How do Islamic forex accounts differ when trading digital currencies?

1 answers

• Apr 30, 2022 · 3 years ago
  Islamic forex accounts differ from regular forex accounts when it comes to trading digital currencies. In Islamic finance, interest-based transactions are not allowed, which means that any overnight positions in digital currencies are prohibited. Islamic forex accounts also require the use of a trading platform that complies with Islamic finance principles and avoids any haram activities. This ensures that Muslims can participate in the digital currency market while adhering to their religious beliefs. It's important to note that not all forex brokers offer Islamic forex accounts, so it's necessary to find a broker that specifically caters to Islamic finance principles when trading digital currencies.
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