The best time to trade binary options in saudi arabia and in united emirates
Trading on either market is possible but it is essential to consider the main issues which can cause a problem with Islamic standards. These are that no Muslim should earn or charge interest and that greed and gambling are sins. There are now several binary options brokers who have developed Islamic accounts specifically designed to avoid these issues.
Interest is generally earned or charged when a transaction continues outside of the market opening hours.
To avoid this the brokers are freezing a trade at the end of the business day and reopening it at the start of the next day. There is no interest earned or charged. Provided there are no commission fees or charges you are then able to trade within the Islamic guidelines. However, greed is another matter. The generally accepted protocol is to trade with knowledge of the market; you cannot then be said to be gambling or trading with greed.
It is also imperative to limit the amount and value of the trades you undertake. If you are seen to be spending an excessive amount or attempting to hide your spending then it will be seen as greed or gambling.
This will then mean that you are indulging in a forbidden activity and the penalties can be severe. It is worth noting that binary options trading with currency pairs are seen as a grey area; as is trading on the Forex. The issue is that this type of trading is seen as gambling. The safest way to trade within your guidelines is to avoid this type of trade.
If you feel you must indulge it is advisable to have a recorded trading practice to prove you are acting rationally and not from a gambling addiction or greed. Subscribe To Trading Secrets.
There are dedicated accounts which have been created for anyone based in an Islamic country or wishing to trade in one. The main difference is that every trade will be closed at the end of the night by the broker. It will be restarted the following morning without affecting your trade but eliminating the possibility of earning interest.
The fee structure for this type of account t has also been modified as many fees are not allowed under the strict Sharia laws. Creating an Oman binary options trading account is as simple as starting any other type of account.
You will then be able to access their strong stock market and trade in their local currency; with potentially some very lucrative results. There are an abundance of new and emerging markets which can be traded in but the Oman binary options is worth considering as it has a strong and stable economy. This makes it a good choice for those first looking to dabble in the overseas markets. Simply choose from a list of brokers offering services within Oman and start trading! Subscribe To Trading Secrets.
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