Yes, HYCM does offer a Islamic account for Muslim Faith traders. The Islamic forex trading environment is ideal for traders following strict sharia law with a fixed fee instead of swap. The fee is not an interest and depends on the direction of the order.
HYCM at a glance
| Broker's Name | HYCM |
| 🏛️ Headquarters | United Kingdom, Hong Kong, and Cyprus |
| 📅 Year Founded | 1977 |
| ⚖️ Regulating Authorities | FCA, CySEC, DIFC, DFSA, CIMA |
| 🌐 Countries not accepted for trade | USA or Canada |
| ☪️ Islamic account (swap-free) | Yes |
| 📒 Demo Account | Yes |
| ✴️ Institutional Accounts | Yes |
| 👨🏼💼 Managed Accounts | Yes |
| ⬆️ Maximum Leverage | 1:30 |
| 💰 Minimum Deposit | $100/R1 600 |
| 💳 Deposit Options | Debit/credit card (Visa or Mastercard), Skrill, Neteller, Webmoney, China Union Pay, Interac or wire transfer |
| 💳 Withdrawal Options | Debit/credit card (Visa or Mastercard), Skrill, Neteller, Webmoney, China Union Pay, Interac or wire transfer |
| 📊 Platform Types | MetaTrader 4, MetaTrader 5, WebTrader |
| 📱 OS Compatibility | Windows, Mobile, Web, iPhone, iPad PC and Mac OS, mobile for Android and IOS |
| 📈 Tradable assets offered | Forex, stocks, indices, commodities |
| 💬 Languages supported on Website | Multilingual |
| 💬 Customer Support Languages | Multilingual |
| ⏲️ Customer Service Hours | 24/5 |
| 👉 Open a account | Click Here |
Min Deposit USD 20 Regulators FCA Trading Platform MT4, MT5, WebTrader Crypto No Total Pairs 0 Islamic Account Yes Trading Fees Low Account Activation 24 Hours
Choose your quick section of our HYCM Islamic Account below.
HYCM Islamic Account – 10 key points quick overview:
HYCM Overview- What exactly is an Islamic Account?
- Why is interest discouraged or prohibited by Sharia law?
- What are the steps involved in opening an HYCM Islamic Account?
- What is HYCM’s spread costs on an Islamic Account?
- What other features does HYCM’s Islamic Account have?
- HYCM Pros and Cons
- Conclusion
- HYCM Customer Reviews
- Frequently Asked Questions
Here is our overview of the HYCM Islamic Account as well as the pros and cons as well as features that are offered to traders.
HYCM Overview
HYCM is a long-established global Forex broker that was first founded in 1977 and today has multiple offices around the world.
Traders with HYCM benefit from the broker’s extensive industry experience coupled with its market insight which allows it to deliver competitive trading conditions complemented by innovative technology.
Traders have access to three different tailored account types that offer tight spreads and competitive commissions, while popular asset classes including Forex, commodities, indices, and stocks can be traded on the industry leading MetaTrader 4 and MetaTrader 5 platforms.
The broker is extensively regulated in several jurisdictions, offering traders a secure environment with maximal trade security and excellent customer support. HYCM offers an attractive trading environment for beginner and advanced traders alike, while corporate clients can open special accounts designed to cater to their unique trading needs.
What exactly is an Islamic Account?
To better understand Islamic forex trading, it is important to first gain an insight into the guiding principles of Islamic finance.
To this end, Islamic finance differs significantly from conventional finance in that it is guided by a set of ethics rather than by purely profit motive. As such, two principles guide Islamic finance as below:
The first principle is a risk sharing philosophy between the lender and borrower. According to Islamic principles, interest is unethical, as it guarantees a reward for the lender, while the borrower must incur all the risk. This, according to Islamic finance, can lead to exploitative practices.
The second principle is that financial activity must promote social and economic wellbeing. The purpose of finance in Islam is to promote happiness and contentment in this earthly life. Finance is just one part of life and society.
With these guiding principles, the fundamental feature of Islamic finance is to encourage socio-economic justice. It is for this reason that interest (or riba) is prohibited. Excessive risk (or gharar) is also prohibited, as is excessive gambling or speculation.
Why is interest discouraged or prohibited by Sharia law?
Interest is any pre-agreed fee paid over and above the principal amount, whether it is a personal or commercial loan. Charging interest, according to Sharia law, or making money from money, is unlawful. The major reasons for its condemnation include:
Riba promotes negative growth. It may increase money quantitatively, but there is no primal progression in social wealth.
Riba disgraces the human spirit. It effectively promotes a culture that places undue significance on that which is monetary, while disregarding that which is human.
Riba is seen as the unlawful acquisition of property.
When entrenched, Riba corrupts society.
Riba is, for all intents and purposes, unjust. While it creates money for the lender, it is extremely oppressive towards the borrower.
What are the steps involved in opening an HYCM Islamic Account?
An Islamic Account version can be opened for either of the three swap-rated accounts. To apply for an Islamic Account with HYCM, traders should complete the registration process on the broker’s website and open the desired swap-rated account.
After this account has been opened, traders can apply directly with the broker to have the account converted to swap-free, Islamic status. Traders should note that they may be required to submit supporting documents to prove their religious status.
What is HYCM’s spread costs on an Islamic Account?
The Islamic Account will have the same spread conditions as those of the selected swap-rated account. As an example of the average expected spread, The EURUSD is offered at 1.8, 1.4, and 0.2 pips on Fixed, Classic and Raw accounts, respectively.
What other features does HYCM’s Islamic Account have?
Traders on the Islamic Accounts will have access to either the MetaTrader 4 or MetaTrader 5 trading platforms. They will also have access to the broker’s independent analytical tools, including an economic calendar, calculators, trending market news, and free market overwatch reports.
Min Deposit USD 20 Regulators FCA Trading Platform MT4, MT5, WebTrader Crypto No Total Pairs 0 Islamic Account Yes Trading Fees Low Account Activation 24 Hours
HYCM Pros and Cons
| ✔️ Pros | ❌ Cons |
| Islamic Account version available for each of the swap-rated accounts | Traders on the Islamic Account will be charged interest on positions held open for longer than 14 days |
Conclusion
Yes, HYCM does offer a Islamic account for Muslim Faith traders. The Islamic forex trading environment is ideal for traders following strict sharia law with a fixed fee instead of swap. The fee is not an interest and depends on the direction of the order.
HYCM Customer Reviews
conclusions are made – top broker
It’s one of those companies I trust. 1+ year of trading with hycm has passed and I made my conclusions. Top broker, no doubt
No complaints
Quoting the website “The HYCM Group is a global corporation with a diversified portfolio of businesses spanning Asia, Europe and the Middle East.”. You can definately rely on HYCM. Trustworthy broker!
Nice broker, no complaints
Well,in my opinion, all the brokers have to comply simple rules: be responsive and responsible, be reliable and always develop the service in a better way. However, not all the brokers comply with these rules.
I have plenty of experience in trading and faced such brokers who aren’t reliable at all. Nevertheless, HYCM is different. Fortunately, everything was as I expected. Can be recommended!
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Frequently Asked Questions
Trading environment
How many instruments can I trade with HYCM?
HYCM offers traders with access to the following instruments:
- Forex – almost 70 currency pairs
- Stocks – 10 major companies
- Indices – 28 global indices
- Commodities – 17 including gold and oil
Which platforms are supported by HYCM?
MetaTrader 4, MetaTrader 5 and WebTrader.
Does HYCM offer leverage?
Yes. Different leverage ratios are offered as follows:
- Forex majors – 1:30.
- Forex minors and exotics, metals, indices (US cash and futures) – 1:20.
- Indices (other cash and futures), commodities (Natgas, soft and oil) – 1:10.
- Stocks – 1:5.
What spreads can I expect with HYCM?
The spreads offered by HYCM will vary depending on the selected account type. The EURUSD is offered at 1.8, 1.4, and 0.2 pips on Fixed, Classic and Raw accounts.
Does HYCM charge commission?
Yes. Raw Accounts have a $4 commission per round on forex trades and some commodities.
Are there additional charges on the Islamic account?
No, but swap fees are charged on positions held open for longer than 14 days.
Is HYCM regulated?
Yes. HYCM is regulated as follows:
- Henyep Capital Markets (UK) Limited, regulated by the Financial Conduct Authority (FCA).
- HYCM (Europe) Ltd, authorised by the Cyprus Securities and Exchange Commission (CySEC).
- Henyep Capital Markets (DIFC) Limited, authorised by the Dubai Financial Services Authority (DFSA).
- HYCM Ltd, regulated under the Cayman Islands Monetary Authority (CIMA).
Is HYCM a recommended forex trading broker for experts and beginners?
Yes. HYCM provides an excellent trading environment for beginner and advanced traders.
What is the overall rating out of 10 for HYCM?
8/10.
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 HYCM offer a demo account?
Yes, HYCM offers a free demo account to all new traders.
For how long is the demo account valid?
The demo account is only available for 14 days. After this period the demo account can be upgraded to a live account, or else it will expire.
Does HYCM offer the option of an Islamic Account?
Yes. Find out more about HYCM Islamic account here.
How do you open an Islamic account with HYCM?
Traders can complete the registration process on the broker’s website and open the desired swap-rated account. Traders may be required to submit supporting documents to prove their religious status.
Which live trading accounts does HYCM offer?
HYCM offers a variety of trading accounts including Fixed, Classic and Raw to match every trading style and all levels of experience.
The broker also offers special accounts for VIP and Corporate clients who actively trade larger volumes.
What are the available deposit currencies for a live trading account?
The accepted deposit currencies will depend on your selected payment method. In total, the broker accepts USD, EUR, GBP, RUB, AED, and CAD.
Traders depositing in smaller currencies, like ZAR/Rand, will incur conversion fees.
Deposits and withdrawals
What is the minimum deposit for HYCM?
The minimum deposit amount required to open a broker account with HYCM is $100. This is a standard minimum deposit requirement when compared to most other brokers in the industry and should present a low barrier of entry to most new traders.
How do I make a deposit and withdrawal with HYCM?
HYCM offers a variety of popular deposit methods. Traders can make a deposit via debit/credit card (Visa or Mastercard), Skrill, Neteller, WebMoney, China Union Pay, Interac or wire transfer, depending on their region.
Does HYCM charge withdrawal fees?
For withdrawals via wire transfer of less than US$300, a handling fee of US$30 will be charged. Deposits and all other withdrawal types are processed free of charge, although your payment processor may charge a handling fee which is beyond the broker’s control.
How long does it take to make a withdrawal?
To ensure the security of your funds and to be sure that all funds are returned safely there are many security checks that need to be completed before processing a withdrawal.
Although HYCM processes your withdrawal request within 1 business day, withdrawals can take 3 to 7 days to reach your account depending on your bank or credit card company.
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