Halal trading requires adherence to Islamic principles, especially in avoiding Riba (interest) and prohibited speculation. Here are some tips for halal trading on the Binance platform:
1. Choose assets that comply with Sharia:
- Avoid trading in assets that involve interest or are associated with prohibited activities (such as alcohol, gambling, pork, etc.).
- Focus on assets that represent real and permissible goods or services.
2. Avoid trading with leverage (margin):
- Trading with leverage may involve an element of Riba due to the interest incurred on loans. Therefore, it is preferable to trade without leverage.
3. Avoid Short Selling:
- Short selling is considered prohibited in Sharia because it involves selling what you do not own, which may lead to legal violations.
4. Actual delivery of assets (Spot Trading):
- Focus on actual trading (Spot Trading) where you buy and sell assets directly without deferring delivery.
5. Avoid excessive uncertainty and risk:
- Trading should be based on clear analysis and not just on guessing or high risks.
6. Handle cryptocurrencies with caution
- Cryptocurrencies are fraught with uncertainty and ignorance. Ensure you understand the nature of the currency you are trading and its legal ruling.
7. Adhere to Islamic ethics:
- Avoid fraud, market manipulation, or any unethical practices.
8. Use technical and fundamental analysis tools:
- Rely on technical and fundamental analysis to make informed decisions instead of relying on chance or guessing.
9. Avoid trading during times of heedlessness:
- It is advisable to avoid trading during times of extreme market volatility or when information is unclear.
10. Zakat:
- Calculate Zakat on your wealth if it reaches the nisab and a lunar year has passed.
Finally, halal trading requires awareness and responsibility, so make sure you understand all the technical aspects before starting.
Attached below is a picture of some suspicious currencies.
