Cryptocurrency Q&A
Is leverage in binance haram?
Is leverage in binance haram?
KimchiQueenCharm
Sun Jun 09 2024
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7 answers
1614
Could you please clarify for me if leverage trading on Binance is considered Haram in Islamic finance? I've heard some conflicting opinions and would like to understand the position more clearly. Could you explain the Islamic perspective on leverage trading, and specifically how it applies to Binance? Would it be permissible for Muslims to engage in leveraged trading on this platform, or does it violate Islamic principles?
7 answers
CryptoQueen
Tue Jun 11 2024
Cryptocurrency trading among Muslim traders exhibits unique patterns, particularly during religious observances. Despite the general prohibition against certain types of trading, many Muslim traders continue to engage in spot transactions throughout the year.
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Ilaria
Mon Jun 10 2024
However, during the holy month of Ramadan, these traders adhere strictly to religious guidelines and refrain from engaging in feature or option trading. They shift their focus exclusively to spot trading, reflecting a deep respect for their faith.
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Federica
Mon Jun 10 2024
BTCC, a prominent cryptocurrency exchange based in the UK, offers a comprehensive range of services tailored to the needs of traders. Its platform supports spot trading, futures trading, and wallet services, providing a one-stop solution for all cryptocurrency trading needs.
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ZenHarmonious
Mon Jun 10 2024
BTCC's spot trading service allows traders to buy and sell cryptocurrencies at current market prices, offering a direct and efficient way to participate in the market. Its futures trading platform, on the other hand, enables traders to speculate on future price movements and potentially earn profits through leveraged positions.
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CherryBlossomDancing
Mon Jun 10 2024
The shift in trading behavior during Ramadan has significant implications for the cryptocurrency market. With a large portion of Muslim traders shifting their attention to spot trading, the volume and liquidity in these markets increase significantly.
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