Account Types · Updated August 2026
Islamic (Swap-Free) Forex Accounts 2026 — Which Brokers Offer Them
Reviewed by Markets Desk · FX-Brokers editorial
A swap-free account removes the overnight rollover interest (riba) that a normal margin account charges or pays when you hold past the daily cut-off, and replaces it with a fixed administration fee. This page explains how that substitution actually works, the two ways brokers implement it, and which of the brokers we cover record a swap-free account in our data.
Quick Answer
8 brokers you can open an account with from here record a swap-free (Islamic) account in our broker data — Exness, Pepperstone, AvaTrade, BlackBull Markets, XM, Tickmill, Equiti and Fusion Markets. Swap is replaced by a fixed administration fee, not removed at no cost, and most brokers cap how long a position can be held before that fee starts.
Our data records swap-free availability at broker level. It does not carry per-broker administration-fee tables, covered-instrument lists or holding-period limits — those vary by broker and by account, and you should get them in writing from the broker before you fund an account.
What “swap-free” actually means
Every currency pair is two interest rates. When you hold a leveraged forex position past the broker’s daily rollover cut-off, the position is rolled to the next value date and the interest-rate differential between the two currencies is settled on your account as a swap— credited if you are long the higher-yielding currency, debited if you are not. Hold for a week and you have paid or received seven of them.
That swap is interest. Under Sharia, interest — riba — is prohibited, whether you pay it or receive it. A credited swap is no more acceptable than a debited one, which is why a swap-free account removes both directions rather than just waiving the charge.
The broker still has a funding cost for carrying your position overnight. So instead of passing through an interest differential, it charges a fixed administration fee— a flat amount per lot per night, set in advance and not linked to any interest rate. Economically the broker is covered; structurally the charge is a fee for a service rather than interest on a loan. That substitution is the whole mechanism.
How brokers implement it
Route 1 — Dedicated account type
The swap-free variant is a named account you select at registration, with its own published terms. In the brokers we cover, our data records a named swap-free account type for AvaTrade (“Islamic”) and Fusion Markets (“Swap-Free”). The advantage is that the terms are written down before you open it.
Route 2 — Applied on request
More common. You open a standard account and then ask support to convert it to swap-free, sometimes after residency or eligibility checks. The account keeps its original spreads and commission; only the overnight treatment changes. Because the terms are not on the pricing page, ask for the administration-fee schedule and the holding-period limit in writing before you deposit.
The three things to check before you fund
Holding-period limit
Many brokers give a grace period — a set number of days with no charge — and start the administration fee only after it. Some also reserve the right to withdraw swap-free status from accounts that carry positions for very long periods. Ask what the limit is and what happens when you cross it.
Administration-fee structure
Flat per lot per night, tiered by how long the position has been open, or built into a wider spread on the swap-free variant. The structure decides whether swap-free is cheaper or dearer than the standard account for the way you actually trade.
Covered instruments
Swap-free rarely covers everything. Exotic currency pairs and precious metals are the usual exclusions, and some brokers exclude a defined list outright. Confirm that the instruments you trade are inside the swap-free scope.
Interest-free is not cost-free.A swap-free account changes the form of the overnight charge, not the fact that there is one. Compare the administration fee against the swap you would otherwise pay on the same position — on a pair where you would have been credited swap, going swap-free costs you twice over.
Brokers with a swap-free record you can open from here
Drawn live from our broker dataset. Two conditions have to hold for a broker to appear: its record carries a swap-free account, and our compliance matrix currently clears it for the international market this page serves. Brokers we cover that offer swap-free but are not cleared for this market — or are restricted to a specific jurisdiction — are covered editorially elsewhere on the site rather than listed here. Ordered by our overall score. Figures are the broker’s own standard-account terms; the swap-free variant may price differently.
| Broker | Score | Swap-free account | Min deposit | EUR/USD | Commission |
|---|---|---|---|---|---|
| Exness | 9.4 | Yes — no separate account type recorded | USD 10 | 0.0 pips (Raw), 0.3 pips (Pro), 1.0 pips (Standard) | $3.50 per lot per side (Raw), None (Pro/Standard) |
| Pepperstone | 9.4 | Yes — no separate account type recorded | None | 0.0 pips (Razor), 0.69 pips (Standard) | $3.50 per lot per side (Razor), None (Standard) |
| AvaTrade | 8.7 | Yes — “Islamic” account type | EUR 100 | 0.9 pips typical | None (spread-only) |
| BlackBull Markets | 8.7 | Yes — no separate account type recorded | None | 0.0 pips (ECN Prime), 0.8 pips (Standard) | $3.00 per lot per side (ECN Prime), None (Standard) |
| XM | 8.7 | Yes — no separate account type recorded | USD 5 | 0.6 pips (Ultra Low), 1.6 pips (Standard) | None |
| Tickmill | 8.5 | Yes — no separate account type recorded | EUR 100 | 0.0 pips (Raw), 1.6 pips (Classic) | $3.00 per lot per side (Raw), None (Classic) |
| Equiti | 8.0 | Yes — no separate account type recorded | None | 0.0 pips (Premier), ~1.0 pip (Standard) | ~$7 round-turn (Premier); none (Standard, spread-only) |
| Fusion Markets | 7.8 | Yes — “Swap-Free” account type | None | 0.0 pips (Zero), 0.9 pips (Classic) | $4.50 round-turn (Zero); none (Classic, spread-only) |
Exness
9.4/10Exness records swap-free availability, but our data holds no separate swap-free account type — it is applied to one of its Standard, Standard Cent, Pro, Raw Spread, Zero accounts, normally on request. Ask support for the administration-fee schedule in writing. Founded 2008, headquartered in Limassol, Cyprus. Regulated by CySEC (Cyprus, licence 178/12); FCA (UK, licence 730729); FSA (Seychelles, licence SD025).
- Min deposit
- USD 10
- EUR/USD spread
- 0.0 pips (Raw), 0.3 pips (Pro), 1.0 pips (Standard)
- Commission
- $3.50 per lot per side (Raw), None (Pro/Standard)
- Platforms
- MetaTrader 4, MetaTrader 5, Exness Terminal, Exness App
onboards via offshore entity — protections per entity; check local eligibility
Pepperstone
9.4/10Pepperstone records swap-free availability, but our data holds no separate swap-free account type — it is applied to one of its Standard, Razor accounts, normally on request. Ask support for the administration-fee schedule in writing. Founded 2010, headquartered in Melbourne, Australia. Regulated by BaFin (Germany, licence 151148); CySEC (Cyprus, licence 388/20); FCA (UK, licence 684312); ASIC (Australia, licence 414530).
- Min deposit
- None
- EUR/USD spread
- 0.0 pips (Razor), 0.69 pips (Standard)
- Commission
- $3.50 per lot per side (Razor), None (Standard)
- Platforms
- MetaTrader 4, MetaTrader 5, cTrader, TradingView
entity per visitor geo
AvaTrade
8.7/10AvaTrade lists a dedicated “Islamic” account type alongside its Retail, Professional, Options accounts, so the swap-free terms are set out before you open it. Founded 2006, headquartered in Dublin, Ireland. Regulated by Central Bank of Ireland (Ireland, licence C53877); CySEC (Cyprus, licence 347/17); ASIC (Australia, licence 406684); FSCA (South Africa, licence 45984); FSA (Japan, licence 1662).
- Min deposit
- EUR 100
- EUR/USD spread
- 0.9 pips typical
- Commission
- None (spread-only)
- Platforms
- MetaTrader 4, MetaTrader 5, AvaTradeGO, WebTrader, AvaOptions, AvaSocial
Non-EU/UK entity — outside ESMA/FCA and EU/UK compensation schemes
BlackBull Markets
8.7/10BlackBull Markets records swap-free availability, but our data holds no separate swap-free account type — it is applied to one of its Standard, ECN Prime, ECN Institutional accounts, normally on request. Ask support for the administration-fee schedule in writing. Founded 2014, headquartered in Auckland, New Zealand. Regulated by FMA (New Zealand, licence FSP403326); FSA (Seychelles, licence SD045).
- Min deposit
- None
- EUR/USD spread
- 0.0 pips (ECN Prime), 0.8 pips (Standard)
- Commission
- $3.00 per lot per side (ECN Prime), None (Standard)
- Platforms
- MetaTrader 4, MetaTrader 5, cTrader, TradingView
onboards via Seychelles entity — protections per entity
XM
8.7/10XM records swap-free availability, but our data holds no separate swap-free account type — it is applied to one of its Micro, Standard, Ultra Low, Shares accounts, normally on request. Ask support for the administration-fee schedule in writing. Founded 2009, headquartered in Limassol, Cyprus. Regulated by CySEC (Cyprus, licence 120/10); ASIC (Australia, licence 443670); IFSC (Belize, licence 000261/4).
- Min deposit
- USD 5
- EUR/USD spread
- 0.6 pips (Ultra Low), 1.6 pips (Standard)
- Commission
- None
- Platforms
- MetaTrader 4, MetaTrader 5, XM App
onboards via Belize entity — protections per entity
Tickmill
8.5/10Tickmill records swap-free availability, but our data holds no separate swap-free account type — it is applied to one of its Classic, Raw, Tickmill Trader accounts, normally on request. Ask support for the administration-fee schedule in writing. Founded 2014, headquartered in London, UK. Regulated by CySEC (Cyprus, licence 278/15); FCA (UK, licence 717270); FSA (Seychelles, licence SD008).
- Min deposit
- EUR 100
- EUR/USD spread
- 0.0 pips (Raw), 1.6 pips (Classic)
- Commission
- $3.00 per lot per side (Raw), None (Classic)
- Platforms
- MetaTrader 4, MetaTrader 5, Tickmill App
Non-EU/UK entity — outside ESMA/FCA and EU/UK compensation schemes
Equiti
8.0/10Equiti records swap-free availability, but our data holds no separate swap-free account type — it is applied to one of its Standard, Premier, Classic accounts, normally on request. Ask support for the administration-fee schedule in writing. Founded 2008, headquartered in Dubai, UAE. Regulated by FCA (UK, licence 528328); CySEC (Cyprus, licence 415/22); SCA (UAE, licence 20200000026); FSA (Seychelles, licence SD064).
- Min deposit
- None
- EUR/USD spread
- 0.0 pips (Premier), ~1.0 pip (Standard)
- Commission
- ~$7 round-turn (Premier); none (Standard, spread-only)
- Platforms
- MetaTrader 4, MetaTrader 5, EQTrader
SCA-regulated UAE entity for MENA; Seychelles offshore entity elsewhere — protections per entity, check local eligibility before promoting
Fusion Markets
7.8/10Fusion Markets lists a dedicated “Swap-Free” account type alongside its Zero, Classic accounts, so the swap-free terms are set out before you open it. Founded 2017, headquartered in Melbourne, Australia. Regulated by ASIC (Australia, licence 385620); VFSC (Vanuatu, licence 40256); FSA (Seychelles, licence SD096).
- Min deposit
- None
- EUR/USD spread
- 0.0 pips (Zero), 0.9 pips (Classic)
- Commission
- $4.50 round-turn (Zero); none (Classic, spread-only)
- Platforms
- MetaTrader 4, MetaTrader 5, cTrader, TradingView, WebTrader
onboards via offshore entity — protections per entity; outside EU/UK schemes
Exness swap-free (Islamic) accounts
Exness is the single most searched broker for this query, so it is worth being precise about what our data does and does not say. Our broker record for Exness carries swap-free: yes. It does not record a separate Islamic account type: the account types we hold for Exness are Standard, Standard Cent, Pro, Raw Spread, Zero, so swap-free status attaches to one of those rather than being a distinct product in our data. What our data does not hold at all is the administration-fee schedule, the covered-instrument list or the holding-period limit — get those from Exness in writing.
Which entity serves which region
This matters more than the account label. Exness holds licences from CySEC (Cyprus, licence 178/12); FCA (UK, licence 730729); FSA (Seychelles, licence SD025). But Exness closed retail onboarding to residents of the EU, EEA and the UK in 2019 — those residents cannot open a retail account with it at all, so no EU or UK investor-protection scheme is in play for them. Outside those markets, registration is handled by its non-EU entities, and the protections that apply are the ones attached to whichever entity your account is opened under. Confirm the entity named on your client agreement before you deposit; it is the one that holds your money.
Compliance note for this market: onboards via offshore entity — protections per entity; check local eligibility
| Swap-free available | Yes |
| Separate Islamic account type in our data | Not recorded |
| Account types | Standard, Standard Cent, Pro, Raw Spread, Zero |
| Minimum deposit | USD 10 |
| EUR/USD spread | 0.0 pips (Raw), 0.3 pips (Pro), 1.0 pips (Standard) |
| Commission | $3.50 per lot per side (Raw), None (Pro/Standard) |
| Platforms | MetaTrader 4, MetaTrader 5, Exness Terminal, Exness App |
| EU / EEA / UK retail onboarding | Closed since 2019 |
For the Indonesian market specifically — where this query is heaviest — see our Bahasa Indonesia guide to swap-free (Islamic) forex brokers in Indonesia, the full best forex brokers in Indonesia comparison, and our Exness review for the full fee, platform and regulation breakdown.
Related guides
Indonesia
Swap-free (Islamic) brokers in Indonesia
The localised Bahasa Indonesia version of this comparison, scored for Indonesian traders.
Broker review
Exness review
Fees, platforms, entities and regulation for the broker most searched alongside this query.
Country guide
Best forex brokers in Indonesia
The full Indonesian comparison, including brokers without a swap-free record.
Frequently asked questions
What is an Islamic (swap-free) forex account?
An Islamic or swap-free account removes the overnight swap — the rollover interest credited or debited when a position is held past the daily cut-off. That swap is interest, and interest (riba) is not permitted under Sharia. In its place brokers apply a fixed administration fee on positions held beyond a set number of days, so the position can be carried without interest being paid or received. Everything else about the account — spreads, commission, platforms, execution — normally stays the same as the standard account it is based on.
How do brokers actually implement swap-free trading?
Two ways. Some brokers run a dedicated account type you open directly (in the brokers we cover, AvaTrade lists an “Islamic” account type and Fusion Markets lists a “Swap-Free” account type). Others apply swap-free status on request to an existing account, usually after a support ticket and sometimes after verification of residency or faith. The second route is more common, which is why the swap-free terms are rarely on the pricing page — you have to ask for them in writing.
Is swap-free trading really free?
No — it is interest-free, not cost-free. Brokers replace the swap with an administration fee, and the structures differ: a flat charge per lot per night after a grace period, a tiered charge that rises the longer a position is open, a charge applied only to certain instruments (exotic pairs and gold are the usual exceptions), or a wider spread on the swap-free variant. Many brokers also cap the holding period before the fee starts. We do not hold per-broker administration-fee tables or holding-period limits in our data, so confirm the exact numbers with the broker in writing before you fund the account.
Does Exness offer a swap-free account?
Yes — our broker data records Exness as offering swap-free trading. Exness does not onboard retail clients resident in the EU, EEA or the UK (it closed that onboarding in 2019), so the swap-free account is a matter for its non-EU entities; the entity that holds your funds depends on where you are resident, and protections follow that entity rather than an EU or UK scheme. Exness is regulated by CySEC (178/12), the FCA (730729) and the FSA Seychelles (SD025). Check which entity your registration lands on, and confirm the swap-free terms and any administration fee before depositing.
Is a swap-free account the same as a Sharia-compliant account?
Not automatically. Removing the swap addresses riba, which is the usual objection to leveraged forex, but scholars differ on other aspects of margin trading — the leverage itself, the deferred settlement, and whether CFDs on shares or indices are acceptable at all. A swap-free account removes one specific interest charge. Whether the wider activity is permissible for you is a question for your own religious guidance, not for a broker's marketing page or for us.
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