salam alaikum
I have a question regarding prop firm ( proprietary trading firms ) - funded accounts.
all of prop firms offer CFDs and Futures to trade on a demo account not a real live account ( so all the trades that I place are simulated and not real )
most of the prop firms have the following rules:
1-you pay a subscription fee for the account depending on the account size (for example 50,000 ) the subscription fee is 150 dollars
2- There is a profit target that must be reached to complete the challenge
(eg 3000, so account size should be 53000)
3-there is a maximum loss you must not exceed it. if you exceed it you fail the challenge
(eg -2,000, if you make your account reach to 48,000 you fail the challenge)
you are allowed to re-pay 150 dollars and re-enter the challenge as much as you want
4- after passing the challenge you get 90% of any profit you make
meaning if you make 1000 dollars profit you will get 900 dollars.
Is this kind of challenge permissible in Islam?
is profiting from impermissible market like CFDs or futures halal ?
knowing that all the trades that I place are simulated and not real.
and ( CFDs and futures derivatives ) derive their price from spot market ( permissible market ) so, all the knowledge and experience that I gain I can use it on sport market too.