Business

A guide to ettoro trading company and forex trading in Islam

Online trading:

These days online trading has become very common and accessible. Anyone from anywhere in the world can start his business online without investing so much money and time. Indeed, trading and business have become so convenient these days that any student, who is working as a part time trader, can earn a lot of money. They just need some basic guidance. You need to make an account and then log in. Some online brokerages also offer you a demo account.  Online trading is way better than offline trading but you must be aware of scam as with technology, scams are common as well.

Take risk and learn through experience:

To start a business online, you need to find a good broker, which can fulfil your requirements. There are so many kinds of brokers online, so it can be tough to choose the best broker for yourself. Remember that the selection of a good broker comes with your individual experience. So don’t be afraid to start. However, you must invest in those brokers who offer less deposit. You can always take guidance from those who have been trading online successfully.

What is etorro ?

etorro is a fantastic Israeli trading company among many other online trading companies. It’s headquarter is in Tel Aviv-Yafo, London, Limassol. So far, it has provided a great and trustworthy community for the traders. The system of eToro is transparent and novice traders would enjoy their time with eToro. The company is regulated with FCA and CySec and your funds are protected by industry. They never share your private information, which is another great step. You can connect with other traders and discuss your issues. There are more than 1200 employees in eToro.

When was it founded?

eToro was founded in 2007 and now the company is working with over 140 countries all around the world to promote its network. The broker is licensed, and it has several divisions as well. The representation office is in Australia and the United States of America. An important thing to remember when trading with eToro is that it works with an eToro account only if it’s connected to the Traders Union website. Compared to other platforms, eToro is socially oriented.

Advantages of trading with eToro:

eToro offers you many advantages and you will love trading with eToro. Some benefits are provided below:

  • The minimum transaction of eToro is $1 for copying. The minimum transaction so far.
  • The monitors are independently regulated.
  • Apart from the CFDs, now it’s possible to buy shares at once.
  • Passive investment

Disadvantages of eToro:

With advantages, some disadvantages come as well. Some are below:

  • There is usually a technical failure in the execution of the system occasionally.
  • eToro lacks most popular trade platforms like MetaTrader 4 and as well MetaTrader 5 in CIS and Europe.
  • If you are withdrawing funds, then there is commission.
  • Sometimes you might encounter impolite support staff.
  • The website is very inconvenient.

CopyTrader and CopyPortfolios:

A System of CopyTrader is introduced for transactions which allows you to copy the actions of other traders. With trading, the better it is, the more profit you will earn. The investor analyses the strategies of trading, takes risks, and can attach more links to his account. Another unique strategy is CopyPortfolios, which offers you the ready-made investment. Overall, eToro focuses on social trading more. It provides you an easy way to trade yet it has some flaws because perfectionism doesn’t exist.

The affiliate program:

Another important and unique program is that after registration, as a partner, you can get beautiful banners, widgets, and leading pages for free. The personal account shows these details.

is forex trading haram in Islam?

Is forex trading halal or haram in Islam? This is the question that seems simple yet is very important for the Muslims. According to Islam, anything is harms unless it is the teaching of the Quran. The activities like gambling and riba are Haram in Islam. Trading isn’t something bad in itself as Holy prophet Muhammad (P.B.U.H), was a trader. But unless it includes riba or gambling.

Forex trading consists of both gambling and riba, so many scholars have considered it Haram. However, not all forex brokers use riba and gambling. For this, there are many Muslim forex is an example. There are also many conflicts on short selling and Islam.

Forex trading and Usray:

In Islam, unury or ribs is a business contract that includes the amount of interest. According to the Holy Quran:

“God deprives interest of all blessings but blesses charity; He loves not the ungrateful sinner.”

Forex brokers also add interest which is basically known as swap communism. This is same as interest, so in the light of above mentioned facts, forex trading isn’t haram in Islam.

There is an Islamic swap account as well. But to put it in a nutshell, Islamic forex accounts, which follow the laws of shariah, are appropriate for the Muslims to use. Below are the best Islamic swap accounts to follow if you are planning to research trading by forex.

  • MX Islamic Account
  • AvaTrade Islamic Account
  • FP Markets Islamic Account

How to log in Islamic Account?

In XM broker, you can open your account by following these three simple steps:

  • Log in as a member and register your account with the XM broker.
  • Request to convert your account into the Islamic trading one.
  • XM broker will shift your account to the Islamic one as soon as they receive your request.

Conclusion:

Online trading is certainly a great platform for those who are physically disabled and as well as for teens who are studying. As a novice trader, you must try going with eToro and make sure to follow their terms and requirements. No trading broker is perfect, so there are some flaws in the eToro company as well. However, the founders are trying their best to improve it. If you are a Muslim, and looking forward to online trading, based on shariah then you must follow the Islamic trading accounts.

Related Articles

Leave a Reply

Back to top button