We found 11 online brokers that are appropriate for Trading Is Cryptocurrency Trading Halal.
Currency trading is considered one of the important banking activities, especially in commercial dealings that govern major markets in financial transactions.
The fact that currency 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.
Currency trading is the basis of work of many, especially through Forex 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 Forex 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.
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.
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.
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.
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. You can go straight to the broker list here.
There are a number of important factors to consider when picking an online Is Cryptocurrency 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.
We compare these features to make it easier for you to make a more informed choice.
Here are the top Is Cryptocurrency Trading Halal.
Compare Is Cryptocurrency Trading Halal min deposits, regulation, headquarters, benefits, funding methods and fees side by side.
All brokers below are is cryptocurrency trading halal. Learn more about what they offer below.
You can scroll left and right on the comparison table below to see more is cryptocurrency trading halal that accept is cryptocurrency trading halal clients
Broker |
eToro
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XTB
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AvaTrade
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Plus500
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EasyMarkets
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SpreadEx
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City Index
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Markets.com
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Admiral
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FXPro
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Trade.com
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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) | 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) | 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), Monetary Authority of Singapore (MAS) | Cyprus Securities and Exchange Commission (CySEC), Financial Sector Conduct Authority (FSCA), Financial Conduct Authority (FCA), Australian Securities and Investments Commission (ASIC) | 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) | Cyprus Securities and Exchange Commission (CySEC) |
Min Deposit | 200 | No minimum deposit | 250 | 100 | 100 | 1 | 25 | 250 | 200 | 100 | 1 |
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Used By | 20,000,000+ | 250,000+ | 200,000+ | 15,500+ | 142,500+ | 10,000+ | 14,000+ | 10,000+ | 10,000+ | 10,000+ | 10,000+ |
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Platforms | Web Trader, Tablet & Mobile apps | MT4, Mirror Trader, Web Trader, Tablet & Mobile apps | Web Trader, MT4, MT5, AvaTradeGo, AvaOptions, Mac, Mobile Apps, ZuluTrade, DupliTrade, MQL5 | Web Trader, Tablet & Mobile apps | MT4, Web Trader, Tablet & Mobile apps | Web Trader, Tablet & Mobile apps | MT4, Web Trader, Tablet & Mobile apps | MT4, MT5, Web Trader, Tablet & Mobile apps | MT4, MT5, Mac, Web Trader, Tablet & Mobile apps | MT4, MT5, cTrader, Tablet & Mobile apps | MT4, Web Trader, Tablet & Mobile apps |
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Up with tradecom |
Risk Warning | 67% 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. | 72% 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 | 75% of retail investor accounts lose money when trading CFDs with this provider | 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. | Losses can exceed deposits | Your capital is at risk | Your capital is at risk |
Demo |
eToro Demo |
XTB Demo |
AvaTrade Demo |
Plus500 Demo |
easyMarkets Demo |
SpreadEx Demo |
City Index Demo |
Markets.com Demo |
Admiral Markets Demo |
FxPro Demo |
Trade.com 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 | BE, BR, KP, NZ, TR, US, CA, SG | MY, BE, US, CA, CN, ID, PH, TG, NG, DO, MA, ZW, PR, TZ, TN, UG, BW, AO, AE | US | US, TR | 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 | RU, BR, CH, ZA, SG, JP, US, CA, BE, IL, TR, NZ, MY, SY, TH, ID, IR, IQ, HK, PH, PR | US, CA, JP, SG, MY, JM, IR, TR | US, IR, CA | AU, BE, CA, CN, Crimea region, CY, CU, of CG, ER, HK, GW, IQ, IR, JP, IL, LY, NZ, CY, KR, PR, SG, SO, SD, SYn Arab, TR, US, VI, US |
You can compare Is Cryptocurrency Trading Halal ratings, min deposits what the the broker offers, funding methods, platforms, spread types, customer support options, regulation and account types side by side.
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We have listed top Is cryptocurrency trading halal below.