BCR Islamic Account

BCR Islamic account is offered 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 a swap.

BCR at a Glance

Overall Rating

4.4/5

Rated #253 of
Recommended FX Brokers

Minimum Deposit

500 AUD

Regulators

ASIC, BVI

📱 Trading Desk

MetaTrader 4

₿ Crypto

Yes

📈 Total Pairs

24

Islamic Account

Yes

 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

BCR

Open a Trading Account

Choose your quick section of our BCR Islamic Account below.

BCR Islamic Account – 10  key points quick overview:

1. BCR at a Glance
2. BCR Islamic Account – 10 key points quick overview:
3. BCR – Overview
4. What exactly is a BCR  Islamic Account?
5. What are the steps involved in opening a BCR Islamic Account?
6. What are BCR spread costs on an Islamic Account?
7. What other features does BCR Islamic Account have?
8. BCR Pros and Cons
9. Conclusion
10. Frequently Asked Questions

Here is our overview of the BCR Islamic Account as well as the features that are offered, for Islamic traders.

BCR – Overview

BCR offers their clients who follow the Muslim faith the option of opening an Islamic Account.BCR or Bacera is a Contract-for-Difference (CFD) regulated broker that has over 20 years of committed service.

It was founded in 2008 and has headquarters in Sydney, Australia. The BCR group is made up of two main companies. BCR Australia is located in Australia and is strictly regulated by the Australian Securities and Investments Commission (ASIC).

BCR Global is located in the British Virgin Islands and is regulated by the BVI Financial Services Commission (BVIFSC). The broker strives to provide clients with transparent and reliable trade execution while still ensuring the optimal security of clients’ funds. Clients have access to top-tier liquidity and advanced trade execution with no dealing desk intervention.BCR provides trading on a wide range of products that include forex, precious metals, energy, equity indices, stocks, commodities, and cryptocurrencies.

The broker offers to trade on the popular and globally known MetaTrader 4 trading platform. Its vision is to provide its investors with the means to reach their financial objectives and claim that its financial services are a vital tool for the more advanced investor as well as the beginner who is just starting out. Traders are ensured that they are offered trade execution at the best possible prices and the best possible execution speeds. BCR is continuously working to improve its trading solutions and services to adapt to the evolving needs and objectives of traders.

What exactly is a BCR  Islamic Account?

As offered by most forex brokers, an Islamic Account, is not a standalone account. However, some brokers dedicate one account to being an Islamic or Swap Free account. Islamic Accounts are usually provided by brokers who serve Middle Eastern clients along with clients from other jurisdictions.

The brokers offer certain features that are in line with the Sharia law, which prohibits the accumulation of interest on funds deposited into the account. The other important feature of an Islamic Account is that transactions must be settled immediately. This requires that currencies be transferred from one account to the other right after the transaction has been completed, in other words, paid for in full.

There are two key elements of Islamic law that relate specifically to trading accounts, these elements are:

Riba

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 the 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?

Since there are restrictions as well as certain prohibitions placed on Muslim traders when they consider getting involved in trading activities, the following aspect is greatly affected:

Margin deposits and interest – which involves the accrual of interest on funds that are deposited into the trading account, which is prohibited.

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.

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.

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.

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.

Short sales – which affects mostly shares and involves borrowing and subsequent sale of an asset, which is prohibited.

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

Traders who qualify to open an Islamic Account with BCR should first complete a live account application before they can apply for the Islamic Account.

There are several documents required apart from proof of identity and residential address, that BCR requires before approving an application for an Islamic account. It is advised that prospective clients contact customer services to find out exactly what needs to be done.

What are BCR spread costs on an Islamic Account?

It is not clear on the BCR website what spreads can be expected when traders open an Islamic account. It seems like this information only comes available when an account is opened. This usually depends on the financial instrument, the time of day, and several other factors.

What other features does BCR Islamic Account have?

When making use of the BCR Islamic account, traders can expect the following key features:

Overall Rating

4.4/5

Rated #253 of
Recommended FX Brokers

Minimum Deposit

500 AUD

Regulators

ASIC, BVI

📱 Trading Desk

MetaTrader 4

₿ Crypto

Yes

📈 Total Pairs

24

Islamic Account

Yes

 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

BCR

Open a Trading Account

Islamic Accounts markets open on Sundays at 11 pm CET and close on Fridays at 11 pm CET. In addition, there may be some restrictions and limits which apply to the Islamic Account.

Before registering an account, traders should ensure that they contact the customer support services of BCR to find out more regarding such restrictions and/or limits.

BCR Pros and Cons

Conclusion

Yes, a BCR Islamic account is offered 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 a swap. The fee is not an interest and depends on the direction of the order. A BCR Islamic Account is offered to Islamic Forex traders who trade according to Islamic Finance principles.

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Frequently Asked Questions

Trading environment

How many instruments can I trade with BCR?

You can trade the following financial instruments:

• Over 35 currency pairs
• 2 Crypto pairs
• 8 Indices Cash CFDs
• 5 Indices Futures
• 4 Metal Spot CFDs
• 1 Metal Future
• 3 Energy Futures
• 3 Soft Futures
• Over 30 Stock CFDs

Which platforms are supported by BCR?

MetaTrader 4.

Does BCR offer leverage?

BCR offers maximum leverage of 1: 400.

What spreads can I expect with BCR?

You can expect spreads that start from 0.1 pip on the Alpha account.

Does BCR charge commission?

Yes. BCR charges a $ 20 commission fee per lot on Stock CFD trades. It is unclear whether Islamic account holders are subjected to the same commission charges. Traders must verify this information with the broker as it is not stated on the website.

Are there additional charges on the Islamic account?

Not that can be seen on BCR’s website.

Is BCR regulated?

Yes. BCR is regulated by ASIC in Australia and the BVIFSC in the Virgin Islands.

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

Yes. BCR caters to both beginners and experts.

What is the overall rating out of 10 for BCR?

7/10.