BCS Forex delivers swap-free trading Islamic accounts for Muslim faith trades on the available Swap-Free accounts. BCS Forex accounts are ideal as they align with the Islamic Muslim faith and incur no swaps or interest charges on overnight positions.
BCS Forex at a glance
| Broker's Name | BCS Forex |
| 🏛️ Headquartered | Cyprus |
| 📅 Year Founded | 2004 |
| ⚖️ Regulating Authorities | CySEC (№ 048/04) |
| ⏳ CySEC | № 048/04 |
| 🌐 Countries not accepted for trade | UK, Europe, and the USA not accepted |
| ☪️ Islamic account (swap-free) | Yes |
| 📎Sign up Bonus | No |
| 👍 Demo Account | Yes |
| 📌 Account types | NDD,PRO, Direct Account |
| 📊 Institutional Accounts | Yes |
| 📊 Managed Accounts | Yes |
| 📈 Maximum Leverage | 1:200. |
| 📎 Fees | Applicable on selected accounts |
| 📎 Spreads | from 0.2 of point |
| 📎 Leverage | 1:1-1:200 |
| 💰 Minimum Deposit | $1 USD |
| 💳 Deposit Options | Debit and credit cards, including Visa and Mastercard PayPal Skrill Bank wire transfers. |
| 💳 Withdrawal Options | Debit and credit cards, including Visa and Mastercard, PayPal, Skrill, Bank wire transfers. |
| 💻 Platform Types | Meta Trader 4, Meta Trader 5 |
| 📱 OS Compatibility | Mac, Windows, Linux, Mobile, Web, iPhone, iPad |
| 📈 Tradable assets offered | Currencies, Indices, Stocks, Commodities and Cryptocurrency |
| 👨💼 Languages supported on Website | English and multiple languages |
| 👥 Customer Support Languages | English and multiple languages |
| 📆 Customer Service Hours | Customer support service is available from Monday to Friday from 9:00 am to 9:00 pm GMT+3. |
Min Deposit
USD 1
Regulators
CySEC, FSA
Trading Platform
MT4, MT5
Crypto
Yes
Total Pairs
0
Islamic Account
Yes
Trading Fees
Low
Account Activation
24 Hours
BCS Forex Islamic account – 10 key points quick overview:
BCS Forex at a glance- BCS Forex Overview
- What exactly is an Islamic Account?
- Which financial activities are restricted and prohibited by Sharia law?
- What are the steps involved in opening a BCS Forex Islamic Account?
- What are BCS Forex’s spread costs on an Islamic Account?
- What other features does BCS Forex’s Islamic Account have?
- BCS Forex Pros and Cons
- BCS Forex Conclusion
- Frequently Asked Questions
BCS Forex Overview
BCS Forex is a Russian forex broker that has been in operation since 2004. It headquarters in Minsk, Belarus and offers investments, deposits, credit cards, forex, trading services, and more.
The broker is owned and operated by BCS Markets Limited. Its primary focus is on providing Russian traders with comprehensive and competitive trading conditions. Over 50 offices are located throughout Russia, and the broker has more than 140 000 registered traders.
BCS Forex offers its traders a variety of advantages such as trading on the powerful MetaTrader 4 and MetaTrader 5 platforms, various trading tools, three dynamic trading accounts to choose from, forex market access, liquid financial tools, and much more.
The live accounts that BCS Forex caters to the individual trading needs, objectives of traders and supports high-frequency trading.
More advanced traders receive support through the provision of various research tools such as trading information, analytics, and more. The broker also caters to beginners through a range of books, webinars, and video lessons.
One drawback with BCS Forex is that it is not regulated by any regulatory authority. This means that there is no entity overseeing the trading operations of this broker.
One of the regulations is that brokers keep client funds in segregated accounts with top-tier banks. This means that only the clients can use the funds and it is not available to the broker.
In complying with this, amidst several other strict rules and regulations, all client funds must be kept separate from the broker account, and it can only be used by traders to conduct trading activities.
What exactly is an Islamic Account?
Islamic Accounts which are offered by some brokers, is usually not standalone account, although some brokers dedicate one account to being an Islamic or Swap Free account.
Islamic Accounts are also provided by brokers who serve clients from Middle Eastern clients as well as from other jurisdictions. The account offers certain features that are in line with the Sharia law, which prohibits the followers of Muslim faith the accumulation of interest on funds deposited into the account.
Another important feature of an Islamic Account is that transactions must be settled immediately 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
- 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?
| 💠Financial Activities restricted & prohibited by Sharia law | 📈 ADS Security |
| Overnight rollovers | 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 |
| Margin deposits and interest | the accrual of interest on funds that are deposited into the trading account |
| Loans | when followers of the Sharia law have funds transferred by either a bank or other financial institution and it involves interest terms |
| Trading on margin | stocks that are traded on margin result in the trader being liable for paying interest |
| Short sales | affects mostly shares and involves borrowing and subsequent sale of an asset |
| Forward sales | 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 |
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:
- 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.
- 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.
- Margin deposits and interest – which involves the accrual of interest on funds which are deposited into the trading account, 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.
- 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 BCS Forex Islamic Account?
1. Step 1 –Log into account
With BCS Forex, traders must first apply and register for a Pro or Direct account
2. Step 2 –Request conversion
Traders can request that their live trading account be converted to an Islamic Account via email. Certain documents will be requested.
What are BCS Forex’s spread costs on an Islamic Account?
There is not much information available on the BCS Forex website with regards to the Islamic Account. Since it can only be opened on the Pro and Direct accounts the following spreads would most likely apply:
- Pro account – fixed from 1 pip EUR/USD
- Direct account – from 0.7 pips EUR/USD
What other features does BCS Forex’s Islamic Account have?
It is unclear whether the features of the Islamic Account differ from the live trading accounts. Since the Pro and Direct accounts can accommodate an Islamic Account, the following features can be expected:
- Access to either MetaTrader 4 or MetaTrader 5
- USD, EUR, and RUB as the base currency of the account.
- Minimum deposit of $ 1
- Maximum leverage of 1:200
- Minimum lots from 0.01.
- Margin call level of 100%.
- Maximum volume of 100 lots per order
Traders might be subjected to additional costs should they convert their live trading account into 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.
BCS Forex Pros and Cons
| ✔️ Pros | ❌ Cons |
| Offers competitive and attractive trading conditions | No referral bonus offered |
| Offers a trading bonus and rewards for loyal customers | No welcome bonus, sign-up bonus or deposit bonus offered with first time sign up |
| Demo account sign-up fully digital | Only travel points offers on reward programme, no cash |
| MetaTrader 4 offered Offers competitive trading and conditions | Requires a high deposit to qualify for the rewards programmers |
| Demo account offered | Demo account usually expires after 30-days |
| Islamic accounts offered | Clients from various jurisdictions not accepted |
| MetaTrader 4 offered | Fixed spread accounts not offered |
| MetaTrader 5 offered | Limited number of trading instruments |
| No commission charged on two account types | Not regulated |
| Low commissions charged on one account type | Charge’s withdrawal fees |
| No deposit fees charged | Little choice of trading instruments |
| Offers competitive trading conditions | Spreads are not the tightest |
| Transparent fee schedule | |
BCS Forex Conclusion
BCS Forex delivers swap-free trading Islamic accounts for Muslim faith trades on the available Swap-Free accounts. BCS Forex accounts are ideal as they align with the Islamic Muslim faith and incur no swaps or interest charges on overnight positions.
Min Deposit
USD 1
Regulators
CySEC, FSA
Trading Platform
MT4, MT5
Crypto
Yes
Total Pairs
0
Islamic Account
Yes
Trading Fees
Low
Account Activation
24 Hours
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Frequently Asked Questions
Trading environment
How many instruments can I trade with BCS Forex?
You can trade the following financial instruments:
- Forex
- Commodities
- Russian and foreign stock assets
Which platforms are supported by BCS Forex?
MetaTrader 4 and MetaTrader 5.
Does BCS Forex offer leverage?
Yes. Leverage of up to 1: 200.
What spreads can I expect with BCS Forex?
You can expect variable spreads which start from 0.2 pips on USD/EUR.
Does BCS Forex charge commission?
Yes. BCS Forex only charges commissions of 0.003% on the NDD account when trading forex. It is unclear whether Islamic account holders are subjected to the same commission charges.
Are there additional charges on the Islamic account?
Unsure. There is not much information available on the conditions of opening an Islamic Account on the website.
Is BCS Forex regulated?
No. BCS Forex is not regulated.
Is BCS Forex a recommended forex trading broker for experts and beginners?
Yes. Although the broker does cater for beginner and expert traders it is not recommended to trade with since it is not regulated, and your money will be at risk.
What is the overall rating out of 10 for BCS Forex?
3/10.
Accounts
What is the difference between a demo and 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 of 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?
Yes. The broker does offer a demo account.
For how long is the demo account valid?
Although it is not clear on BCS Forex’s website a demo account is usually valid for 30-days.
Does BCS Forex offer the option of an Islamic Account?
Yes. BCS Forex offers the option of an Islamic Account for traders of the Muslim faith.
Which live trading accounts does BCS Forex offer?
BCS Forex offers three live account types, namely NDD Account, Pro Account and Direct Account.
What are the available deposit currencies for a live trading account?
- EUR
- USD
- RUB
Deposits and withdrawals
What is the minimum deposit for BCS Forex?
$ 1.
How do I make a deposit and withdrawal with BCS Forex?
- Visa
- MasterCard
- Qiwi
- Yandex Money
- Alfa-Click
- BCS Online
- Bank Wire transfer only in USD, EUR, or RUB
Does BCS Forex charge withdrawal fees?
Yes. Fees depend on the payment method used and applies as follows:
- Credit/Debit Cards – 2.5%
- Qiwi – 2.5%
- Yandex Money – 3.5%
- Bank Transfer in EUR – 40 EUR
- Bank Transfer in USD – 35 USD
How long does it take to make a withdrawal?
This will depend on the payment method used. Transfers through credit/debit card and digital wallets is processed within 24 hours. Bank transfer takes 2 to 5 business days. Transfer of funds from an account with BCS Bank takes up to 2 business days.
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