Trading cyrptocurrencies

Investment Questions and Chats Crypto
#1

@Mufti_Faraz_Adam I am new to cryptocurrency and tokens, and I was wondering if it was halal to use Ethereum, BTC, HBAR and LTC for trading. I read about them and learned it was OK to use them for transactions, but I want to use them for trading like HBAR to dollars or BTC to euros just like trading between dollar and euro. My question applies to day trading and trading as a long-term investing like staking?

I couldn’t find an answer to whether it was halal. Can you please inform me about that?

Moreover, are there any platforms that I can use to trade? I know there are many platforms, but I’m worried that they might not be permissible since they include interest.

#2

Wa alaykum salaam,

BTC, Ethereum and LTC are fine in principle.

It is permissible to exchange these Cryptos with Fiat currencies.

In terms of platforms, there are quite a few. Coinbase and Binance are common platforms. Another platform is Fasset.

HBAR I have not looked at so I cannot comment on the Shariah compliance of it as of yet.

2 Likes
#3

Assalamo alaykoum,

Thanks a lot for your answer. It really helped me. I was wondering if the same thing applied to DOT, LINK and ETJ (Are they permissible, too when it comes to trading with Fiat currencies-both short and long term?).

Also, is there anyone who can help me about whether HBAR was permissible for exchanging with Fiat currencies?

#4

Salam warahmatulah ! Did you find answers if HBAR is permissible, cause I would like to know also ? Can you tell me if you have source ? Barakalahu fik brother !