I hope that you could answe this question I have. I dont want to partake in this if its Haram and its quite important I do see if its Halal or not.
There is a compnay called FTMO. Essentially, it allows you to trade Forex,metals,indicies, crypto etc. You essentially pay a deposit fee to take part in theor trial process and then if you pass the trial you are guranteed to trade for them. I know that forex is Haram due to the settlement date issue and leverage aswell as the overnight intrest charge. I have spoken to them and I am allowed an islamic account (no overnight charge/rollover ) and I can request the account be made into a 1:1 leverage. So if I dont do Fx trading but do the metals and crypto( like BTC) through this route. If I pass they would provide me with a demo account and then any profit I make is split into a 70-30 split to me. Additionally the deposit fee I payed will get refunded back to me along with the first months profit.
So my question is, would earning money like this be considered Halal or Haram.
Heres a link to the website and I can provide screenshots of them stating that I can get a 1:1 account with no overnight position.
Forex is generally not Shariah compliant. Even the so-called “Islamic” accounts are not free from problematic elements. Metals are generally traded through CFDs which are not compliant. Conventional Indices are not Shariah compliant as they also use prohibited investments to gain exposure to the indices. Cryptos need screening before any investment.
Given the above, I would be very concerned of such a platform if there is no Shariah review and screening of investments on this platform.
Assalaamu alaykum,
They dont do all cryptos they do a few like btc nd ltc. Which are halal from wat i have heard. Additionally although the islamic account on its are not halal but if I have a 1:1 leverage on that account then could that be permissible?
jazakallahu khairan brother Danial, I have similar question. please help us answer the FTMO question considering the points highlighted; no leverage and no swap
Assalaamu Alaykum,
Could you please tell us about trading stocks with FTMO ?
I have learned that 's a DMA ( direct market access). what’s you opinion ?
Jazakoum allah kahyran
@Mufti_Faraz_Adam in FTMO trading a trader does not trade with real money , so his account is with demo money(no real postions in market) and they have an algorthim which chooses which trades to copy so either they copy trades or not the trader will get paid if he is profitable , so they are copying the traders postionis but when FTMO trades they participate in leverage and in margin , is for us allowed to get paid like this .
DMA Trading or Market Maker CFDs | Contracts-For-Difference.com dma basically broker places order on ur behalf in the market.its not like traditional cfd.but they wont respond.did not respond to me yet.its questionable because u still cant withdraw the asset but at least its being bought on ur behalf and its considered a agency contract.some allowed it after i explained it to them but some said the condition that u cant withdraw the funds is invalid however the money earned will be halal.so it i better to avoid it.but if it involves leverage thats loan.this changes things.but if its just ur money only and u are trading it via that i gave u the answer that i got from several knowledgeable people after talking with them in detail.personally as long as u and the second party ( the agent ) agrees in this.i dont really see anything wrong in this at the moment though but do ur own research also but leverage is loan thats different…
Brother Hamza. I want to contact you, I read some of your replies but I cannot contact you in this website. There’s no option to do that. Can I contact you if there’s no problem? Thank you in advance. (My username in this website is my username in all plateformes of social media FB, IG, TG, …)
