Best Raw Spread Islamic Accounts
Raw spread accounts are popular with active traders because they offer spreads from 0.0 pips plus a fixed commission. For Muslim traders, the question is whether that low cost pricing can be combined with an Islamic account that removes overnight swaps, and what the broker charges instead.
In this guide, we compare the best raw spread Islamic accounts by commission, what replaces the swap, and which instruments are covered, using each broker's own terms and, where details were missing, our own checks.
Raw Spread Islamic Accounts Compared
| Broker | Raw account | Commission | Charge instead of swaps |
|---|---|---|---|
| Exness | Raw Spread | Up to $3.50 per side per lot | None |
| HFM | Zero | $3 per side per lot | Carry charges on some instruments after the allowance |
| RoboForex | Prime, ECN | About $1.10 (Prime) or $2.25 (ECN) per side per lot on EURUSD | None listed |
| IC Markets | Raw Spread | $3 to $3.50 per side per lot | Daily fee after up to 5 days |
| Tickmill | Raw | $3 per side per lot | Handling fee after a grace period |
| Vantage | Raw ECN | $3 per side per lot | Admin fee, amounts not published |
Swap-free terms change regularly and can differ by the broker entity you register with, so always check the broker's current terms before opening an account.
What Are Raw Spread Islamic Accounts?
A raw spread account passes on market spreads with little or no markup, often from 0.0 pips, and charges a commission per trade instead. These accounts suit scalpers, day traders and algorithmic traders who trade often and want low costs per trade.
A raw spread Islamic account removes the overnight swap, which is based on interest rate differences, from that setup. Most brokers recover the lost swap income in another way, usually an admin or holding fee once a position has been held for a set number of days, or by limiting which instruments are covered. That replacement cost matters as much as the commission, especially if you hold positions for longer than a few days.
Exness: Swap-free on Every Instrument
Exness offers swap-free status on all of its account types, including the Raw Spread account. According to the Exness Help Center, accounts registered in one of 33 eligible Islamic countries are set to swap-free automatically, on every account type and every instrument. Exness also confirmed to us that no additional charges are applied in place of swaps on these accounts.
The Raw Spread account offers spreads from 0.0 pips with a commission of up to $3.50 per side per lot, and the Zero account offers 0.0 pip spreads on its top instruments with a commission from $0.05 per side per lot. Outside the eligible Islamic countries, swap-free trading covers a fixed list of instruments, including the major pairs, gold, oil, all indices and all cryptocurrencies. Exness supports MetaTrader 4, MetaTrader 5, the Exness Terminal and the Exness Trade app. Read our Exness Islamic account review for more detail.
Your capital is at risk. Leveraged products may not be suitable for everyone.
Terms and conditions apply. Subject to regional availability.
HFM: 45 Swap-free Days on Major Pairs and Gold
HFM offers swap-free conditions on its Zero account, its raw spread option, with spreads from 0.0 pips on forex and a commission of $3 per side per lot. You select the appropriate account type when opening your trading account.
HFM's instrument specifications show a swap-free days allowance for each instrument, listed on each instrument's Trading Details page. Major forex pairs such as EURUSD and USDJPY, gold and most indices show 45 days on every account type, while silver, platinum, palladium, stocks and bonds show 0. HFM states that several instruments may face carry charges after a position has been rolled over for a sequential period of days, and its Swaps Calculator shows the cost of holding a specific trade. The Zero account's minimum deposit varies by HFM entity. Read our HFM Islamic account review for more detail.
Your capital is at risk. Leveraged products may not be suitable for everyone.
Terms and conditions apply. Subject to regional availability.
RoboForex: Swap-free Forex and Metals on Prime and ECN
RoboForex offers swap-free trading on forex pairs and metals across its newly opened accounts, including the raw spread Prime and ECN accounts. Both offer spreads from 0.0 pips and charge commission based on trading volume: $10 per $1 million traded on Prime and $20 on ECN. RoboForex confirmed to us that this currently works out to about $1.10 per side per lot of EURUSD on Prime and $2.25 on ECN, with gold costing more because of its higher trade value. Commission rates are the same on swap-free accounts, and RoboForex does not list a replacement fee on eligible instruments.
The swap-free option must be selected when you create a new account, as existing accounts cannot be converted, and RoboForex requires clients to meet internal eligibility criteria. Indices, stocks and cryptocurrencies are not covered. If RoboForex revokes the status, standard swaps apply to both new and already open positions from the date of the change. Read our RoboForex Islamic account review for more detail.
Your capital is at risk. Leveraged products may not be suitable for everyone.
Terms and conditions apply. Subject to regional availability.
IC Markets: Detailed Holding Fee Schedule
IC Markets offers its swap-free option on both Raw Spread and Standard accounts, on MetaTrader 4, MetaTrader 5 and cTrader. The Raw Spread account offers spreads from 0.0 pips, with a commission of $3 per side per lot on cTrader and TradingView and $3.50 per side per lot on MetaTrader.
Instead of swaps, IC Markets charges a flat holding fee per lot for each calendar day a position stays open, after a grace period of up to five days. At the time of writing, IC Markets lists $11 per lot on EURUSD and $71 per lot on XAUUSD. Oil and natural gas are charged from day one, and USDJPY and GBPJPY have a two day grace period. Under its swap-free terms, the account is intended for clients who cannot use swaps because of their religious beliefs, and requesting it converts all of your live accounts to swap-free.
72.31% of retail CFD accounts lose money.
Terms and conditions apply. Subject to regional availability.
Tickmill: Convert Any Raw Account
Tickmill lets clients convert any Classic or Raw account to an Islamic account through the Client Area or by contacting support, and any new accounts opened afterwards are also swap-free. The Raw account offers spreads from 0.0 pips with a commission of $3 per side per lot on forex and metals, and the Tickmill Trader Raw account charges $3.50 per side per lot.
Instead of swaps, Tickmill charges a handling fee fixed per lot, whether the position is long or short, once a grace period ends. The grace period varies by instrument, and Tickmill can change its handling fees at its discretion. Cryptocurrencies work differently: new positions get five swap-free days, after which a yearly swap of 10% applies to long positions. Tickmill supports MetaTrader 4, MetaTrader 5, TradingView and Tickmill Trader, and the minimum deposit is $100.
72-73% of retail investor accounts lose money when trading CFDs with this provider.
Terms and conditions apply. Subject to regional availability.
Vantage: Swap-free Raw ECN Account
Vantage offers a Swap-Free Raw ECN account alongside its Swap-Free Standard STP account. The Raw ECN account offers spreads from 0.0 pips with a commission of $3 per side per lot, and Vantage lists a minimum deposit of $50 for swap-free accounts.
According to Vantage's Help Center, swap-free accounts are designed for traders who cannot engage in swaps or interest related transactions because of their religious beliefs, and are offered at Vantage's sole discretion. Instead of swaps, an administration fee is deducted from the account balance in line with Vantage's applicable terms. Vantage does not publish the fee amounts or a grace period, and did not share them when we asked, so costs on longer held positions are hard to predict. If you plan to hold positions for more than a few days, ask Vantage for the fee on your instruments before trading. Vantage supports MetaTrader 4, MetaTrader 5 and its own platforms.
Your capital is at risk. Leveraged products may not be suitable for everyone.
Terms and conditions apply. Subject to regional availability.
What to Check Before Choosing a Raw Spread Islamic Account
- What replaces the swap: Check whether the broker charges an admin or holding fee instead of swaps, how much it is, and when it starts. Some scholars accept a flat fee as a service charge, while others question fees that grow the longer a position stays open, so consult a qualified Islamic scholar if you are unsure.
- Total cost, not just commission: Raw spread commissions typically range from $3 to $3.50 per side per lot, but a holding fee after a few days can quickly outweigh the commission savings on longer trades.
- Grace period: If the broker charges a replacement fee, a longer grace period keeps short and swing trades free of it.
- Instrument coverage: Swap-free status often covers forex and gold but not every instrument. Silver, stocks, bonds and some crypto may still carry swaps or fees.
- Broker entity: Swap-free terms and protections depend on the entity that holds your account, so check which one you are registering with.
Opinions differ on whether leveraged CFD trading is permissible at all. Our article on whether forex trading is halal explains the main views.
Final Thoughts
Raw spread Islamic accounts can give Muslim traders low trading costs without overnight swaps, but the replacement charges vary widely. For longer held positions, Exness in eligible Islamic countries and RoboForex on forex and metals stand out because they state or list no replacement fee. HFM gives a generous 45 day allowance on major pairs, gold and most indices, while IC Markets and Tickmill suit shorter term traders who are happy with a published holding fee after a few days.
Whichever broker you choose, check its current swap-free terms for the instruments you trade, and compare more options in our guide to the best Islamic forex brokers.
Frequently Asked Questions
It is a raw spread account, with spreads from 0.0 pips and a commission per trade, that does not charge or pay overnight swaps. Many brokers charge an admin or holding fee instead once a position has been held for a set number of days.
Exness confirmed that no charges replace the swap on accounts in eligible Islamic countries, and RoboForex does not list a replacement fee on forex and metals. Commissions and spreads still apply, and terms can change.
It depends on the broker. IC Markets charges a holding fee after up to five days, Tickmill after a grace period that varies by instrument, and HFM shows a 45 day swap-free allowance on major pairs, gold and most indices.
For active traders, often yes, because tighter spreads usually outweigh the commission. For longer held positions, the swap replacement fee matters more than the account type, so compare both before choosing.
At some brokers. Exness covers all cryptocurrencies, while Tickmill applies a yearly swap to long crypto positions after five days and RoboForex does not cover crypto. See our guide to Islamic crypto brokers for more options.
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