Assalamu alaikum,
I have noticed in regards to questions relating to funded trading firms, the general consensus is it is haram due to the forex aspect. However, I was wondering whether it would be halal to use funded trading for crypto. The firm offers leverage 1:100, so I believe spot trades are available. I haven’t done much research but here’s a firm I found if you have the time to do your own research.
Jazakallah.
https://cryptofundtrader.com/#programs
Wa alaykum salaam,
I am not convinced by the Shariah compliance of this. Even if they are funding, you would be using leverage which in most instances is designed in a non-compliant way. You would be executing deals and trades that are not compliant. Many of the instruments they have mentioned are non-compliant.
Further, initially it is a demo where you pay to make demo trades and then you are examined.
All in all, there is no Shariah governance of what you are trading, how you are trading, and the platform is not catered for Shariah compliance. Therefore, one should be extremely cautious and avoid such programmes.
Allah knows best
After enquiring with their team they’ve confirmed you can have 1x leverage trades (a spot trade) and also work with a private liquidity provider so coins are actually traded. In this case would it be halal?
Regarding the demo, is that haram in itself? Paying to take the test.
Jazakallah
Salam alaikum akhi, A few days ago I was talking to them and they told me that they trade under CFDs and that the leverage could not be lowered
is paying to do the demo trading test impermissible?