Is Bitcoin Halal or Haram? What is Halal Bitcoin Trading?
As the world is moving towards digitization, the payment options are also changing. Among those digital options, bitcoin is one of the most popular cryptocurrencies in the world. With the total market capitalization of 160.94 B, it becomes important to know more about this cryptocurrency.
Concerning its popularity, as a Muslim and a Sharia follower, it becomes important to find out is bitcoin Halal or Haram? As thousands of people are trading and making money from bitcoins, it’s an important thing to figure out. You don’t have to worry about it, we have done the complete research for you.
At Halal Trading Brokers, we review multiple halal cryptocurrencies and brokers to make sure you only purchase and trade with a halal broker. Talking about bitcoins, this cryptocurrency has revolutionized the entire online payment system. Many companies have started giving salaries to their employees in BTC to promote digitization.
According to Islam and pious Sharia laws, anything that is being used as a medium of the transaction (as a replacement of cash) is Halal and it is sharia-compliant. It is fulfilling the purpose of a complete transaction chain and it’s Halal. Buying, selling and investment in Bitcoin is Halal but hoarding and earning interest (riba) over it is strictly prohibited in Islam.
In simple terms — If you are using bitcoins as a medium of transaction and for investment, bitcoin is Halal. And, on the other side, if you are using bitcoins to earn interest from it, it’s strictly prohibited.
What is Bitcoin and How Can You Buy and Sell (Trade Bitcoins) for profit?
Coming to the point of what exactly is bitcoin, here is the simplest definition for you — Bitcoin is a digital currency coined in the year 2008 by Satoshi Nakamoto. It is an electronic cash system just like any other online payment system. But, unlike other currencies, BTC was decentralized which means no government was having control over it. It was based on an autonomous model while a user will purchase BTC, he will get a private key that will prove his ownership.
This concept got worldwide popularity and it suddenly became the hottest online technology based on blockchain. Thousands of people are buying and selling (trading) in bitcoins to grow their capital in the right way.
Although BTC is Halal, you need to make sure you are only trading with Halal brokers. Wondering how to buy and sell BTC to make profits? There are many brokers all around that world that offers their platform to buy and sell products online. You can start performing trading in bitcoins to grow your capital fruitfully.
If you are getting started with it, seeing so many online options would be overwhelming. But, you don’t have to worry as we have done the complete review of trusted and verified Halal brokers. We at Halal Trading Brokers let all the Muslims and Sharia followers perform trading abiding by the pious laws and earn more in the right way of Allah.
Watch OUT – Some Bitcoin Brokers are Considered Haram and Strictly Forbidden
Bitcoin trading is popular but as a Muslim and a Sharia follower, you need to watch out fake and Haram bitcoin brokers. Many online brokers claim to be verified Halal brokers but they are not.
A haram broker will open your normal trading account in which you need to pay interest for holding the stock’s position overnight or performing any action on your purchased asset. In this condition, you will need to pay interest and commission as it is considered as Riba.
Riba is anything related to unjustified profit made by borrowing or lending money from the broker. If the situation is imposed by the broker or done voluntarily by the trader is considered as Haram and it’s strictly forbidden.
Allah has not restricted us from making more money but dealing with any kind of interest or commission is sin and considered as Haram in Islam. When you start trading with a Halal broker, they will provide you a special Islamic trading account by which you can start trading in a riba-free and in a Sharia-compliant way.
We at Halal Trading Brokers review online brokers all around the world to find the best one that sincerely follows all Islam and Sharia laws given by pious Muhammad Prophet. Get in touch with us using the contact form and we will connect you with the best Halal trader for bitcoin investment, buying and selling.
Contact us to get connected with Halal Bitcoin Brokers
The best and only way of trading in Bitcoins is by opening an Islamic swap-free account. We are connected with the largest Halal brokers and we would be very happy to connect you with them. Fill the contact form and get started with the fastest-growing online investment options.
Thousands of Muslims are leveraging bitcoin investment to grow their capital in the right way. By using an Islamic swap-free account, your broker won’t deduct any money from your account as a commission or roll-over interest for holding stock’s position overnight.
According to Islam, trading is not prohibited it done in the right way. Many people open a normal account and they end up paying excessive interest to the broker and it’s strictly haram. So, it’s better not to sign up from unknown brokers who are offering some joining bonus or something.
Many online unverified brokers trick users by offering bonuses or trail credits but you must avoid them as they are haram brokers. As a user, you don’t have to worry about it as we review multiple brokers all around the world.
Always Abid to Allah Laws – For Good Wealth and Health
Allah has given us pious principles for good wealth and health. As per our Islam, for good wealth, A Muslim should never forget to ask for Allah’s mercy for living his life on the holy path of worship.
Muhammad Prophet says — ask forgiveness from your Lord; verily He is Oft-Forgiving. He will send rain to you in abundance; And give you increase in wealth and children, and bestow on you gardens and bestow on you rivers.
فَقُلْتُ اسْتَغْفِرُوا رَبَّكُمْ إِنَّهُ كَانَ غَفَّارًا
Apart from this, Allah has shown us the way of gratitude for good health. According to Islam — Gratitude holds topmost importance in Islam for wealth. Allah has shown us the way of gratitude for earning good wealth. It defines:
وَإِذْ تَأَذَّنَ رَبُّكُمْ لَئِن شَكَرْتُمْ لَأَزِيدَنَّكُمْ ۖ وَلَئِن كَفَرْتُمْ إِنَّ عَذَابِي لَشَدِيدٌ
For good health, We must be able to accept our mistakes, big or small, we must acknowledge them. Repentance (Istighfar) is a very important part of our Dua’s. Allah is Gafur-Ur-Raheem. He accepts our repentance and forgives our sins. You should never forget to show gratitude for what you have. By doing this, Allah will give you more.
Coming back to bitcoin trading, many people confuse it with gambling but it’s not. Bitcoin trading is a smart investment option and thousands of Muslims are using it to grow their capital with us. Want to get started with Halal bitcoin trading? We are here to get you going. Contact us using the form and we would be very happy to help you.