Top 8 Locally Based Brokers
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…
- Louis Schoeman
Best Islamic Swap-Free Forex Brokers in Kenya (Updated 2023)
| 🥇 Broker | ✔️ Islamic Swap-Free Broker? | 💰 Minimum Deposit? | 💸 Kenyan Shilling (KES) Deposits Allowed? | 👉 Open Account |
| 1. Exness | Yes | $1 (116 KES) | Yes | 👉 Open Account |
| 2. AvaTrade | Yes | $100 (11635,00 KES) | Yes | 👉 Open Account |
| 3. HF Markets | Yes | $150 (17 506 KES) | No | 👉 Open Account |
| 4. Tickmill | Yes | $100 (11635 KES) | Yes | 👉 Open Account |
| 5. FBS | Yes | $5 USD (580 KES) | No | 👉 Open Account |
| 6. XM | Yes | $5 USD (580 KES) | No | 👉 Open Account |
| 7. CM Trading | Yes | $100 (11 668 KES) | Yes | 👉 Open Account |
7 Best Islamic Swap-Free Forex Brokers in Kenya (Updated 2023)
- Exness – Overall, Best Islamic Swap-Free Forex Broker in Kenya
- AvaTrade – Top MetaTrader5/MT5 Forex Broker
- HF Markets – Verified Islamic Swap-Free Nasdaq100 Forex Broker
- Tickmill – User-Friendly Lowest Spread Forex Broker in Kenya
- FBS – Best Swap-Free Islamic Broker for Kenyan Traders
- XM – Top Forex Broker for Beginner Traders
- 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
- 4.9/5
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
| Feature | Information |
| ⚖️ Regulation | FSA, CBCS, FSC, FSC BVI, FSCA, CySEC, FCA |
| 📱 Social Media Platforms | • Facebook • YouTube |
| 💻 Trading Accounts | Standard Account, Standard Cent Account, Raw Spread Account, Zero Account, Pro Account |
| 📊 Trading Platform | MetaTrader 4, MetaTrader 5, Exness Terminal, Exness Trader app |
| 💰 Minimum Deposit | 1 USD (116 KES) |
| ✅ Tradable Assets | Forex, Metals, Crypto, Energies, Indices, Stocks |
| 📉 Minimum spread | From 0.0 pips EUR/USD |
| ✔️ Demo Account | Yes |
| ☪️ Islamic Account | Yes |
| ✔️ Pros | ❌ Cons |
| Exness is well-regulated and keeps all client funds in segregated accounts with top-tier institutions | Exness offers a limited number of payment methods for deposits and withdrawals |
| Traders can choose between several retail investor accounts | Exness 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
- 4.9/5
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
| Feature | Information |
| ⚖️ Regulation | Central Bank of Ireland (CBI), BVI FSC, ASIC, FSCA, JFSA, FFAJ, ADGM, CySEC, ISA, KNF, IIROC |
| 📱 Social Media Platforms | • Twitter • YouTube |
| 💻 Trading Accounts | Standard and Options accounts |
| 📊 Trading Platform | • AvaTradeGO • AvaOptions • AvaSocial • MetaTrader 4 • MetaTrader 5 • DupliTrade • ZuluTrade |
| 💰 Minimum Deposit | Equivalent to $100 – 11635,00 KES |
| ✅ Tradable Assets | • Forex • Metals • Crypto • Energies • Indices • Stocks |
| 💵 Trading Assets | Equivalent to $100 – 11635,00 KES |
| 📉 Minimum spread | From 0.9 pips |
| ✔️ Demo Account | Yes |
| ☪️ Islamic Account | Yes |
| ✔️ 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
- 4.8/5
Min Deposit
USD 0 / 0 KES
Regulators
CMA, CySEC, FSC, FSCA
Trading Desk
MetaTrader 4 and MetaTrader 5, HFM Trading App
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
| Feature | Information |
| ⚖️ Regulation | FSCA, CySEC, DFSA, FSA, FCA, FSC, CMA |
| 📱 Social Media Platforms | • Facebook • Telegram • YouTube |
| 💻 Trading Accounts | Micro Account, Premium Account, HF copy Account, Zero Spread Account, Auto Account |
| 📊 Trading Platform | MetaTrader 4 and MetaTrader 5 |
| 💰 Minimum Deposit | 5 USD or 580 KES |
| 💵 Trading Assets | Forex, 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 spread | From 0.0 pips |
| ✔️ Demo Account | Yes |
| ☪️ Islamic Account | Yes |
| ✔️ Pros | ❌ Cons |
| Tight, competitive spreads from 0.0 pips on EUR/USD are offered | HF 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
- 4.7/5
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
| Feature | Information |
| ⚖️ Regulation | Seychelles FSA, FCA, CySEC, Labuan FSA, FSCA |
| 📱 Social Media Platforms | • Facebook • YouTube • Telegram |
| 💻 Trading Accounts | Pro Account, Classic Account, VIP Account |
| 📊 Trading Platform | MetaTrader 4, MetaTrader 5 |
| 💰 Minimum Deposit | 100 USD or 11635 KES |
| ✅ Trading Assets | Forex, Stock Indices, Energies, Precious Metals, Bonds, Cryptocurrencies |
| ✔️ Deposits Allowed | USD, GBP, EUR, IDR, CNY, VND, or RUB |
| 📉 Minimum spread | From 0.0 pips |
| ✔️ Demo Account | Yes |
| ☪️ Islamic Account | Yes |
| ✔️ Pros | ❌ Cons |
| Tickmill offers robust trading platforms and innovative mobile trading | Tickmill spreads are not the tightest |
| Tickmill has a very high trust score and is known for its competitive trading conditions | Currency conversion fees will apply for foreign deposits |
| Advanced traders can use a range of tools including FIX API, AutoChartist, VPS, and others | No 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
- 4.7/5
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
Welcome Bonus
$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
| Feature | Information |
| ⚖️ Regulation | CySEC, IFSC |
| 📱 Social Media Platforms | • Facebook • YouTube • Telegram |
| 💻 Trading Accounts | FBS Cent Account, FBS Micro Account, FBS Standard Account, FBS Zero Account, FBS ECN Account, FBS Crypto Account |
| 📊 Trading Platform | MetaTrader 4, MetaTrader 5, XM Mobile App |
| 💰 Minimum Deposit | 5 USD or 580 KES |
| ✅ Trading Assets | Forex, Precious Metals, Indices, Energies, Stocks, Exotic Forex, Cryptocurrencies |
| ✔️ Kenyan Shilling-based Account? | No |
| 💸 KES Deposits Allowed? | No |
| 📉 Minimum spread | From 0.1 pips |
| ✔️ Demo Account | Yes |
| ☪️ Islamic Account | Yes |
| ✔️ Pros | ❌ Cons |
| FBS is well-regulated and offers competitive trading conditions | The demo account is only available for 40 days |
| Traders can choose between a range of FBS trading accounts | FBS only supports a few methods for deposits and withdrawals |
| Both a demo and an Islamic account are offered to traders | There are withdrawal and deposit fees applied |
| FBS offers customer support 24/7 | Inactivity 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
- 4.5/5
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
| Feature | Information |
| ⚖️ Regulation | FSCA, IFSC, ASIC, CySEC, DFSA |
| 📱 Social Media Platforms | • Facebook • YouTube |
| 💻 Trading Accounts | Micro Account, Standard Account, XM Ultra-Low Account, Shares Account |
| 📊 Trading Platform | MetaTrader 4, MetaTrader 5, XM Mobile App |
| 💰 Minimum Deposit | 5 USD |
| ✅ Trading Assets | Forex, Cryptocurrencies, Stock CFDs, Commodities, Equity Indices, Precious Metals, Energies, Shares |
| ✔️ Kenyan Naira-Based Account | No |
| 💳 Bonuses for Kenyan traders? | Yes |
| 📉 Minimum spread | from 0.0 pips |
| ✔️ Demo Account | Yes |
| ☪️ Islamic Account | Yes |
| ✔️ Pros | ❌ Cons |
| XM is a low-cost forex broker with a high trust score | No fixed spreads offered on accounts |
| XM has more than 5 million active clients from around the world | Inactivity 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
- 4.8/5
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
| Feature | Information |
| ⚖️ Regulation | FSA, FSCA |
| 📱 Social Media Platforms | • Facebook • YouTube |
| 💻 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 spread | From 0.9 pips |
| ✔️ Demo Account | Yes |
| ☪️ Islamic Account | Yes |
| ✔️ Pros | ❌ Cons |
| CM Trading has a high trust score | The spreads are competitive, but they are not the lowest |
| CM Trading is a well-regulated broker | There are deposit and withdrawal fees charged on crypto funding |
| Clients’ funds are stored in segregated accounts separate from CM Trading’s operational accounts and funds | There 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
👉 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
👉 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
👉 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
👉 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
👉 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
👉 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
👉 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
👉 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
👉 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
👉 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
👉 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
👉 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
👉 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
👉 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.
