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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.
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.
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:
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.
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.
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.
There are many fatwas stating that the Bitcoin is legal according to Islamic law, for the following reasons:
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.
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.
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.
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.
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Broker | IC Markets | eToro | XTB | Pepperstone | AvaTrade | EasyMarkets | SpreadEx | FXPro | Plus500 | Admiral | webull |
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Regulation | Australian Securities and Investments Commission (ASIC), Financial Services Authority (FSA), Cyprus Securities and Exchange Commission (CySEC) | FCA (Financial Conduct Authority) eToro (UK) Ltd (FCA reference 583263), eToro (Europe) Ltd CySEC (Cyprus Securities Exchange Commission), ASIC (Australian Securities and Investments Commission) eToro AUS Capital Limited ASIC license 491139, CySec (Cyprus Securities and Exchange Commission under the license 109/10), FSAS (Financial Services Authority Seychelles) eToro (Seychelles) Ltd license SD076 | FCA (Financial Conduct Authority reference 522157), CySEC (Cyprus Securities and Exchange Commission reference 169/12), FSCA (Financial Sector Conduct Authority), XTB AFRICA (PTY) LTD licensed to operate in South Africa, KPWiG (Polish Securities and Exchange Commission), DFSA (Dubai Financial Services Authority), DIFC (Dubai International Financial Center), CNMV (Comisión Nacional del Mercado de Valores), KNF (Komisja Nadzoru Finansowego), IFSC (Belize International Financial Services Commission license number IFSC/60/413/TS/19) | Financial Conduct Authority (FCA), Australian Securities and Investments Commission (ASIC), Cyprus Securities and Exchange Commission (CySEC), Federal Financial Supervisory Authority (BaFin), Dubai Financial Services Authority (DFSA), Capital Markets Authority of Kenya (CMA), Pepperstone Markets Limited is incorporated in The Bahamas (number 177174 B), Licensed by the Securities Commission of the Bahamas (SCB) number SIA-F217 | Australian Securities and Investments Commission (ASIC), ASIC (406684), Financial Services Authority (FSA), South African Financial Sector Conduct Authority (FSCA), Financial Stability Board (FSB), The Financial Services Agency (JAPAN FSA), Financial Futures Association of Japan (FFAJ), Abu Dhabi Global Markets (ADGM), Financial Regulatory Services Authority (FRSA), Polish Financial Supervision Authority (KNF), Israel Securities Association (ISA), British Virgin Islands Financial Services Commission (BVI), BVI (SIBA/L/13/1049), Central Bank of Ireland | Cyprus Securities and Exchange Commission (CySEC), Australian Securities and Investments Commission (ASIC), Financial Services Authority (FSA), British Virgin Islands Financial Services Commission (BVI) | Financial Conduct Authority (FCA) | Financial Conduct Authority (FCA), Cyprus Securities and Exchange Commission (CySEC), Financial Sector Conduct Authority (FSCA), Securities Commission of the Bahamas (SCB) | 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, Plus500SEY Ltd is authorised and regulated by the Seychelles Financial Services Authority (Licence No. SD039) FSA, Plus500SG Pte Ltd (UEN 201422211Z) holds a capital markets services license from the Monetary Authority of Singapore (MAS) for dealing in capital markets products (License No. CMS100648-1), PLUS500AU (PTY) LTD is regulated by the FSCA (Financial Sector Conduct Authority), Plus500 adheres to MiFID rules, Plus500EE AS is authorised and regulated by the Estonian Financial Supervision and Resolution Authority (Licence No. 4.1-1/18), Plus500AE Ltd is authorised and regulated by the Dubai Financial Services Authority (F005651) DFSA | Financial Conduct Authority (FCA), Cyprus Securities and Exchange Commission (CySEC) | Securities Investor Protection Corporation (SIPC), Financial Industry Regulatory Authority (FINRA) |
Min Deposit | 200 | 100 | No minimum deposit | 200 | 100 | 100 | 1 | 100 | 100 | 200 | 50 |
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Used By | 180,000+ | 30,000,000+ | 1,000,000+ | 400,000+ | 300,000+ | 142,500+ | 10,000+ | 1,866,000+ | 24,000,000+ | 10,000+ | 5,000+ |
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Platforms | MT4, MT5, Mirror Trader, Web Trader, cTrader, Windows, Mac, iOS, Android | Web Trader, Tablet & Mobile apps | MT4, Mirror Trader, Web Trader, Tablet & Mobile apps | MT4, MT5, TradingView, DupliTrade, myFXbook, Mac, Web Trader, cTrader, Tablet & Mobile apps | Web Trader, MT4, MT5, AvaTradeGo, AvaOptions, DupliTrade, ZuluTrade, Mobile Apps, ZuluTrade, DupliTrade, MQL5 | MT4, MT5, Web Trader, TradingView, Tablet & Mobile apps | Web Trader, Tablet & Mobile apps | MT4, MT5, cTrader, Tablet & Mobile apps | Web Trader, Tablet & Mobile apps | MT4, MT5, Mac, Web Trader, Tablet & Mobile apps | Web Trader, Tablet & Mobile apps |
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Risk Warning | Losses can exceed deposits | 76% of retail investor accounts lose money when trading CFDs with this provider. | 76-85% 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. | 75-95 % of retail investor accounts lose money when trading CFDs | 71% of retail investor accounts lose money when trading CFDs with this provider | Your capital is at risk | Losses can exceed deposits | 75.78% of retail investor accounts lose money when trading CFDs and Spread Betting with this provider | 82% 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. | Losses can exceed deposits | Your capital is at risk |
Demo |
IC Markets Demo |
eToro Demo |
XTB Demo |
Pepperstone Demo |
AvaTrade Demo |
easyMarkets Demo |
SpreadEx Demo |
FxPro Demo |
Plus500 Demo |
Admiral Markets Demo |
Webull Demo |
Excluded Countries | US, IR, CA, NZ, JP | ZA, ID, IR, KP, BE, CA, JP, SY, TR, IL, BY, AL, MD, MK, RS, GN, CD, SD, SA, 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, MG, MK, KZ, GD, FJ, PT, BB, BM, BS, AG, AI, AW, AX, LB, SV, PY, HN, GT, PR, NI, VG, AN, CN, BZ, DZ, MY, KH, PH, VN, EG, MN, MO, UA, JO, KR, | US, IN, PK, BD, NG , ID, BE, AU | AF, AS, AQ, AM, AZ, BY, BE, BZ, BT, BA, BI, CM, CA, CF, TD, CG, CI, ER, GF, PF, GP, GU, GN, GW, GY, HT, VA, IR, IQ, JP, KZ, LB, LR, LY, ML, MQ, YT, MZ, MM, NZ, NI, KP, PS, PR, RE, KN, LC, VC, WS, SO, GS, KR, SS, SD, SR, SY, TJ, TN, TM, TC, US, VU, VG, EH, ES, YE, ZW, ET | BE, BR, KP, NZ, TR, US, CA, SG | US, IL, BC, MB, QC, ON, AF, BY, BI, KH, KY, TD, KM, CG, CU, CD, GQ, ER, FJ, GN, GW, HT, IR, IQ, LA, LY, MZ, MM, NI, KP, PW, PA, RU, SO, SS, SD, SY, TT, TM, VU, VE, YE | US, TR | US, CA, IR | MY, BE, CA, CN, ID, PH, TG, NG, DO, MA, ZW, PR, TZ, TN, UG, BW, AO | US, CA, JP, SG, MY, JM, IR, TR | UK, AU, SA, AL, DZ, AS, AD, AO, AI, AQ, AG, AR, AM, AW, AT, AZ, BS, BH, BD, BB, BY, BE, BZ, BJ, BM, BT, BO, BQ, BA, BW, BV, BR, IO, BN, BG, BF, BI, CV, KH, CM, CA, KY, CF, TD, CL, CX, CC, CO, KM, CD, CG, CK, CR, HR, CU, CW, CY, CZ, CI, DK, DJ, DM, DO, EC, EG, SV, GQ, ER, EE, SZ, ET, FK, FO, FJ, FI, FR, GF, PF, TF, GA, GM, GE, DE, GH, GI, GR, GL, GD, GP, GU, GT, GG, GN, GW, GY, HT, HM, VA, HN, HK, HU, IS, IN, ID, IR, IQ, IE, IM, IL, IT, JM, JP, JE, JO, KZ, KE, KI, KP, KR, KW, KG, LA, LV, LB, LS, LR, LY, LI, LT, LU, MO, MG, MW, MY, MV, ML, MT, MH, MQ, MR, MU, YT, MX, FM, MD, MC, MN, ME, MS, MA, MZ, MM, NA, NR, NP, NL, NC, NZ, NI, NE, NG, NU, NF, MP, NO, OM, PK, PW, PS, PA, PG, PY, PE, PH, PN, PL, PT, PR, QA, MK, RO, RU, RW, RE, BL, SH, KN, LC, MF, PM, VC, WS, SM, ST, SN, RS, SC, SL, SG, SX, SK, SI, SB, SO, ZA, GS, SS, ES, LK, SD, SR, SJ, SE, CH, SY, TW, TJ, TZ, TH, TL, TG, TK, TO, TT, TN, TR, TM, TC, TV, UG, UA, AE, GB, UM, UY, UZ, VU, VE, VN, VG, VI, WF, EH, YE, ZM, ZW, AX |
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