📈 Popular:

Broker of the month

Top 27 Regulated Forex Brokers

Forex No Deposit Bonuses

Promotions

⚡ Easily Trade – Apple, Microsoft , Tesla and Google Stocks – Open a FREE Account Here

Best Brokers

1st Place

2nd Place

3rd Place

4th Place

5th Place

BCS Forex Islamic Account

BCS Forex Islamic Account

 

Overall Rating

4.5/5

Rated #221 of
Recommended FX Brokers

💰Minimum Deposit

USD 100

🌐 Regulators

CySEC

📱 Trading Desk

No Dealing Desk

Crypto

Yes

📈 Total Pairs

40

☪️ Islamic Account

No

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

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:

 

  • Forex
  • Cryptocurrencies
  • CFDs

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
  • Gharar

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.

 

Overall Rating

4.5/5

Rated #221 of
Recommended FX Brokers

💰Minimum Deposit

USD 100

🌐 Regulators

CySEC

📱 Trading Desk

No Dealing Desk

Crypto

Yes

📈 Total Pairs

40

☪️ Islamic Account

No

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

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

✔️ PROS ❌CONS
Regulated US Clients not accepted
Low minimum deposit Access to training material only on Pro and Direct accounts
MetaTrader offered No choice in the trading platform as they are tied to the account type
Telephonic dealing offered Demo account not offered
Zero-commission trading on some accounts Best spreads only on prime accounts
Spreads are not the tightest
Limited financial instruments offered

 

You might also like: BCS Forex Minimum Deposit

You might also like: BCS Forex Demo Account

You might also like: BCS Forex Fees and Spreads

You might also like: BCS Forex Account types

You might also like: BCS Forex Sign up Bonus

 

 

BCS Forex at a Glance

Broker’s Name BCS Forex
Headquartered Minsk, Belarus
Year Founded 2004
Regulating Authorities None indicated
Countries not accepted for trade United States
Islamic Account (Swap Free) Yes
Demo Account No
Institutional Accounts No
Managed Accounts No
Maximum Leverage 1:200
Minimum Deposit 1 USD
Deposit Options
  • Bank Wire Transfer
  • Qiwi
  • Yandex Money
  • Credit/Debit Cards
  • Internal Transfers
Withdrawal Options
  • Bank Wire Transfer
  • Qiwi
  • Yandex Money
  • Credit/Debit Cards
  • Internal Transfers
Platform Types MetaTrader 4, MetaTrader 5, BCS OptionTrader
OS Compatibility Windows, Linux, macOS, web browsers, Android, iOS
Tradable Assets
  • Forex
  • Cryptocurrencies
  • CFDs
Languages supported on Website English
Customer Support Languages Multilingual
Customer Service Hours 24/5

 

FAQ’s

 

Trading Environment

 

How many instruments can I trade with BCS Forex?

You can trade the following financial instruments:

  • Forex
  • Cryptocurrencies
  • CFDs

 

Which platforms are supported by BCS Forex?

MetaTrader 4, MetaTrader 5, BCS OptionTrader.

 

Does BCS Forex offer leverage?

Yes. Traders have access to leverage from 1:1 up to 1:200.

 

What spreads can I expect with BCS Forex?

You can expect spreads that start from 0.2 pips.

 

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?

Yes. BCS Forex is not regulated. Traders are urged to proceed with caution where unregulated brokers are concerned as their funds, and the security thereof may be at risk.

 

Is BCS Forex a recommended forex trading broker for experts and beginners?

No. Due to the fact that BCS Forex is not a regulated broker, this broker is not recommended.

 

What is the overall rating out of 10 for BCS Forex?

2/10.

 

Accounts

 

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?

No.

 

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?

  • USD
  • EUR
  • RUB

 

Deposits and Withdrawals

 

What is the minimum deposit for BCS Forex?

$1.

 

How do I make a deposit and withdrawal from BCS Forex?

  • Bank Wire Transfer
  • Qiwi
  • Yandex Money
  • Credit/Debit Cards
  • Internal Transfers

 

Does BCS Forex charge withdrawal fees?

Yes. Fees depend on the payment method used and can be broken down as follows:

  • 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?

This will depend on the payment method used. Payments can reflect instantaneously or take up to several days.

 

 

Author Details

Louis Schoeman

Louis Schoeman

Featured Forex and Stocks writer

Table of Contents

You might also like

FINEXO Review

Overall, FINEXO is regulated by two tier-1 regulators, two tier-2 regulators, and four tier-3 regulators respectively. It has a high trust score of 97 out