If you're a non-Muslim thinking of opening an Islamic account simply to avoid interest, think again. Most brokers will ask that you provide evidence of your faith if you request a Sharia compliant account. They could close your account altogether if they have grounds to believe you are trying to game the system.
Interest-free doesn't necessarily mean you'll be at an advantage, as some brokers will look for alternative sources of revenue if they cannot charge interest. This is why Islamic accounts can have marginally wider spreads than conventional accounts. Other brokers may require higher minimum deposits.
However, this isn't always the case. Liquid Markets offers Forex and commodity trading accounts in Islamic format at no additional cost. What's more, you can keep your open positions overnight for as long as you like without incurring interest or swap fees.
Interest-free doesn't necessarily mean you'll be at an advantage, as some brokers will look for alternative sources of revenue if they cannot charge interest. This is why Islamic accounts can have marginally wider spreads than conventional accounts. Other brokers may require higher minimum deposits.
However, this isn't always the case. Liquid Markets offers Forex and commodity trading accounts in Islamic format at no additional cost. What's more, you can keep your open positions overnight for as long as you like without incurring interest or swap fees.
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