Adam Rosen - Lead financial writer
Even though there are some differences between traditional Forex accounts and accounts that comply with Shariah law in The USA, American Muslims can use American Shariah-compliant accounts to ensure that your trading is not forbidden by Islamic law in The USA. Many different Islamic Forex brokers in The USA and in different parts of the Islamic world provide these kinds of accounts so that American Muslim customers can trade in a way that is compliant with sharia'ah law.
The accumulation of interest on funds that have been deposited into a American halal Forex account is forbidden by Sharia law. Rollover swap points are not charged to American traders with Islamic accounts for positions that have been open for more than 24 hours. They don't get any interest on the money they deposit to halal Forex trading accounts in The USA, and they have to make their trades as quickly as possible.
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⚡ eToro is Regulated by: Financial Conduct Authority (FCA), Cyprus Securities and Exchange Commission (CySEC), Markets In Financial Instruments Directive (MiFID), Australian Securities and Investments Commission (ASIC)
🧕 eToro Islamic Accounts: Yes
💶 eToro Forex Accounts: Yes
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📈 eToro Inactivity Fees: Yes
💰 eToro Withdrawal Fees: Yes
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⚡ ForexMart is Regulated by: Cyprus Securities and Exchange Commission (CySEC)
🧕 ForexMart Islamic Accounts: Yes
💶 ForexMart Forex Accounts: Yes
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💰 ForexMart Withdrawal Fees: 5
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ForexMart Risk warning : Your capital is at risk
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⚡ Lite Forex Investments is Regulated by: Markets In Financial Instruments Directive (MiFID)
🧕 Lite Forex Investments Islamic Accounts: Yes
💶 Lite Forex Investments Forex Accounts: Yes
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📈 Lite Forex Investments Inactivity Fees:
💰 Lite Forex Investments Withdrawal Fees: varies
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⚡ Merrill Edge is Regulated by: Financial Conduct Authority (FCA), Financial Industry Regulatory Authority (FINRA), Securities and Exchange Commission (SEC)
🧕 Merrill Edge Islamic Accounts: Yes
💶 Merrill Edge Forex Accounts: No
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📈 Merrill Edge Inactivity Fees:
💰 Merrill Edge Withdrawal Fees: varies
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Merrill Edge Risk warning : Your capital is at risk
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💶 Invest AZ Forex Accounts: Yes
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📈 Invest AZ Inactivity Fees:
💰 Invest AZ Withdrawal Fees: varies
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Invest AZ Risk warning : Your capital is at risk
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⚡ Internaxx is Regulated by: Commission de Surveillance du Secteur Financier (CSSF)
🧕 Internaxx Islamic Accounts: Yes
💶 Internaxx Forex Accounts: No
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📈 Internaxx Inactivity Fees: Yes
💰 Internaxx Withdrawal Fees: varies
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Internaxx Risk warning : Your capital is at risk
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💶 Huobi Forex Accounts: No
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📈 Huobi Inactivity Fees:
💰 Huobi Withdrawal Fees: varies
💰 Huobi Payment Methods: Cryptocurrency,
Huobi Risk warning : Your capital is at risk
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⚡ HighLow is Regulated by: Australian Securities and Investments Commission (ASIC)
🧕 HighLow Islamic Accounts: Yes
💶 HighLow Forex Accounts: No
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📈 HighLow Inactivity Fees:
💰 HighLow Withdrawal Fees: 50
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HighLow Risk warning : Your capital is at risk
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⚡ Henyep is Regulated by: Financial Conduct Authority (FCA)
🧕 Henyep Islamic Accounts: Yes
💶 Henyep Forex Accounts: Yes
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💰 Henyep Withdrawal Fees: varies
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Henyep Risk warning : Your capital is at risk
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⚡ IQ Option is Regulated by: Cyprus Securities and Exchange Commission (CySEC)
🧕 IQ Option Islamic Accounts: Yes
💶 IQ Option Forex Accounts: Yes
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📈 IQ Option Inactivity Fees:
💰 IQ Option Withdrawal Fees: varies
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⚡ NADEX is Regulated by: Commodity Futures Trading Commission (CFTC)
🧕 NADEX Islamic Accounts: Yes
💶 NADEX Forex Accounts: Yes
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📈 NADEX Inactivity Fees:
💰 NADEX Withdrawal Fees: varies
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NADEX Risk warning : Your capital is at risk
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⚡ Noor Capital Markets is Regulated by: Capital Markets Authority (CMA)
🧕 Noor Capital Markets Islamic Accounts: Yes
💶 Noor Capital Markets Forex Accounts: Yes
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💰 Noor Capital Markets Withdrawal Fees: varies
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Noor Capital Markets Risk warning : Your capital is at risk
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⚡ nutmeg is Regulated by: Unregulated
🧕 nutmeg Islamic Accounts: Yes
💶 nutmeg Forex Accounts: No
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💵 Instruments Available with nutmeg: 273
📈 nutmeg Inactivity Fees:
💰 nutmeg Withdrawal Fees: varies
💰 nutmeg Payment Methods: Bank Transfers,
nutmeg Risk warning : Your capital is at risk
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⚡ OptionsHouse is Regulated by: Financial Industry Regulatory Authority (FINRA)
🧕 OptionsHouse Islamic Accounts: Yes
💶 OptionsHouse Forex Accounts: No
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💰 OptionsHouse Withdrawal Fees: varies
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💶 Orbex Forex Accounts: Yes
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💰 Orbex Withdrawal Fees: No
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Orbex Risk warning : Losses can exceed deposits
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⚡ Personal Capital is Regulated by: Unregulated
🧕 Personal Capital Islamic Accounts: Yes
💶 Personal Capital Forex Accounts: No
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💵 Instruments Available with Personal Capital: 277
📈 Personal Capital Inactivity Fees:
💰 Personal Capital Withdrawal Fees: varies
💰 Personal Capital Payment Methods: Bank Transfer,
Personal Capital Risk warning : Your capital is at risk
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⚡ ProfiForex Corp is Regulated by: Seychelles International Business Authority (SIBA)
🧕 ProfiForex Corp Islamic Accounts: Yes
💶 ProfiForex Corp Forex Accounts: Yes
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📈 ProfiForex Corp Inactivity Fees:
💰 ProfiForex Corp Withdrawal Fees: varies
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ProfiForex Corp Risk warning : Your capital is at risk
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⚡ Pro Finance Service is Regulated by: Unregulated
🧕 Pro Finance Service Islamic Accounts: Yes
💶 Pro Finance Service Forex Accounts: No
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📈 Pro Finance Service Inactivity Fees:
💰 Pro Finance Service Withdrawal Fees: varies
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⚡ Real Trade Group is Regulated by: Unregulated
🧕 Real Trade Group Islamic Accounts: Yes
💶 Real Trade Group Forex Accounts: Yes
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📈 Real Trade Group Inactivity Fees:
💰 Real Trade Group Withdrawal Fees: varies
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⚡ RFXT Lebanon is Regulated by: Capital Markets Authority (CMA)
🧕 RFXT Lebanon Islamic Accounts: Yes
💶 RFXT Lebanon Forex Accounts: Yes
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📈 RFXT Lebanon Inactivity Fees:
💰 RFXT Lebanon Withdrawal Fees: varies
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RFXT Lebanon Risk warning : Your capital is at risk
American customers who, due to their religious beliefs, are unable to either earn or pay interest can take advantage of the Islamic accounts offered by halal Forex trading platforms in The USA. These halal Forex accounts in The USA are also known as swap free accounts. On the MT4, MT5, and cTrader platforms, the swap free option is available for all raw spread account types on halal Forex trading platforms.
Islamic compliant Forex trading accounts are dedicated to giving American Muslim customers the very best possible trading conditions through their halal Forex trading accounts. Islamic Forex trading accounts in The USA provide a halal Forex trading infrastructure and execution speeds that are among the fastest in the The USA.
An halal Forex trading account in The USA that complies with the Shariah's prohibition on riba, also known as the accumulation of interest, is referred to as an American Islamic Forex account. Traditional Forex accounts in The USA will not charge interest on open positions that are left open overnight; however, Islamic accounts in The USA may charge commission or offer wider spreads than traditional American Forex accounts.
Commissions and spreads are applicable both for Halal Forex raw spread accounts and standard Forex trading accounts in The USA. A financing fee at a flat rate will be applied to any trades that are open for more than one day in certain currency pairs on Islamic Forex trading accounts in The USA. Rates and the length of time an investment must be held by American Islamic Forex traders are subject to change in order to accurately reflect changing market conditions, and prices are subject to sporadic shifts.
In accordance with Sharia law in The USA, earning money through interest on Forex transactions, also known as riba, is forbidden. Gambling, known in Arabic as gharar, is strictly forbidden in Islam. For some American Muslim traders, the fact that Forex trading accounts in The USA charge interest on certain transactions can present a challenging situation.
There are a variety of restrictions that must be adhered to by American Islamic business people in accordance with Sharia law in The USA. These are American Islamic guidelines for maintaining a prosperous and peaceful community in The USA, and their goal is to ensure this.
Because Islamic Forex transactions in The USA are not subject to the same rules and regulations as those of a American Islamic trading account, it is essential to check whether or not your halal Forex broker in The USA complies with the Islamic Mua'malat related to American Forex trading prior to making a purchase or a sale in the foreign exchange market.
Some academics are of the opinion that the elimination of riba in The USA, also known as interest on loans, from a American Islamic Forex account could contribute to the legalisation of Forex trading in accordance with Shariah law in The USA.
Since Islam for American traders in The USA stresses the importance of avoiding elements of uncertainty, excessive speculation, and gambling when conducting business transactions, one could argue that hedging trades in The USA with Forex is also permissible under Shariah law for American halal Islamic compliant traders. It is also widely acknowledged that conventional Forex transactions in The USA, when used in a prudent manner, can be an extremely useful tool for protecting American financial institutions from the adverse effects of exposure to international risk.
When American Muslims trade foreign currencies, they are essentially investing in a physical asset in the form of the currency that they buy in The USA. If the value of this asset goes up, American Muslims will end up ahead financially, but if the value of the currency goes down, your counterparty will end up in the red. When viewed from this angle, the concept of shared risk is one in which Islam and currency trading can coexist.
Gambling is a prohibited activity that is referred to as gharar and can roughly be translated into English. Trading currency pairs or contracts for difference (CFDs) in The USA on the foreign exchange market can be viewed as a form of gambling for American Muslims, according to one line of reasoning. The Arabic word gharar connotes an aspect of deception and can be used to refer to a perilous transaction or a high-stakes investment in The USA.
However, investments made with a long-term perspective by American Muslims and soundness in the capital markets, such as the bond market and the stock market, are not typically considered to be gambling in the traditional sense by Islamic law in The USA.
The financial role and the management of the funds in The USA are both considered to be part of the "Mudharabah arrangement," which is an arrangement or partnership because one party will take on the role of Islamic Forex investing in The USA, while the other will be in charge of managing the funds.
If there are no Islamic restrictions placed on the agreement for American Muslims, it means that there are no limitations placed on the management of the funds in The USA. On the other hand, according to Sharia law for American Muslim Forex traders, there are limitations placed on who is allowed to manage the funds.
The Sharia law in The USA recognises a specific form of partnership known as musharakah, in which both parties share in the profits of a business transaction, such as Islamic and Halal Forex trading in The USA. In this particular scenario, the financial component of the American Muslim partnership will be profitable without the need to violate the rule prohibiting Riba in The USA. The word "to share" is translated from Arabic as musharakah in regards to halal Forex trading.
Halal Forex trading losses in The USA have to be split among those involved in a musharakah arrangement as well, but the proportion of each American Muslim traders contribution to the overall loss will be determined by the total amount of capital contributed in regards to the Islamic compliant Forex trading in The USA. On the other hand, the agreement that is written into the American halal Forex trading contract for such an arrangement specifies how the profit will be split between the parties involved.
It is currently less difficult than it has ever been to open an Islamic Forex account in The USA for American Muslims interested in trading the global currency markets from The USA. All of the Islamic laws and regulations pertaining to commerce and finance have been taken into consideration during the creation of the halal Forex trading accounts available to American Islamic traders. The number of halal Forex trading brokers in The USA who provide services for Islamic Forex trading continues to rise every year, even moving into halal Islamic compliant Forex trading mobile apps.
The majority of Islamic Forex brokers in The USA will provide American Muslim customers who practise Islam with the option to conduct business in a Halal Forex trading Islamic account available and regulated in The USA. When comparing American Islamic accounts, it is essential to take into account the trading conditions offered by the broker. Modifications to the trading conditions offered by a halal Islamic Forex account in The USA have the potential to influence costs in a variety of different ways, such as when the user makes adjustments to their profile.
Your local American financial regulator or a combination of American local financial regulators and international regulators such as Commodities and Futures Trading Commission (CFTC), Financial Industry Regulatory Authority (FINRA), National Futures Association (NFA), New York Stock Exchange (NYSE), Office of the Comptroller of the Currency (OCC), US Securities and Exchanges Commission (U.S. SEC), Chicago Board of Trade (CBOT), Securities Investor Protection Corporation (SIPC) are responsible for regulating your halal Forex trading account in The USA.
When it comes to the rates of interest that can be charged to their American Muslim customers, Western brokers, on the other hand, have more leeway.
Every twenty-four hours that a position is held open, a swap fee will be incurred. In order for a trading account to be considered Shariah-compliant or swap-free, the American halal Forex broker must under no circumstances charge a swap fee to American Muslims. A number of Islamic Forex brokers in The USA will limit swap-free trading to a specific period of time, typically between seven and fourteen days.
The vast majority of halal islamic currency brokers in The USA provide a variety of live accounts; however, the swap fees for some but not all of these American halal trading accounts can be waived for American Muslim traders. Always make sure to inquire with your Islamic Forex broker in The USA about the live accounts that come with a halal swap-free option. The American Islamic Forex broker has the ability to limit the maximum amount of leverage that is permitted to American Muslims and also restrict leverage for halal Islamic accounts in The USA.
It is important to check the minimum deposit requirement for the type of account American Muslims are interested in opening before American Muslims sign up for an Islamic bank account in The USA. If American Muslims are considering opening one. A minimum deposit of USD100 to USD5,000 may be required in order to open a live halal Forex trading account in The USA; however, Islamic Forex brokers in The USA have the discretion to occasionally raise this requirement for the Islamic Forex trading accounts they offer American Muslim traders.
Halal Forex trading accounts in The USA are held in accordance with Islamic law are ofter subject to a wider spread on all Forex pairs for American Muslim traders. On exotic foreign exchange pairs, additional Islamic account fees may be applied to American Muslim traders. Islamic accounts in The USA are not permitted to trade cryptocurrencies and American Muslims are instead required to use a non-Islamic currency, such as the US Dollar (USD) or the British Pound (GBP).
Some halal Forex brokers in The USA levy an administrative fee of upto five US dollars per major currency pair per night for each lot traded by American Muslims. However, there is no charge for the first ten nights that the currency position is available for American Muslims; Islamic Forex fees will begin to be assessed beginning on the eleventh night and continuing until the end of the year for American Muslim Forex traders.
After positions on Islamic accounts in The USA have been held open for more than three nights on halal American Forex trading platforms, a flat commission rate is charged instead of a variable one. The holding period is subject to change according to market conditions and when it is deemed necessary by the Islamic trading platform in The USA, and commissions may vary from platform to platform depending on the halal currency that is being used by American Muslim traders.
There is a wide variety of halal Forex brokers in The USA, that provide American Muslim investors with Islamic accounts in The USA that are customised to their needs. American Muslims are able to trade any financial instrument that is compliant with Islamic financial regulations in The USA, including Forex, commodities, certain CFDs contracts, stocks and shares and any other Islamic complaint financial instruments.
When dealing with the majority of Forex brokers offering halal trading accounts in The USA, American Muslims will be required to open a real trading account first in The USA, which can subsequently be converted into a American Islamic account. Even fewer brokers offer Islamic demo accounts to American Muslim traders, and even fewer of them have a registration page that is dedicated specifically to Islamic Forex accounts in The USA. Some trading platforms who deal with customers from predominately Muslim countries will routinely set their American Muslim clients up with Islamic Forex trading accounts that are considered halal in The USA.
Before American Muslims make a deposit, if American Muslims have any questions or concerns, American Muslims should make sure to discuss them with the manager of their halal Islamic Forex account or with the Islamic trading platform directly in The USA.
Any position that is held overnight in the American and global foreign exchange market generates a rollover, which can either result in earnings or losses depending on the currency that is being traded. Rollover interest in The USA is a type of interest that can either be credited to or debited from a Islamic Forex trading account. This type of interest is earned when an American Muslim investor rolls over an existing position. According to the regulations of Islamic finance in The USA, it is not allowed.
It is essential for American Muslims to familiarise oneself with the terms and conditions that are made public by any Islamic Forex broker in The USA. For instance, the Islamic trading platform in The USA may not charge American Muslims an interest rate; however, there will almost certainly be a commission in place of the interest rate for American Muslims. When American Muslims open an account for Islamic trading in The USA, this will have an effect on the cost of trading for you.
The trading terms and conditions that apply to Islamic Forex accounts in The USA are typically the same as those that apply to standard Forex accounts. On the other hand, the majority of Forex brokers in The USA regularly alter the commercial terms associated with American Muslims trading with them. They might restrict the American Muslim trader's access to other currencies and prevent them from trading Crypto assets or leveraged cryptocurrencies in The USA.
Some foreign exchange brokers in The USA will increase the spreads on Islamic accounts for American Muslim traders in order to compensate for the loss of revenue that would have been generated by collecting interest had it not been prohibited on Islamic accounts in The USA. Another practise, although it is much less common, is for American Forex brokers to charge an up-front commission on trades to American Muslims, rather than widening the spreads between the bid and ask prices.
American Muslim traders have the option of opening a halal Forex account in The USA that is compliant with Islamic law, which is becoming increasingly popular. They are designed to be utilised by American Muslims who adhere to the Islamic faith, which forbids the payment of interest on debts to American Muslims in The USA. The majority of Forex brokers in The USA recognise this, and as a result, they provide swap-free trading accounts to American Muslims that are in accordance with Shariah law.
It's possible that the accrual or payment of interest on regular Forex accounts in The USA goes against the morals of the Islamic faith. There are a number of other facets of currency trading in The USA that may be offensive to American Muslinm sensibilities. If the Forex broker in The USA does not offer American Muslims the right kind of account, American Muslims should talk to a qualified Islamic counsellor in person to get some guidance on the matter.
When opening an account with certain Forex brokers in The USA, American Muslim customers have the option to trade in accordance with Islamic law. Before deciding whether or not to open a halal Islamic account in The USA, it is important for American Muslims to give careful consideration to your Islamic religious guidelines, your requirements as a American Muslim trader, and the features provided by the Islamic complaint trading platforms available to you in The USA.
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