IC Markets
FP Markets Islamic Account: Admin Fees, the Five-Night Grace and How to Apply
FP Markets' swap-free accounts replace swaps with a nightly administration fee per lot. Major pairs such as EUR/USD and gold have a five-night grace period; most other symbols are charged from the first night. Here is how it works, what it costs and how to convert your account.
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FP Markets offers Islamic, or swap-free, versions of both its Standard and Raw accounts on MT4, MT5 and cTrader. Its Islamic account page explains that these accounts don't involve swap charges or interest on overnight positions; instead, the account holder is charged an administration fee on positions, deducted from the balance. For a set of major instruments, including EUR/USD and gold, there's no admin fee for the first five nights.
The fees differ a lot by instrument, so checking FP Markets' table before you trade is essential.
| Accounts | Islamic Standard and Islamic Raw |
|---|---|
| Platforms | MT4, MT5, cTrader |
| Minimum opening balance | US$100 or equivalent |
| Overnight cost | Admin fee per lot, per night |
| Grace period | 5 nights on selected majors and gold |
| How to apply | Email the onboarding team |
How to apply
- Register and open an MT4, MT5 or cTrader account.
- Email [email protected] from your registered email, asking to convert the account to Islamic and giving the account number.
- Provide proof of faith, such as a letter from your mosque, if your religion isn't stated on your ID.
- Wait for the onboarding team's confirmation.
Admin fees on major instruments
| Symbol | Admin fee per lot, per night | Grace period |
|---|---|---|
| NZDUSD | $2 | 5 nights |
| GBPUSD | $3 | 5 nights |
| AUDUSD | $3 | 5 nights |
| EURUSD | $6 | 5 nights |
| USDCAD | $7 | 5 nights |
| USDCHF | $10 | 5 nights |
| USDJPY | $15 | 5 nights |
| XAUUSD (gold) | $50 | 5 nights |
These eight symbols carry no admin fee for the first five nights; from the sixth night, the fee applies each night.
Instruments charged from the first night
| Symbol | Admin fee per lot, per night |
|---|---|
| US500 | $2 |
| GER40 | $3 |
| US100 | $5 |
| US30 | $9 |
| EURJPY | $10 |
| GBPJPY | $20 |
| XAGUSD (silver) | $25 |
| XTIUSD (WTI oil) | $53 |
| BTCUSD | $60 |
| XNGUSD (natural gas) | $80 |
FP Markets' table lists many more symbols and says it may update the charges, with changes notified on its website.
Islamic status only applies to symbols on FP Markets' list. Any symbol not listed is charged or credited normal swaps, like a standard account. Close positions on unlisted symbols before 00:00 platform time to avoid swaps.
Worked example
Hold 1 lot of EUR/USD for seven nights on an Islamic account. Nights one to five are free; nights six and seven cost $6 each, so the total admin fee is $12. Hold 1 lot of gold for seven nights and the same pattern costs $100. A 1-lot US30 position held for three nights costs $27, because indices have no grace period.
| Position | Nights held | Admin fee |
|---|---|---|
| 1 lot EURUSD | 7 | $12 |
| 1 lot XAUUSD | 7 | $100 |
| 1 lot US30 | 3 | $27 |
| 1 lot EURUSD | 4 | $0 |
Trading conditions
FP Markets says swap-free accounts have the same trading conditions as its regular accounts: spreads from 1.0 pip on Islamic Standard and from 0.0 pips plus US$3 per side on Islamic Raw, leverage up to 1:500, 0.01 minimum trades, EAs and VPS access. Scalping, swing trading and day trading all work on them. Our FP Markets account types guide compares Standard and Raw.
Is it halal?
FP Markets sets out the principles behind Islamic finance on its page, but suggests consulting a religious authority if you want to be sure your trading is halal. A swap-free account removes interest; whether leveraged CFD trading is permissible is a separate question for a scholar.
Tips
- Keep EUR/USD, GBP/USD and gold trades within five nights to pay no admin fee.
- Treat indices, oil and crypto as day trades, since they are charged from the first night.
- Check FP Markets' current table before each new instrument; fees vary widely.
- Close unlisted symbols before 00:00 platform time.
Islamic vs standard account
| Islamic | Standard | |
|---|---|---|
| Overnight cost | Admin fee per lot, per night | Swap, which can be a charge or a credit |
| Grace period | 5 nights on selected majors and gold | None |
| Unlisted symbols | Normal swaps | Normal swaps |
| Spreads and commission | Same as regular accounts | Standard or Raw pricing |
Picking instruments for an Islamic account
| Group | Grace period | Best used for |
|---|---|---|
| EURUSD, GBPUSD, AUDUSD, NZDUSD, USDCAD, USDCHF, USDJPY | 5 nights | Swing trades up to five nights |
| Gold (XAUUSD) | 5 nights | Short swing trades; $50 a night after |
| Indices, oil, crypto, most crosses | None | Intraday trades |
Building a strategy around the grace-period symbols keeps admin fees close to zero.
Planning trades around the fees
The simplest way to keep an FP Markets Islamic account cheap is to match each instrument to a holding period. Major pairs and gold give you five free nights, so they suit swing trades that close within a working week. Indices, oil, crypto and most crosses are charged from the first night, so they suit trades opened and closed the same day.
Before trading a new symbol, check that it is on FP Markets' Islamic fee list. If it isn't, the account treats it like a normal one and charges or credits swaps, which defeats the purpose of a swap-free account.
FP Markets' Islamic account is excellent for short swing trades on majors and gold, thanks to the five-night grace. On indices, oil and crypto, though, the nightly fees start immediately and can be steep, so plan those as intraday trades.
Farhan converted his FP Markets Raw account to Islamic by emailing the onboarding team, with a letter from his mosque as proof of faith. He swing-trades EUR/USD and gold, closes every position within five nights, and has paid no admin fees in three months.
Frequently asked
Does FP Markets offer an Islamic account?
Yes. Swap-free versions of the Standard and Raw accounts are available on MT4, MT5 and cTrader.
How does the FP Markets Islamic account charge for overnight positions?
With an administration fee per lot, per night, instead of swaps.
What is the five-night grace period?
For selected symbols, including EURUSD, GBPUSD, USDJPY and gold, there's no admin fee for the first five nights; it applies from the sixth night.
How much is the FP Markets Islamic fee on EUR/USD?
$6 per lot per night after the five-night grace period.
How do I open an FP Markets Islamic account?
Open an MT4, MT5 or cTrader account, then email the onboarding team asking to convert it, with proof of faith if needed.
What is the minimum deposit for an FP Markets Islamic account?
FP Markets lists a minimum opening balance of US$100 or equivalent.
Are all instruments swap-free on the Islamic account?
No. Only listed symbols; unlisted symbols are charged normal swaps.
Can I use an FP Markets Islamic account on cTrader?
Yes. Islamic Standard and Islamic Raw accounts are available on MT4, MT5 and cTrader.
Do FP Markets Islamic fees change?
FP Markets reserves the right to update the charges and says changes are notified on its website.
Is gold swap-free on FP Markets Islamic accounts?
XAUUSD has a five-night grace period, then a $50 per lot per night admin fee.
What happens on the sixth night on an FP Markets Islamic account?
For grace-period symbols, the admin fee starts from the sixth night and applies each night after.
Does FP Markets need proof of faith?
Only if your religion isn't stated on your ID; a letter from your mosque is an example of accepted proof.
Can I scalp on an FP Markets Islamic account?
Yes. FP Markets says its Islamic accounts suit scalping, swing trading and day trading.
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