FBS provides Islamic swap-free trading on 2 trading accounts levels. Cent Swap-free and Standard Swap-free. FBS accounts are ideal as they align with the Islamic Muslim faith and incur no swaps or interest charges on overnight positions.
| 💠Feature | 📈FBS |
| ⏳ Leverage | 1:30 to 1:500 |
| 📎 Spread | floating from 1 pip |
| 📊 Market Execution | from 0,3 sec |
| 💳 Trade | over 60 trading instruments |
| 📱 Platforms | MetaTrader 4 & 5 |
| 📌 Account types | Cent, Standard, Demo Cent, Demo Standard |
Min Deposit
USD $5
Regulators
FSC, ASIC, CySEC
Trading Platform
MT4, MT5, FBS App
Crypto
Yes
Over 27 000 000+ Traders
FBS Islamic Account – 11 key points quick overview
- ☑️FBS Overview
- ☑️What exactly is an Islamic Account?
- ☑️FBS At a Glance
- ☑️Which financial activities are restricted and prohibited by Sharia law?
- ☑️What are the steps involved in opening an FBS Islamic Account?
- ☑️What are FBS’s spread costs on an Islamic Account?
- ☑️What other features does FBS’ Islamic Account have?
- ☑️FBS Crypto Currencies
- ☑️FBS Pros and Cons
- ☑️Our Findings
- ☑️FBS Conclusion
- ☑️Frequently Asked Questions
FBS Overview
FBS is a popular and reputable ECN and STP broker which is headquartered in Belize, with regulation and authorization through IFSC in offering the trade of more than 75 financial instruments. FBS offers traders five dynamic account types, with the benefit that four of these can be converted to Islamic Accounts.
In addition, traders are not subjected to any additional costs to offset the absence of overnight or swap fees. FBS is a forex and CFD broker which is globally established and has been offering its comprehensive services to more than 16 million traders from 190 countries worldwide.
What exactly is an Islamic Account?
An Islamic, or swap-free, trading account is one that 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.
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.
FBS at a Glance
| Broker's Name | FBS |
| 🏛️ Headquartered | Cyprus |
| 👋 FSCA License nr | 50885 |
| 🏦 Accounts | Cent account; Micro account; Standard account; Zero Spread account; ECN account; Crypto account |
| 💰 Bonus | Open any one of the Level Up accounts and receive $140 / ZAR 2240 bonus |
| 📅 Year Founded | 2009 |
| ⚖️ Regulating Authorities | IFCS, CySEC, ASIC, FSCA |
| 🌐 Countries not accepted for trade | Japan, USA, Canada, UK, Myanmar, Brazil, Malaysia, Israel and the Islamic Republic of Iran |
| ☪️ Islamic account (swap-free) | Yes |
| 💹 Sign up Bonus | $140 |
| 👍 Demo Account | Yes |
| 📊 Institutional Accounts | No |
| 📊 Managed Accounts | No |
| 📈 Maximum Leverage | 1:3000 |
| 💰 Minimum Deposit | R18 ZAR / $1 |
| 💳 Deposit Options | Neteller; Sticpay; Skrill; Perfect Money |
| 💳 Withdrawal Options | Neteller; Sticpay; Skrill; Perfect Money |
| 💻 Platform Types | MT4, MT5 |
| 📱 OS Compatibility | Android, Apple iOS, Web, Windows, macOS, Multiterminal |
| 📈 Tradable assets offered | Forex, commodities, bonds, shares, indices, stocks, CFDs, metals, energies |
| 👨💼 Languages supported on Website | Deutsch,English,Español,Français,Italiano,Português |
| 👥 Customer Support Languages | Deutsch,English,Español,Français,Italiano,Português |
| 📆 Customer Service Hours | 24/5 |
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 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.
- 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, 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.
| 🔍 Financial Activities restricted & prohibited by Sharia law | 💬 Description |
| 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 |
Steps to opening an FBS Islamic Account
1. Step 1 – Register for a trading account
Before traders can convert their live trading account into that an Islamic Account, they must first register for a live trading account on the FBS website. During registration, traders must complete the ‘Know Your Client’ or KYC process, which involves the trader submitting their proof of identity and their residential address.
2. Step 2 – Review, approval, and customer support
Once reviewed and approved, traders can deposit their minimum requirement to activate their account and contact FBS customer support to request an Islamic Account conversion.
What are FBS’s spread costs on an Islamic Account?
This will depend on the type of account that traders wish to convert into an Islamic Account. The spreads that traders can expect a range between fixed and floating, and traders can expect the following:
- 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.
- Crypto Account – Floating spread from 1 pip
| 💠Account Types | 📈Spread Costs |
| 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. |
| Crypto Account | Floating spread from 1 pip |
What other features does FBS’ Islamic Account have?
The features that traders can expect from their Islamic Account will depend on the account type that they choose, however, some standard features that traders can expect include:
- Spreads from between 0.0 pips and 3 pips.
- Leverage up to a maximum of 1:3000.
- Commissions start from $20 per lot on the Zero Spread Account, with the advantage that the other accounts are commission-free.
- Market execution which starts from 0.3 seconds, STP.
- A minimum deposit starts from as little as $1 on the Cent Account.
- Access to a variety of bonuses.
- Access to powerful and dynamic trading platforms, through which trades can be executed seamlessly.
- Access to a range of tradable financial instruments across several asset classes.
- Access to trading tools, and more.
FBS does not specify whether there are any additional charges on the Islamic Account. Neither is there any indication of whether Muslim traders may have to provide proof of their religion to qualify for an Islamic Account conversion. Details such as these must be confirmed with FBS before traders register a live trading account and deposit funds.
Min Deposit
USD $5
Regulators
FSC, ASIC, CySEC
Trading Platform
MT4, MT5, FBS App
Crypto
Yes
Over 27 000 000+ Traders
FBS Crypto Currencies
Cryptocurrency trading pairs that FBS has available for traders:
| 💳 Crypto | 🌐 Description | 💳 Crypto | 🌐 Description |
| 💰 ADAUSD.cc | Cardano vs US Dollar | 💰 ALGUSD.cc | Algorand vs US Dollar |
| 💰 AVAUSD.cc | Avalanche vs US Dollar | 💰 BATUSD.cc | Basic Attention Token vs US Dollar |
| 💰 BCHUSD.cc | Bitcoin Cash vs US Dollar | 💰BNBUSD.cc | Binance Coin vs US Dollar |
| 💰 BTCUSD.cc | Bitcoin vs US Dollar | 💰 DOGUSD.cc | Dogecoin vs US Dollar |
| 💰 DOTUSD.cc | Polkadot vs US Dollar | 💰 DSHUSD.cc | Dash vs US Dollar |
| 💰EOSUSD.cc | EOS vs US Dollar | 💰ETCUSD.cc | Ethereum vs US Dollar |
| 💰FILUSD.cc | Filecoin vs US Dollar | 💰IOTUSD.cc | IOTA vs US Dollar |
| 💰LNKUSD.cc | Chainlink vs US Dollar | 💰LTCUSD.cc | Litecoin vs US Dollar |
| 💰MKRUSD.cc | Maker vs US Dollar | 💰MTCUSD.cc | Polygon vs US Dollar |
| 💰NEOUSD.cc | NEO vs US Dollar | 💰OMGUSD.cc | Omisego vs US Dollar |
| 💰SHBUSD.cc | SHIBA vs US Dollar | 💰SOLUSD.cc | Solana vs US Dollar |
| 💰TRXUSD.cc | TRON vs US Dollar | 💰UNIUSD.cc | Uniswap vs US Dollar |
| 💰VECUSD.cc | VeChain vs US Dollar | 💰XLMUSD.cc | Stellar vs US Dollar |
| 💰XMRUSD.cc | Monero vs US Dollar | 💰XRPUSD.cc | Ripple vs US Dollar |
| 💰ZECUSD.cc | ZCash vs US Dollar |
FBS Pros and Cons
| ✔️ Pros | ❌ Cons |
| 24/7 dedicated customer support | High commissions on the Zero Spread Account |
| Award-winning broker | High spreads on some accounts |
| Bonuses offered across account types | Limited financial instruments – less than 100 |
| Both floating and fixed spreads offered | Limited trading platforms |
| Competitive trading conditions offered | Limited trading tools |
| Demo account and Islamic Account option offered | US, UK, Japan, Israel, and several other jurisdictions not accepted |
| MetaTrader and proprietary trading platform offered | |
| Multiple account types offered | |
| Ultra-low minimum deposit required |
Our Findings
Swap Free accounts, also known as Islamic accounts, are available on FBS for traders who adhere to Sharia law. These types of accounts have no swaps which are added interest rates towards the overnight positions held. However, if a position is held for more than two days, FBS can charge a fixed rate in lieu of swaps. Such fee is not an interest charged by FBS. Simply put, Muslim traders may find it better if they use FBS’ Islamic account instead of paying interest when trading there.
FBS Conclusion
FBS provides Islamic swap-free trading on 2 trading account levels. Cent Swap-free and Standard Swap-free. FBS accounts are ideal as they align with the Islamic Muslim faith and incur no swaps or interest charges on overnight positions.
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Frequently Asked Questions
Are Muslim traders from South Africa allowed to open an FBS Islamic account?
Yes, Muslim traders from South Africa are allowed to open an FBS Islamic account
Is the option of an Islamic Account available on all the FBS account types?
The option of an Islamic account with FBS is available on the Standard & Cent account. The Islamic account offers swap-free trading and aligns with the Muslim faith by incurring no swaps or interest charges on overnight positions.
What are the available deposit currencies for an Islamic account with FBS?
Deposit currencies available on the FBS Islamic account are USD and EUR.
How many instruments can I trade with the FBS Islamic account?
You can trade Forex, Metals, Energies, Indices, CFDs, Cryptocurrencies, and Stocks
Which platforms are supported by FBS?
FBS supports the MetaTrader 4, and MetaTrader 5
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