Your question is excellent and very precise:
Is trading futures contracts without leverage permissible in Sharia or not?
Let me answer you with great focus:
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The brief answer:
Even without leverage, trading futures contracts (Futures) remains a significant Sharia issue, and most scholars prohibit it.
Why? For main reasons:
1. Selling what you do not own:
In futures contracts, you agree to buy or sell something in the future that you do not own now. This is prohibited in Sharia ("Do not sell what you do not possess" - a valid Hadith).
2. Deferred receipt:
Sharia-compliant sales require immediate delivery of the goods or the price, or under certain conditions. As for futures contracts, both delivery and receipt are deferred (prohibited).
3. High risk (Gharar):
Even without leverage, futures contracts involve a considerable amount of uncertainty (Gharar), and Gharar is prohibited in Sharia.
4. The nature of the contract itself:
The contract is designed for speculating on prices rather than for actual exchange of goods or currencies. This is close to 'gambling' in essence.
An important note:
Some contemporary scholars have said:
> If the contract leads to the actual delivery of the currency, and it involves legitimate receipt (real and not theoretical), and there are no other prohibitions, it may be permissible under strict conditions.
But this is very rare in cryptocurrency platforms. The majority involves trading price differences (CFD) rather than actual delivery.
In summary:
> Trading futures contracts in cryptocurrencies — even without leverage — remains mostly prohibited in Sharia, except under difficult conditions that are usually not met in practical reality.
The best and safest for you:
Stick to spot trading where you actually buy the currency and hold it.
