IC Markets Islamic Account offers swap-free accounts on 2 types of accounts, Raw Spread-, & Standard accounts. The swap-free options are available on the MT4, MT & cTrader Platforms. With spreads from 0.0 pips and leverage at 1:500, with no additional cost in place of swaps.
IC Markets Islamic Account - key points, quick overview:
- ☑️Overview
- ☑️What exactly is an Islamic Account?
- ☑️Which financial activities are restricted and prohibited by Sharia law?
- ☑️How to open an IC Markets Islamic Account
- ☑️What are IC Markets’ spread costs on an Islamic Account?
- ☑️What is IC Markets’ Maximum Trade/Orders on an Islamic Account?
- ☑️IC Markets at a Glance
- ☑️IC Markets Customer Reviews
- ☑️Pros and Cons
- ☑️Conclusion
- ☑️Frequently Asked Questions
Overview
- Ultra-Fast Execution & Deep Liquidity: IC Markets provides lightning-fast trade execution and institutional-grade liquidity, making it ideal for scalping, high-frequency trading, and EA users, especially valuable for precision-driven South African traders.
- Advanced, Flexible Platforms: Offers MetaTrader 4, MetaTrader 5, and cTrader, fully equipped with powerful charting, automation tools, and multi-device compatibility, designed to support all trading styles and experience levels.
- Raw Spreads from 0.0 Pips with No Hidden Fees: Traders benefit from highly competitive pricing, transparent fee structures, and spreads starting at 0.0 pips, allowing cost-efficient trading without compromise.
Why do more traders choose IC Markets?
Traders consistently choose IC Markets because it offers an exceptionally seamless and professional trading experience.
Its ultra-tight raw spreads, often starting at 0.0 pips, combined with lightning-fast order execution, appeal to scalpers and algorithmic traders.
The broker’s No Dealing Desk (NDD) model ensures transparency and fairness, with no requotes or price manipulation
What exactly is an Islamic Account?
- The Islamic Account is designed for South African traders who adhere to Islamic finance principles.
- This account type complies with Sharia law, which limits interest accumulation and avoids swaps on overnight positions.
- It is intended to allow Muslim traders to engage in forex trading without jeopardizing their religious beliefs.
Which financial activities are restricted and prohibited by Sharia law?
Due to the restrictions and certain prohibitions placed on Muslim traders when considering the intricate details involved with trading activities, the following is greatly affected:
- Overnight rollovers – which involve the incurrence or receiving of swap points on positions that are held open for longer after the trading day has concluded at the New York close at 5 PM EST- which is prohibited by Sharia law.
- Margin deposits and interest involve the accrual of interest on funds that are deposited into the trading account, which is prohibited.
- Loans – when followers of the Sharia law have funds transferred by either a bank or other financial institution, and it involves interest terms, this is prohibited by the Sharia law as per the key element, Riba.
- Margin trading – stocks that are traded on margin result in the trader being liable for paying interest, which amounts to Riba, as money is borrowed from the broker to buy or sell such equities, and which is prohibited by the Sharia law.
- Short sales – which affect mostly shares and involve borrowing and subsequent sale of an asset, which is prohibited.
- Forward sales, which affect forward contracts as well as the trading of futures contracts, involve the buying and selling of contracts at a future date according to a price agreed upon on the day of entering into such a contract.
| 💠Financial Activities restricted & prohibited by Sharia law |  |
| Overnight rollovers | incurrence or receiving of swap points on positions that are held open for longer after the trading day has concluded at the New York close at 5 PM EST |
| Margin deposits and interest | the accrual of interest on funds that are deposited into the trading account |
| Loans | when followers of the Sharia law have funds transferred by either a bank or other financial institution and it involves interest terms |
| Trading on margin | stocks that are traded on margin result in the trader being liable for paying interest |
| Short sales | affects mostly shares and involves borrowing and subsequent sale of an asset |
| Forward sales | affects forward contracts as well as the trading of futures contracts which involves the buying and selling of contracts at a future date according to a price agreed upon on the day of entering such a contract |
How to open an IC Markets Islamic Account
To convert the trading account into that of an IC Markets Islamic Account, Muslim traders can follow these steps:
Step 1: Go to the "Start Trading"
- Begin by going to the IC Markets website. Go to the "Start Trading" section to begin the account creation procedure.
Step 2: Fill out the Form
- Once on the registration page, carefully fill out the form with your current and accurate contact information.
Step 3: Tell us more about yourself
- Select the type of trading account that best suits your trading tastes and ambitions.
- After selecting your desired account type, you must authenticate your identification. You will be required to submit certain documents to comply with regulatory requirements.
- This usually entails presenting a clear photo ID, such as a passport or driver's license, and confirmation of residency.
Step 4: The verification process begins
- The verification process begins when you have provided the required papers.
- The specialist team at IC Markets will review your application, which normally takes around a day.
- During this time, they will verify the legitimacy of the submitted documents and ensure that you meet the eligibility requirements for the chosen account type.
- After successful verification, you will be notified that your application has been accepted.
- You can now fund your trading account with the desired amount.
- IC Markets accepts various payment methods, including bank transfers, credit/debit cards, and e-wallets.
- Select the best way for you to begin your deposit. You can now begin trading in the financial markets with your trading account fully funded and ready to go.
Step 5 - Verification
- Security verification to be completed
- When these required fields have been completed, traders will be required to upload supporting documentation to prove both their identity and their residential address as part of the ‘Know Your Client’, or KYC, procedure.
- Once this has been completed, traders can fund their account with the minimum deposit and proceed to request their live trading account to be converted into an Islamic Account.
What are IC Markets' spread costs on an Islamic Account?
IC Markets’ spreads start from 0.0 pips when using either the cTrader or MetaTrader Raw Spread Accounts and 1 pip when using the MetaTrader Standard Account. Seeing that the Islamic Account is not provided as a standalone account, Muslim traders are not exempt from normal trading conditions, such as spreads that do not generate interest, and thus, Muslim traders are still subject to such trading fees.
What is IC Markets’ Maximum Trade/Orders on an Islamic Account?
The maximum number of trades that Muslim Traders can have open at a given time is 200, and this includes any pending orders as well. Furthermore, the maximum volume per trade depends on the financial instrument being traded and ranges from 50 lots to 500 lots.
What is the minimum deposit amount on IC Markets’ Islamic Account?
The minimum deposit amount on the IC Markets Islamic Account is $200 / R 3200 ZAR Despite converting the live trading account, regardless of the type of account, to that of an Islamic Account, Muslim traders are subjected to the set minimum required deposit amount. This amount is fixed across all account types; this is to ensure the minimum margin requirement is covered. Muslim traders are not limited by their initial deposit, but $200 is the minimum recommended amount to open a live trading account and start trading.
🏆10 Best Forex Brokers in South Africa
| Rank | Broker | Broker Review | Regulators | Minimum Deposit | Visit Broker |
|---|---|---|---|---|---|
| 🥇 |  | Read Review | ASIC, FSA, CBI, BVI, FSCA, FRSA, CySEC, ISA, JFSA | $100 | 
|
| 🥈 |  | Read Review | FSCA, FCA, DFSA, FSA, CMA | $0 |
|
| 🥉 |  | Read Review | CySEC, MWALI, FSCA | $25 |
|
| 4 |  | Read Review | ASIC, CySEC, FSA, SCB | $200 |
|
| 5 |  | Read Review | FSA, FSCA | $250 |
|
| 6 |  | Read Review | FSA, FSC, FSCA, ASIC, CMA | $20 |
|
| 7 |  | Read Review | FSC, FSCA | $50 |
|
| 8 |  | Read Review | ASIC, CySEC, FSCA, FSA, FSC, CMA | $100 |
|
| 9 |  | Read Review | ASIC, CySEC, IFSC, DFSA, FCA | $5 |
|
| 10 |  | Read Review | FSA, CySEC, FSCA, FSC | $10 |
|
IC Markets at a Glance
| 🔎Broker | |
| Company Information | |
| 📅Year Founded | 2007 |
| 👨💼 Current CEO | Andrew Budzinski |
| 🏗️ Founder/s | Andrew Budzinski |
| 🧑🏻💻Amount of staff | 852 |
| 👩💻Amount of active traders | 180,000+ |
| 🌐Publicly Traded (Listed Company) | No |
| Regulation and Security | |
| 🛡️Regulation | FSA |
| 🌎Country of regulation | Australia, Cyprus, Seychelles |
| 💻Account Segregation | Yes |
| 🪫Negative balance protection | Yes |
| 🔋Investor Protection Schemes | Yes |
| 🔐 Two-step Authentication | Yes |
| Account Types and Features | |
| ➕Accounts | cTrader, Raw Spread, standard |
| 💳Institutional Accounts | Yes |
| 👨💼Managed Accounts | Yes |
| 📇Minor account currencies | AUD, USD, JPY, EUR, NZD, SGD, GBP, CAD, HKD, CHF, RMB, |
| 💰Minimum Deposit | $200 USD |
| Trading Conditions | |
| 🕞Average deposit/withdrawal processing time | Instant for deposits, 1-2 business days for withdrawals |
| 🪙Fund Withdrawal Fee | Free, but may vary based on payment method and account type |
| 📊Spreads from | From 0.0 pips |
| 💸Commissions | $3 per lot per side |
| 💱Number of base currencies supported | 10+ |
| 🚀Swap Fees | Overnight financing fees apply |
| 📈Leverage | Up to 1:1000 |
| 📏Margin requirements | 100 USD traded, 1 USD margin |
| ☪️Islamic account (swap-free) | Yes |
| 💻Demo Account | Yes |
| ⌛Order Execution Time | Typically within milliseconds |
| 📆VPS Hosting | Yes |
| Trading Instruments | |
| 🧾CFDs-Total Offered | over +2200 |
| 🗠CFD Stock Indices | 25+ |
| ⚖️CFD Commodities | 22+ s |
| 📜CFD Shares | 1,600+ |
| 👀 Watch list | Yes |
| 📢 Trade Alerts | No |
| 📉 Trading Stocks with GP | Yes |
| 📊 Trading Indices with GP | Yes |
| 💱 Swap on the trading board | Yes |
| Deposits and Withdrawals | |
| 💳Deposit Options | Credit Card, Debit Card, PayPal, Skrill, Neteller, UnionPay, Wire Transfer, Bpay, FasaPay, Poli |
| 💵Withdrawal Options | Credit Card, Debit Card, PayPal, Skrill, Neteller, UnionPay, Wire Transfer, Bpay, FasaPay, Poli |
| 🎁 Welcome Bonus | No |
| Trading Platforms and Tools | |
| 💻Trading Platforms | MetaTrader 4 (MT4), MetaTrader 5 (MT5), cTrader |
| 👩💻OS Compatibility | Windows, Mac (via emulation), Android, iOS |
| 🖥️Forex trading tools | Yes |
| Customer Support | |
| 🗣️Live chat availability | Yes 24/7 |
| 📱Customer Support email address | support@icmarkets.com (General) |
| 📞Customer Support Contact Number | Thailand: +661800011956 Indonesia: +6280332160329 Colombia: +5718005190364 Vietnam: +8412032513 |
| 👾Social media Platforms | Facebook, Twitter, Instagram |
| 🗣️Languages supported on Website | 15 + |
| Educational Resources and Support | |
| 🎓 Beginners Trader friendly UX | Yes |
| 🖺Forex course | Yes |
| 🧏♀️Webinars | Yes |
| 📚Educational Resources | Yes, articles, videos, and tutorials |
| Partnerships and Programs | |
| 🪪Affiliate program? | Yes |
| 👨🏫Amount of partners | Over 2 500+ |
| 📋IB Program | Yes |
| 🏃♂️➡️Do they sponsor any notable events or teams? | Yes, the Qatar Economic Forum 2026 |
| 🪙Rebate program | Yes |
| 💬 Community Forum | No |
| South African Trader Specific Information | |
| 🌐 Official Website address | www.icmarkets.com |
| 👍 Official Facebook Page | Yes |
| 🐦 Official Twitter Page | Yes |
| ▶️ Official Youtube Channel | Yes |
| 🏢 Official Linkedin Page | Yes |
| 📸 Official Instagram Page | Yes |
| 🌍 South African Specific Information | |
| Does IC Markets Accept South African Traders? | Yes |
| Is IC Markets regulated by the South African regulatory body (FSCA)? | No |
| Does IC Markets offer an Affiliate Program for South African Traders? | Yes |
| Does IC Markets allow opening trading accounts in ZAR (South African Rand)? | Yes |
| 📝Sign up | 👉Open Account |
IC Markets Customer Reviews
- Trusted for Transparency & Low Costs: Traders consistently praise IC Markets for its ultra-tight spreads, clear fee structure, and fair pricing, making it a top choice for cost-conscious and professional traders alike.
- Reliable Performance & Platform Variety: Users appreciate the broker’s fast trade execution and robust access to platforms like MetaTrader 4/5 and cTrader, offering stability even during high-volatility periods.
| 🔍Aspect | 🔖Details |
| 🌟Overall Rating | 4.8/5 – Highly rated for competitive pricing, reliability, and advanced trading infrastructure. |
| 👏Customer Satisfaction | Positive – Clients appreciate low spreads, fast execution, and diverse trading instruments. |
| 📞Customer Service | Responsive and professional – Available 24/7 via live chat, email, and phone in multiple languages. |
Customers Ratings
| 🌐 Platform | 📝 Feedback Summary | ⭐ Rating |
 | Generally positive feedback users appreciate competitive spreads, fast execution, and reliable customer support. | ⭐⭐⭐⭐⭐ |
 | Mixed reviews many users commend the broker's services and support, while some report issues with fund withdrawals and account closures. | ⭐⭐⭐☆☆ |
 | Predominantly negative reviews users report concerns about withdrawal issues and customer service responsiveness. | ⭐☆☆☆☆ |
 | Generally positive users highlight the platform's user-friendly interface and efficient customer support. | ⭐⭐⭐⭐⭐ |
 | IC Markets is generally positive, with many users praising the broker's competitive spreads, reliable trading platforms, and excellent customer support. | ⭐⭐⭐⭐⭐ |
 | Highly positive reviews users praise the broker's reliability, competitive spreads, and prompt customer service. | ⭐⭐⭐⭐⭐ |
Pros and Cons
| ✅ Pros | ❌ Cons |
| Well-regulated | No US Clients |
| ECN model | Fixed spreads not offered |
Conclusion
IC Markets offers Islamic swap-free accounts on 2 types of accounts, Raw Spread-, & Standard accounts. The swap-free options are available on the MT4, MT & cTrader Platforms. With spreads from 0.0 pips and leverage at 1:500, with no additional cost in place of swaps.
You might also like:
IC Markets Account TypesIC Markets Demo AccountIC Markets Fees and SpreadsIC Markets' Minimum DepositIC Markets Sign up Bonus
Frequently Asked Questions
What is an Islamic account at IC Markets?
An Islamic account at IC Markets is a swap-free trading account designed for Muslim traders who follow Sharia law. It removes overnight interest charges on positions, ensuring compliance while still providing access to forex, commodities, and CFD trading instruments.
Does IC Markets charge swaps on Islamic accounts?
No, IC Markets Islamic accounts do not charge traditional swap or rollover interest on overnight positions. Instead, administrative fees may apply after a certain holding period, ensuring the account remains compliant while covering the broker’s operational costs.
Who can open an IC Markets Islamic account?
Islamic accounts at IC Markets are intended for traders who require Sharia-compliant trading conditions. Applicants may need to request the feature and confirm eligibility. Approval is not automatic and is subject to the broker’s internal compliance review process.
Are there additional fees on IC Markets Islamic accounts?
While swaps are removed, IC Markets may apply fixed administrative fees on positions held for extended periods. These fees vary depending on the instrument traded and are designed to replace swap charges without violating Islamic finance principles.
Which instruments are available on IC Markets Islamic accounts?
IC Markets Islamic accounts provide access to a wide range of instruments, including forex pairs, indices, commodities, and cryptocurrencies. However, specific conditions may differ, and some instruments could have unique fee structures under swap-free trading conditions.
How do I open an IC Markets Islamic account?
To open an Islamic account, register a standard trading account with IC Markets, complete verification, and then request swap-free status through the client portal or support team. Approval typically takes a short time after submitting your request.
Can non-Muslims open an IC Markets Islamic account?
IC Markets generally restricts Islamic accounts to traders who require them for religious reasons. Misuse of swap-free accounts may lead to restrictions or account adjustments, as brokers monitor activity to ensure the feature is not exploited unfairly.
Does IC Markets offer the same spreads on Islamic accounts?
Yes, IC Markets typically offers the same spreads and trading conditions on Islamic accounts as standard accounts. The main difference is the removal of swap charges, although administrative fees may apply depending on how long positions are held.
Are IC Markets' Islamic accounts suitable for scalping?
Yes, IC Markets Islamic accounts support scalping and high-frequency trading strategies. Since swaps are removed, short-term traders benefit from lower holding costs, but they should still consider spreads, commissions, and execution speed when developing strategies.
Is the IC Markets Islamic account Sharia-compliant fully?
IC Markets designs its Islamic accounts to comply with Sharia principles by removing interest-based charges. However, traders should consult religious advisors if needed, as interpretations may vary depending on individual beliefs and specific trading practices.
Recommended brokers
