Top Is Cryptocurrency Trading Halal for 2021

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Best Is Cryptocurrency Trading Halal Guide

Updated October 14, 2021

Is Cryptocurrency Trading Halal

There is some debate as to if Bitcoin is haram or halal according to Islamic law.

According to some Muslim scholars Bitcoin is not halal or legal because it is virtual money with no tangible value. Other scholars say Bitcoin is halal as long as a Muslim trading Bitcoin has not taken part in bribery, extortion, and profiteering or any unethical or exploitative methods of earning Bitcoin money.

Crypto Halal Or Not Halal

Due to the uncertain nature of cryptocurrencies, a debate has been triggered among Islamic scholars; the discussion emanated from an argument over the permissibility of cryptocurrencies. A decision has not yet been reached over the religious permissibility of cryptocurrencies. Most cryptocurrencies companies are looking for a way to divert the debate through the use of instruments based on physical assets and certified validly by Islamic advisors.

Is Bitcoin Halal?

Using Bitcoin under Islamic law tends to be a significant discussion in recent years. Many Muslims have been bothered or worried that dabbling into bitcoin investments may be Haram.

In accordance with the interpretations of scholars, the general use of bitcoin is considered permissible in Islam.

Nevertheless, the use of Bitcoin to gamble and inappropriate use are almost or certainly forbidden and unacceptable.

Whether Bitcoin is halal or Bitcoin is not halal as being a bone of contention for Muslims and diverse Islamic banks and financial authorities globally in recent years

As a result, many Muslims are worried about investing in cryptocurrencies, especially during these times of extreme growth, because they aren't sure whether the appreciation of cryptocurrencies will be termed Haram or halal under Islamic law.

Bitcoin is (mostly) halal, say, scholars.

In accordance with Islamic law, there are quite a number of criteria that individuals must follow to make sure their investment or other income is not considered Haram. It is important to note that all revenue generated through dubious or unethical ways such as extortion, bribery, and much more are considered Haram. It would be a challenge to start arguing using Bitcoin as a standard payment method.

As of now, there are no stated and outlined guidelines on the fact that Muslims should invest in Bitcoin or not. This decision would solely rest on the legislators that codified the religious precepts of Islam, and this decision has not yet be made.

Bitcoin Technology Makes Bitcoin Halal

The concept of blockchain and Bitcoin cryptocurrency is intrinsically anti-interest, according to Muslim experts, hence Bitcoin crypto is halal. Because Islamic principles are also anti-interest, many Islamic experts consider blockchain technology, pricing, and buying and selling cryptocurrencies to be halal.

Crypto refers to the encryption that the instrument is built on and its addition to a blockchain database.

As explained by the European Central Bank, it was defined as a digital representation of value that is neither issued by a central bank or a public authority but accepted by natural people as a means of payment, and it can be transferred, stored, or traded via electronic means.

Is Cryptocurrency Trading Permissible or Forbidden under Islamic Law?

Cryptocurrency trading is considered one of the important banking activities, especially in commercial dealings that govern major markets in financial transactions.

The fact that Cryptocurrency trading is halal or forbidden is an important question for many Muslims who are interested in currency trading and investing in the stock exchange and trading platforms.

Cryptocurrency Halal or not Halal

Cryptocurrency trading is the basis of work of many, especially through crypto trading that takes place over the Internet, during which the interest due on the difference between two currencies is paid for a limited grace period up to the second day.

There are some cryptocurrency companies that follow the Islamic Sharia approach to currency trading, and thus all its dealings are based on the abolition of interest completely to avoid any suspicion of usury.

Despite this, some claim that the Islamic suspicion of usury affects all Forex dealings.

Usury is of course an activity that Islam forbids, no matter what interpretation you take. This means that any trade or contract that contains any form of interest is considered Haram (sin).

Eventually, online brokers ended up giving in to the most insistent demands, especially from Muslim traders, by offering a Halal alternative, with Islamic Forex trading accounts.

These operate without interest and thus fully adhere with Islamic Sharia law.

Of course, anyone who knows how the stock market works understands that this is a major problem.

Without interest, it becomes virtually impossible to generate profit. In fact, there is a smart solution to this problem.

In order to successfully follow Muslim principles in the cryptocurrency trading world, it is enough to replace interest with reductions in brokerage fees.

For some imams, this practice is window dressing, but the majority accept this method, and this is what interests us in this context.

Properties of Cryptocurrency

Some of the properties of cryptocurrency are listed below.

  1. Cryptocurrency does not require or need a central authority, and it is maintained through distributed consensus.
  2. An overview of cryptocurrencies units and their ownership is being kept is a secure digital log.
  3. crypto defines the Creation of new cryptocurrency units.
  4. crypto allows transactions to be performed in a way where ownership of cryptocurrencies can be changed.

In general terms, Bitcoin and other cryptocurrencies are termed as money, and they can be used for the diverse transaction. It is very important to know the Islamic view of money.

What Is Driving Bitcoins Rise?

The high and sudden increase in people's interest in bitcoin and other cryptocurrencies has extended into Gulf, Southeast Asia, and the main Islamic finance.

Due to the fact that they are products of financial engineering, cryptocurrencies are incompatible with Islam. Based on Islamic law and principles and in addition to the banning of payment interests, emphasis is laid on actual economic activity, which lies on physical assets.

Is Bitcoin Trading Gambling?

Bitcoin, is a digital currency and a global payment system which could be compared to traditional currencies like the USD or the British pound.

Although Bitcoin is often compared to fiat currencys their are many essential differences, most notably: that this money is a fully digital currency that transactions over the Internet only with no physical existence.

Bitcoin is more famous than other monies like Ripple and Ether, and Bitcoin is known as the first decentralized digital money, since it's a system that operates without a central location, country or institution.

In other words, Bitcoin differs from conventional monies in because of the absence of a central regulatory body supporting or institution owning it.

On the other hand, another major argument is that Muslims enter the speculative market only when they are certain of the success of the trade.

In other words, it would involve the use of several elements of fundamental and technical analysis that would cause the trader to position himself in a certain way.

In fact, in the world of trading, there are many ways to secure some form of income, but it comes at the cost of a lot of the capital to be earned.

How Is Cryptocurrency Trading Different from Gambling?

First, we can start by saying that for Islam it is quite natural for all adults to seek to improve their financial situation.

In addition, again according to Islam, life itself contains a certain degree of uncertainty and it is enough to see the challenges that the world imposes on us to realize it.

In order to overcome all the trials that life puts our way, we are going to need to equip ourselves with intelligence and skills.

Even if we cannot be sure of anything, it is by basing ourselves on our cognitive abilities that we will be able to maximize our chances of success.

It becomes apparent that the business of trading is not that different, especially when it comes to uncertainty.

What is clearly prohibited in Islam is gambling, even if it is played for fun.

All forms of gambling are clearly Haram in Islamic Sharia, and in the eyes of many, the same is true of trading, because of its unpredictability.

When comparing cryptocurrency trading to gambling, it is obvious that the difference exists mainly in the level of speculation and the risks involved.

In this regard, Imams examined the correlation and concluded that if speculation is acceptable only when it is based on factual and calculable elements.

In other words, you should only practice trading when you have a good foundation for your fundamental study.

Scholars Who Say Cryptocurrency is Haram and Those who say its Halal

Scholars who say crypto is Haram

The Grand Mufti of Egypt

Mufti argues that cryptocurrencies have a high degree of uncertainty and fraudulence. He also said that there is no systematic control or s rule of mechanism over the issuance of these coins and that cryptocurrencies are not linker established marketplace or economy. Mufti also added that criminals use bitcoin and other nefarious elements as a means of funding their work because cryptocurrency is untraceable in nature.

The Turkish Government's Religious wing

Like Murtif, they also issued a similar edict that declared cryptocurrencies haram based on the fact that it is excessively uncertain and the potential to be used and abused by criminals is extremely high.

Shaykh Haitham al-Haddad

A detailed paper in Arabic on whether crypt currencies are Haram or halal was discussed by him. He proposed that bitcoin is not permissible, and it is a currency that is not based on an actual value. He also said that by implication, mining Bitcoin is also not permissible as it creates money from nothing.

Scholars Who Say Crypto Is Halal

Mufti Muhammad Abu-Bakar

Mufti Muhammad concluded that bitcoin is permissible; he said it is of value and available on currency exchanges. He also said it is a valid means of payment, and diverse shops and platforms widely accept it.

Ziyaad Mahomed

He says that both silver and gold are permissible currencies in Islam, and the sharia folks do not need a currency with intrinsic value. He said all that matters is that there is an excellent general acceptance in public, and it has the capability of being used publicly.

Meaning of Halal Trading

The sharia guidelines encourage the striving for a balance between individuals and society. Halal trading, in its simplest term or definition, is a form of socially responsible investing. The practices deeply ensure that you invest in businesses that will benefit you and society and provide a glorious future for generations.

Provided that you are not ignoring the interest of others while you are investing, the accumulation of wealth through stocks is not termed Haram.

Ways to Check Your Cryptocurrency Trading Is Halal

Check Your Cryptocurrency Broker Offers Islamic Accounts

Check and study the cryptocurrency trading platform business model adheres to islamic principles. Modern brokers want to attract Muslim traders so have Islamic law friendly cryptocurrency trading accounts. Check your Islamic account cryptocurrency broker offers Islamic accounts and is well regulated.

What You Cannot Trade Under Islamic Law

  1. The selling or promotion of alcohol.
  2. The sale of pork products.
  3. Gambling.
  4. Promotion of Pornography.
  5. Manufacturing of weapons.

Any of the above list items will instantly rule out trading in any businesses of these industries.

Halal Crypto Trading Checks

Before you consider investing in a business, you must conduct an initial screen of the business proposition and ensure that it's not regarded as halal.

One of the significant mistakes Muslim investors make is investing in businesses with an interest-based income or firms that borrow on interest. If this applies to a business or company that you are trying to invest in, there is a general rule that you can make use of, and this general rule will help you check whether the investment is viable or not. All income from Haram investment should not be more than 5% of the companys revenue.

Interest Bearing Debt

The third requirement that a cryptocurrency investment must meet is that it has to be deemed halal in relation to the percentage of the interest-bearing debt and the company's total assets. Most times, the total bearing interest does not exceed 33% of total assets.

Assess the illiquid Assets to Total Assets Ratio With Cryptocurrency Islamic Accounts

Assets that cannot be converted to cash are said to be illiquid. In situations where a business is unfunded, the owners of the businesses might take a step to start a sale of illiquid assets, and when this starts to happen, they are mostly sold for less than their market value.

Now, how does it stand against sharia compliance? If a company posses a pure liquid asset, which includes cash in the bank, it can be sold at par value, and the illiquid assets should be at a minimum of 20% of the total assets.

To identify illiquid assets, you simply request a balance sheet that will include the goodwill gestures, property, equipment, and any other tangibles things that the company might possess. To get the percentage of total assets, you are to add up all the figures for illiquid assets, then divide it by the entire asset and multiply by 100

Is Cryptocrrency Trading Halal Verdict

Before we say something, we first need to stress that this article is not a religious guide.

Indeed, in Islam, only Imams who have completed specific studies have the right to say whether this activity is, in fact, Halal.

However, we have collected as much information as possible to enable you to form your own opinion on this subject, especially if you are considering entering the Forex trading market.

From our research, we have concluded that many see that, under the right circumstances, Islamic cryptocurrency trading is acceptable and Halal.

However, it is certain that many others do not see it that way. Besides, everyone knows that the most conservative Imams have no sympathy for any and all forms of trading.

In the end, it will all depend on your own interpretation and your approach to the subject and you can make up your own mind by learning all the basics of trading.

We believe that this activity remains an excellent alternative, especially for the more moderate.

Cryptocurrency trading can be considered halal. Shariah principles, which are centred on social justice, responsibility, and ethics, can be applied to current crypto analyses because they transcend all forms of financial transactions. Trading or investing in crypto should not be considered to be against Shariah principles as long as there is no illegal conduct.

Bitcoin critics also contend that it is not legal cash since it is not supported by a central authority that assigns its value and enforces regulatory norms, and it is thus regarded as speculation. However, according to Islamic law, using a halal item for an unlawful purpose does not render the original thing halal.

Muslims now have the possibility to invest ethically thanks to the creation of Shariah-compliant cryptocurrency standards. Islamic organisations could profit greatly financially from Zakat and other gifts as a result of cryptocurrency investment and trading.

We've collected thousands of datapoints and written a guide to help you find the best Is Cryptocurrency 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 cryptocurrency trading halal below.

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Broker eToro XTB IC Markets AvaTrade Pepperstone Plus500 EasyMarkets SpreadEx Admiral Markets.com FXPro
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Risk Warning 67% of retail investor accounts lose money when trading CFDs with this provider. 74% 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. Losses can exceed deposits 72% of retail investor accounts lose money when trading CFDs with this provider CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 79.3% 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 72% 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 Losses can exceed deposits 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. 75.78% of retail investor accounts lose money when trading CFDs and Spread Betting with this provider
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eToro Risk Disclosure

eToro is a multi-asset platform which offers both investing in stocks and cryptoassets, as well as trading CFDs.

Please note that CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 67% 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.

Past performance is not an indication of future results.

Cryptoassets are volatile instruments which can fluctuate widely in a very short timeframe and therefore are not appropriate for all investors. Other than via CFDs, trading cryptoassets is unregulated and therefore is not supervised by any EU regulatory framework.

eToro USA LLC does not offer CFDs and makes no representation and assumes no liability as to the accuracy or completeness of the content of this publication, which has been prepared by our partner utilizing publicly available non-entity specific information about eToro.


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Is Cryptocurrency Trading Halal List

eToro
(4/5)
Min deposit : 50
Visit eToro Try a Demo Read review

eToro is a multi-asset platform which offers both investing in stocks and cryptoassets, as well as trading CFDs.

Please note that CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 67% 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.

Past performance is not an indication of future results.

Cryptoassets are volatile instruments which can fluctuate widely in a very short timeframe and therefore are not appropriate for all investors. Other than via CFDs, trading cryptoassets is unregulated and therefore is not supervised by any EU regulatory framework.

eToro USA LLC does not offer CFDs and makes no representation and assumes no liability as to the accuracy or completeness of the content of this publication, which has been prepared by our partner utilizing publicly available non-entity specific information about eToro.

eToro was established in 2007 and is used by over 20000000+ traders. 67% 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). Cryptocurrency availability with eToro is subject to regulation. Buying and selling real cryptocurrency assets may not be available in your country through eToro. Please check the latest information made available on their website.

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. 74% 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. Cryptocurrency availability with XTB is subject to regulation.

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), Dubai Financial Services Authority (DFSA), Dubai International Financial Center (DIFC),Financial Sector Conduct Authority (FSCA), XTB AFRICA (PTY) LTD licensed to operate in South Africa
IC Markets
(4/5)
Min deposit : 200
IC Markets was established in 2007 and is used by over 180000+ traders. Losses can exceed deposits IC Markets offers Forex, CFDs, Spread Betting, Share dealing, Cryptocurrencies. Cryptocurrency availability with IC Markets is subject to regulation.

Funding methods

Bank transfer Credit Card Paypal

Platforms

MT4, MT5, Mirror Trader, ZuluTrade, Web Trader, cTrader, Mac

Customer support

Live chat Phone support Email support

Account Types

Micro account Standard account Islamic account VIP account
Regulated by Australian Securities and Investments Commission (ASIC), Financial Services Authority (FSA), Cyprus Securities and Exchange Commission (CySEC)
AvaTrade
(4/5)
Min deposit : 250
AvaTrade was established in 2006 and is used by over 200000+ traders. 72% 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

Web Trader, MT4, MT5, AvaTradeGo, AvaOptions, Mac, Mobile Apps, ZuluTrade, DupliTrade, MQL5

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), South African Financial Sector Conduct Authority (FSCA), Financial Stability Board (FSB), Abu Dhabi Global Markets (ADGM), Financial Regulatory Services Authority (FRSA), British Virgin Islands Financial Services Commission (BVI)
Pepperstone
(4/5)
Min deposit : 200
Pepperstone was established in 2010 and is used by over 89000+ traders. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 79.3% 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 Pepperstone offers Forex, CFDs, Social Trading.

Funding methods

Bank transfer Credit Card Paypal

Platforms

MT4, MT5, Mac, ZuluTrade, Web Trader, 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), 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
Plus500
(4/5)
Min deposit : 100
Plus500 was established in 2008 and is used by over 15500+ traders. 72% 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 No Deposit fees/Commissions No hidden fees Competitive fees 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. Cryptocurrency availability with easyMarkets is subject to regulation.

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)
Admiral
(3/5)
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)
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)
FXPro
(3/5)
Min deposit : 100
FxPro was established in 2006 and is used by over 1866000+ traders. 75.78% of retail investor accounts lose money when trading CFDs and Spread Betting with this provider 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)

Learn more Learn more about eToro.
67% of retail investor accounts lose money when trading CFDs with this provider.