Yes, BCS Forex Islamic Account offers an Islamic account for Muslim faith traders including a swap-free account. The Islamic forex trading environment is ideal for traders following strict sharia law with a fixed fee instead of swap. The fee is not an interest and depends on the direction of the order.
Finding a reputable list about BCS Forex Islamic account local or worldwide can be a difficult process, especially finding a complete list from a trustworthy reputable source.
Below is an in-depth Islamic Account Review regarding this regulated Forex company, which will assist Islamic traders to make an informed decision when it comes to Swap Free Islamic Accounts.
BCS Forex Overview
BCS Forex is a Belarus-based Broker Credit Service that has been offering a variety of services, including financial and trading services, since 2004. BCS Forex is primarily focused on providing trading solutions to Russian traders.
BCS Forex offers a variety of trading accounts from a minimum deposit of 1 USD despite the account type. In addition, each account type has competitive trading conditions tailored to a variety of traders.
Traders can trade a variety of financial instruments in the following markets:
BCS Forex offers powerful trading platforms along with numerous executions depending on the account type. In addition, BCS Forex also offers zero-commission trading on most accounts, competitive spreads, and adequate leverage of 1:200.
What exactly is an Islamic Account?
An Islamic Account, for the greater part as offered by most brokers, is not a standalone account, although some brokers dedicate one account to being an Islamic or Swap Free account, in most cases, this is an option offered by especially Forex brokers.
Islamic Accounts are also provided by brokers who serve Middle Eastern clients along with clients from other jurisdictions and offer certain features that are in line with Sharia law, which prohibits the accrual of interest on funds deposited into the account.
The other important feature of an Islamic Account is that transactions must be settled immediately, requiring that currencies be transferred from one account to the other right after the transaction has been completed and therefore paid for in full.
There are two key elements of Islamic law that relate specifically to trading accounts, these elements are:
- Riba, and
Riba is the prohibition of generating money from money, which in this case specifically refers to an interest, which is not allowed according to Sharia law. This type of interest is seen as both unjust and exploitive gains pertaining to trade or business.
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 affected greatly:
- 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 the Sharia law.
- Margin deposits and interest – which involves the accrual of interest on funds that are deposited into the trading account, which is prohibited.
- Loans – when followers of 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.
- Trading on margin – 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 affects mostly shares and involves borrowing and subsequent sale of an asset, which is prohibited.
- Forward sales – which 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 into such a contract.
What are the steps involved in opening a BCS Forex Islamic Account?
Traders must first apply for any of the live trading accounts before requesting that their live trading account be converted to that of an Islamic Account.
What are BCS Forex’s spread costs on an Islamic Account?
The spread cost will depend on the type of live trading account that traders open.
It is unclear which of the trading accounts have the option to be converted into an Islamic Account and for this reason, it is unclear whether traders are subjected to the spreads on the live accounts, or whether BCS Forex offers Islamic Account holders with their own spreads.
Spreads as per the live trading accounts offered by BCS Forex are as follows:
- Global account – 1 pip EUR/USD.
- NDD account – 0.2 pips EUR/USD.
- Pro account – fixed from 1 pips EUR/USD, and
- Direct account – from 0.7 pips EUR/USD.
What other features does BCS Forex’s Islamic Account have?
It is unclear which of the live trading accounts that BCS Forex offers can be converted into an Islamic account, but traders can expect some of the following features despite their account type:
- Access to either MetaTrader 4 or MetaTrader 5 or both on the NDD account.
- USD and EUR as the base currency of the account.
- Minimum deposit of 1 USD.
- Leverage from 1:1 up to 1:200.
- Minimum lots from 0.01.
- Margin call level of 100%.
- Maximum volume of 100 lots per order.
There is no indication of whether traders will be subjected to additional costs should they convert their live trading account to that of an Islamic Account.
Brokers often charge wider spreads, higher commissions, or additional administration fees to offset the absence of overnight fees. These are possible charges that traders must verify before registering a live account.
Pros and Cons
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BCS Forex at a Glance
|Broker’s Name||BCS Forex|
|Regulating Authorities||None indicated|
|Countries not accepted for trade||United States|
|Islamic Account (Swap Free)||Yes|
|Minimum Deposit||1 USD|
|Platform Types||MetaTrader 4, MetaTrader 5, BCS OptionTrader|
|OS Compatibility||Windows, Linux, macOS, web browsers, Android, iOS|
|Languages supported on Website||English|
|Customer Support Languages||Multilingual|
|Customer Service Hours||24/5|
How many instruments can I trade with BCS Forex?
You can trade the following financial instruments:
Which platforms are supported by BCS Forex?
Does BCS Forex offer leverage?
What spreads can I expect with BCS Forex?
Does BCS Forex charge commission?
Yes. BCS Forex only charges commissions of 0.003% on the NDD account when trading forex.
Are there additional charges on the Islamic account?
Unsure. The conditions of the Islamic Account, and which account can be converted, are not provided on the broker website.
Is BCS Forex regulated?
Is BCS Forex a recommended forex trading broker for experts and beginners?
What is the overall rating out of 10 for BCS Forex?
What is the difference between a demo and a live trading account?
A demo account offers the use of virtual funds instead of actual capital. This allows for risk-free trading as well as exploring both the broker’s offer and the trading platform.
A demo account can be used for a variety of reasons including practice trading, testing trading strategies, exploring platforms and offers, and more.
Does BCS Forex offer a demo account?
For how long is the demo account valid?
Not applicable as BCS Forex does not offer a demo account.
Does BCS Forex offer the option of an Islamic Account?
Yes. However, there is truly little information available on this.
Which live trading accounts does BCS Forex offer?
- Global Account
- NDD Account
- Pro Account
- Direct Account
What are the available deposit currencies for a live trading account?
Deposits and Withdrawals
What is the minimum deposit for BCS Forex?
How do I make a deposit and withdrawal from BCS Forex?
- Bank Wire Transfer
- Yandex Money
- Credit/Debit Cards
- Internal Transfers
Does BCS Forex charge withdrawal fees?
- Bank Transfer in EUR – 40 EUR.
- Bank Transfer in USD – 35 USD.
- Qiwi – 2.5%
- Yandex Money – 3.5%
- Credit/Debit Cards – 2.5%
How long does it take to make a withdrawal?