Question(s):
Is it permissible to use trading platforms like trading 212 or plus500 to buy and sell stocks and crypto-currencies?
Answer(s):
In the Name of Allah, the Most Gracious, the Most Merciful.
As-salāmu ‘alaykum wa-rahmatullāhi wa-barakātuh.
There are a few points to consider in your query:
1) Plus500 and Trading212 are both leading providers of various modes of trading including CFD, shares/stocks, cryptocurrencies, or forex.
Accordingly, the following details may be noted:
1) If one is dealing with Contracts for Difference (CFDs) through the platform, the early stages of the following Fatwa will be beneficial Insha’Allah: https://deenspire.com/cfd-and-ftmo-trading/
2) In the case where one is dealing with shares/stocks and not CFD, one may refer to the following Fatwa: https://deenspire.com/investing-in-shares/
3) In the case where one is dealing with cryptocurrencies, one may refer to the following Fatwa for clarity: https://deenspire.com/trading-cryptocurrencies-bitcoin-etc/
4) In the case where one is dealing with Forex, one may refer to the following Fatwa for clarity: https://deenspire.com/forex-trading/
Overall, the ruling of using such trading platforms will be based on the type of trading performed. If the trading is lawful, using such a platform will be lawful and if the trading is unlawful, using such a platform will be unlawful.
And Allah Ta’āla Knows Best.
(Mufti) Mubasshir Talha – May Allah pardon him
Approved by:
Mufti Tahir Wadee
Note: This fatwa is only to be viewed with the question asked. In the event of presenting this to a third party, please ensure it is coupled with the original question, as well as the references below for Islamic Scholars.
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