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7 Best Islamic Swap-Free Forex Brokers in Kenya

The Best 10 Best Islamic Swap-Free Forex Brokers in Kenya revealed.

This is a complete list of the best licensed Islamic swap-free brokers in Kenya.

In this in-depth guide you’ll learn:

  • What is Swap-Free?
  • Who are the best Islamic Swap-Free brokers for Kenyans?
  • How to choose the right broker for your trading style?
  • How to begin trading with a shariah-compliant broker?
  • Which Halal brokers offer the lowest spreads?
  • Which broker offers a minimum deposit of $5 (583 KES) to start trading?
  • Which broker offers a sign-up bonus to first-time traders?

 

And lots more…

So, if you’re ready to go “all in” as a Muslim trader with the best-tested Islamic swap-free brokers for Kenyans…

Let’s dive right in…

Updated : August 31, 2022

Best Islamic Swap-Free Forex Brokers in Kenya (Updated 2022)

🥇 Broker✔️ Islamic Swap-Free Broker?💰 Minimum Deposit?💸 Kenyan Shilling (KES) Deposits Allowed?👉 Open Account
1. ExnessYes$1 (116 KES)Yes👉 Open Account
2. AvaTradeYes$100 (11635,00 KES)Yes👉 Open Account
3. HF MarketsYes$150 (17 506 KES)No👉 Open Account
4. TickmillYes$100 (11635 KES)Yes👉 Open Account
5. FBSYes$5 USD (580 KES)No👉 Open Account
6. XMYes$5 USD (580 KES)No👉 Open Account
7. CM TradingYes$100 (11 668 KES)Yes👉 Open Account

7 Best Islamic Swap-Free Forex Brokers in Kenya (Updated 2022)

  1. Exness – Overall, Best Islamic Swap-Free Forex Broker in Kenya
  2. AvaTrade – Top MetaTrader5/MT5 Forex Broker
  3. HF Markets – Verified Islamic Swap-Free Nasdaq100 Forex Broker
  4. Tickmill – User-Friendly Lowest Spread Forex Broker in Kenya
  5. FBS – Best Swap-Free Islamic Broker for Kenyan Traders
  6. XM – Top Forex Broker for Beginner Traders
  7. CM Trading – Verified Swap-Free NDD Broker 

What is Islamic swap-free trading?

👉 Islamic swap-free betting is a type of account that is specially designed to obviate the rollover or overnight fee. Traders who keep their accounts open for 24 hours incur an interest fee forbidden by Riba principles of Sharia Law.

Best Swap-Free Forex Brokers in Kenya

👉 This article examines some of the best swap-free investment platforms in Kenya. In doing so, we will consider such features as regulation, available media platforms, trading accounts and platforms, and tradable assets.

 

👉 This is done with one eye on the specific Islamic swap-free options, which are also available to non-Islamic traders. We also look at other associated benefits such with a special focus on Kenyan traders.

 

👉 The following are among the best entities offering platforms and packages in these fields:

1. Exness

Overall Rating

Min Deposit

USD 10 / 1156 KES

Regulators

CBCS, CySEC, FCA, FSA, FSC, FSCA

Trading Desk

MetaTrader 4 and MetaTrader 5

Crypto

Yes

Total Pairs

107

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

 

Overview

👉 Exness was founded in 2008, and rapidly reached trading volumes in excess of $180B per month. With access to more than 200 financial products, numerous account types, and multiple resources, this company is one of the most popular and accessible brokers in Kenya.

 

👉 Though not regulated by the Capital Markets Authority (CMA) in Kenya, Exness enjoys a high level of trust and is subject to a number of recognized regulators.

 

👉 Offering trading conditions considered among the most promising in the industry, Exness is also known for flexibility and efficiency across its range of account types.

 

👉 Traders have instant access to cash through electronic payment media, as well as access to leverage. A number of other attractive features ensure that Exness remains popular with Kenyan traders despite its relatively low visibility in Kenya.

 

Unique Features

FeatureInformation
⚖️ RegulationFSA, CBCS, FSC, FSC BVI, FSCA, CySEC, FCA
📱 Social Media Platforms• Facebook
• Twitter
• Instagram
• LinkedIn
• YouTube
💻 Trading AccountsStandard Account, Standard Cent Account, Raw Spread Account, Zero Account, Pro Account
📊 Trading PlatformMetaTrader 4, MetaTrader 5, Exness Terminal, Exness Trader app
💰 Minimum Deposit1 USD (116 KES)
✅ Tradable AssetsForex, Metals, Crypto, Energies, Indices, Stocks
📉 Minimum spreadFrom 0.0 pips EUR/USD
✔️ Demo AccountYes
☪️ Islamic AccountYes

 

✔️ Pros❌ Cons
Exness is well-regulated and keeps all client funds in segregated accounts with top-tier institutionsExness offers a limited number of payment methods for deposits and withdrawals
Traders can choose between several retail investor accountsExness only offers a limited portfolio of financial instruments to traders
Exness offers an Islamic account conversion with no additional fees charged
Instant deposits and withdrawals are offered
Exness has customer support available 24 hours a day, 7 days a week

 

Trust Score

🥇 Exness has a trust score of 97%.

2. AvaTrade

Overall Rating

Min Deposit

USD 100 / 11560 KES

Regulators

ASIC, FSA

Trading Desk

MetaTrader 4, MetaTrader 5, Ava Social, Ava Protect, Trading Central

Crypto

Yes

Total Pairs

55+

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

 

Overview

👉 AvaTrade is overseen by a number of financial institutions, including the Irish Central Bank. It is part of the larger AVA Group and has built up a strong reputation as one of the world’s leading forex brokerage platforms.

 

👉 Situated among the top 20 CFD and forex brokers for Kenyans, AvaTrade takes a flexible approach to different styles and goals of Kenyan traders.

 

👉 With interesting trading platforms and a rewarding mix of tradable assets, this company also offers bonuses and special services for Kenyan traders.

 

👉 Founded in 2006, it is a well-established and well-regulated entity, giving trusted access to global markets for Kenyans.

 

👉 A very reputable international broker, enjoying stringent regulation, it has facilities for maintaining Kenyan money in segregated accounts across the best banks in the world. Its high levels of transparency ensure fair and open treatment of all its clients.

 

Unique features

FeatureInformation
⚖️ RegulationCentral Bank of Ireland (CBI), BVI FSC, ASIC, FSCA, JFSA, FFAJ, ADGM, CySEC, ISA, KNF, IIROC
📱 Social Media Platforms• Twitter
• Instagram
• Facebook
• YouTube
💻 Trading AccountsStandard and Options accounts
📊 Trading Platform• AvaTradeGO
• AvaOptions
• AvaSocial
• MetaTrader 4
• MetaTrader 5
• DupliTrade
• ZuluTrade
💰 Minimum DepositEquivalent to $100 – 11635,00 KES
✅ Tradable Assets• Forex
• Metals
• Crypto
• Energies
• Indices
• Stocks
💵 Trading AssetsEquivalent to $100 – 11635,00 KES
📉 Minimum spreadFrom 0.9 pips
✔️ Demo AccountYes
☪️ Islamic AccountYes

 

✔️ Pros❌ Cons
AvaTrade is an internationally recognised and award-winning broker that is regulated in multiple jurisdictions.The demo account is only available for a period of thirty days.
The broker enables customers to choose from a variety of trading strategies, providing Kenyan investors with flexibility.The spreads are not at their most competitive levels.
A demo account is available for both inexperienced and seasoned traders to use.On inactive accounts, administrative fees come in the form of inactivity fees, which must be paid.
AvaTrade provides Muslim traders with trading circumstances based on Islamic law.Retail traders have access to a relatively low ratio of leverage.
Both social trading and trading in cryptocurrencies are supported.
The services provided by AvaTrade will meet the needs of Kenyan merchants of all experience levels, to their complete satisfaction.
Different trading platforms accessible, accessed from a variety of devices.
Traders just starting out have access to a variety of learning resources that can help them expand their expertise and knowledge.

 

Trust score

🥇 The trust score for AvaTrade is 93%.

3. HF Markets

Overall Rating

Min Deposit

USD 5 / 578 KES

Regulators

CySEC, FSC, FSCA

Trading Desk

MetaTrader 4 and MetaTrader 5

Crypto

No

Total Pairs

50+

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

 

Overview

👉 As a dynamic MetaTrader broker, HF Markets offers excellent investment modes for both novices and experienced traders. Its well-regulated status and acquired reputation make it a trustworthy company for Kenyan traders.

 

👉 Its subsidiary, HFM Investments Limited, has recently acquired a Capital Markets Authority (CMA) license in Kenya.

 

👉 With a highly variable set of trading features and conditions, HF Markets caters to a wide range of individual investor styles and needs.

 

👉 The company has garnered more than 55 industry awards and deals with over 2.5 million active accounts.

 

Unique Features

FeatureInformation
⚖️ RegulationFSCA, CySEC, DFSA, FSA, FCA, FSC, CMA
📱 Social Media Platforms• Facebook
• Twitter
• Telegram
• Instagram
• YouTube
• LinkedIn
💻 Trading AccountsMicro Account, Premium Account, HF copy Account, Zero Spread Account, Auto Account
📊 Trading PlatformMetaTrader 4 and MetaTrader 5
💰 Minimum Deposit5 USD or 580 KES
💵 Trading AssetsForex, Precious Metals, Energies, Indices, Shares, Commodities, Cryptocurrencies, Bonds, Stocks DMA, ETFs
✔️ Kenyan Shilling-based Account?No
💵 KES Deposits Allowed?Yes
💸 Bonuses for Kenyan traders?Yes
📉 Minimum spreadFrom 0.0 pips
✔️ Demo AccountYes
☪️ Islamic AccountYes

 

✔️ Pros❌ Cons
Tight, competitive spreads from 0.0 pips on EUR/USD are offeredHF Markets only offers a few deposit and withdrawal methods to Kenyans
Kenyan traders have access to MetaTrader 4 and 5 across desktops, mobile apps, and web-based platforms
A demo account is available for beginners who are learning to trade and professional traders who are testing strategies
Kenyan traders can register a trading account in either USD, ZAR, or NGN
Several asset classes can be traded through HF Markets

 

Trust Score and Kenyan Market Share

🥇 HotForex has a trust score of 83% and a Kenyan market share of 2.5%.

4. Tickmill

Overall Rating

Min Deposit

USD 100 / 11560 KES

Regulators

CySEC, FCA, FSA, FSCA, Labuan FSA

Trading Desk

Meta Trader 4

Crypto

Yes

Total Pairs

62

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

 

Overview

👉 Tickmill is a standard MetaTrader broker, not regulated by the Capital Markets Authority (CMA), but enjoying a high level of reputational trust.

 

👉 Its VIP and Pro accounts offer very competitive commission-based pricing for professional investors. At the same time, it provides a good range of trading instruments and teaching resources.

 

👉 Tickmill’s 81% trust score ensures that it is a low-risk option, with user-friendly trading platforms. It has high leverage and rapid execution speeds, ensuring that Kenyan traders enjoy great levels of access and flexible approaches in their investment practices.

 

Unique Features

FeatureInformation
⚖️ RegulationSeychelles FSA, FCA, CySEC, Labuan FSA, FSCA
📱 Social Media Platforms• Facebook
• Twitter
• LinkedIn
• YouTube
• Instagram
• Telegram
💻 Trading AccountsPro Account, Classic Account, VIP Account
📊 Trading PlatformMetaTrader 4, MetaTrader 5
💰 Minimum Deposit100 USD or 11635 KES
✅ Trading AssetsForex, Stock Indices, Energies, Precious Metals, Bonds, Cryptocurrencies
✔️ Deposits AllowedUSD, GBP, EUR, IDR, CNY, VND, or RUB
📉 Minimum spreadFrom 0.0 pips
✔️ Demo AccountYes
☪️ Islamic AccountYes

 

✔️ Pros❌ Cons
Tickmill offers robust trading platforms and innovative mobile tradingTickmill spreads are not the tightest
Tickmill has a very high trust score and is known for its competitive trading conditionsCurrency conversion fees will apply for foreign deposits
Advanced traders can use a range of tools including FIX API, AutoChartist, VPS, and othersNo fixed spread accounts are offered
There are several convenient funding options available including Skrill, Neteller, and more

 

Trust Score

🥇 Tickmill has a trust score of 81%

5. FBS

Overall Rating

Min Deposit

USD 1 / 116 KES

Regulators

IFSC, FSCA (South africa), ASIC, CySEC

Trading Desk

MetaTrader 4, MetaTrader 5, FBS Trader – all in one mobile trading platform.

Crypto

Yes

Total Pairs

Islamic Account

No

Trading Fees

Low

$140 (16 373 KESFind out More)

Account Activation Time

24 Hours

 

Overview

👉 Disposing of its own proprietary trading app, FBS offers competitive fees and high levels of client security with excellent trading account options.

 

👉 Founded in 2009, the company has built up a high reputation across more than a decade of international brokerage experience and the introduction of innovative trading features. Its consistent addition of 10 000 clients daily is proof of its reputational status.

 

👉 Well-regulated by a number of industry entities in more than 150 countries, FBS is both trustworthy and efficient though it does not have Capital Markets Authority (CMA) regulation in Kenya.

 

👉 It is open to a variety of Kenyan trading styles and offers and great range of instructive instruments, including ongoing webinars, videos, and educational literature.

 

👉 Its capital requirements are at modest levels, and it uses both Straight Through Processing and Electronic Communications Networks.

 

👉 FBS is a great option for Islamic Kenyan traders, with a good range of tradable assets.

 

Unique Features

FeatureInformation
⚖️ RegulationCySEC, IFSC
📱 Social Media Platforms• Facebook
• Twitter
• LinkedIn
• YouTube
• Instagram
• Telegram
💻 Trading AccountsFBS Cent Account, FBS Micro Account, FBS Standard Account, FBS Zero Account, FBS ECN Account, FBS Crypto Account
📊 Trading PlatformMetaTrader 4, MetaTrader 5, XM Mobile App
💰 Minimum Deposit5 USD or 580 KES
✅ Trading AssetsForex, Precious Metals, Indices, Energies, Stocks, Exotic Forex, Cryptocurrencies
✔️ Kenyan Shilling-based Account?No
💸 KES Deposits Allowed?No
📉 Minimum spreadFrom 0.1 pips
✔️ Demo AccountYes
☪️ Islamic AccountYes

 

✔️ Pros❌ Cons
FBS is well-regulated and offers competitive trading conditionsThe demo account is only available for 40 days
Traders can choose between a range of FBS trading accountsFBS only supports a few methods for deposits and withdrawals
Both a demo and an Islamic account are offered to tradersThere are withdrawal and deposit fees applied
FBS offers customer support 24/7Inactivity fees apply
FBS offers a range of bonuses and promotions to new and existing clients

 

Trust Score

🥇 FBS has a trust score of 75%.

6. XM

Overall Rating

Min Deposit

USD 5 / 584 KES

Regulators

IFSC, CySec, ASIC

Trading Desk

Desktop MT4 and MT5, Mobile MT4 and MT5, XM mobile app, Web platform

Crypto

No

Total Pairs

57

Islamic Account

Yes

Trading Fees

No (Just spread) 

Account Activation Time

24 Hours

 

Overview

👉 For Kenyan traders, XM is a minimal fee broker with good security, a range of customer services, and account financing. With its flexible mix of features, it’s a welcoming broker both for beginners and for traders developing their skills.

 

👉 Established in 2009, this company operates in almost 200 countries and offers services in 30 international languages.

 

👉 With its main branch in Belize, XM is a well-regulated entity and is one of the top 50 listed brokers in Kenya. At 84%, it has a relatively high trust score, with an overall performance rating of 9/10.

 

👉 As an award-winning broker, it offers variable and flexible trading features with bonuses and special services for Kenyan clients. Its swap-free packages make it an amenable and efficient choice for Islamic traders in Kenya.

 

Unique Features

FeatureInformation
⚖️ RegulationFSCA, IFSC, ASIC, CySEC, DFSA
📱 Social Media Platforms• Facebook
• Twitter
• YouTube
• Instagram
• LinkedIn
💻 Trading AccountsMicro Account, Standard Account, XM Ultra-Low Account, Shares Account
📊 Trading PlatformMetaTrader 4, MetaTrader 5, XM Mobile App
💰 Minimum Deposit5 USD
✅ Trading AssetsForex, Cryptocurrencies, Stock CFDs, Commodities, Equity Indices, Precious Metals, Energies, Shares
✔️ Kenyan Naira-Based AccountNo
💳 Bonuses for Kenyan traders?Yes
📉 Minimum spreadfrom 0.0 pips
✔️ Demo AccountYes
☪️ Islamic AccountYes

 

✔️ Pros❌ Cons
XM is a low-cost forex broker with a high trust scoreNo fixed spreads offered on accounts
XM has more than 5 million active clients from around the worldInactivity fees apply for dormant accounts
Client fund safety is guaranteed
XM offers investor protection to Kenyan traders
There are no commissions charged on deposits or withdrawals
XM has won several industry awards since its establishment in 2009

 

Trust Score and Kenyan Market Share

🥇 XM has a trust score of 84% and a market share of <5% in Kenya.

7. CM Trading

Overall Rating

Min Deposit

USD100

Regulators

FSA

Trading Desk

Metatrader 4

Crypto

Yes

Total Pairs

154

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

Overview

👉 As a broker based in Africa, CM Trading understands local trading styles and preferences. Together with its wide range of trading options, it boasts a large market share in Kenya.

 

👉 Its creative approach to trading solutions has made it the biggest single broker in South Africa. Though not regulated by the Capital Markets Authority (CMA) in Kenya, it nevertheless offers excellent services to Kenyan customers.

 

👉 High levels of liquidity and dynamic trading practices make it one of the biggest and most reliable companies with a primary focus on African markets.

 

👉 Its reliability and industry experience are open to any level of trader, from the beginner to the seasoned professional. With energies, metals, and agricultural products among its trading assets, it provides an excellent mix for swap-free Kenyan clients.

 

Unique Features

FeatureInformation
⚖️ RegulationFSA, FSCA
📱 Social Media Platforms•  Facebook
• Twitter
• WhatsApp
• Instagram
• YouTube
• LinkedIn
💻 Trading Accounts• Bronze Account
• Silver Account
• Gold Account
• Premium Account
📊 Trading Platform• MetaTrader 4
• CM Trading Web
• CopyKat
• Expert Advisors
• Trading apps
💰 Minimum Deposit$100 (11 668 KES)
✅ Tradable Assets• Currency trading
• Stocks
• Indices
• Cryptocurrencies
• Commodities
• CFDs
📉 Minimum spreadFrom 0.9 pips
✔️ Demo AccountYes
☪️ Islamic AccountYes

 

✔️ Pros❌ Cons
CM Trading has a high trust scoreThe spreads are competitive, but they are not the lowest
CM Trading is a well-regulated brokerThere are deposit and withdrawal fees charged on crypto funding
Clients’ funds are stored in segregated accounts separate from CM Trading’s operational accounts and fundsThere is an inactivity fee that may apply if the account becomes inactive
There are several advanced trading tools offered to experienced traders
There are no restrictions on the trading strategies that traders can use
CM Trading welcomes Kenyan traders
CM Trading offers local deposit and withdrawal methods
There is a competitive minimum deposit requirement for the account tiers
CM Trading has a long-standing reputation as one of the best forex and CFD brokers for Kenya

 

Trust Score and Kenyan Market Share

🥇 CM Trading has a trust score of 91%, and a market share of > 5% in Kenya.

How to choose an Islamic swap-free Forex broker in Kenya

👉 Kenyan traders must evaluate the following components of a forex broker to decide whether the broker is suited to their unique trading objectives and/or needs.

 

Regulations and Licenses

👉 This is the first important component that traders must thoroughly evaluate. Reputable brokers are regulated by market regulators such as FCA, ASIC, CySEC, FSCA, and others. Kenyans must beware when dealing with brokers that only have offshore regulations such as FSA, SVG BVI, FSC, and others.

 

Account Features

👉 Account Features include leverage trading and margin requirement, commissions and spreads, initial deposit, additional features on retail investor accounts, and so on.

 

Deposits and Withdrawals

👉 Kenyans must evaluate the payment options available, the processing times on withdrawal requests, deposit currencies offered, the withdrawal fee, deposit fees, and minimum withdrawal limits among other trading and non-trading fees.

 

Range of Markets

👉 The range of markets offered refers to the number and range of tradable instruments that the broker offers. Kenyans must consider what they wish to trade and what is available.

 

Customer Support

👉 Customer Support is another crucial factor and Kenyans must check the availability of support (trading hours), the quality of support, and the promptness with which the customer support team responds to queries.

 

Trading Platform

👉 A trading platform is the Kenyan trader’s portal to the financial markets. Traders must ensure that the trading platform has the necessary technical indicators, fundamental analysis, technical analysis, economic calendar, charting, newsfeed, and other tools they may need.

 

Education and Research

👉 Education and Research come in handy to both novice traders and experienced investors. Education includes some of the following:

➡️ eBooks

➡️ Trading guides

➡️ Trading knowledge on leveraged products

➡️ A risk warning on complex instruments

➡️ Educational videos

 

👉 Research can include some of the following:

➡️ Trading tools

➡️ Commentary

➡️ Status of International Markets

➡️ Price movements

➡️ Market sentiments

➡️ Whether there is a volatile market

➡️ Exchange Rates

➡️ Expert opinions and several other resources can help experienced traders make informed trading decisions.

The Best Forex Brokers in Kenya

👉 The list above provides important insights into the best swap-free brokers in Kenya, with a special emphasis on the Islamic approach to the rollover aspect.

 

👉 In the next section, we will look at some of the best forex brokers in Kenya that offer trading solutions in the swap-free mode across a variety of platforms and trading tools.

 

Best Swap-Free MetaTrader 4 / MT4 Forex Broker in Kenya

Best Swap-Free MetaTrader 4 / MT4

👉 Overall, Exness is the best swap-free MetaTrader 4 broker in Kenya. Its regulation record with a variety of authorities together with its high leverage ratios makes it a sought-after broker. With 24/7 customer support and special services in KES, it offers a tailored solution for Kenyans.

 

Best Swap-Free MetaTrader 5 / MT5 Forex Broker in Kenya

Best Swap-Free MetaTrader 5 / MT5

👉 Overall, AvaTrade is the best swap-free MetaTrader 5 broker in Kenya. This is a well-regulated company with over 1250 trading instruments across a range of financial markets. It offers competitive trading conditions to Kenyan traders in particular.

 

Best Swap-Free Forex Broker for Beginners in Kenya

Best Swap-Free Forex Broker for Beginners

👉 Overall, XM is the best swap-free forex broker for beginners in Kenya. While this company accepts numerous trading strategies, it is especially welcoming to beginners. To this end, it has a rich collection of educational and research tools.

 

Best Minimum Deposit Swap-Free Broker in Kenya

Best Minimum Deposit Swap-Free Broker

👉 Overall, Alpari is the best minimum deposit swap-free broker in Kenya. Alpari offers local deposit and withdrawal options to Kenyans, with tight spreads and competitive commissions. It also provides Copytrading opportunities and has its own proprietary trading app.

 

Best Swap-Free ECN Forex Broker in Kenya

Best Swap-Free ECN Forex Broker

👉 Overall, IC Markets is the best swap-free ECN forex broker in Kenya. This entity is one of the only tried and tested ECN brokers in the industry. Hedging, scalping, and many other strategies are allowed, with low trading fees and demo and Islamic accounts.

 

Best Islamic / Swap-Free Forex Broker in Kenya

Best Islamic / Swap-Free Forex Broker

👉 Overall, Exinity is the best Islamic/swap-free forex broker in Kenya with its Kenya-based office and special attention to Kenyan traders. It is well-regulated and reputable, and negative balance protection is offered. It also has local CMA regulations.

 

Best Swap-Free Forex Trading App in Kenya

Best Swap-Free Forex Trading App

👉 Overall, FXTM has the best swap-free forex trading app in Kenya. FXTM offers advanced trading tools and a choice between three live trading accounts. It also has good educational materials. All trading accounts can be registered as a demo.

 

Best Swap-Free KES Trading Account Forex Broker in Kenya

Best Swap-Free KES Trading Account Forex Broker

👉 Overall, Pepperstone is the best swap-free KES trading account in Kenya. With Pepperstone Kenyan traders are given local deposit and withdrawal options. Social trading features are also provided together with a comprehensive affiliate program.

 

Best Swap-Free Lowest Spread Forex Broker in Kenya

Best Swap-Free Lowest Spread Forex Broker

👉 Overall, Tickmill is the best swap-free lowest spread forex broker in Kenya. This is one of the lowest cost brokers in the industry, with supreme liquidity depth and numerous enabled strategies. It offers flexible funding options, as well as commission-free trading.

 

Best Swap-Free Nasdaq 100 Forex Broker in Kenya

Best Swap-Free Nasdaq 100 Forex Broker

👉 Overall, HF Markets is the best swap-free Nasdaq 100 forex broker in Kenya. It has an ultra-low minimum deposit on accounts and offers several educational materials to beginner traders.

 

Best Swap-Free Volatility 75 / VIX 75 Forex Broker in Kenya

Best Swap-Free Volatility 75 / VIX 75 Forex Broker

👉 Overall, IG is the best swap-free Volatility 75/VIX 75 forex broker in Kenya. In addition, beginners are given access to the IG academy. Advanced traders have access to several sophisticated trading tools.

 

Best Swap-Free NDD Forex Broker in Kenya

Best Swap-Free NDD Forex Broker

👉 Overall, FP Markets is the best swap-free NDD forex broker in Kenya. FP Markets offers several deposit and withdrawal options. It is known for its ECN pricing model that includes raw and tight spreads.

 

Best Swap-Free STP Forex Broker in Kenya

Best Swap-Free STP Forex Broker

👉 Overall, Oanda is the best swap-free STP forex broker in Kenya. Oanda offers advanced trading tools with no specific minimum deposit. It also has flexible and powerful trading tools.

 

Best Swap-Free Sign Up Bonus Broker in Kenya

Best Swap-Free Sign Up Bonus Broker

👉 Overall, RoboForex is the best swap-free signup bonus broker in Kenya. RoboForex has a wide range of tradable instruments and offers a 100% bonus for first deposits. It is an award-winning broker that has Verify My Trade.

Understanding how Islamic swap-free trading works

👉 Also known as an Islamic Forex Account, a swap-free option is a trading method made available to clients who live by the Quran and want to trade in the stock market in accordance with Islamic financial principles.

 

👉 These accounts can be distinguished from regular account types in a number of important ways. Traders using Islamic account principles don’t make use of interest rates, either for payment or receipt of money. This is because Shariah Law proscribes the accumulation of interest.

 

👉 These principles also relate to delays in transactions, meaning the payments are to be transferred between accounts as speedily as possible, with their accompanying transaction fees.

 

👉 This type of account is usually not preferred by brokers because there is a relatively limited demand for them, and they also tend to be less profitable. In countries like Kenya, though, local religious demographics make swap-free accounts desirable as part of a broker’s offers.

 

👉 In brief, the principles of Halal forex trading can be summarized as follows:

➡️ Payment and receipt of interest are proscribed (Riba).

➡️ The exchange of payments must be immediate.

➡️ No form of market gambling is permitted

➡️ Risks and benefits should be fairly distributed.

 

👉 With reference to swap-free trading specifically, this term means that forex swaps are excluded from the trading format. Usually, a trader wanting to keep a position open overnight would have to pay a swap or rollover fee, and in this case, the result can be either negative or positive.

 

👉 In Islamic forex accounts these fees, calculated on the basis of an interest differential, are excluded from the trading system. This means that swap-free traders benefit from trading results only within a given time frame, depending on exchange rates within that frame.

Advantages of swap-free trading

👉 Advantages of swap-free forex trading include:

➡️ No overnight charges

➡️ Costs and charges are contained in the spread

➡️ Available across a range of currencies and metals

➡️ Ideal for Muslim traders

Disadvantages of swap-free trading

➡️ Traders may lose on beneficial overnight results

➡️ Some brokers don’t offer the swap-free option

Conclusion

👉 Overall, swap-free forex brokers in Kenya are plentiful and they offer a fulsome range of instruments, tools, and assets. Islamic traders in Kenya are therefore likely to find a wide selection of forex brokers who offer swap-free options locally.

FAQs

Is swap-free trading Halal?

Islamic swap-free trading is Halal because it follows the principle of not accumulating or collecting payment of interest rates on overnight positions.

 

What is a swap-free Islamic account?

It is a trading account permitted by Islamic Shariah Law because it is freed from interest accumulation on overnight trading positions.

 

Is a swap-free account good?

In the case of some trading strategies that don’t want to hold overnight positions, a swap-free account is good. In the case of Muslim traders, it is a necessary precondition for trading.

 

Which broker is Halal?

There are a number of brokers offering swap-free trading accounts in Kenya. By studying the broker’s profile, you can discover whether that entity offers swap-free trading platforms.

 

Is swap on forex Haram?

Swap on forex is Haram. For Muslim traders, the appropriate strategy is to make use of swap-free options which avoid the elements of the strategy that are viewed as gambling by Shariah Law.

Addendum/Disclosure:

👉 No matter how diligently we strive to maintain accuracy, all financial markets feature a volatile environment that may change at any time, even if the information supplied is correct at the time of going live.

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