As the world moves toward digital investments, Bitcoin is emerging as one of the best popular investments in recent years, and it is the best performing Cryptocurrency since its inception so far. With a total market capitalization of $665 billion, it has become important to know more about Bitcoin and how to trade it in the right and successful way.
Because of its growing popularity around the world, it has become important to know the answer to the question “Is Bitcoin Halal or Haram?”. With millions of Muslim traders around the world heading to the Cryptocurrency market, especially Bitcoin, it has become necessary to research this topic to ensure that Bitcoin trading is Halal or Haram in Islam. You don’t have to worry about that, we’ve done the full research for you.
At Halal Trading Brokers, we review many of the world’s most popular cryptocurrencies and Halal trading brokers to ensure that you only buy and trade bitcoin and cryptocurrencies with a Halal broker. Although more than 2,000 Cryptocurrencies have appeared in the market now, Bitcoin is still the most popular in the digital markets. For Muslim traders, the question arises as to whether Bitcoin trading is Halal or Haram according to Islamic Sharia principles, and we will discuss in this paper how to trade Halal Bitcoin under Islamic law.
According to Islam and the principles of Islamic law, anything that is used as a medium of the transaction (as an alternative to cash) is Halal and compliant with Islamic law. It achieves the purpose of an integrated chain of financial transactions and this matter is Halal in Islam. Buying, selling, and trading Bitcoin are Halal, but taking interest (Riba) in it is strictly Haram in Islam.
For Muslim scholars, trading Bitcoin is Halal, and also trading in the cryptocurrency market is Halal, because the concept of blockchain and cryptocurrency is inherently anti-interest. Islamic laws are also anti-interest, so blockchain technology and buying bitcoin and other Cryptocurrencies through it is Halal.
In simple terms – if you use bitcoins as a medium for transactions and investment, then Bitcoin is Halal. On the other hand, if you are using bitcoins to earn interest from them, this is strictly Haram.
What is bitcoin and how do you trade bitcoin for profit?
Here is the simplest definition of Bitcoin – a digital currency created by “Satoshi Nakamoto” in 2008. It is an electronic cash system just like any other online payment system. But, unlike other fiat currencies, Bitcoin is decentralized which means that there is no government in control of it.
This concept gained worldwide popularity and suddenly became the most popular technology in the internet world due to the revolutionary blockchain technology. Millions of people around the world buy and sell (trade) Bitcoin to grow their capital in the right way.
Even though Bitcoin is Halal, you need to make sure that you are only trading with Halal brokers. If you are thinking of trading Halal Bitcoin for a profit, there are many brokers around the world offering their platform to buy and sell products online in a Halal way. You can start trading Bitcoin to grow your capital productively with Halal Broker brought to you by Halal Trading Brokers.
Beware of Haram Bitcoin Brokers
Bitcoin trading has become one of the most popular investments, but as a Muslim and Sharia-compliant, you should avoid the Haram and fake Bitcoin brokers. Many online brokers claim to be Halal-certified brokers, but they are not.
Haram Broker – The Haram broker will open a normal trading account in which you need to pay interest in exchange for holding a position on a particular financial asset until the next day, or even if you want to take any action on the purchased assets. In this case, you will need to pay interest and commission and this is forbidden in Islam because it is (Riba).
Riba is all about gaining unjustified by borrowing or lending from a broker. If the position is held for a specific transaction by the broker or the trader keeps it, then this is considered Haram in Islam.
Halal Broker – When you trade with a Halal broker, they will provide you with a special Islamic trading account where you can start trading in a Riba-free and Shariah-compliant manner.
We at Halal Trading Brokers review online brokers all over the world to find the best Halal brokers who faithfully follow all Sharia Laws. Leave your contact details below and Halal trusted broker ToTradeGlobal.com will contact you soon.
Find Halal brokers through us
The best and only way to trade in Halal bitcoin is to open an interest-free Islamic account. We are in contact with the largest Halal brokers and will be very happy to connect you with them. Leave your contact details below and Halal trusted broker ToTradeGlobal.com will contact you soon.
Thousands of Muslims are taking advantage of Bitcoin investing to grow their capital in the right way. With an Islamic interest-free account, the broker will not deduct any funds from your account as a commission or revolving interest for holding a position or trade for the next day.
Many people open a normal account and end up paying interest to the broker and this is forbidden (Haram). Therefore, it is better not to sign up from unknown brokers that offer some welcome bonus or others. You don’t have to worry about that, because we provide comprehensive reviews of the best Halal and approved brokers around the world.