Exness Review
BDSwiss Islamic Account
BD Swiss offers an Islamic account for Muslim traders. BD Swiss offers swap-free trading for Muslim traders on 4 trading account levels namely the CLASSIC account, Premium account, VIP account, and RAW Accounts.
- Lesche Duvenage
Jump to:
BDSwiss Overview
What is an Islamic Account?
How to Open an Islamic Account?
Pros and Cons
Final Verdict
FAQ
BDSwiss Islamic Account – 10 key points quick overview:
BDSwiss OverviewBDSwiss Overview
👉 Overall, BDSwiss is considered low-risk, with an overall Trust Score of 83 out of 100. BDSwiss is licensed by one Tier-1 Regulator (high trust), one Tier-2 Regulator (average trust), and two Tier-3 Regulators (low trust). BDSwiss offers four different retail trading accounts namely a Classic Account, Premium Account, VIP Account, and a RAW Account.
👉 BDSwiss is an international brokerage business founded in 2012 in Zurich. Initially, it exclusively provided Forex and CFD trading. BDSwiss entered Markets swiftly and became one of the major trading organizations.
👉 BDSwiss is also a highly renowned broker, having won several accolades in recent years as the company has increased its market footprint.
👉 Being known as a provider of one of the greatest trading platform programs, as well as for their favorable trading circumstances and atmosphere, has assisted them in enhancing their reputation among investors.
👉 The broker also manages to create an exceptional teaching environment that attracts and caters to both novice and seasoned traders, offering the information you need to enhance your trading abilities on the forex market and beyond.
👉 BDSwiss recognizes and prioritizes the safety and protection of all its traders. For this purpose, they are controlled by four global agencies, some of which are regarded as top-tier regulators who apply stringent compliance processes to create the most transparent trading environment for you, the trader.
👉 In addition to the broker’s excellent regulatory environment, the protections they offer you as a trader include negative balance protection.
👉 This means you cannot lose more than you deposit, and the use of segregated bank accounts to safeguard your funds if the broker encounters serious financial difficulties.
BDSwiss At a Glance
| 🏛 Headquartered | Seychelles |
| 🌎 Global Offices | Cyprus, Mauritius |
| 🏛 Local Market Regulators in Botswana | • Ministry of Finance and Economic Development (MFED) • Bank of Botswana (BoB) • Non-Bank Financial Institutions Regulatory Authority (NBFIRA) |
| 💳 Foreign Direct Investment in Botswana | 115.89 BWP Million in 2021 |
| 💰 Foreign Exchange Reserves in Botswana | 5270 USD Million in 2021 |
| ✔️ Local office in Gaborone? | No |
| 👨⚖️ Governor of SEC in Botswana | None, Moses Dinekere Pelaelo is the Governor of the Bank of Botswana |
| ✔️ Accepts Botswana Traders? | Yes |
| 📊 Year Founded | 2012 |
| 📞 Botswana Office Contact Number | None |
| 📱 Social Media Platforms | • Facebook • YouTube • Blog • Telegram |
| ⚖️ Regulation | CySEC, FSC, BaFIN, FSA |
| 1️⃣ Tier-1 Licenses | • Federal Financial Supervisory Authority (BaFIN) |
| 2️⃣ Tier-2 Licenses | • Cyprus Securities and Exchange Commission (CySEC) |
| 3️⃣ Tier-3 Licenses | • Financial Services Authority (FSA) Seychelles • Financial Services Commission (FSC) Mauritius |
| 🪪 License Number | • Cyprus – 199/13 • Mauritius – C116016172 • Germany – 10134687 • Seychelles – SD047 |
| ⚖️ MFED, BoB, or NBFIRA Regulation | No |
| ✔️ Regional Restrictions | The United States, Belgium, and other OFAC sanctioned regions |
| ☪️ Islamic Account | No |
| 💻 Demo Account | Yes |
| 🛍 Retail Investor Accounts | 4 |
| ✔️ PAMM Accounts | None |
| 💻 Liquidity Providers | None indicated |
| ✔️ Affiliate Program | Yes |
| 📱 Order Execution | Instant, Market |
| 📊 Starting spread | From 0.3 pips |
| 📉 Minimum Commission per Trade | From 0.15% |
| 💰 Decimal Pricing | 5 points after the comma |
| 📞 Margin Call | 50% |
| 🛑 Stop-Out | 20% |
| 📉 Minimum Trade Size | 0.01 lots |
| 📈 Maximum Trade Size | 50 lots |
| ✅ Crypto trading offered? | Yes |
| ✔️ Offers a BWP Account? | No |
| 📉 Dedicated Botswana Account Manager? | No |
| 📈 Maximum Leverage | 1:1000 |
| 📊 Leverage Restrictions for Botswana? | No |
| 💳 Minimum Deposit (BWP) | 186 Botswanan Pula or an equivalent to $10 |
| ✔️ Botswana Pula Deposits Allowed? | No, only USD, GBP, EUR |
| 📊 Active Botswana Trader Stats | 250,000+ |
| 👥 Active Botswana-based BD Swiss customers | Unknown |
| 🔁 Botswana Daily Forex Turnover | Unknown, Forex overall is $6.6 Trillion |
| 💰 Deposit and Withdrawal Options | • Bank wire transfer • Debit Cards • Credit Cards • Skrill • Neteller |
| 💻 Minimum Withdrawal Time | 10 minutes |
| ⏰ Maximum Estimated Withdrawal Time | 7 to 10 working days |
| 💳 Instant Deposits and Instant Withdrawals? | No |
| 🏛 Segregated Accounts with Botswana Banks? | No |
| 📱 Trading Platforms | • MetaTrader 4 • MetaTrader 5 • BDSwiss Mobile • BDSwiss Web |
| 💻 Tradable Assets | • Forex • Commodities • Shares • Indices • Cryptocurrencies |
| ✔️ Offers USD/BWP currency pair? | No |
| 📊 USD/BWP Average Spread | N/A |
| ✅ Offers Botswana Stocks and CFDs | No |
| 💻 Languages supported on the Website | English, Czech, German, Italian, Spanish, Korean, French, Norwegian, Polish, Danish, Arabic, Malaysian, Thai, Vietnamese, Filipino, Hindi, Indonesian, Chinese, Portuguese, Romanian, Turkish, Russian |
| ☎️ Customer Support Languages | Multilingual |
| 👥 Copy Trading Support | Yes, only for Partners |
| ⏰ Customer Service Hours | 24/5 |
| 📞 Botswana-based customer support? | No |
| 💸 Bonuses and Promotions for Botswanans? | Yes |
| 📚 Education for Botswanan beginner traders | Yes |
| 📱 Proprietary trading software | Yes |
| 🤝 Most Successful Trader in Botswana | Unknown |
| ✔️ Is BD Swiss a safe broker for Botswana Traders? | Yes |
| 🎖 Rating for BD Swiss Botswana | 9/10 |
| 🥇 Trust score for BD Swiss Botswana | 83% |
| 👉 Open Account | 👉 Open Account |
What exactly is an Islamic Account for Traders?
👉 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 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 on trade or business.
Why is interest discouraged or prohibited by Sharia law?
👉 Because of the restrictions and certain prohibitions placed on Muslim traders when considering the intricate details involved with trading activities, the following are 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, which is prohibited by 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?
👉 Traders must first open a live trading account before converting their Classic, Premium, or VIP account to an Islamic Account. Account verification was required before the trader could fund and utilize their live trading account.
👉 Traders must produce Proof of Identity (POI) and Proof of Residence to authenticate their trading account (POR). Muslim Botswana traders are also subjected to an appropriateness test along with an economic profile, which entails completing a questionnaire to determine the degree of trading experience a trader has.
What is BDSwiss’ spread costs on an Islamic Account?
👉 BDSwiss charges variable spreads, which vary according to the account type, financial instrument, and market circumstances on the trading day. Traders in Botswana can anticipate the following typical spreads:
➡️ Classic Account – 1.5 pips EUR/USD
➡️ Premium Account – 1.1 pips EUR/USD
➡️ VIP Account – 1.1 pips EUR/USD
➡️ RAW Account – 0.3 pips EUR/USD
What other features does BDSwiss’ Islamic Account offer traders?
👉 Other trading features that Botswanan Muslim traders can expect from their Islamic accounts will depend on the trading account they choose. These features are as follows:
➡️ Leverage up to 1:500.
➡️ Access to more than 250 tradable instruments including shares, forex, cryptocurrencies, indices, and commodities.
➡️ Margin call at 50% and a Stop-out at 20%.
➡️ Instant Withdrawal on credit card withdrawals.
➡️ $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 Botswana Pros and Cons
| ✔️ Pros | ❌ Cons |
| BDSwiss does not charge any deposit fees | BDSwiss’ spreads are wider than that of competitors |
| The leverage ratios offered are high | BDSwiss’ premium accounts have high minimum deposit requirements |
| BDSwiss offers commission-free trading | There are no fixed spread options |
| Botswanans can use flexible deposit and withdrawal methods | Botswanans are subject to inactivity fees when the retail account goes dormant |
| Muslim traders can choose from three retail accounts to convert to an Islamic option | BDSwiss does not have a BWP-denominated account, and this results in currency conversion fees |
| Muslim traders are exempt from overnight fees | |
| Sophisticated tools are provided via BDSwiss’ website and the trading platforms | |
| Trader education is available on the official website of the broker |
Verdict on BDSwiss
👉 Overall, BDSwiss is very competitive in terms of its trading fees and spreads.
FAQ
Which account can I convert to a BDSwiss Islamic Account?
You can convert the Classic, Premium, or VIP Account into a Swap-Free account.
Can I use scalping strategies on my BDSwiss account?
Yes, BDSwiss does not restrict Botswanan traders on the trading strategies they can employ.
How long will it take for my deposit to reach my BDSwiss Account?
It can take 10 minutes on electronic gateways and bank cards to 5 days with bank wire.
Are there holding fees on the BDSwiss Islamic Account?
No, BDSwiss does not charge holding or admin fees when you keep your positions open overnight on the Islamic account.
How much does it cost to register a BDSwiss Islamic Account?
When you register a Classic or a Premium Account, the minimum deposit is 100 USD / 1,200 BWP. A VIP Account will cost 38,800 BWP / 3,000 USD and a RAW Account will cost 64,700 BWP / 5,000 USD.
Addendum/Disclosure:
No matter how diligently we strive to maintain accuracy, the forex market is a volatile environment that may change at any time, even if the information supplied is correct at the time of going live.
