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BDSwiss islamic account review

BD Swiss Islamic Account

BD Swiss offers an Islamic account for Muslim traders. BD Swiss offers swap-free trading for Muslim traders on 4 trading accounts levels namely the CLASSIC accountPremium accountVIP account, and RAW Accounts.

Updated : September 1, 2022

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005 regulations book

Islamic Account Overview

005 feature selection

What is an Islamic Account

001 cash withdrawal

How to open an BD Swiss Islamic Account

004 review

Pros and Cons

008 auction

Final Verdict

001 question

FAQ

Overall Rating

Min Deposit

USD 100 / 41459 NGN

Regulators

CySec, FSC, FSA, BaFin, NFA

Trading Desk

MetaTrader 4 , MetaTrader 5

Crypto

Yes

Total Pairs

50 Forex Pairs and 20 Crypto Pairs

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

BD Swiss Islamic Account Overview

👉 According to research in Nigeria, BDSwiss was founded in 2012 and already has more than a million customers throughout the globe. More than 1,000 assets are accessible for trading, including FX, commodities, stocks, indices, ETFs, and cryptocurrencies.

 

👉 BDSwiss’ products will appeal to a wide range of investors due to the platform’s emphasis on providing great execution at low prices. The familiarity with MetaTrader 4 and MetaTrader 5, as well as straight-through processing execution and continuously updated market news, is a boon to seasoned traders.

 

👉 BDSwiss is designed to meet the individual trading requirements and ambitions of all traders, from beginners to pros, regardless of their trading styles or tactics. BDSwiss provides traders with a choice of four dynamic live trading accounts, with the added option of registering a demo account on the Classic Account.

 

👉 Trading Academy offers numerous training resources for new traders, including free sample accounts, modest beginning deposit levels, and free daily webinars that keep traders up-to-date on the latest market circumstances.

 

👉 Additionally, BDSwiss allows Muslim traders to change their Classic, Premium, or VIP accounts to Islamic accounts, which exempts them from paying or earning swap fees, which are banned by their religion.

 

👉 While BDSwiss is not regulated by the Central Bank of Nigeria (CBN) to provide its services to Nigerian traders, it is governed by other credible institutions that monitor its operations. BDSwiss is a subsidiary of a worldwide conglomerate headquartered in Switzerland.

 

👉 BDSwiss is a subsidiary of the BDSwiss Group and is a market leader in FX and CFD trading across many asset classes. BDSwiss is a renowned brand with award-winning conditions, industry-leading trading systems, and affordable pricing.

 

👉 BDSwiss Holding PLC is required by the EU’s Markets in Financial Instruments Directive (MiFID) to produce regulatory disclosures that are more standard throughout the EU’s financial markets.

 

👉 Because they are regulated investment enterprises, investment services, investment activities, and the operation of regulated markets must all adhere to all relevant European and local rules and regulations.

 

👉 BDSwiss and its customers have no access to the firm’s funds. They are segregated from other money by a top-tier bank, preventing them from being used for operations expenditures. Every firm should strive to make money withdrawals simple and rapid for its clients.

BD Swiss At a Glance

🏛️ HeadquarteredSeychelles
🏛️ Nigerian Based OfficeNo
👍 Accepts Nigerian Traders?Yes
📅 Year Founded2012
📱 Nigerian Office Contact NumberNone
⚖️ RegulationCySEC, FSC, BaFIN, FSA
🔎 License NumberCyprus – 199/13
Mauritius – C116016172
Germany – HRB 160749B
Seychelles – SD047
⚖️ CBN RegulationNone
✴️ Regional RestrictionsThe United States, Belgium, and other OFAC sanctioned regions
☪️ Islamic AccountYes
📈 Demo AccountYes
📈 Retail Investor Accounts4
📊 PAMM AccountsNone
📊 Liquidity ProvidersNone indicated
💸 Affiliate ProgramYes
📊 Crypto trading offered?Yes
🚀 Offers a Nigerian Account?No
💻 Dedicated Nigerian Account Manager?No
📈 Maximum Leverage1:1000
📈 Leverage Restrictions for Nigeria?No
💳 Minimum Deposit (₦)41,000 Nigerian Naira equivalent to $100
💳 Nigerian Naira Deposits Allowed?No, only USD, GBP, EUR
💰 Active Nigerian Trader Stats1.3 million
Active Nigerian-based BDSwiss customers150,000+
💰 Nigeria Daily Forex Turnover$1.25 million+
💳 Deposit and Withdrawal OptionsBank wire transfer
Debit Cards
Credit Cards
Skrill
Neteller
💰 Segregated Accounts with Nigerian Banks?No
💻 Trading PlatformsMetaTrader 4, MetaTrader 5, BDSwiss Mobile, BDSwiss Web
💰 Tradable AssetsForex
Commodities
Shares
Indices
Cryptocurrencies
🌐 Offers USD/NGN currency pair?No
🌐 USD/NGN Average SpreadN/A
📈 Offers Nigerian Stocks and CFDsNo
👨‍💼 Languages supported on WebsiteEnglish, Czech, German, Italian, Spanish, Korean, French, Norwegian, Polish, Danish, Arabic, Malaysian, Thai, Vietnamese, Filipino, Hindi, Indonesian, Chinese, Portuguese, Romanian, Turkish, Russian
👥 Customer Support LanguagesMultilingual
👥 Customer Service Hours24/5
👥 Nigerian-based customer support?No
💰 Bonuses and Promotions for NigeriansNone
✴️ Education for Nigerian beginnersYes
📊 Proprietary trading softwareYes
💰 Most Successful Nigerian TraderUche Paragon ($20 million net worth)
✔️ Is BDSwiss a safe broker for Nigerians?Yes
✔️ Rating for BDSwiss Nigeria9/10
✔️ Trust score for BDSwiss Nigeria78%
👉 Open an account👉 Open Account

What exactly is an Islamic Account For Nigerian Traders?

What exactly is an Islamic Account For Nigerian 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 offers 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 the 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?

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 a BDSwiss Islamic Account?

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 Nigerian 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 are BDSwiss’ spread costs on an Islamic Account?

What are 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 Nigeria might 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 Nigerian traders?

What other features does BDSwiss’ Islamic Account offer Nigerian traders?

👉 The trading features that Nigerian Muslim traders can expect from their Islamic accounts will depend on the trading account they choose.

➡️ 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 Withdrawals 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 Pros and Cons

✔️ Pros❌ Cons
BDSwiss is a well-regulated and trusted broker with a long-standing historyThe more premium accounts have extremely high minimum deposits
The broker offers competitive conditions with tight spreads and low commissionsThere are no fixed spread accounts offered
Traders can use Skrill, Neteller, and other methods to deposit and withdraw fundsThe spreads are not the tightest
There are several advanced tools providedThere is no NGN-based trading account
Traders have access to a demo accountWithdrawal fees apply
Muslim traders can convert three live accounts to an Islamic account, exempting them from overnight feesThere is an inactivity fee charged
There are no deposit fees charged on any of the payment methods that BDSwiss offers Nigerian traders
There is a high maximum leverage ratio offered
Commission-free trading is offered
There is a choice between several retail investor accounts

BD Swiss Final Verdict

👉 BDSwiss is a popular and reputable international broker that offers Nigerian traders comprehensive trading solutions. While Nigerians cannot trade in their local currency, they have the option to register a trading account in USD, GBP, or EUR.

FAQ

Can Nigerian Muslim traders open a account with BDSwiss?

Yes, traders of the Muslim faith who are residing in Nigeria can convert the Classic- or the VIP account to a BDSwiss Islamic account.

Are there additional charges on the Islamic account?

No, there are no additional charges on the Islamic Account that BDSwiss offers Nigerian Muslim traders.

What are the spreads on the Islamic account?

The average spreads charged by BDSwiss when converting the different account types to an Islamic account are as follows:

  • 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 are the platform types for the Islamic account?

BDSwiss supports the following trading platforms: MetaTrader4, MetaTrader5, Proprietary BDSwiss WebTrader, BDSwiss Mobile app

Does BD Swiss charge rollover commission for longer than 24 hours?

On the BDSwiss Islamic account no rollover commission is charged where contracts are held for postions longer than 24 hours. 

9.5/10 - (23 votes)

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