Best Swap Free Account Brokers 2023

In this guide, we go over the best swap-free forex accounts, and list top-rated regulated swap-free forex brokers.

Several factors can limit your ability to start Forex trading – religious and ideological restrictions. If you need a swap-free account that does not charge interest or earn money on trades, consider using one of the top swap-free forex brokers below.

We have vetted and reviewed each swap-free broker based on a variety of factors to save you time.

List of the Swap Free Forex Broker Accounts

Here is our list of top swap-free account broker based on our analysis:

  • AvaTrade – Best Swap-Free Account Overall
  • XM – Best Swap-Free Account Broker for CFDs
  • eToro – Best Copy Trading Swap-Free Broker
  • Oanda – Best Swap-Free Account for Experienced Traders
  • RoboForex – Best High Leverage Swap-Free Account
  • FxPro – Forex Focused Swap-Free Broker
Trading Platform Info Our Score Accepts Clients Minimum Best For
#1 AvaTrade Best Swap Free Account Overall 4.9 Globally $100 Forex and CFD Trading
#2 XM Islamic Account Best Budget Swap Free Broker 4.9 Globally $5 Best for Islamic Accounts, High LeverageLow minimums
#3 eToro Copy Trading 4.9 Globally $100 ($50 for select countries) Zero-commission Stocks and Copy Trading in Europe
#4 Roboforex Best High Leverage Swap Free Broker 4.8 Globally  $0 High Leverage Forex Focused
#5 FXPro Forex Focused Swap Free Account 4.7 Globally $0 Negative Balance protection, range of tradable instruments
#6 Oanda Best for Experienced Traders 4.7 Globally $0 Heavily regulated,Supported trading tools,No verification requirement

Runner up

XM Logo

PFI Rating 4.9

  • Regulated
  • Great Platform
  • Fast Execution

Best Overall

AvaTrade Logo

PFI Rating 4.9

  • Regulated
  • Copy Trading + Low Fees
  • Great Trading Platform

Third Place

etoro logo

PFI Rating 4.9

  • Regulated
  • Copy Trading
  • Great Mobile App

Swap Free Forex Brokers in Detail 

Many people cannot trade on forex platforms due to religious or ideological opposition to earning interest and commissions on trades.

Thankfully, swap-free accounts, also called Islamic accounts, allow users to refrain from earning interest on trades. Many align with Islamic principles of Sharia law.

Consider each review of the best swap-free forex brokers below to make your selection. 

Our Top Pick
AvaTrade Logo

PFI Rating: 4.9/5

AvaTrade – Best Swap-Free Account Overall

AvaTrade offers a swap-free account and is an ideal option for beginners and experts.

Avatrade offers trading CFDs on Forex, Stocks, Commodities, FXOptions, Cryptocurrencies, Indices, ETFs, and Bonds.

The minimum deposit is $100, and the max leverage is between 1:30 (retail) and 1:400 (pro).

AvaTrade offers a top-quality Islamic swap-free account option that aligns rigorously with Sharia law. This ensures that you can protect yourself appropriately and trust that your trades align with your values.

AvaTrade is a Europe-based forex trader offering high-quality educational materials, extremely responsive 24/7 customer service, and many instruments.

76% of retail investor accounts lose money when trading CFDs with this provider.

Great For: Swap-Free Account for Forex CFD Trading

Pros Cons
Offers the best academic and training materials in the industry. Must relinquish Islamic account privileges to engage in cryptocurrency trading.
A large variety of asset choices. Relatively high inactivity fees.
Free demo account available.  The demo account expires after 21 days.

Mobile App: 4.9/5

Regulation: 4.9/5

Fees: 4.9/5

Min. Deposit: $100

Overall: 4.9/5

Low Fees
Pepperstone Logo

PFI Rating: 4.9/5

Pepperstone – Low Spread Swap-Free Account

Launched in 2010, Pepperstone has a stellar reputation in the trading community. Prestigious agencies, including the FCA, ASIC, and BaFin, heavily regulate the broker.

More than 60 currency pairs are available for trading on Pepperstone using CFDs. With Pepperstone, spreads are typically low, averaging 0.75 pip for EUR/USD. Those who select the “Razor” account will have exposure to “raw” spreads, some of which can be as little as 0.0 pips.

Note that since there would be a fee on this account, it is often only meant for expert traders.

Pepperstone features a swap-free account, making it one of the top Islamic brokers for Sharia-compliant trading.

Between 74-89 % of retail investor accounts lose money when trading CFDs. 

Great For: Low Spread Swap-Free Accounts

  • Offers STP and ECN accounts
  • Supports cTrader, TradingView, MetaTrader 4, and MetaTrader 5.

Mobile App: 4.8/5

Regulation: 4.9/5

Fees: 4.9/5

Min. Deposit: $100

Overall: 4.9/5

Fast Execution
XM Logo

PFI Rating: 4.9/5

XM – Fast Execution Swap Free Broker

XM.com offers swap-free forex trading accounts for Muslims and others wishing to trade by Islamic law.

This company offers four different Islamic swap-free account options, including

  • Micro Swap-Free
  • Standard Swap-Free
  • Ultra Low Swap-Free
  • Shares Swap-Free 

With XM, the minimum deposit is only $5, trading fees are low, and withdrawal fees are nonexistent.

With some of the lowest fees available, XM is an ideal option for those on a budget. 

Additionally, XM provides a significant database of how-to guides, training, and resources to support you.

78.17% of retail investor accounts lose money when trading CFDs with this provider.

Great For: Swap-Free Account with Fast Execution

Pros Cons
Four different accounts available Limited portfolio of available products
Low-stock withdrawal fees Investor protection only open to EU clients.
Comprehensive training and education options.

Mobile App: 4.7/5

Regulation: 4.9/5

Fees: 4.9/5

Min. Deposit: $5

Overall: 4.9/5

Copy Trading
etoro logo

PFI Rating: 4.9/5

eToro

eToro is next on our list as a swap-free copy trading platform.

eToro offers a wide variety of secure and robust account types – including the popular Islamic account, which allows traders to trade on the platform by Islamic laws and conventions.

eToro is one of the most competitive swap-free platforms today, as it offers low fees. There are no swap or rollover fees, and the platform does not charge commissions.

eToro also offers a wide range of valuable features, including a social trading platform, networking, visible trades, and eToro’s Islamic Crypto Wallet, enabling traders to leverage crypto in alignment with their values.

Regulators include CySec and FCA, and eToro offers 47 total forex pairs.

81% of retail investor accounts lose money when trading CFDs with this provider.

Great For: Copy Trading

Pros Cons
Low trading fees and no commissions  Higher spread the cost on Islamic accounts
Excellent customer service– responsive and reliable. Higher minimum deposit than most alternatives.
The platform is accessible and easy for beginners to use.

Mobile App: 4.8/5

Regulation: 4.9/5

Fees: 4.9/5

Min. Deposit: $100

Overall: 4.9/5

RoboForex Logo

PFI Rating: 4.8/5

RoboForex

Roboforex is a New Zealand-based forex trading platform that offers swap-free accounts for Muslim traders.

RoboForex’s swap-free accounts are open to all – not just Muslim users—and the company offers leverage of up to 1:2000 on these accounts; this rate is highly competitive, so it offers both high rewards and high risks.

With Roboforex, you can choose from four trading account. The minimum deposit is $10, and you have access to 32 total pairs and eight asset classes.

Trading fees remain low, and Roboforex uses the MetaTrader 4 trading desk for quality service.

Great For: Forex Swap Free Trading

Pros Cons
Low trading fees and no commissions  Higher spread the cost on Islamic accounts
Excellent customer service– responsive and reliable. Higher minimum deposit than most alternatives.
The platform is accessible and easy for beginners to use.

Mobile App: 4.8/5

Regulation: 4.9/5

Fees: 4.9/5

Min. Deposit: $100

Overall: 4.9/5

Oanda Logo

PFI Rating: 4.7/5

OANDA

Oanda offers one of the best U.S.-based swap-free forex services.

This platform is ideal for those with experience since it can be more challenging to navigate than most.

Oanda offers an Islamic account that features low spread costs. You can choose between spread-only pricing or commission pricing.

Oanda offers 70 assets for forex accounts with max leverage of 1:200, which is more competitive than most.
The company also uses third-party trading platforms Metatrader 4 and Metatrader 5 for a comprehensive and responsive trading experience on the platform.

There is no minimum deposit amount when trading with Oanda.

Great For: Forex Swap-Free Accounts

Pros Cons
Tons of advanced features and high high-quality form. Best for traders with some experience.
Low fees feared to others—also negative balance protection on all accounts. Platform interface can be challenging to navigate.
Uses a wide variety of trading strategies. No fixed spreads

Mobile App: 4.8/5

Regulation: 4.9/5

Fees: 4.8/5

Min. Deposit: $0

Overall: 4.7/5

FxPro Logo

PFI Rating: 4.7/5

FXPro

FXPro has been around since 2006, and this forex swap-free account provider allows trades with leverage up to 1:5000. 

FXPro also offers Negative Balance Protection.

FXPro, has a minimum deposit of $100, and there are no deposit and withdrawal fees.

FXProoffers five different account types, floating and fixed spreads, and a minimum lot size of 0.01 and a maximum lot size of 10,000.

This option is ideal for mobile users, as the app is comprehensive and has all the needed functionalities we needed.

Great For: Forex Swap-Free Accounts

Pros Cons
Free demo account availability No signup bonuses
Automatic trading options Relatively high inactivity fees.
No commissions  Small selection of minor account currencies 

Mobile App: 4.8/5

Regulation: 4.9/5

Fees: 4.8/5

Min. Deposit: $100

Overall: 4.7/5

The Basics of Swap-Free Accounts 

When brokers trade forex, they swap fees to maintain a position overnight.

Swap-free accounts offer more flexibility, but they also cater to the needs of Muslim traders whose religion prohibits leveraging interest.

Swap-free plans are often labeled as Islamic accounts to indicate this specialty.

How Swap-Free Accounts Work

Swap-free accounts have been recently introduced in the forex market. Islamic traders don't have to pay commissions for using swap-free accounts. A broker doesn't debit any money from a swap-free account for an overnight position on currency pairs.

Swap-free accounts have a different fee structure and are designed for traders of the Islamic faith. The fee is fixed instead of swap. The fee is not interest and depends on the direction of the position (order).

Conclusion

Finding the right swap-free broker takes time and patience, but you can start benefiting from this lucrative global market once you do.

Remember to consider your options carefully and read reviews of each platform before making your decision. You’ll want to keep in mind the broker’s main focus (mutual funds, stocks, etc.), how it’s regulated, any fees involved, and the minimum investment. You’ll also want to consider the various markets and trading platforms before deciding. 

Our lists of the best swap-free brokers can help you find the right investment platform for you based on your goals, what you’re looking for, potential outcomes, and weighing the pros and cons for each platform. 

eToro XM AvaTrade Roboforex Oanda FXPro
Our Score  4.9 4.9 4.9 4.8 4.7 4.7
Founded 2007 2008 2006 2009 1996 2006
Regulation FCA, CySEC, ASIC, FSAS CySEC, ASIC, ESMA, BaFin FCA, ASIC, FSCA, FRSA, Israel Securities Authority, Financial Services Agency, Financial Futures Association of Japan FSC CFTC, MAS, IIROC, FCA, ASIC, FSA (Japan) FSCA, CySEC
Headquarters Tel-Aviv, Israel Belize Dublin, Ireland Belize New York, NY London
U.S. Clients allowed Yes No No  No   Yes No
Outside U.S. Clients Yes Yes Yes Yes Yes  Yes
Minimum Deposit $10 $5 $100 $10 NA $1000

FAQ

Who should use swap-free accounts?

Swap-free accounts do away with swap fees typically charged for overnight positions. For this reason, they are ideal for swing traders. Additionally, swap fees contract Riba in Sharia law, as persons of Islamic faith are not permitted to benefit from interest. For this reason, swap-free accounts are also excellent for traders who observe Islam.

How should I choose a swap-free broker?

To choose the proper swap-free account for your needs, consider first whether or not you are eligible to use a given broker in your country. Then, consider whether you can afford the deposit and trade minimums. Lastly, consider additional considerations like regulation bodies and available assets to evaluate your choices based on preference.

What are the benefits of trading forex?

There are many benefits to trading forex. First, the market is large and globally interconnected. You can trade 24 hours daily, and transaction costs are relatively low. It is a high-liquidity market with the benefits of leverage and volatility.

About the author

Ziga Breznik is the owner and head of research at PublicFinanceInternational.org – he is an active investor in the forex, crypto and stock markets – he has seen trading platforms disappear along with his investments – especially during the “crypto boom”. Ziga learned the hard way that finding a reputable and trustworthy online brokerage is key to long-term success in the financial markets. He founded PublicFinanceInternational.org as a platform where he shares his research with one goal in mind: to provide unbiased and trustworthy online brokers reviews.