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Is Quotex Trading Halal Or Haram?
Slaam.
I wanna ask a question about Quotex as to whether it is Halal or Haraam.
There are some main points regarding Quotex in order to understand its working:
1- We invest our money.
2- We choose the price movement to get our profit e.g. whether we want to get profit if price goes up or if it goes down.
3- We choose the price movement on the basis of analysis, not guess or pure speculation.
4- If price moves according to what we chose, we get fixed profit e.g. 70% on our invested money or 82% etc.
5- If price moves against our choice, we lose our invested money 100%, but it will not liquidate us. i.e. If I have 100 dollars and invested 10 dollars, I will lose only 10 dollars which I have invested and not the remaining 90 dollars.
6- We are not taking any kind of loan from the exchange or any other trader.
7- We are not working for the purpose of taking others’ money in unethical ways because no other trader is involved in this whole transaction, just we and the platform.
By considering the above-mentioned points, what do you think — whether it will be permissible to make money from Quotex?
Some make its resemblance with gambling which is based on:
1- Speculation
2- Intention to take others’ money in an unethical way
3- One wins and the other loses, always.
Some also say that its working is the same as future trading where:
1- Profit is also based on price movements.
2- No intention of actual delivery, just selling and buying contracts.
3- No possession of assets by the buyer.
So, if future or forex trading is halal, why not the Quotex?
Most importantly, the Quotex platform overall does not work to harm the traders and has more certainty of profit than future and forex markets.
Which means that the Quotex platform is not working in a way to take traders’ money in an unethical way.
What’s your take on this?
Thank you.
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2 Replies
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Is Quotex Trading Halal Or Haram?
updated 1 week, 1 day ago
2 Members
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2
Replies
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From the provided information, this is not Gambling. Uncertainty is always there in every business. The element of risk does not make a trade haram. Gambling, on the other hand, involves “mere chance” being played collectively by people (2 or more) where one party is bound to gain from other party’s loss. And the party gaining had no moral right over the money being earned.
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Please also refer to the video below from 23:37 to 25:47
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