My question is as follow with a little introduction on Forex. "Forex, or Foreign Exchange, is the simultaneous exchange of one country’s currency for that of another. We provide foreign exchange for the purpose of investor speculation.
The investor wishes to purchase or sell one currency for another with the hope of making a profit when the value of the currencies change in favour of the investor, whether from market news or events that takes place in the world. Currencies are usually purchased by the lot, where the lot represents 100,000 units of the base currency. @Depending on whether the trader believes a currency pair will increase or decrease, the trader will either buy lots or sell lots of the pair and try to make a profit from market movement."Now the normal accounts which are offered contains dealing with Interest. So I asked them for an account which does not have any relationship with Interest either in dealing with it or in consumption. They told me that they do provide accounts for Muslims.
Quote "In respect for the Muslim religion, FXCM is willing to extend a courtesy to Muslim clients whose religion prohibits them from paying/receiving interest. If you wish to trade interest-free you will incur an additional charge of $3 per lot traded (round-turn) on the regular FXCM account" I would like to know that would this Interest Free Account be Halaal?
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