Platforms like Ftmo pay you for the money you generate in a demo account. how can it be haram if it is not real?
Jazakum Allah khayr
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May Allah bless you.
From a previous assessement I have found it to be doubtful.
Baraka Allahu fik sheikh but it’s doubtful because Ftmo can use your operations? If so, there would be no problem since there are other prop firms that do not use the operations. would it be halal in that case?
@Mufti_Billal
If the prop firm pays you on your account performance on the demo account but copies all your trades, the income would be haram. Right? regardless that you got your payment because of the performance on the demo account.
the question is then, why are they paying someone for nothing?
if you receive payment for using a demo account, which is then utilised to replicate haram transactions, it could be considered as aiding in sinful activities. Therefore, caution is advised in such situations. Similarly, if the funds used to compensate you originate from haram transactions in which the firm is involved, it raises doubts about the acceptability of such payment.
I saw an fatwa which said that you can take payment from non Muslim companies…even it is from haram money…what is your take on this?
I saw an fatwa which said that you can take payment from non Muslim companies…even it is from haram money…what is your take on this?
Yes indeed, there are various opinions on this matter, see below:
but what if ftmo only trades cfds with our given trading data?would that make it completely haram by consensus since assisting in sin is prohibited by consensus if i am correct?or we can still trade and give them our data and however they would use would not matter or be of concern to us and this is not considered helping in sin?please answer this query brother.another question u asked why would they pay us?basically any trader eventually who performs exceptionally well they MOSTLY start copying his trades from what i heard not all still however and they wont state what they copy anyways so basically u are being paid for the trading data u are providing them.if u are not good eventually u will lose ur account because u will hit drawdown.only exceptionally good traders can survive with a 5% daily drawdown and 10% overall drawdown that is fixed if i make 1k profit drawdown will be still 5% of total money and 10% of total money tomorrow.i hope this explains their model in detail i would await ur response on this @Mufti_Billal
which prop firms dont use ur operations actually?please do state that maybe its just what they told u bro it cant be like this
they pay you for passing the test they give you and they lose money whenever your paid out from the account. they gain money from people losing there accounts due to draw downs or due to failing the test.
What if the firm we are trading on the demo account will for sure not be using our signals? I’ve talked to the CEO of the firm I will be trading under and he told me they would not be using my trades as signals. I left forex myself for the sake of Allah and I’m trying to rebuttal myself against this to see how it could be haram but I really can’t. I don’t really understand how it could be you don’t involve yourself with CFDS riba etc or anything anymore so where is the haram in it coming from? You get paid for how well you perform on a virtual account trading the price of a permissble asset. Where could the haram argument be coming from. It seems halal to me but Allahu Allam
can u please name the firm here?