eToro Islamic Account – Halal or Haram?
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.
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.