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If you are a Muslim or a member of the Islamic community 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, but, 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 or gambling. This will then mean that you are indulging in a forbidden activity and the penalties 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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