Islamic accounts available in binary options
Muslims have always been great traders; they are known to have circumnavigated the globe and struck deals around the world. However, their culture is different from that in the western world. They have their own set of principles and will always follow the guidelines established by their religion; even in business matters.
The average binary trader can earn interest by trading overnight or over the weekend when the markets are closed. This is an important strategy and must be available to any trader. However, Muslims are forbidden from earning interest in any form; this means that a Muslim trader needs a special Islamic binary options account to ensure they do not fall foul of their religion. As awareness of this issue rises, more and more brokers are offering the ability to trade without incurring any interest charges or even earning interest.
Brokers who are offering an Islamic binary options account understand the importance of no interest being charged or even earned.
This is a principle which is integral to the Muslim belief system. It is a reflection of the religious belief that giving should be done without expecting reward. In response to this the brokers are offering accounts which operate in much the same way as the traditional accounts but which are specifically designed to avoid the scenario of interest.
This is often tied in with closing trades before the end of the day or pausing them overnight. If you wish to utilize an Islamic binary options account you will need to understand that a halal account is one which is allowable under the Muslim guidelines, whilst a haram account is forbidden.
A Halal account needs to operate on an instant basis; there can never be a delay which provides the opportunity to earn interest. Equally, any profit generated must be immediately placed into the client account to prevent it earning interest. It is also important to ensure that all payments are completed in one transaction and no interest has been earned or charge by any of the parties involved in the transaction.
It is also important to recognize that a halal binary options broker will not allow you to bet or take chances with your funds; this is also forbidden by Islamic law. It is essential to understand the market you are speculating in and trade with caution at all times.
This means using self-control, utilizing all possible price charts and economic information and observing other traders. It does not mean undertaking risk free trades which are likely to make you take a chance. You must also be prepared to share your trading information with your family and other interested parties. Trying to trade when you are emotionally disturbed or simply to increase your wealth is strictly forbidden by Muslim law. Equally not informing your family of your trades can be seen as a neglection of your duties under Islamic law.
This also means you should not trade if you are addicted or if you are simply trading in an attempt to recover initial losses.
It goes without saying that you can never borrow funds to start trading. This is something which should apply to all traders not just those operating under Muslim law. There has been a gradual increase in the number of brokers offering Islamic binary options accounts. In general these accounts are created to run alongside the traditional style account and offer access to all the same features; except for anything which goes against Muslim law. We have selected 3 brokers that we believe are leaders in this field.
Here it's very easy to open such account. This means that you can open digital options indefinitely without being the subject to any additional charges and fees. Banc De Binary knows how important the principal of Hibah is to its Muslim customers. This broker facilitates donations and do not charge or take fees on percentage of profits which are made as a donation to various organizations.
The company offers Islamic trading accounts that comply with Shariah Law. This trusted broker permits traders to open positions without getting charged interest or fees for doing so. Startoptions does not charge for any additional fees associated with these accounts type. It is a great place to sign up and open an Islamic account if you are looking for this type of trading environment. This is not just another trusted broker that offers Islamic accounts with reliable platform. The features that are included are innovative and attractive.
In our opinion, we have provided in this article, 3 great brokers that offer Islamic accounts. You have the variety and you can choose where to open your Islamic account.
It is always a good idea to open accounts with more than 1 broker. We hope that you can make really huge profits and know that everything is Halal!