Question

Is cryptocurrency day trading halal or haraam?

As in crypto, you received and give money or crypto immediately. Just on the spot. The moment I clicked on buy, my money deducts and I get my desired crypto and vice-versa.

I know about short selling. Its haraam and I dont do it, rather I do spot trading i.e. buy or sell on the spot and takes its possession (By possession I mean I can sell it keep it or do anything with it without anyone enforcing like in short sell)

As we do it on Exchanges (like money exchanger) fot example binance etc , it gives us and takes money immediately. And now I can do anything with my coins, can sell it can give it to someone else can use it to buy anything. It means I have complete possession of it. I am telling all this so if I am wrong anyone please correct me.

So my question is . Can I day trade on this ? Like buy one crypto in the morning and after few hours I sell it if its worth increased or keep it if not.

As DR ZAKIR NAIK said buying STOCKS for short term like few dsys weeks etc is SPECULATION and GAMBLING

So is this Speculation too ????? Please guide.

Thank You. May Allah guide us and grant us all Jannat-ul-Firdaus without the Hisaab.

Answer

Contemporary scholars have differing opinions in relation to trading in crypto currencies. Some have argued it to be permissible whilst others have argued otherwise. We do feel that there is scope for permissibility, however, as the matter requires an in depth study we are not yet in a position to issue a ruling. We will be conducting a detailed study soon insha Allah and will be posting our findings on our Fatwa Centre website.

Answered by:
Ifta Research Fellow

Checked & Approved by:
Mufti Abdul Rahman Mangera
Mufti Zubair Patel