,
GBP,
NGN,
and others
📱Additional FeesAdmin fee may apply for positions held longer than a specific period
💳Minimum Deposit$0
💻Support24/5 customer support via multiple channels
🛡️RegulationRegulated by CySEC (Cyprus),
FCA (UK),
DFSA (Dubai),
FSCA (South Africa), FSA (Seychelles)

 

Pros and Cons

✅ Pros❌ Cons
Fast, easy, fully digital account openingOnly Forex and CFD products
Low minimum depositHigh stock CFD fees
Commission-free accounts are availableOnly 56 shares are available

 

Frequently Asked Questions

 

Are there any additional fees associated with an HFM Swap Free (Islamic) Forex Account?

While no interest is charged on overnight positions, HFM may apply additional fees or charges as a substitute for the swap

 

Can I use leverage on an HFM Swap-Free (Islamic) Forex Account?

Yes, leverage is available on HFM Swap Free accounts.

 

How do I know if an HFM Swap-Free (Islamic) Forex Account is suitable for me?

If you adhere to Islamic finance principles or prefer to avoid paying or receiving interest on overnight positions

 

Overall Rating

Min Deposit

USD 0 

Regulators

CySEC, FCA, FSA, DFSA, FSCA, CMA

Trading Platform

MT4, MT5, HFM APP

Crypto

Yes

Total Pairs

50+

Islamic Account

Yes

Trading Fees

Low

Account Activation

24 Hours

 

Our Verdict

HFM (formerly HotForex) is a versatile broker that excels in offering a wide range of account types, catering to both novice and experienced traders.

 

Understanding Regulations for Swap-Free Islamic Forex Accounts

The rules governing Swap-Free Islamic Forex accounts are intricate and diverse, reflecting the worldwide scope of the forex industry and the distinctive requirements of Islamic finance.

These types of forex accounts comply with Sharia law by avoiding interest charges—a concept known as Riba or usury. This is crucial to ensuring that financial instruments conform to Sharia compliance standards.

Consequently, comprehending these regulatory laws is vital for brokers offering such services and traders wishing to participate in currency trading without violating their religious principles.

 

Navigating Global Regulatory Frameworks for Islamic Accounts

The regulatory frameworks for Islamic Accounts differ significantly among countries, reflecting varying approaches to financial regulation and the integration of Islamic finance principles.

Major regulatory bodies, such as the FCA in the UK, ASIC in Australia, and CySEC in Cyprus, have established specific criteria for forex brokers offering Sharia-compliant accounts that prioritize transparency, risk management, and equitable trading practices.

Additionally, regulators may require proof of compliance with Sharia guidelines from recognized Islamic financial entities before approving such accounts.

Successfully navigating these varied regulations demands a comprehensive understanding of international norms and the nuances unique to Islamic banking regulations.

 

The Impact of Sharia Compliance on Forex Trading Regulations

Implementing Sharia compliance in Forex trading has introduced new considerations for regulation.

To qualify as fully swap-free and consistent with Islamic finance principles, an account must eliminate interest payments and ensure that all trades avoid excessive speculation (Gharar) or gambling (Maisir).

This requirement greatly impacts the structure and oversight of Islamic Forex accounts. Moreover, brokers must guarantee no overnight position gains are earned through interest. However, they can use alternative charge structures to cover the lack of swap costs.

According to Sharia law, they can restrict available trading options to halal items, which forbids speculative instruments from creating uncertainty.

 

Comprehensive Guide to Fees in Islamic Forex Accounts

Traders who wish to comply with Sharia law while trading forex must deeply understand the cost structure involved in Islamic Forex accounts. These accounts are designed to adhere to Islamic financial principles, prohibiting any transaction involving interest payments or earnings.

Consequently, traders need an alternate approach to fees and levies that enables them to participate successfully in the Forex market without compromising their religious beliefs.

The carefully crafted price structure for these specialized accounts substitutes conventional swap charges with alternative costs conceived explicitly according to Sharia guidelines. Hence, as not breach any principle dictated by its laws.

 

Breaking Down Fee Structures: Spreads, Commissions, and Inactivity Charges

Islamic Forex accounts generally include various costs to compensate for the lack of swap fees, which are interest-based expenses incurred while holding positions overnight in conventional accounts.

Spreads, commissions, and inactivity charges are the key components of Islamic accounts’ cost structures.

 

  • Spreads are the difference between the purchase and sale prices of currency pairs. Islamic Forex brokers may provide greater spreads on certain transactions than conventional accounts to compensate for the lack of swap costs.
  • Some brokers impose commissions for transactions conducted in Islamic accounts. These fees are established at a fixed cost per lot or as a percentage of transaction volume and act as direct pay for the broker’s services.
  • Inactivity Charges may be imposed on accounts that have not traded for a set time. While not specific to Islamic accounts, these charges must be arranged in a manner that does not violate Sharia rules.

 

These pricing structures are intended to keep Islamic Forex accounts feasible for brokers while conforming to the ethical and religious principles that govern Islamic banking.

 

How Fees Compare in Islamic Vs. Conventional Forex Accounts

The fees charged in Islamic Forex accounts are similar to those charged in conventional counterparts but with the key difference of adhering to Sharia law. Swap fees represent a significant expense for those who keep positions open overnight in regular accounts.

These interest-based expenses vary depending on the currency pair and transaction direction. Islamic accounts do not charge exchange fees but may implement higher spreads or specific transaction fees. These alternative fee arrangements aim to maintain the broker’s financial stability while complying with Islamic trading principles.

Accordingly, traders who choose Islamic accounts will observe a unique pricing framework that may incur some costs in areas such as commissions and spreads; however, they can avoid swap expenses based on interest rates and abide by their religious beliefs during trading operations.

 

Exploring Account Types in Islamic Forex Trading

Islamic Forex trading offers a range of account choices that cater to traders’ particular needs and desires. Adhering to Sharia law, these accounts avoid interest-based dealings, aligning with Islamic financial principles.

With multiple options available, traders can choose an alternate approach that complements their individual trading strategy preferences and risk tolerance while remaining compliant with halal practices.

Varying circumstances like leverage ratio, spread rate, and option availability viz-a-viz swap-free solutions across all kinds of accounts mainly influence the disparity in these account types.

 

Fixed Vs. Variable Spreads: Choosing the Right Islamic Forex Account

The type of spread the broker charges is important when opening an Islamic Forex account.

 

  • Fixed spreads remain constant, providing certainty in trading costs, which is beneficial during volatile market conditions. An Islamic account with fixed spreads may appeal to traders seeking stability and predictable expenses.
  • Variable spreads fluctuate with market liquidity and volatility. They can offer lower spreads during high liquidity but may widen significantly during major economic events. Traders using variable spreads often aim to benefit from lower costs in normal conditions, accepting some uncertainty in trading expenses.

 

The decision between fixed and variable spreads in Islamic Forex accounts should be based on a trader’s risk management approach, trading style, and the unique circumstances in which they perform best.

Both solutions comply with Sharia law but use different methods to minimize trading expenses and market volatility.

 

Special Features of Islamic Forex Accounts for Diverse Traders

Islamic Forex accounts are more than just about assuring compliance with Islamic financial principles; they also include several unique features intended to meet the different demands of traders. These characteristics may include:

 

  • Advanced Trading Platforms: Traders may benefit from sophisticated trading platforms that include real-time charts, analytical tools, and automated trading options, improving the trading experience while maintaining Islamic principles.
  • Educational Resources and Assistance: Many brokers provide extensive educational resources and assistance to help traders make educated choices and enhance their trading abilities in a Sharia-compliant environment.
  • Access to Major and Minor Currency pairings: Traders have access to various currency pairings, including major, minor, and even exotic pairs, ensuring that possibilities exist across several markets.
  • Hedging and Scalping: Some Islamic accounts allow for hedging and scalping tactics, allowing traders to adopt various trading strategies.

 

The lack of rollover interest on overnight holdings distinguishes Islamic accounts, consistent with Islam’s ban on Riba (interest).

 

Prioritizing Customer Support in Islamic Forex Brokers

Islamic Forex brokers understand the importance of providing excellent customer support to their clients, especially when complying with Sharia law and managing swap-free accounts.

A well-trained and attentive customer service team is essential in meeting these unique requirements. The quality of a broker’s customer support speaks volumes about their reliability, dedication towards client satisfaction and success.

Alongside technical assistance, education materials are provided as part of Islamic Forex trading services, enabling traders to adhere strictly to the principles outlined under Islamic finance guidelines even during forex trade practices.

This includes guidance on account management techniques that would maximize profitability for every trader operating according to the Sharia beliefs system approach while ensuring transparency through all processes involved in implementing trades by investors at any time.

 

Evaluating Customer Support Services for Islamic Accounts

When assessing customer support services for Islamic accounts, many essential elements are at play:

 

  • Response Time and Quality: Prompt replies to questions and concerns are critical in the fast-paced Forex market. The quality of assistance, which includes the accuracy of information offered and the capacity to address difficulties effectively, is equally crucial as speed.
  • Availability: Effective customer service should be provided around the clock, per the Forex market’s trading hours. Accessibility across several channels, such as live chat, email, and phone, guarantees that traders may obtain assistance that best meets their preferences and requirements.
  • Language and Cultural Sensitivity: Given the worldwide nature of Forex trading and the different origins of Islamic traders, customer service should be available in many languages. Cultural sensitivity and an awareness of Muslim traders’ needs and concerns are also necessary for offering courteous and efficient support.

 

Support staff must fully grasp Islamic financial concepts and how they relate to Forex trading. This specialized understanding is required to solve the specific problems of traders utilizing Islamic accounts.

 

Essential Customer Support Features for Efficient Islamic Forex Trading

To enable effective Islamic Forex trading, brokers must provide a variety of customer assistance elements customized to their customer’s unique needs:

 

  • Account Management Assistance: Support for account-related issues, such as setting up swap-free accounts, comprehending fee structures, and changing account settings, is critical for seamless trading operations.
  • Technical Support: Assistance with the trading platform, diagnosing technical difficulties, and assuring continuous access to trading systems are critical for sustaining trading activity and properly managing risk.
  • Compliance support: Support services should also offer assistance in preserving Sharia compliance in trading operations, which will help traders navigate the complexity of Islamic financing in the context of Forex trading.

 

It is critical to provide traders with access to instructional resources that address basic Forex trading and the specialized elements of Islamic Forex trading. Webinars, courses, and publications may assist traders in learning market dynamics, trading tactics, and Islamic principles.

 

Leveraging Educational Resources in Islamic Forex Trading

Islamic traders must utilize educational tools to navigate the Forex market in adherence to Sharia norms. These resources cater specifically to those seeking swap-free accounts and provide technical guidance and ethical considerations of Islamic banking.

Brokers that offer top-tier education programs show a dedication to customer success, paving the way for informed decision-making and strategic trading methods.

Accessing comprehensive instructional materials tailored exclusively for Islamic Forex trading greatly enhances a trader’s ability to approach the markets with confidence and professionalism.

 

Navigating Forex Markets with Islamic Broker Educational Tools

Islamic Forex brokers provide several teaching materials to assist traders in learning the subtleties of the Forex market and how to operate within the framework of Sharia law. These tools often include:

 

  • Online Courses: Structured learning routes that thoroughly understand Forex trading, from fundamental ideas to sophisticated methods, emphasizing swap-free trading.
  • Webinars and seminars are live events led by professional traders and Islamic financial specialists. They cover market analysis, trading tactics, and Islamic principles.
  • Video Tutorials: Visual instructions that teach how to utilize trading platforms, execute trades, and use trading tools, specifically for Islamic accounts.
  • E-books and Articles: Written resources that give detailed information on numerous areas of Forex trading, such as technical analysis, fundamental analysis, and risk management, all within the framework of Islamic finance.

 

These training materials are essential for both beginner and expert traders. They assist with everything from fundamental information to advanced trading strategies, all within the ethical framework of Islamic banking.

 

Advanced Educational Offerings for Strategic Islamic Forex Trading

Advanced educational offers are a significant resource for traders wishing to expand their knowledge and improve their trading tactics. Islamic Forex brokers could provide some of the following:

 

  • Advanced Trading Tactics: Learn about complex Sharia-compliant trading tactics, including risk management and the use of technical indicators for swap-free accounts.
  • Personalized Coaching: Some brokers offer one-on-one meetings with trading specialists, which provide more personalized instruction and allow traders to address particular issues or objectives in Islamic Forex trading.
  • Case Studies and Market Analysis: Real-world examples and extensive market analyses to assist traders in comprehending market movements and the influence of global events on currency pairings, all within the framework of Islamic trading rules.

 

Forex trading specialists and Islamic finance experts provide their thoughts on current market trends and trading possibilities, allowing traders to make more educated choices.

 

Best Swap Free (Islamic) Forex Accounts

 

Swap-Free (Islamic) Forex Accounts

Islamic Forex Accounts While searching for the right Swap-Free Islamic Forex brokers, one must get brokers who offer good trading conditions as well as operate within the precepts of Shariah laws.

They have their top brokers whose accounts do not include any swap or overnight interest charges therefore making the trading environment Islamic finance compliant.

Such types of brokers will often have as many numbers of currency pairs as can be tested with tight spreads that are always available with their excellent customer relations with strategies developed in a special way to suit Muslim businessmen.

They also have educational resources apart from providing trading platforms; therefore, they should be regarded as the best for anyone who wishes to undertake trading activities without compromising on the ethical aspect of business.

 

Best Swap Free (Islamic) Forex Accounts

 

Conclusion

The swap-free accounts are important for Muslims to partake in the foreign exchange market. The swap-free (Islamic) forex accounts serve as a means for them to take part in this trading industry without being forced to pay extra money when holding overnight positions.

These accounts guarantee that one observes their religion while at the same time enjoying all other benefits that come with a typical account.

The availability of swap-free accounts by established brokers has enhanced the accessibility and inclusivity of Muslim traders in the global trading arena.

 

You might also like: Best Forex Brokers for Professionals

You might also like: Best Brokers for FTSE 100 UK

You might also like: Best Unregulated Forex Brokers

You might also like: Best ETF Forex Brokers

You might also like: Best Forex Brokers for Intermediate Forex Traders

 

Frequently Asked Questions

 

What is a swap-free Islamic Forex account?

A swap-free Islamic Forex account is a type of trading account that complies with Shariah law, which prohibits the payment and receipt of interest or usury. This account does not charge or pay swap or rollover fees for holding positions overnight.

 

How does a swap-free Islamic Forex account work?

In a swap-free Islamic Forex account, the broker will not charge or pay any swap or rollover fees for holding positions overnight. Instead, the broker may charge a fixed commission or markup on the spread to cover the cost of holding positions overnight.

 

Who can use a swap-free Islamic Forex account?

Swap-free Islamic Forex accounts are available to traders who follow the Islamic faith and wish to comply with Shariah law. These accounts are popular in countries where the majority of the population is Muslim, such as Saudi Arabia, Malaysia, and the United Arab Emirates.

 

What are the advantages of using a swap-free Islamic Forex account?

The main advantage of using a swap-free Islamic Forex account is that it allows traders to comply with Shariah law and avoid paying or receiving interest or usury. This account is also suitable for traders who prefer to hold positions overnight without incurring any additional fees.

 

Are there any limitations to using a swap-free Islamic Forex account?

One limitation of using a swap-free Islamic Forex account is that the broker may charge a higher spread or commission to cover the cost of holding positions overnight. Traders should also be aware that some brokers may require a higher minimum deposit or impose additional restrictions on trading in these accounts. It is important to carefully review the broker’s terms and conditions before opening a swap-free Islamic Forex account.

Author Details

Picture of Louis Schoeman

Louis Schoeman

Featured Forex and Stocks writer

Table of Contents

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