Best Islamic Forex Brokers – Pros & Cons

The world’s financial Forex Brokers markets are open 24 hours a day, five days a week. Trading is done on these days and nights, in a wide variety of markets around the world. The Muslim holy month of Ramadan is a period of special significance to Muslims. That period occurs during the ninth month of the Muslim calendar and lasts for 28 to 30 days. During this period, Muslims follow a strict fast. The fast is observed from dawn until sunset. The next day, Muslims also spend time doing extra prayers and reading the Quran.

In years past, Muslim traders have been limited by the fasting and the

As someone who shares his religion and way of life with more than 1 billion people around the world, Islam has a very positive attitude to trade and finance. In fact, throughout its history, Islam has set an example as an economic and social system that is totally coherent and beneficial for the individual and for society as a whole. In recent years, the Islamic economy has acquired global significance, especially in the context of an increasing interest in Islamic finance.

That said, the Muslim traders want to trade according to principles they believe in, just like everyone else. They want to be able to apply Islamic principles in the market. For example, they are not allowed to invest in anything they deem “haram”, or forbidden by Islamic law.

There is a lot of information out there about Muslims and forex trading. All you have to do is Google it, and you will find all kinds of information. But is the information really accurate? Afcourse we will look at the misconceptions about Islam and Muslims and whether there is room for you to trade Forex as a Muslim.

Best Islamic Brokers List

If you already know what to look for in Islamic forex brokers and you simply want a list of the best platforms, here are our top four suggestions for you:

1. eToro — The best Islamic forex broker overall
2.  Capital.com — Among the most advanced trading platforms
3.  Libertex — High leverage for professional traders
4.  AvaTrade — Best Swap-free accounts for Muslim traders

How to Get Started With An Islamic Forex Broker?

One of the most challenging and complex aspects of Islamic finance is the Halal certification of various services, products, and companies. From time to time, certain products may be prohibited due to the nature of their working process or their ingredients, or certain companies may have a direct link to the alcohol industry, which may result in an automatic prohibition of their products.

In order to help investors in this regard, we have compiled the most comprehensive list of companies and products that have received a Halal certification from a number of international Halal certifying authorities, and which are worth investing in. It’s crucial to know your way around the trading platform that you are using, to be able to use all of its functions efficiently, but it is also important to be aware of the various advanced options, and the fact that you can actually set your own preferences, in terms of the types of trading you want to engage in, the type of data you want to see, and the amount of detail you want to pay attention to.

Register an eToro Account

The world of cryptocurrency has become more and more popular in the last few years. Cryptocurrencies such as Bitcoin, Ethereum, and Litecoin are worth thousands of dollars apiece, and this has led people to wonder if they too can get in on the action and make millions by investing in cryptocurrencies. However, there are many pitfalls that you need to avoid if you are going to successfully invest in cryptocurrencies.

For new traders, it’s important to be aware of the risks that are involved in trading, so before you make your first trade, you should make sure to read the risks section of eToro’s terms and conditions. That said, if you’re still keen to start trading, you can read on and find out how to get started.

Start Trading on Islamic account

Finally, once your Islamic account is activated, you can start trading. Simply search the currency pair that you wish to trade, or go to the ‘currencies’ section of the platform, where you will see all of the offered trading pairs. Then select the one that you wish to trade, and click the trade button

1. The first step is to open an account. Once you have decided on a broker, and started trading, you will have to open a margin trading account and one that is not margin. 
2. The former is meant for advanced and professional traders, while the latter is suitable for beginners.
3. Once you have chosen a brokerage, you can open a new account with them.
4. Next step is to deposit funds in your account. You can either deposit funds through a wire transfer or via a transfer through a credit card or PayPal.
5. After your account is funded, you can start trading. There are two types of trading accounts: Islamic and non-Islamic. The first one is meant for Muslims, while the second one.
6. The Benefits of Trading with Al Rayan

Conclusion: You don’t need to be a financial expert to start trading with Al Rayan. If you want to get the best return on your investment without having to go through the hectic process of setting up a bank account, trading with Al Rayan is the perfect solution.