Bybit Guide

Bybit Islamic Account: Crypto Trading for All Muslim Traders

Intermediate
Bybit Guide
11 Th10 2024

Bybit has made a significant move toward financial inclusivity by launching the world’s first Shariah-compliant Islamic Account. Now, those following Shariah law can engage with the cryptocurrency market without compromising their faith.

In this article, we’ll explore the features of the Bybit Islamic Account, explain how it works, and provide a step-by-step guide to help Muslim traders get started with Shariah-compliant crypto trading.

Key Takeaways:

  • Bybit Islamic Account is a Shariah-compliant crypto trading account developed in consultation with CryptoHalal and ZICO Shariah advisory services.

  • Tailored for Muslim traders, the Bybit Islamic Account strictly follows Islamic finance principles by ensuring all transactions are free from interest (riba) and excessive uncertainty (gharar).

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What Is the Bybit Islamic Account?

The Bybit Islamic Account is a Shariah-compliant crypto trading account developed in consultation with ZICO Shariah advisory services and CryptoHalal. Tailored for Muslim traders, it strictly follows Islamic finance principles by ensuring all transactions are free from interest (riba) and excessive uncertainty (gharar). Furthermore, all tokens available in the Islamic Account are Shariah-compliant certified, providing our Muslim users with a comprehensive and ethical trading environment.

How Does the Bybit Islamic Account Work?

The Bybit Islamic Account has been carefully designed to ensure that every aspect of its trading platform adheres to Shariah principles. This account provides Muslim traders with access to a wide range of ethical trading opportunities, including:

  • Spot Trading: Traders can buy and sell digital assets with immediate ownership transfer. The Bybit Islamic Account supports 19 Shariah-compliant tokens that have been carefully vetted to meet Islamic finance guidelines.

  • DCA Trading Bot: Dollar-cost averaging (DCA) is a trading strategy that spreads out investments over a period of time. The DCA trading bot allows Islamic Account holders to invest in digital assets without violating the Shariah principle of excessive uncertainty.

  • Spot Grid Bot: This automated tool allows traders to buy and sell assets within a defined price range. It provides a steady, Shariah-compliant approach to trading while minimizing risk.

These features ensure that all trades are interest-free and follow Islamic finance principles. Members of the world’s Islamic population can now participate in the global cryptocurrency market while adhering to their religious beliefs.

Benefits of the Bybit Islamic Account

Let’s look at some features that make the Bybit Islamic Account a great option for Muslim traders seeking a Shariah-compliant trading experience.

  • Global Accessibility: The Bybit Islamic Account is open to traders across the globe (with only a few regions restricted, due to local regulations).

  • Shariah Compliance: All products and services offered under the Islamic Account — including Spot trading and automated trading bots — are certified as Shariah-compliant.

  • Interest-Free Trading: Bybit’s Islamic Account removes all forms of interest (riba), allowing Muslim traders to engage in financial activities that align with their ethical and faith-based values.

  • Double Shariah Certification: The account holds both CryptoHalal and ZICO Shariah advisory services certifications to guarantee full compliance with Islamic law.

  • Seamless Experience: The Islamic Account is integrated into Bybit’s platform, allowing traders to manage their accounts and trade easily on both the web and mobile app.

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How to Get Started With the Bybit Islamic Account

Start trading with the Bybit Islamic Account by following these simple steps:

Step 1: Navigate to the Bybit Islamic Account page and click on the Create Account button.

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Step 2: You’ll be redirected to the registration page. Follow the instructions on the page to create your Bybit account and complete identity verification. You can also follow our sign-up guide here. 

Step 3: Once your account has been created, a pop-up window will appear. Click on Islamic Account.

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If no pop-up window appears, simply navigate back to the Bybit Islamic Account page and click on Create Account once again while you’re logged in. You’ll be redirected to the Subaccount page, where you can then create your Islamic Account.

Step 4: Read the Wakalah Agreement & Supplemental Agreement, then check the box and click on Confirm.

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Step 5: Choose your preferred nickname for your Islamic Account. You may choose to require a password for login. Once done, click on Confirm.

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Once you’ve successfully created your Islamic Account, you can proceed to deposit funds into your Main Account and transfer them to your Islamic Account to start trading. 

Step 6: Navigate to the Assets or Accounts page for any of your accounts if you want to make a transfer between your different accounts. Then, click on the Transfer button of the corresponding asset you would like to transfer.

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Step 7: In the Transfer window, ensure that you select the Across Subaccount(s) tab. Then, select your Main Account as the sending address and the Islamic Account as the receiving address. Input the amount and click on Confirm.

Step 8: After you’ve successfully transferred funds into your Islamic Account, you can proceed to trade from a selection of 19 halal tokens using Bybit’s supported products, including Spot Trading, DCA Bot and Spot Grid Bot.

The Bottom Line

The Bybit Islamic Account allows Muslim traders to participate in the cryptocurrency market without compromising their faith. With its ethical, interest-free structure and compliance with Shariah law, Bybit sets a new standard for inclusive, accessible crypto trading for Muslim communities worldwide.

Disclaimer: Due to varying opinions on Shariah compliance of crypto trading, we recommend you to conduct your own further research. Please note that the posts on Bybit Learn should not be considered as fatwa. Our aim is to present information on different topics to empower readers to make informed decisions.

Frequently Asked Questions

How do I open an Islamic Account?

You can do so in just five steps! Follow our guide above to open your Islamic Account.

Can I switch my existing Bybit account to an Islamic Account?

Yes, you can easily add an Islamic Account by creating a new subaccount.  Follow the steps above to create a dedicated Islamic subaccount. This will ensure that this subaccount operates according to Islamic principles while your main account remains as is.

Are there any additional fees for using the Islamic Account?

No, there are no extra charges for the Islamic Account. You'll enjoy the same competitive fees as our standard accounts.

Is the Islamic Account certified by a Shariah board?

Absolutely! Bybit's Islamic Account is fully certified, ensuring its compliance with Islamic principles.  To guarantee the highest level of Shariah adherence, Bybit partnered with CryptoHalal and ZICO Shariah.  CryptoHalal, specializing in digital currency and blockchain Shariah compliance, and ZICO Shariah, a licensed advisory firm based in Kuala Lumpur, Malaysia, both provided expert guidance in the development of the Islamic Account.  This certification provides assurance that the account's features and operations adhere to Shariah law.

Can I see the Shariah certification?

Yes, you can access the Shariah certification here.

What products are available in the Islamic Account?

The Islamic Account currently offers:

  • Spot Trading: Buy and sell a wide variety of cryptocurrencies at their current market price.

  • Spot Grid Bot: Automate your trading by setting buy and sell orders at predefined price intervals.

  • DCA Bot: Invest consistently over time by automating regular purchases of cryptocurrencies.

Will more products be added in the future?

Yes, Bybit is committed to expanding its Shariah-compliant product offerings. Stay tuned for updates on new products and features that will be added to the Islamic Account.

How can I contact customer support if I have questions or issues?

Bybit's dedicated customer support team is available 24/7 via live chat, which you can access directly from the Bybit website.

Is there support available in multiple languages?

Yes, Bybit offers customer support in multiple languages.

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