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.
Table of Contents
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 – Swap-Free Account Broker for CFDs
- eToro – Copy Trading Swap-Free Broker
- Oanda – Swap-Free Account for Experienced Traders
- RoboForex – 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
PFI Rating 4.9
Best Overall
PFI Rating 4.9
Third Place
PFI Rating 4.9
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
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.
PFI Rating: 4.9/5
AvaTrade
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.
PFI Rating: 4.9/5
Pepperstone
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.
PFI Rating: 4.9/5
XM
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.
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.
{etoroCFDrisk}% of retail investor accounts lose money when trading CFDs with this provider.
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.
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.
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.
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.
