Our FBS Islamic Account Revealed.
- ✔️FBS Overview
- ✔️What exactly is an Islamic Account?
- ✔️Why is interest discouraged or prohibited by Sharia law?
- What are the steps involved in opening an FBS Islamic Account?
- What is FBS’ spread costs on an Islamic Account?
- What other features does FBS’ Islamic Account have?
- FBS Pros and Cons
- FBS AT A GLANCE
FBS Overview
Based in Belize and established in 2009, FBS is a well-regulated and popular STP and ECN broker that is regulated by the IFSC and CySEC in serving millions of traders from 190 worldwide countries. FBS offers more than 75 financial instruments that can be traded through.
- FBS Trader
- MetaTrader 4
- MetaTrader 5
FBS is well-known for offering competitive trading conditions that are spread across 6 dynamic, flexible, and tailor-made trading account types. Each account serves a different kind of trader according to their unique and individual needs and objectives.
According to FBS, thousands of accounts are registered daily and the broker experiences consistent high trading volumes, providing traders with enough liquidity to buy and sell different assets. FBS uses innovative ECN and STP trade executions and the broker does not take the opposite side in the trade against their clients.
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 offer 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 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 an FBS Islamic Account?
To gain access to an Islamic account, traders must complete the normal registration involved with registering a live trading account, despite the account type. During the account application process, traders must verify their identity and their proof of residence by uploading the necessary documents to do so.
This forms part of the “Know Your Customer” or KYC policy and ensures that traders are given a secure and safe trading environment. Traders can then proceed by contacting FBS customer support to request an account conversion.
What is FBS’ spread costs on an Islamic Account?
The type of spreads that Muslim traders can expect from their Islamic account will depend on the live trading account that they convert into an Islamic account. The typical spreads that traders can expect across different account types are.
- Standard Account – Floating spreads from 0.5 pips
- Cent Account – Floating spreads from 1 pip
- Micro Account – Fixed spreads from 3 pips
- Zero Spread Account – Fixed spreads of 0.0 pips
What other features does FBS’ Islamic Account have?
Traders can only convert the Standard, Cent, Micro, and Zero Spread Accounts to an Islamic Account. This means that the Islamic Account will mirror the unique specifications of these four account types. While each account type has unique features, Muslim traders can expect some of the following typical specifications.
- Low minimum deposits from as little as $1
- Leverage up to a maximum of 1:300
- Tight spreads that start from 0.0 pips
- Competitive commission charges
- Access to a wide range of markets
- Access to powerful trading platforms across several different devices
- Market execution, with trades executed within 0.3 seconds using the STP execution model
- Access to a range of bonuses, promotions, and competitions
FBS Pros and Cons
| PROS | CONS |
| Ultra-low minimum deposit requirement | United States, Japan, Israel, and some other regions are not accepted |
| Advanced and flexible trading platforms offered | Spreads on the Cent Account is extremely high |
| Quick and flexible funding methods offered | Inactivity fees are charged |
| A choice between different account types | The demo account is only valid for 40 days |
| Demo accounts and Islamic accounts are offered | |
| There is dedicated and prompt customer support offered |
FBS AT A GLANCE |
|
| Broker's Name | FBS |
| Headquartered | Belize |
| Year Founded | 2009 |
| Regulating Authorities | IFSC, CySEC |
| Countries not accepted for trade | US, UK, Japan, Israel, and others |
| Islamic Account (Swap Free) | Yes |
| Demo Account | Yes |
| Institutional Accounts | No |
| Managed Accounts | No |
| Maximum Leverage | 1:3000 |
| Minimum Deposit | $1 |
| Deposit Options |
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| Withdrawal Options |
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| Platform Types | MetaTrader 4, MetaTrader 5, FBS Trader |
| OS Compatibility | Windows, Linux, macOS, web browsers, Android, iOS |
| Tradable Assets |
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| Languages supported on Website | English, German, Spanish, French, Italian, Portuguese, Indonesian, Malaysian, Vietnamese, Turkish, and more |
| Customer Support Languages | Multilingual |
| Customer Service Hours | 24/7 |
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FAQ
TRADING ENVIRONMENT
How many instruments can I trade with FBS?
You can trade any of the following instruments.
- Forex
- Metals
- Indices
- Energies
- CFDs
- Stocks
- Forex Exotic
- Cryptocurrencies
Which platforms are supported by FBS?
FBS only supports the use of the following.
- MetaTrader 4
- MetaTrader 5
- FBS Trader
Does FBS offer leverage?
Yes, FBS offers flexible leverage up to a maximum ratio of 1:3000.
What spreads can I expect with FBS?
You can expect spreads that start from 0.0 pips on the Zero Spread Account.
Does FBS charge commission?
Yes, FBS charges the following commissions.
- Zero Spread Account – $20 per lot
- ECN Account – from $6
- Crypto Account – 0.05% on opening trades and 0.05% on closing trade
Are there additional charges on the Islamic account?
No. There are no additional charges indicated on the Islamic Account.
Is FBS regulated?
Yes. FBS is regulated and authorized by IFSC and CySEC.
Is FBS a recommended forex trading broker for experts and beginners?
Yes. FBS offers the perfect trading environment for both experts and beginners.
What is the overall rating out of 10 for FBS?
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 FBS offer a demo account?
Yes, FBS offers a demo account on most trading accounts offered except the Crypto Account.
How long is the demo account valid?
Each demo account has a unique validity period depending on the type of account that the trader wants to demo.
- Demo accounts opened directly from MetaTrader 4 – 25 days
- Demo Standard and Cent Account – 40 days
- Demo ECN, Zero Spread, and Micro Account – 45 days
- Demo accounts that are opened for MetaTrader 5 can be archived and/or deleted in a period according to the discretion of FBS.
Which live trading accounts does FBS offer?
Does FBS offer an Islamic Account?
Yes, FBS offers an Islamic Account on all live trading accounts except the ECN and Crypto Accounts.
What are the available deposit currencies for a live trading account?
- USD
- EUR
DEPOSITS AND WITHDRAWALS
What is the minimum deposit required to open an account with FBS?
$1.
How do you make a deposit and withdraw money with FBS?
Does FBS charge withdrawal fees?
Yes, FBS charges the following withdrawal fees according to certain payment methods.
- Credit/Debit Card – $1 commission.
- Neteller – 2% with a minimum commission of $1 and a maximum of $30.
- Sticpay – 2.5% along with a commission of $0.30.
- Skrill – 1% along with a $0.32 commission.
- Perfect Money – 0.50% commission.
How long does it take to make a withdrawal?
This will depend on the payment method that the trader uses. Payments may reflect instantly, or they could take several days.
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