In our view the eToro Islamic account (and any other forex Islamic account) is not properly Islamic.

We would strongly advise against getting into forex for Muslims, but also for non-Muslims due to the deep risks attached to it.

The operators of these companies don’t fully understand what Islamic law says about forex and are just trying to put a veneer of Islam over their products.
Forex is at heart a financial instrument (as opposed to dealing in the currency itself) and for it to be worthwhile there is leverage involved.

Most people who engage in forex lose money – and they lose it to people like eToro who can make money off losing trades.

see here: https://www.islamicfinanceguru.com/islamic-finance/forex-a-fresh-look-with-more-industry-perspective/
see also here: https://www.academia.edu/39060244/Forex_Halal_or_Haram
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