Answer:
بِسْمِ اللهِ الرَّحْمنِ الرَّحِيْم
In the name of Allah, the Most Gracious, the Most Merciful
Wa ‘alaykum al-salam wa rahmatullahi wa barakatuhu,
Your query does not mention the name of the Forex broker nor any information regarding their practices etc. Thus, we cannot pass any specific comments regarding them.
Be that as it may, Forex trading, based on the mainstream model, is impermissible due to elements of interest (riba), excessive uncertainty (gharar), and lack of proper ownership.
According to IFG (Islamic Finance Guru) there is no such thing as ‘Islamic Forex Trading’. It is a marketing tactic with no real substance. Forex Trading in a nutshell is the trading of currencies that one does not own.
The currencies are derivates which do not exist as the exchange rate of the currencies is not derived from any data, and hence, in essence, is not actual money.
Moreover, the ‘money’ in Forex Trading is leveraged. Leveraging is where money is borrowed to trade bigger multiples on the money that you ‘own’.
This is a problematic issue as it begs the question as to where the money is coming from. Either the money is a derivative and doesn’t exist, or it is a loan along with added amounts (fees, etc.)—both of which are impermissible.
Hence, considering all the above, it will not be permissible to use any conventional Forex Trading platform.[1]
And Allah ﷻ knows best.
فإن كان صوابا فمن الله وإن كان خطأ فمني ومن الشيطان والله ورسوله بريئان منه
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References:
1.
الذَّهَبُ بِالذَّهَبِ وَالْفِضَّةُ بِالْفِضَّةِ وَالْبُرُّ بِالْبُرِّ وَالشَّعِيرُ بِالشَّعِيرِ وَالتَّمْرُ بِالتَّمْرِ وَالْمِلْحُ بِالْمِلْحِ مِثْلاً بِمِثْلٍ سَوَاءً بِسَوَاءٍ يَدًا بِيَدٍ فَإِذَا اخْتَلَفَتْ هَذِهِ الأَصْنَافُ فَبِيعُوا كَيْفَ شِئْتُمْ إِذَا كَانَ يَدًا بِيَدٍ
[صحيح مسلم، رقم الحديث: ١٥٨٧]
لا يَحِلُّ سَلَفٌ وَبَيْعٌ وَلاَ شَرْطَانِ فِي بَيْعٍ وَلاَ بَيْعُ مَا لَيْسَ عِنْدَكَ
[سنن النسائي، رقم الحديث: ٤٦١١]
عَنْ أَبِي هُرَيْرَةَ، قَالَ نَهَى رَسُولُ اللَّهِ صلى الله عليه وسلم عَنْ بَيْعِ الْغَرَرِ وَبَيْعِ الْحَصَاةِ
[سنن الترمذي، رقم الحديث: ١٢٣٠]
الذَّهَبُ بِالذَّهَبِ وَزْنًا بِوَزْنٍ مِثْلاً بِمِثْلٍ وَالْفِضَّةُ بِالْفِضَّةِ وَزْنًا بِوَزْنٍ مِثْلاً بِمِثْلٍ فَمَنْ زَادَ أَوِ اسْتَزَادَ فَهُوَ رِبًا
[صحيح مسلم، رقم الحديث: ١٥٨٨]
كُلُّ قَرْضٍ جَرَّ مَنْفَعَةً، فَهُوَ رِبًا
[بلوغ المرام من أدلة الاحكام، كتاب البيوع، رقم الحديث: ٨٦١]