Top Is Bitcoin Trading Halal for 2020

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Is Bitcoin Halal?

Before starting to present fatwas and opinions that prove that Bitcoin is either Halal or Haram according to the provisions of Islamic law.

It must be acknowledged that there is some confusion regarding the Islamic religion's view about Bitcoin trading and investment, due to the difference between virtual currencies and fiat currencies that must be taken into account.

Concepts Of Cryptocurrency And Money In Islam

Bitcoin is one of the most popular electronic currencies in the world. It was introduced in the economic-financial markets in 2009, and is considered a fully electronic virtual currency at 100%, and thus has no correlation in its properties with fiat currencies in terms of tangible physical existence.

Bitcoins are obtained through a rather complex process called the mining process.

Money in Islam: The term money is mentioned 86 times in the Noble Qur’an, singular and plural, defined and not.

This is undoubtedly strong evidence of the Quranic interest in money, and the particular Islamic view of what is considered today as the code of life.

What does Islam think about Bitcoin?

As we become accustomed to bitcoin, it always has a tendency to divide people, i.e. two divisions and two teams with ideas and beliefs that differ according to the East and the West.

Therefore, some fatwas have appeared that prove the point of view of analyzing Bitcoin trading and investment in accordance with the provisions and bonds of Islamic law.

Some fatwas have also appeared that prove the prohibition of trading and investing Bitcoin currencies, for the following reasons:

Not being recognized by the competent authorities

According to the saying from Imam Ibn Taymiyyah: “Dirhams and dinars are not intended for yourself but are a means of dealings and because of this, these funds are intended to be used by yourselves.”

At the present time, currency trading and investment are not approved except under-recognition and approval by competent authorities, chiefly the central bank.

According to what was said by central banks, Bitcoin virtual currencies have not yet been recognized as valid currencies for trading and investment. Accordingly, the trading and investment operations of Bitcoin are prohibited.

Investing Bitcoin is gambling

According to the opinion of Professor of Jurisprudence Dr. Jalawi Al-Jumai'a that Bitcoins are nothing but currencies that are used for gambling.

Bitcoin currencies are virtual electronic currencies that do not have any bonds or covers of gold or silver, and therefore they are in the ruling of debt and considered a commodity of an unknown source.

Consequently, this can allow the occurrence of fraud as a result of the absence of any supervisory authorities monitoring the course of trading and investment of currencies.

Non-disclosure of the identity of the seller and the buyer

The Islamic religious authorities in Turkey confirmed that the operations of investing and trading in virtual Bitcoin currencies involved within them, an element of ignorance that the Messenger forbade to prevent problems and avoid disputes based on money, and to avoid the temptation of Satan’s attempt to theft and swindle.

The Turkish religious authority stated that the identity of the seller and the buyer should be clear and public, as it is declared in the trading operations in everyday banks.

The presence of a bank intermediary gives financial transactions a kind of safety and privacy.

In addition, the existence of regulatory bodies enables them to monitor the investment and trading process, and thus those who carry out fraudulent operations can be negotiated.

Is Bitcoin Halal? Bitcoin Fatwa And Rulings Shariah

There are many fatwas stating that the Bitcoin is legal according to Islamic law, for the following reasons:

Intrinsic value

The laws of Islamic in financial matters and currencies are related to the necessity of an fundamental value for a currency.

Bitcoin has an intrinsic value itself, and this value is proportional to any package with how easy or difficult it is to obtain the currency.

In simplicity terms, in 2009 Bitcoin was estimated at about $ 0.30, as the process for mining and obtaining bitcoins was a very simple process.

The mining process at that time was based on the presence of a computer and ordinary electrical energy.

Now, due to the technological development, the spread of Bitcoin, and the demand of people to trade Bitcoin currencies, the mining process has become more difficult and complex and needs highly sophisticated computers and it is for this reason, the price value of Bitcoin is now estimated at $13,000.

Ways to obtain bitcoins

Based on the ruling of Fatwa “No. 231460” for Dar Al Iftaa, I confirm that if the acquisition of these virtual currencies such as mining and prospecting is done in a comprehensive manner far from manipulation, fraud and theft, then it may be included under the terms of the decomposed currencies.

The hypothetical money that is circulating via the Internet only differs from paper money as mentioned before.

The process of exchanging it for another currency, buying it or selling it is a form of exchange which is considered permissible according to what is stated in the fatwa and the Islamic law.

This is on the condition of exchange, which is what happens with Trading bitcoins.

The investments resulting from the profits of Bitcoin buying and selling are among the reasons that prove the analysis of Bitcoin currencies.

If you are thorough, you will invest your profits to the satisfaction of God as God knows the best intentions will be counted in the balance of your good deeds.

There is nothing wrong with paying commissions for currency conversion

It is also common for some that paying commissions via the Internet in exchange for transfer services or buying bitcoins is a form of lending that is not allowed.

According to Fatwa “No. 259576”, there is no objection to paying such commissions as you pay for a specific service, including services for converting and buying virtual Bitcoins.

Is Bitcoin Halal Conclusion

Many people are inclined to say that Bitcoin is Halal in Islam, based on the fact that it provides value despite being digital and intangible.

If the Bitcoin currency derives its value from the markets and not from the individuals, then dealing with it is Halal and permissible. Some tend to compare Bitcoin to gold, because the value also rises and decreases based on market movement.

We've collected thousands of datapoints and written a guide to help you find the best Is Bitcoin Trading Halal for you. We hope this guide helps you find a reputable broker that matches what you need. We list the what we think are the best is bitcoin trading halal below. You can go straight to the broker list here.

Reputable Is Bitcoin Trading Halal Checklist

There are a number of important factors to consider when picking an online Is Bitcoin Trading Halal trading brokerage.

Our team have listed brokers that match your criteria for you below. All brokerage data has been summarised into a comparison table. Scroll down.

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Top 15 Is Bitcoin Trading Halal of 2020 compared

Here are the top Is Bitcoin Trading Halal.

Compare Is Bitcoin Trading Halal min deposits, regulation, headquarters, benefits, funding methods and fees side by side.

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Broker eToro XTB City Index Plus500 EasyMarkets SpreadEx IG Markets.com AvaTrade Admiral FXPro
Rating
Regulation Financial Conduct Authority (FCA), Cyprus Securities and Exchange Commission (CySEC), Markets In Financial Instruments Directive (MiFID), Australian Securities and Investments Commission (ASIC) Financial Conduct Authority (FCA), FCA number FRN 522157, Cyprus Securities and Exchange Commission (CySEC), CySEC Licence Number: 169/12, Comisión Nacional del Mercado de Valores, Komisja Nadzoru Finansowego, Belize International Financial Services Commission (IFSC) under license number IFSC/60/413/TS/19, Polish Securities and Exchange Commission (KPWiG) Financial Conduct Authority (FCA), Australian Securities and Investments Commission (ASIC), Monetary Authority of Singapore (MAS) Plus500UK Ltd authorized & regulated by the FCA (#509909), Plus500CY Ltd authorized & regulated by CySEC (#250/14), Plus500AU Pty Ltd (ACN 153301681), ASIC in Australia AFSL #417727, FMA in New Zealand, FSP #486026 and Authorised Financial Services Provider in South Africa FSP #47546 Cyprus Securities and Exchange Commission (CySEC), Australian Securities and Investments Commission (ASIC) Financial Conduct Authority (FCA) Financial Conduct Authority (FCA), Australian Securities and Investments Commission (ASIC) Cyprus Securities and Exchange Commission (CySEC), Financial Sector Conduct Authority (FSCA), Financial Conduct Authority (FCA), Australian Securities and Investments Commission (ASIC) Central Bank of Ireland, Australian Securities and Investments Commission (ASIC), Financial Services Authority (FSA), Financial Stability Board (FSB), British Virgin Islands Financial Services Commission (BVI) Financial Conduct Authority (FCA), Cyprus Securities and Exchange Commission (CySEC) Financial Conduct Authority (FCA), Cyprus Securities and Exchange Commission (CySEC), Financial Sector Conduct Authority (FSCA), Securities Commission of the Bahamas (SCB), Dubai Financial Services Authority (DFSA)
Min Deposit 200 No minimum deposit 25 100 100 1 200 250 250 200 100
Funding
  • Bank transfer
  • Credit Card
  • Paypal
  • Bank transfer
  • Credit Card
  • Paypal
  • Bank transfer
  • Credit Card
  • Paypal
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  • Bank transfer
  • Credit Card
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  • Bank transfer
  • Credit Card
  • Paypal
Used By 12,000,000+ 250,000+ 14,000+ 15,500+ 142,500+ 10,000+ 239,000+ 10,000+ 200,000+ 10,000+ 10,000+
Benefits
  • Offers STP
  • Low min deposit
  • Offers Negative Balance Protection
  • Allows scalping
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  • Offers STP
  • Low min deposit
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  • Low min deposit
  • Guaranteed stop loss
  • Offers Negative Balance Protection
  • Low min deposit
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  • Allows scalping
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  • Low min deposit
  • Guaranteed stop loss
  • Offers Negative Balance Protection
  • Allows scalping
  • Allows hedging
  • Low min deposit
  • Guaranteed stop loss
  • Allows scalping
  • Allows hedging
  • Offers STP
  • Low min deposit
  • Guaranteed stop loss
  • Allows scalping
  • Allows hedging
  • Low min deposit
  • Guaranteed stop loss
  • Offers Negative Balance Protection
  • Allows scalping
  • Allows hedging
  • Low min deposit
  • Allows scalping
  • Allows hedging
  • Offers STP
  • Low min deposit
  • Offers Negative Balance Protection
  • Allows scalping
  • Allows hedging
  • Low min deposit
  • Offers Negative Balance Protection
Accounts
  • Demo account
  • Standard account
  • Islamic account
  • Pro account
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  • Islamic account
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  • Islamic account
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  • Islamic account
  • Demo account
  • Micro account
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  • ECN account
  • Demo account
  • Mini account
  • Islamic account
Spreads
  • fixed spreads
  • variable spreads
  • fixed spreads
  • variable spreads
  • fixed spreads
  • variable spreads
  • fixed spreads
  • variable spreads
  • fixed spreads
  • variable spreads
  • fixed spreads
  • variable spreads
  • fixed spreads
  • variable spreads
  • fixed spreads
  • variable spreads
  • fixed spreads
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  • fixed spreads
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Platforms Web Trader, Tablet & Mobile apps MT4, Mirror Trader, Web Trader, Tablet & Mobile apps MT4, Web Trader, Tablet & Mobile apps Web Trader, Tablet & Mobile apps MT4, Web Trader, Tablet & Mobile apps Web Trader, Tablet & Mobile apps MT4, Mac, Web Trader, L2 Dealer, Tablet & Mobile apps MT4, MT5, Web Trader, Tablet & Mobile apps MT4, Mac, Mirror Trader, ZuluTrade, Web Trader, Tablet & Mobile apps MT4, MT5, Mac, Web Trader, Tablet & Mobile apps MT4, MT5, cTrader, Tablet & Mobile apps
Support
  • Live chat
  • Phone support
  • Email support
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Learn More Sign Up with
etoro
Sign Up with
xtb
Sign Up with
cityindex
Sign Up with
plus500
Sign Up with
easymarkets
Sign Up with
spreadex
Sign Up with
ig
Sign Up with
marketscom
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avatrade
Sign Up with
admiralmarkets
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fxpro
Risk Warning 71% of retail investor accounts lose money when trading CFDs with this provider. 79% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. 75% of retail investor accounts lose money when trading CFDs with this provider 76.4% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money. Your capital is at risk Losses can exceed deposits Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money. 84% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money. 79% of retail investor accounts lose money when trading CFDs with this provider Losses can exceed deposits Your capital is at risk
Demo eToro
Demo
XTB
Demo
City Index
Demo
Plus500
Demo
easyMarkets
Demo
SpreadEx
Demo
IG
Demo
Markets.com
Demo
AvaTrade
Demo
Admiral Markets
Demo
FXPro
Demo
Excluded Countries IR, KP, BE, CA, JP, SY, TR, IL, BY, AL, MD, MK, RS, GN, CD, SD, ZW, ET, GH, TZ, LY, UG, ZM, BW, RW, TN, SO, NA, TG, SL, LR, GM, DJ, CI, PK, BN, TW, WS, NP, SG, VI, TM, TJ, UZ, LK, TT, HT, MM, BT, MH, MV, KZ, GD, FJ, BB, BM, BS, AG, AI, AW, LB, SV, US, PY, HN, GT, PR, NI, VG, AN, US, IN, PK, BD, NG , ID, BE US, CF, TD, CG, CG, CI, CU, GN, ER, GN, FR, GW, HT, IR, IQ, KR, LB, LR, LY, MM, NZ, NG, SL, SO, SD, SY, TM, UZ, VE, EH, YE, ZW MY, BE, US, CA, CN, ID, PH, TG, NG, DO, MA, ZW, PR, TZ, TN, UG, BW, AO, AE US US, TR US, BE, FR, IN, IL, PL, ZW RU, BR, CH, ZA, SG, JP, US, CA, BE, IL, TR, NZ, MY, SY, TH, ID, IR, IQ, HK, PH, PR BE, BR, KP, NZ, TR, US, CA, SG US, CA, JP, SG, MY, JM, IR, TR US, IR, CA

All Is bitcoin trading halal in more detail

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Is Bitcoin Trading Halal List

eToro
(4/5)
Min deposit : 200
eToro was established in 2006 and is used by over 12000000+ traders. 71% of retail investor accounts lose money when trading CFDs with this provider. eToro offers Stocks, Commodities, Forex, CFDs, Social Trading, Indices, Cryptocurrency, Index Based Funds, Exchange Traded Funds (ETF)

Funding methods

Bank transfer Credit Card Paypal

Platforms

Web Trader, Tablet & Mobile apps

Customer support

Live chat Phone support Email support

Account Types

Micro account Standard account Islamic account VIP account
Regulated by Financial Conduct Authority (FCA), Cyprus Securities and Exchange Commission (CySEC), Markets In Financial Instruments Directive (MiFID), Australian Securities and Investments Commission (ASIC)
XTB
(4/5)
Min deposit : 0
XTB was established in 2002 and is used by over 250000+ traders. 79% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. XTB offers Forex, CFDs, Cryptocurrency

Funding methods

Bank transfer Credit Card Paypal

Platforms

MT4, Mirror Trader, Web Trader, Tablet & Mobile apps

Customer support

Live chat Phone support Email support

Account Types

Micro account Standard account Islamic account VIP account
Regulated by Financial Conduct Authority (FCA), FCA number FRN 522157, Cyprus Securities and Exchange Commission (CySEC), CySEC Licence Number: 169/12, Comisión Nacional del Mercado de Valores, Komisja Nadzoru Finansowego, Belize International Financial Services Commission (IFSC) under license number IFSC/60/413/TS/19, Polish Securities and Exchange Commission (KPWiG)
City Index
(4/5)
Min deposit : 25
City Index was established in 1983 and is used by over 14000+ traders. 75% of retail investor accounts lose money when trading CFDs with this provider City Index offers Forex, CFDs, Spread Betting

Funding methods

Bank transfer Credit Card Paypal

Platforms

MT4, Web Trader, Tablet & Mobile apps

Customer support

Live chat Phone support Email support

Account Types

Micro account Standard account Islamic account VIP account
Regulated by Financial Conduct Authority (FCA), Australian Securities and Investments Commission (ASIC), Monetary Authority of Singapore (MAS)
Plus500
(4/5)
Min deposit : 100
Plus500 was established in 2008 and is used by over 15500+ traders. 76.4% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money. Plus500 offers CFDs


Plus500 offer a 100% Free and Unlimited Demo account 0 Commissions Tight Spreads

Funding methods

Bank transfer Credit Card Paypal

Platforms

Web Trader, Tablet & Mobile apps

Customer support

Live chat Phone support Email support

Account Types

Micro account Standard account Islamic account VIP account
Regulated by Plus500UK Ltd authorized & regulated by the FCA (#509909), Plus500CY Ltd authorized & regulated by CySEC (#250/14), Plus500AU Pty Ltd (ACN 153301681), ASIC in Australia AFSL #417727, FMA in New Zealand, FSP #486026 and Authorised Financial Services Provider in South Africa FSP #47546
EasyMarkets
(4/5)
Min deposit : 100
easyMarkets was established in 2001 and is used by over 142500+ traders. Your capital is at risk easyMarkets offers CFD, Forex, Commodities, Indices, Shares, Crypto

Funding methods

Bank transfer Credit Card Paypal

Platforms

MT4, Web Trader, Tablet & Mobile apps

Customer support

Live chat Phone support Email support

Account Types

Micro account Standard account Islamic account VIP account
Regulated by Cyprus Securities and Exchange Commission (CySEC), Australian Securities and Investments Commission (ASIC)
SpreadEx
(4/5)
Min deposit : 1
SpreadEx was established in 1999 and is used by over 10000+ traders. Losses can exceed deposits SpreadEx offers Forex, CFDs, and spread betting

Funding methods

Bank transfer Credit Card Paypal

Platforms

Web Trader, Tablet & Mobile apps

Customer support

Live chat Phone support Email support

Account Types

Micro account Standard account Islamic account VIP account
Regulated by Financial Conduct Authority (FCA)
IG
(4/5)
Min deposit : 200
IG was established in 1974 and is used by over 239000+ traders. Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money. IG offers Forex, CFDs, Spread Betting, Share dealing

Funding methods

Bank transfer Credit Card Paypal

Platforms

MT4, Mac, Web Trader, L2 Dealer, Tablet & Mobile apps

Customer support

Live chat Phone support Email support

Account Types

Micro account Standard account Islamic account VIP account
Regulated by Financial Conduct Authority (FCA), Australian Securities and Investments Commission (ASIC)
Markets.com
(4/5)
Min deposit : 250
Markets.com was established in 2008 and is used by over 10000+ traders. 84% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money. Markets.com offers Forex, CFDs and Spread Bets. Spread Bets are only available to UK customers

Funding methods

Bank transfer Credit Card Paypal

Platforms

MT4, MT5, Web Trader, Tablet & Mobile apps

Customer support

Live chat Phone support Email support

Account Types

Micro account Standard account Islamic account VIP account
Regulated by Cyprus Securities and Exchange Commission (CySEC), Financial Sector Conduct Authority (FSCA), Financial Conduct Authority (FCA), Australian Securities and Investments Commission (ASIC)
AvaTrade
(3/5)
Min deposit : 250
AvaTrade was established in 2006 and is used by over 200000+ traders. 79% of retail investor accounts lose money when trading CFDs with this provider AvaTrade offers Forex, CFDs, Spread Betting, Social Trading

Funding methods

Bank transfer Credit Card Paypal

Platforms

MT4, Mac, Mirror Trader, ZuluTrade, Web Trader, Tablet & Mobile apps

Customer support

Live chat Phone support Email support

Account Types

Micro account Standard account Islamic account VIP account
Regulated by Central Bank of Ireland, Australian Securities and Investments Commission (ASIC), Financial Services Authority (FSA), Financial Stability Board (FSB), British Virgin Islands Financial Services Commission (BVI)
Admiral
(2/5)
Min deposit : 200
Admiral Markets was established in 2001 and is used by over 10000+ traders. Losses can exceed deposits Admiral Markets offers Forex, CFDs

Funding methods

Bank transfer Credit Card Paypal

Platforms

MT4, MT5, Mac, Web Trader, Tablet & Mobile apps

Customer support

Live chat Phone support Email support

Account Types

Micro account Standard account Islamic account VIP account
Regulated by Financial Conduct Authority (FCA), Cyprus Securities and Exchange Commission (CySEC)
FXPro
(2/5)
Min deposit : 100
FXPro was established in 2006 and is used by over 10000+ traders. Your capital is at risk FXPro offers Forex trading, Share Dealing, Spot Indices, Futures, Spot Metals and Spot Energies

Funding methods

Bank transfer Credit Card Paypal

Platforms

MT4, MT5, cTrader, Tablet & Mobile apps

Customer support

Live chat Phone support Email support

Account Types

Micro account Standard account Islamic account VIP account
Regulated by Financial Conduct Authority (FCA), Cyprus Securities and Exchange Commission (CySEC), Financial Sector Conduct Authority (FSCA), Securities Commission of the Bahamas (SCB), Dubai Financial Services Authority (DFSA)