Overall Rating

4.7/5

Rated #5 of
Recommended FX Brokers

Minimum Deposit

USD 100

Regulators

CySec, FSC, FSA, BaFin, NFA

📱 Trading Desk

MetaTrader 4 , MetaTrader 5

₿ Crypto

Yes

📈 Total Pairs

50 Forex Pairs and 20 Crypto Pairs

Islamic Account

Yes

 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

BD Swiss

Open a Real Account

Our BDSwiss Islamic Account Revealed:

• ✔️BDSwiss Overview
• ✔️What exactly is an Islamic Account?
• ✔️Why is interest discouraged or prohibited by Sharia law?
• What are the steps involved in opening a BDSwiss Islamic Account?
• What is BDSwiss’ spread costs on an Islamic Account?
• What other features does BDSwiss’ Islamic Account have?
• BDSwiss Pros and Cons
• BDSWISS AT A GLANCE

BDSwiss Overview

BDSwiss is a multi-regulated ECN and STP broker that is headquartered in Zurich, Switzerland, with offices in the Seychelles, Mauritius, and Cyprus. BDSwiss is an online trading broker that offers CFD and forex instruments to millions of traders from around the world.

BDSwiss is centred around the unique trading needs and objectives of all traders, from beginners to professionals, despite the unique trading styles or strategies that they use. BDSwiss offers a choice between three dynamic live trading accounts, offering the benefit that traders can register a demo account on the classic account.

Another advantage is that BDSwiss offers Muslim traders the opportunity to convert their Classic and VIP account to Islamic account, exempting them from paying or earning swap fees that are prohibited by their faith.

BDSwiss offers dedicated customer support 24 hours a day, 5 days a week through several communication channels. In addition, traders also have access to a wide range of educational materials and advanced trading tools.

What exactly is an Islamic Account?

An Islamic, or swap-free, trading account is allowed by Islamic Sharia law. These accounts are based on the Islamic principle where interest is not applied to positions that are held open for longer than a trading day after the trading day has concluded.

Islamic Accounts are provided by brokers who serve Middle Eastern clients along with clients from other jurisdictions and offers certain features that are in line with the 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.

Two key elements of the Islamic law 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 of trade or business.

Why is interest discouraged or 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 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 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 such a contract.

What are the steps involved in opening a BDSwiss Islamic Account?

To convert the Classic or the VIP account to an Islamic Account, traders must first register for a live trading account. The process involved account verification before the trader can fund and use their live trading account.

To verify the trading account, traders must provide Proof of Identity (POI) as well as Proof of Residence (POR). Traders are also subject to an appropriateness test and economic profile, which consists of a questionnaire that will determine the level of trading experience that a trader has.

What is BDSwiss’ spread costs on an Islamic Account?

The spread cost on an Islamic account will range between 1.5 pips on the Classic Account and 1.1 pips on the VIP Account. In addition to this, the spreads that traders can expect will depend on the financial instrument and the market conditions on the trading day.

What other features does BDSwiss’ Islamic Account have?

The Classic Account and the VIP Account both have unique features that Muslim traders can expect on their Islamic Accounts. However, some of the common features that both accounts include are:

• Leverage up to 1:500
• Access to more than 250 financial instruments spread across shares, forex, cryptocurrencies, indices, and commodities
• Margin call at 50% of the margin level and Stop-out at 20% of the trader’s margin level
• Instant Withdrawals on credit card withdrawals up to a maximum of 500 GBP
• $0 commissions on deposits and credit card withdrawals
• Trading Alerts
• Access to AutoChartist
• Access to trend analysis and daily analysis
• Access to Webinars and educational materials

BDSwiss Pros and Cons

You might also like: BDSwiss Account Types

You might also like: BDSwiss Demo Account

You might also like: BDSwiss Fees and Spreads

You might also like: BDSwiss Minimum Deposit

You might also like: BDSwiss Sign up Bonus

Overall Rating

4.7/5

Rated #5 of
Recommended FX Brokers

Minimum Deposit

USD 100

Regulators

CySec, FSC, FSA, BaFin, NFA

📱 Trading Desk

MetaTrader 4 , MetaTrader 5

₿ Crypto

Yes

📈 Total Pairs

50 Forex Pairs and 20 Crypto Pairs

Islamic Account

Yes

 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

BD Swiss

Open a Real Account

FAQ

TRADING ENVIRONMENT

How many instruments can I trade with BDSwiss?

You can trade any of the following instruments:

• Forex
• Commodities
• Cryptocurrencies
• Indices
• Shares

Which platforms are supported by BDSwiss?

BDSwiss supports the use of any of these trading platforms:

• MetaTrader 4
• MetaTrader 5
• BDSwiss Mobile App
• BDSwiss WebTrader

Does BDSwiss offer leverage?

Yes, BDSwiss offers leverage up to a maximum ratio of 1:500.

What spreads can I expect with BDSwiss?

You can expect average spreads from 0.3 pips EUR/USD on the Raw Account.

Does BDSwiss charge commission?

Yes, BDSwiss charges commissions as follows:

• Classic Account – $2 on Indices and 0.15% on shares, per round and lot.
• VIP Account – 0.15% on all shares per round, per lot.
• Raw Account – $5 on all forex pairs, $2 on all indices, and 0.15% on all shares per round, per lot traded.

Are there additional charges on the Islamic account?

No, there are no additional charges indicated on the Islamic Account.

Is BDSwiss regulated and by whom?

Yes, BDSwiss is regulated by CySEC, BaFin, FSC, FSA.

Is BDSwiss a recommended forex trading broker for experts and beginners?

Yes, BDSwiss is a forex trading broker that is suitable for both beginners and experts.

What is the overall rating out of 10 for BDSwiss?

9/10.

ACCOUNTS

What is the difference between a demo and a live trading account?

A demo account is a practice account that can be used by both beginner and professional traders. Beginners can use a demo account to practice their trading while more advanced traders can use it to test their trading strategies.

Alternatively, traders can also use a demo account to explore what a broker has to offer. Demo accounts are known for the risk-free environment that they offer along with the virtual funds which are used to trade.

Does BDSwiss offer a demo account?

Yes, BDSwiss offers a demo account on the Classic Account.

How long is the demo account valid?

The demo account is valid for an unlimited time if the account is constantly being used.

Which live trading accounts does BDSwiss offer?

BDSwiss offers the following live trading accounts:

• Classic Account
• VIP Account
• Raw Account

Does BDSwiss offer an Islamic Account?

Yes, BDSwiss offers the option for a Classic and VIP Account to be converted into an Islamic Account.

What are the available deposit currencies for a live trading account?

• USD
• GBP
• EUR

DEPOSITS AND WITHDRAWALS

What is the minimum deposit required to open an account with BDSwiss?

$100.

How do you make a deposit and withdraw money with BDSwiss?

You can use any of the following:

• Bank wire transfer
• Debit/Credit cards
• Skrill
• Neteller

Does BDSwiss charge withdrawal fees?

No, BDSwiss does not charge withdrawal fees if the withdrawal amount is 100 GBP/USD/EUR, or more. If traders withdraw less than this amount, there is a 10 EUR fee that will apply to bank wire transfer while other payment methods attract a 20 EUR fee on withdrawals.

How long does it take to make a withdrawal?

Depending on the withdrawal method, it can take from a few hours up to several days to process a withdrawal.