Q: Please advise regarding online forex trading. I have read other nodes but answer is still not clear. It is a swop free account – so no interest is charged if trades are kept overnight. I only trade forex and stay clear of individual stocks. When a transaction takes place I am purchasing a contract to exchange the difference between the opening price and the closing price of that contract. Please provide a clear yes or no answer.
A: This type of trading is not right.
And Allah Ta’ala (الله تعالى) knows best.
Answered by:
Mufti Ebrahim Salejee (Isipingo Beach)