Top 18 Halal Coins to Trade With the Bybit Islamic Account
Bybit has taken a major step toward promoting financial inclusivity with the launch of its Shariah-compliant Islamic Account. This innovative offering allows Muslims to participate in the cryptocurrency market while adhering to Islamic principles. In this article, we'll explore what halal coins are and how halal crypto works, and list the top 18 halal coins you can trade using the Bybit Islamic Account.Â
Whether you're a Muslim trader looking for halal crypto trading choices or simply curious about Islamic finance, this guide has you covered.
Key Takeaways:
Halal coins are cryptocurrencies that comply with Islamic finance principles, excluding activities like charging interest (riba), gambling (maysir) and excessive speculation (gharar).Â
Some of the top halal coins include Solana (SOL), Polygon (POL), Avalanche (AVAX), Chainlink (LINK) and Uniswap (UNI).
What Are Halal Coins?
Halal coins are cryptocurrencies that comply with Islamic finance principles, excluding activities like charging interest (riba), gambling (maysir) and excessive speculation (gharar). Such digital assets provide Muslim investors with blockchain-based investment opportunities that can align with their religious and ethical values.
How Does Halal Crypto Work?
Halal crypto eliminates elements that are prohibited in Islamic finance, such as riba (interest), gharar (excessive uncertainty), and maysir (gambling). Instead, these cryptocurrencies focus on creating value through legitimate business activities, tangible asset backing and/or clear utility within the blockchain ecosystem.
Determining whether a cryptocurrency is halal involves rigorous scrutiny by Islamic scholars and financial experts. These specialists meticulously examine a specific coin's white paper, operational model and use cases to ensure compliance with principles of Shariah law.
Transparency plays a crucial role in halal crypto operations. Projects must provide clear and comprehensive information about their teams, funding sources and intended use of funds. This level of transparency aligns with Islamic principles and fosters trust among investors.
Bybitâs Islamic Account carefully separates halal assets from noncompliant ones, ensuring all trading activities align with Shariah principles. This gives Muslim traders confidence that their investments will fully align with their religious values and Islamic principles.
Best Halal Coins to Trade With the Bybit Islamic Account
Below is a list of the top 18 halal cryptocurrencies available on Bybitâs Islamic Account, along with their project details, current market data and the reasons theyâre considered to be compliant with Shariah law.
1. Solana (SOL)
Solana is one of the worldâs most-used blockchains, processing more daily transactions than all other chains combined. Known for its exceptional scalability and speed, Solana supports thousands of transactions per second, making it ideal for nearly all decentralized applications.
As of Oct 16, 2024, Solanaâs SOL token is valued at $154.24, with Solanaâsmarket cap at over $72 billion, and a 24-hour trading volume of $4.2 billion. Solanaâs real-world utility, from stablecoin pilots with Visa to payment on-ramps with Stripe, makes it a promising addition to any halal crypto portfolio.
2. Polygon (POL)
Polygon, launched as Matic Network in 2017, is designed to make Ethereum more efficient through Layer 2 scaling solutions that reduce transaction fees and speed up processing times, making it an attractive option for developers building decentralized applications (DApps).
As of Oct 16, 2024, Polygon (POL) has a price of $0.3713, a market cap of over $995 million and a 24-hour trading volume of $7.4 million. Its role in enhancing the functionality of blockchain technology aligns with Shariah principles, since it offers tangible value and infrastructure improvements, rather than merely focusing on price speculation.
3. Avalanche (AVAX)
Avalanche is a blockchain platform that combines a tri-chain architecture (C-Chain, P-Chain and X-Chain) with customizable Layer 1 networks. This structure enables diverse applications and sovereign blockchains within its ecosystem, making it ideal for decentralized financial services, enterprise solutions and game development.
As of Oct 16, 2024, Avalanche (AVAX) boasts a price of $27.78, a market cap of over $11 billion and a 24-hour trading volume of $597 million. Its focus on utility and real-world applications helps position it as a suitable halal investment for traders or investors seeking ethical opportunities in the crypto space.
4. Chainlink (LINK)
Chainlink is a decentralized oracle network connecting smart contracts to real-world data through APIs and feeds. Its Cross-Chain Interoperability Protocol (CCIP) enables secure transfers of tokens and data across blockchains, ensuring seamless functionality for DApps.
As of Oct 16, 2024, Chainlink (LINK) is priced at $11.28, with a market cap of over $7 billion and a 24-hour trading volume of $561 million. With its reliable oracle networks facilitating over $14 trillion in on-chain value, Chainlink offers high utility and strong potential for growth in line with Shariah principles.
5. Uniswap (UNI)
Uniswap is a leading decentralized exchange protocol that enables users to swap ERC-20 tokens directly without relying on a centralized intermediary. As of Oct 16, 2024, Uniswap (UNI) is priced at $7.89, with a market cap of $5.9 billion and a 24-hour trading volume of $370 million.
Uniswapâs innovation in decentralized finance (DeFi) provides a transparent and efficient way for users to trade digital assets. This functionality aligns with Shariah principles, making it a suitable halal investment option that supports ethical trading practices in the crypto market.
6. Compound (COMP)
Compoundâs DeFi protocol is built on Ethereum, and allows users to lend and borrow cryptocurrencies without intermediaries. Through its algorithmic money market model, users earn interest on deposits or borrow assets using collateral, with interest rates that dynamically adjust based on supply and demand. The system incentivizes both lenders and borrowers with COMP tokens, which can also be used in governance decisions to influence platform updates and asset support, enhancing community engagement and decentralization.
As of Oct 16, 2024, Compoundâs (COMP) price is $44.93, with a market cap of nearly $394 million and a 24-hour trading volume of approximately $44 million. Its governance model and trustless functionality position it as a key player in the DeFi ecosystem, providing unique, Shariah-compliant options for ethical investment aligned with DeFi principles.
7. Cosmos (ATOM)
Cosmos is a decentralized network focused on solving blockchain interoperability through its Inter-Blockchain Communication Protocol (IBC), which allows blockchains to seamlessly exchange data and assets. The Cosmos Hub acts as the platformâs economic center that connects these blockchains in an "Internet of Blockchains," enabling them to grow together.
As of Oct 16, 2024, Cosmos (ATOM) is priced at $4.46, with a market cap of over $1.7 billion and a 24-hour trading volume of $181 million. Cosmosâs emphasis on interoperability and practical utility aligns with halal principles, making it a valuable choice for ethical investors.
8. Ethereum Classic (ETC)
Ethereum Classic, launched in 2015, continues as the original version of the Ethereum blockchain. It follows the principle of"Code is Law,"meaning that the network's operations are governed solely by its underlying code, with no external intervention allowed.
As of Oct 16, 2024, Ethereum Classic (ETC) has a price of $19.40, with a market cap of over $2.8 billion and a 24-hour trading volume of $173 million. Its commitment to providing a secure and programmable digital asset network positions it as a halal investment in the crypto space.
9. Litecoin (LTC)
Litecoin is a peer-to-peer cryptocurrency that facilitates fast, secure and low-cost transactions. Often referred to as the âsilver to Bitcoin's gold,â Litecoin aims to improve Bitcoin's transaction speeds and efficiency. As of Oct 16, 2024, the price of Litecoin (LTC) stands at $71.49, with a $5 billion market cap and a 24-hour trading volume of $954 million.
Litecoinâs focus on being a reliable digital currency for everyday transactions qualifies it as a halal asset because it doesnât rely on speculative gains, but rather on genuine use as a medium of exchange. Muslim traders and investors looking to store wealth and carry out transactions in a halal manner may consider Litecoin (LTC) as an option.
10. Stellar (XLM)
Stellar is a blockchain platform specifically designed to facilitate cross-border payments and remittances, making it easier for financial institutions and individuals to transfer money across borders. As of Oct 16, 2024, Stellar (XLM) has a price of $0.09323, a market cap of $2.7 billion and a 24-hour trading volume of $76 million.
The project's mission to create a more inclusive financial system aligns with Shariah principles by promoting transparency and reducing transaction costs. XLMâs utility-driven role as a bridge currency for fiat and cryptocurrencies makes Stellar a favorable choice for halal investors.
11. Algorand (ALGO)
Algorand is a Layer 1 blockchain focused on creating a decentralized and borderless economy by providing high-speed and scalable solutions. With its consensus mechanism designed for rapid transaction processing, Algorand is used in various financial services and DeFi applications.
As of Oct 16, 2024, Algorand (ALGO) has a price of$0.1248, a market cap of $1 billion and a 24-hour trading volume of $59 million. Its role in powering real-world applications and supporting innovation in the digital economy makes it a compliant asset under Islamic financial principles.
12. Tezos (XTZ)
Tezos is a blockchain platform known for its on-chain governance and self-amending protocol, allowing it to evolve and improve without disrupting the network. It supports smart contracts and DApps, promoting innovation in the blockchain space.
As of Oct 16, 2024, Tezos (XTZ) has a price of $0.6998, a market cap of $704 million and a 24-hour trading volume of $25 million. Its focus on sustainable growth and technological advancements rather than speculative gains makes Tezos a halal coin worth considering.
13. XRP (XRP)
XRP is a digital payment protocol and cryptocurrency that facilitates real-time, cross-border payments with minimal fees. Financial institutions use the XRP coin to provide liquidity and execute instant transfers over the network.
As of Oct 16, 2024, XRP (XRP) has a price of $0.5427, a market cap of $30 billion and a 24-hour trading volume of $1.2 billion. XRPâs emphasis on utility in the financial sector aligns with Shariah-compliant guidelines, making it a trustworthy choice for ethical crypto investments.
14. Bitcoin (BTC)
Often referred to as digital gold, Bitcoin is the worldâs first successful (and most widely recognized) cryptocurrency. It operates as a decentralized medium of exchange that offers financial sovereignty and transparency. A deflationary asset with a limited supply of 21 million coins, Bitcoin has become a store of value, much like gold, for those seeking protection against inflation.
As of Oct 16, 2024, Bitcoin (BTC) has a price of $67,146.23, a market cap of close to $1.3 trillion and a 24-hour trading volume of $51 billion. BTC's role as a peer-to-peer digital currency that doesnât involve intermediaries makes it a halal option for investors seeking long-term, sustainable growth in the crypto market.
15. Ethereum (ETH)
Ethereumâs versatile blockchain platform is known for its ability to support smart contracts and DApps. Its network is the backbone of many DeFi projects, providing a solid infrastructure for developing innovative financial solutions.
As of Oct 16, 2024, Ethereum (ETH) has a price of $2,622.93, with a market cap of $315 billion and a 24-hour trading volume of $21 billion. Ethereumâs widespread use in creating programmable and transparent digital assets makes it a valuable investment choice for Shariah-compliant traders.
16. Cardano (ADA)
Cardanoâs Layer 1 blockchain is designed to offer a secure, scalable foundation for developing smart contracts and DApps. Known for its peer-reviewed scientific approach, Cardano delivers innovative solutions across the finance, governance and identity management sectors.
As of Oct 16, 2024, Cardano's (ADA) price is $0.3569, with a market cap of $12 billion and a 24-hour trading volume of $509 million. Cardanoâs transparent, research-driven development aligns with Shariah principles, since it promotes ethical practices and sustainable technology.
17. Tether (USDT)
Tether is a stablecoin thatâs pegged to the U.S. dollar, providing stability and reducing the risks associated with crypto market volatility. It serves as a reliable digital alternative to fiat currencies, and is widely used for transactions and as a store of value.
As of Oct 16, 2024, Tetherâs (USDT) market cap is $119 billion, with a trading volume of $49 billion. It can be considered compliant with Shariah law due to its role as a digital representation of real-world value, thus making it a trusted asset for ethical and stable investments in the crypto market.
18. USDC (USDC)
USDC is another prominent stablecoin backed by the U.S. dollar. Itâs designed to provide a seamless bridge between digital and traditional finance. USDC offers transparency through audited reserves, and is widely used in trading, lending and other financial applications.
As of Oct 16, 2024, USDC has a market cap of $34 billion and a 24-hour trading volume of $6 billion. USDCâs backing by real-world assets makes it ideal for those seeking a halal stablecoin to use for temporary fund storage or to facilitate transactions.
Is Halal Crypto Trading Worth Trying?
Halal crypto trading bridges traditional Islamic finance and the flourishing digital economy. For Muslim traders or investors looking to diversify their portfolios or participate in the blockchain revolution, halal crypto trading presents an ethically aligned option worth trying.
With Bybit offering over 18 Shariah-compliant coins, investors have a broad range of halal assets to explore. Whether storing value in BTC, facilitating cross-border payments with XRP or trading with stablecoins such as USDC, halal crypto trading on Bybit provides a seamless way for the Muslim community to participate in the growing digital economy.
The Bottom Line
Halal crypto trading means investing in digital assets that comply with Islamic finance principles; avoid interest (riba), excessive speculation (gharar) and gambling (maysir); and eschew unethical industries. With 18 halal coins to trade on Bybit, users can confidently invest within a Shariah-compliant environment that ensures their investment choices align with their values.
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.
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