[HFM (former HotForex): For beginners] Accounts for Muslims, Islamic accounts

HFM

HF Markets is one of the most popular Forex companies in the world. Since traders of various nationalities and races around the world open accounts and trade, it becomes a Forex company that can handle diversity. HF Markets has accounts for Muslims.

What is an Islamic account?

An Islamic account is an account type for Muslims. Account types available for Islamic accounts are Micro, Premium and Zero Spread. See below for account types. Compare and consider before choosing an account type. This account type is for Muslims only and cannot be opened by atheists or Christians.

What is an Islamic account?

An Islamic account is an account type that is exclusively for Muslims and does not generate any swap points. You can open an Islamic account after proving that you are a Muslim. HFM also requires the submission of identity verification documents for Islamic accounts. Islamic accounts are also called swap-free accounts because they do not generate any swap points.

Why swap free?

Islam has a law called Sharia. In the Islamic world, only exchange through delivery is permitted. Therefore, swap points are not allowed. Therefore, FX companies offer accounts called Islamic accounts. There is no swap payment as well as swap receipt.

No false reports

In recent years, there have been many cases where people registered as FX brokers hoping to have an Islamic account, but were not actually Muslim. In such a case, your account will be frozen and we do not recommend it at all. False reporting carries the risk of significant penalties, so it is best not to do so.

Islamic account features

With an Islamic account, it is possible to trade mainly in the following environments. You can choose between USD and EUR as the base currency. All products are available for trading. 1 lot is 100,000 currency, which is not much different from other account types.

PlatformMT4/Web Trader/Mobile Trader
Spread1pips –
Contract Size1lots=100000 currency
Brand HandledAll
Order Stylemarket settlement
Base CurrencyUSD, EUR

Advantages and disadvantages of Islamic accounts

Let me explain the advantages and disadvantages of Islamic accounts.

swing trade

You can benefit from swing trading. In the case of swing trading, you may be concerned about the granting of swap points, but swap points are only generated for positions that span multiple days, but in the case of an Islamic account, swap points are free, so there is no need to worry about it.

No benefits for short-term trading

Swap points are free, so in the case of short-term trades, the settlement is done on the same day, so there are no advantages or disadvantages. Therefore, many people don’t really care about swap-free.

wide spread

The problem of wide spreads is a characteristic of Islamic accounts. Islamic accounts do not have swap points, but the spread is widened accordingly. This will hurt short-term traders.

Available to Muslims only

Islamic accounts are basically only available to Muslims. However, in recent years, some malicious users have opened Islamic accounts pretending to be Muslims. It is best to avoid these actions as they can only result in penalties.

Account opening method and procedure

In the case of an Islamic account dedicated to Muslims, there is not much difference from the method of opening other account types, but the following points should be noted. Please refer to the following article for the opening method and procedure.

Click the button below to open an Islamic account.

Please refer to the following article for the next screen operation. The opening method is the same as for other account types. Please contact the support center after opening an account. If you request to open an Islamic account, they will tell you how to open it.

maximum leverage is high

The maximum leverage for Islamic accounts is 2000x. You can also set the minimum leverage yourself. Deposits and withdrawals can be made by credit card, debit card, virtual currency, bank transfer, etc. You can also contact support regarding investments. The leverage is high, so you can hold a lot of positions. Furthermore, if you make a loss on margin, a loss cut system will be activated, and if your balance becomes negative, a zero cut system will be activated.

Plenty of platforms

The platform is metatrader, and MT4 and MT5 are available. You can check financial products on the official website. Currently, we have a wide range of products such as currency pairs, precious metals, cryptocurrencies (such as Bitcoin), ETFs, stock indexes, stocks, and CFDs. There are also major currencies such as JPY, EUR, and USD, so you can trade in the market. Markets can be traded on the app or on your PC.

A wide variety of account types

Investors can choose from a wide variety of account types, promotions, bonuses and campaigns. Some account types have transaction costs. You can check it on the website, and you can activate your account by reviewing documents and verifying your identity. It has high reviews, is financially licensed and regulated. You can also ask questions via live chat.

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