Thread by @joebradford

Everyone keeps asking and I'm here telling:
- Forex is Haram for numerous reasons, it's all bets on someone else's CFD (Contract for Difference), plus the whole compensation model is Riba based.
- Anyone flexing like this is full of 💩 & most likely broke or a fraud.

https://twitter.com/defact0_/status/1447289646921273360

Imagine you're let into a 2 horse race. You don't own the horses, and a person let's you in for free but he says: I can't let you in on the race, but if you can guess what point of the track the horse is at at a given minute, I'll give you a cut AFTER I take mine. 1/

So you put down $100 that the horse will be at point 4. You were right, so he takes the first $50, you take $150.
The guy that didn't guess it lost his $100. You don't own the horses. He doesn't either, nor does the guy that let you in! You made $50 on a guess. /2

The guy that let you in also bet with the race track. He used your money to pay for his position with them. He put half his bet on you & the other half on the other guy. Either way, whoever loses loses, and he always wins. That's why he'll even loan you the money to "trade" /3

He's in the business of skimming off your earnings, not actually raising horses and "investing" in them to become prize winners.
So you're gambling on someone else's gamble; 3 steps removed from any real ownership or assets. /4

You lose you end up with nothing, unlike if you actual owning the horse, you still have a horse at the end even if it lost. In this case, you have a lose, but no horse to ride away on. There no utility in this "trade", except taking someone else's money for being wrong. /5

It's the epitome of gambling. And this is only ONE of the problems! And before you say "He doesn't know what he's talking about! These religious scholars don't know the real world!" I've been researching Forex since 2007. /6

I'm an active trader in stocks and options. If I could make Halal money in Forex, I would. There are simply too many violations of clear-cut rules for Sharia compliance for there to be any semblance of permissibility for trading Forex. /7 and End.

One thing to add: There is Spot FX, Currency Futures, Spread bets, & trading CFDs. They all suffer the same.
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