Forex, or the FX market, is the financial market for currency pairs. Such as EUR/USD, XAU/USD, GBP/USD etc. So, the market’s technicals are the same as those of the crypto market.
I have clarified everything about future trading. Before saying anything forex, let’s see some things:
• Leverage: Leverage, as you all know, is the form of the loan. You have to pay interest while repaying, which is pure form of rib
a, and it’s Haram. If you can keep interest zero, then there is no problem.
• Swap: (The interest you pay for keeping your position overnight) You have to pay interest when you want to keep your position overnight If you are trading with a pair of US dollars, the exchange will pay you If you are trading against the US dollar, you have to pay the broker, which is a form of interest and completely Haram If you can avoid this, then forex trading is Haram Swap-free accounts are halal.
• Gamble: the people invest their money without knowing the fundamentals or technicalities That is haram and a pure form of gambling. • Future trading: This is completely Haram ANY TRADING (COMMODITIES, FOREX, STOCK, CRYPTO, INDICS) ARE HARAM IF YOU ARE DOING THE GAMBLE INVOLVING INTEREST(RIBA) AND FUTURE TRADING.
You can use shariah-complaint swap-free accounts to trade forex, which is halal.
