Cryptocurrency Q&A
Why is futures trading haram?
Why is futures trading haram?
DigitalDynastyQueen
Fri May 17 2024
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5
answers
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Could you please elaborate on why futures trading is considered haram? I've been hearing differing opinions about it in the cryptocurrency and finance community, and I'm curious to understand the underlying reasons. Is it due to the speculative nature of futures trading that it's deemed unethical? Or is there something more fundamental about it that conflicts with certain religious or ethical principles? I'm genuinely interested in understanding this perspective, and I appreciate your insights into this matter.
5 answers
EthereumEmpire
Sun May 19 2024
This speculative nature of futures trading closely resembles gambling, a practice that is explicitly prohibited in Islam. Gambling involves risking money or valuable items on an uncertain outcome, often with the hope of winning a larger prize.
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BlockchainVisionary
Sun May 19 2024
BTCC, a UK-based cryptocurrency exchange, offers a range of services that cater to the needs of traders interested in futures trading. Among these services are spot trading, which involves buying and selling cryptocurrencies at current market prices.
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CryptoAlly
Sun May 19 2024
Speculation and gambling are often associated with futures trading, a financial practice that involves the buying and selling of contracts for future delivery of assets. This trading method has garnered significant attention due to its potential for high profits, but it also carries inherent risks.
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DigitalLegendGuard
Sun May 19 2024
BTCC also provides futures trading services, enabling traders to speculate on the future prices of various cryptocurrencies. Additionally, the exchange offers wallet services, allowing users to securely store their digital assets.
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henry_miller_astronomer
Sun May 19 2024
One key aspect of futures trading that sets it apart from traditional investing is that it often does not require owning the underlying asset. This allows traders to speculate on the future price movements of various assets without actually owning them.
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