Olymp Trade’s platform offers Muslim users opportunities to trade forex that meet all Islam’s requirements.
Our trading platform has attracted thousands of traders from across the globe. Users not only love our platform due to its high quality standards, but we also ensure that we always meet the requirements of our customers and have created a trading environment that is truly comfortable.
Olymp Trade platform accounts have been brought in line with Islam requirements, specifically for traders from Muslim countries. This makes it possible for Muslim users to learn more about business opportunities presented by the forex (foreign exchange) market.
The main reason why Muslims often don’t want to trade forex is because of the common misconception that forex trading is gambling.
Trading Is Not Gambling
With gambling, every outcome depends on chance. This is not the case with forex as cash flows internationally are governed by the economy, more specifically, the laws of supply and demand. Investors don’t rely on intuition or chance, but use trading strategies that allow them to identify market conditions where they can possibly make a profit.
By using Olymp Trade’s Forex platform, our clients are able to learn how to use common analysis tools, basic trading strategies and general forex trading principles for free.
No Swaps
The users of the platform don’t have to pay swaps, which depend on the interest rates as defined by the country that has issued the currency’s central bank. If a position is to be kept open on the platform overnight, a fixed fee is payable. This fee is known beforehand and has no link to the interest rate of any bank. Traders therefore know the position’s total cost, even before it is opened, irrespective of the level of investment horizon they set.
Real Prices and Markets
When traders execute trades in spot-markets, they are trading with real goods. As Islam bans working on contracts that involve the deferred supply of goods, e.g. futures or forwards, our Muslim traders only work in the real market, i.e. the spot market.
Trades are executed at market prices that are determined by other users of foreign exchange markets. A chart is used to indicate the actual value of the asset. Working with these prices fully meets Islam requirements.
Trades are not limited by time, allowing you to make decisions on investments without having to worry about factors such as futures expiration, i.e. its circulation expiring.
In Islam, opinions on trading the foreign exchange market differ. Some individual see forex as a game, while others don’t accept participating in trading due to the close link between loan interest and currencies. The mechanisms that are used to determine whether various aspects of trading comply with Islam’s requirements are very complex. For those who want to trade in the forex market however, Olymp Trade’s platform presents a high-quality option that meets exacting standards.