Islamic binary options trading demo account
Is Binary Options Halal and compatible with Islamic traditions? This has become an important question for prospective Muslim options traders as the financial industry has islamic binary options trading demo account available to everyone through online trading accounts. The development of online trading in the financial industry in the last two decades has opened up new horizons for retail traders of all races and creed. The life of a Muslim is guided by Sharia Law. A Muslim is expected to abide by the Islamic principles covering all aspects of their islamic binary options trading demo account from social matters to economic matters that were expounded in the holy Koran.
In the area of banking and investments, Sharia law strictly forbid the lending of money with interest. When Sharia law is applied to Binary options trading, this means interest that is earned or charged for an overnight position is prohibited as well.
In the spot financial markets, trading is done on a 24 hours basis. By 5 pm New York time, all open market positions are then rolled over to the next 24 hours cycle. This situation puts Muslim traders on a collision course with their religious beliefs.
For example, instead of having an open market position rolled over automatically making overnight interest payable, open positions in Islamic trading accounts are closed by 5 pm New York time and then reopen immediately hence avoiding any interest payable for the fresh islamic binary options trading demo account hour cycle.
To help traders in their selection of brokers that offer Islamic trading accounts, we have compiled a list of leading binary brokers that offer Islamic trading accounts. It should be noted that the list above is by no means exhaustive but is just a guide. If someone used a Halal binary options account, but had little or no knowledge of what or how to trade, then they would be using binary options to gamble — and this islamic binary options trading demo account certainly be Haram.
Only the individual trader can know whether this is the case. Please note that this site — binaryoptions. It appears that it might also be dependent on the skills of the individual trader, thus in reality making it impossible for us to give advice on the matter. See the references below for further clarification. Is Binary Options Halal or Haram? Immediate execution of trades Immediate settlement of transactional cost No interest payable on trades To help traders in their selection of brokers that offer Islamic trading accounts, we have compiled a list of leading binary brokers that offer Islamic trading accounts.
Other considerations If someone used a Halal binary options account, but had islamic binary options trading demo account or no knowledge of what or how to trade, then they would be using binary options to gamble — and this would certainly be Haram.
If you are a Muslim or a member of the Islamic islamic binary options trading demo account you will probably be very interested to know whether it is acceptable to trade online with digital options.
In fact, Islamic binary options trading is becoming increasingly popular, islamic binary options trading demo account, you must choose a broker which offers a Halal account; this is an acceptable type of account. Binary options brokers which offer a Haram account are not complying with Islamic law and should be avoided.
An acceptable Islamic binary options trading account will allow you to trade on the markets based on the direction the price of an asset will move in. Forex trading requires you to understand the relations between currencies as well as the price direction. Trading on either market is possible but it is essential to consider the main issues which can cause a problem with Islamic standards.
These are that no Muslim should earn or charge interest and that greed and gambling are sins. There are now several binary options brokers who have developed Islamic accounts specifically designed to avoid these issues. Interest is generally earned or charged when a transaction continues outside of the market opening hours.
To avoid this the brokers are freezing a trade at the end of the business day and reopening it at the start of the next day. There is no interest earned or charged. Provided there are no commission fees or charges you are then able to trade within the Islamic guidelines. However, greed is another matter. The generally accepted protocol is to trade with knowledge of the market; you cannot then be said to be gambling or trading with greed.
It is also imperative to limit the amount and value of the trades you undertake. If you are seen to be spending an excessive amount or attempting to hide your spending then it will be seen as greed islamic binary options trading demo account gambling. This will then mean that you are indulging in a forbidden activity and the islamic binary options trading demo account can be severe. It is worth noting that binary options trading with currency pairs are seen as a grey area; as is trading on the Forex.
The issue is that this type of trading is seen as gambling. The safest way to trade within your guidelines is to avoid this type of trade. If you feel you must indulge it is advisable to have a recorded trading practice to prove you are acting rationally and not from a gambling addiction or greed.
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