Selecting an Islamic Forex broker

One Forex trading account and broker stands out from the rest. The Islamic Forex account provided by the Islamic Forex broker, is an extremely unique and rare type of account – check this out.

The Islamic Forex broker may offer the opportunity to its clients of opening an Islamic Forex accounts, but this is not restricted only to Muslims. Forex traders, even those who are Islamic Forex brokers will not ask for your religion.

Simple terms, an Islamic Forex account is one that is interest-free. It is also called a No Riba account. What is the process? The standard broker, for example, will charge a rollover fee if the Forex trader chooses to keep his or her positions open overnight. This is the interest paid by the broker to the bank.

They are not acceptable to the Islamic community. Islamic Shariah prohibits Muslims from accepting money for their “giving”. This means that if you are a Muslim and invest in Forex then it is against the law to charge or accept any kind of interest. This also applies to the Jewish religion.

Forex Islamic Accounts were invented to serve the Islamic market and enable the Islamic traders to engage in Forex trading. Although anyone in the world can theoretically open an Islamic forex account, it is not for everyone. Islamic Forex accounts are not only interest-free, they also have higher spreads and other negative aspects, depending on their Islamic broker.

You may want to consider an Islamic account if you’re a frequent trader who leaves their positions open over night and pays high rollover charges. After you have decided to trade Forex Islamic accounts, you will need to choose the best Islamic Forex brokers for your needs. It is best to look at Forex broker ratings from some of Web’s most popular sites and then filter out any brokers without the Forex Islamic option.

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