The accounts that the Olymp Trade platform offers its users from Muslim countries meet all the requirements of Islam.
The Olymp Trade trading platform unites hundreds of thousands of traders from all over the world. Not only the high quality standards of the platform attract the users, but also the fact that the broker always meets the needs of the customers and creates a truly comfortable trading environment.
Especially for traders from Muslim countries, accounts on the Olymp Trade platform were brought into line with the requirements of Islam. Now any Muslim user can learn about the business opportunities offered by the foreign exchange market — forex.
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The main barrier between a Muslim and forex is a common misconception that trading in this market is gambling.
Forex is not a gamble
Unlike gambling, where everything depends on chance, international cash flows are subject to the economy, in particular – to the law of supply and demand. An investor does not use a chance or intuition, but a trading strategy that helps him seize the moments of possible gain.
On the Olymp Trade Forex platform, anyone can learn the principles of forex trading, basic trading strategies and common analysis tools for free.
Lack of swap
The platform users do not have to pay the swap, which depends on the interest rate of the central bank of the country that issues the currency. For keeping a position open overnight on Olymp Trade, the investor pays a fixed fee. The amount of charge is known in advance and does not depend on the bank’s interest rate. Thus, the trader knows the total cost of the position even before he opens it, no matter what kind of investment horizon he sets.
Real markets and prices
A user executes trades in the spot-market, that is, with real goods. We understand that in Islam there is a ban on working with contracts involving deferred supply of goods (for example, futures or forward), therefore we offer traders to work only in a real market.
A trade is executed at the market price formed by other foreign exchange market makers. A chart indicates the real balance of the asset value. Working with such a price fully meets the requirements of Islam.
Trades are not time-limited, which means you can make investment decisions without concern for such factors as futures expiration (ie, the expiration of its circulation).
There is no common opinion on the foreign exchange market in Islam. Some people consider forex a game, and others do not accept taking part on trading due to the close connection between currencies and loan interest.
The mechanisms that determine the compliance of one or another trading aspect with the requirements of Islam are quite complex. However, for those who want to try their hand at trading in the foreign exchange market, the Olymp Trade broker presented a high-quality trading platform that meets the most exacting standards.