Bismillah..

This guide is to help beginners get started, and to help the beginners and intermediate investors
step up their game. May Allah put barakah in it.

To access / share the guide use the short link http://bit.ly/HalalCryptoInvest

Disclaimers
● This document is updated by volunteers, some of the content and info might be outdated
● As admins of various groups we do not endorse or favor people over anything, so please do your
due diligence and reference checks before getting involved in a personal or business relationship
with anyone in our groups
● Before you put money in, don’t forget to spend time on the section Strategy / Mindset /
Psychology
● Don't invest more than what you can afford to loose
● Crypto currencies are very volatile, there are many people who are very bullish about it
and they make high predictions for their favorite coins but as you can see from the price
history every bull run has a huge drop. So invest smartly, have your own principles
and discipline for how much profit you want to take, how long you want to stay in on a
position, and how much money can you risk.

Contributors

● Zubair A - http://coachzubair.com/ - @CoachZubair

● Zaid M - https://www.linkedin.com/in/zaidmirza
 ●

Table of Contents

Halal / Muslim Crypto Discussion Groups

General Halal Investment Doc

Fiqh / Fatwa
Those who say it’s permissible and their reasoning
Those who say it’s not permissible and their reasoning

Strategy / Mindset / Psychology

Zakat Guide / Zakat on Crypto Currency

Country Specific Info

Canada
TFSA and RSP eligible ETF
Exchanges
USA
UK

Beginner Education
Want to Understand the Tech In Depth?
Videos about Basics of Exchange and Tools
Referral Links
Security
Hardware Wallets
Understand the coin that you are investing in
Tools / Apps

News Feed / Channels To Follow

Automation / Bots / Scripting / Advanced Trading

Halal / Muslim Crypto Discussion Groups
Slack / Whatsapp / Telegram Space / Groups

● https://chat.whatsapp.com/FrzVYbUOyBaEpVOjNpENt9
● Join our slack instance
○ https://join.slack.com/t/halalinvestmentgroup/shared_invite/zt-7qh8hwyb-
NcR9SZ6mVn_vEOZR~LoRVg
○ https://join.slack.com/t/halalinvestmentgroup/shared_invite/enQtNjA2MTg
3Njg3MTg3LTExYjUxNWZjYTEzMDE3MzNjODE5ZjZiZTY3YzE5ZDQyY2
NlMGVmOTIyYzExMTM4NDAxOWQzZDk3MGU1M2VlZDE
○
● Islamic Finance Guru Telegram Groups
● https://www.islamicfinanceguru.com/ifg-telegram-chat-groups/

This document is accessible via

● http://bit.ly/HalalCryptoInvest

General Halal Investment Doc

● is available via - http://bit.ly/HalalInvestments

Fiqh / Fatwa
Please follow the scholars you trust, do your research, there are scholars who say it’s
permissible and those who say it is not.

We will add references below and their reasoning.

Those who say it’s permissible and their reasoning

Note, if scholars say coin X is permissible, does not mean all coins are permissible and it also
does not mean all transactions are permissible, e.g. some coins may offer staking or yields or
loans / options etc and they may not be permissible.

● https://www.islamicfinanceguru.com/halal-cryptocurrency-bitcoin-guide/
● https://www.joebradford.net/bitcoin-crypto-islamic-law-joe-bradford/

Those who say it’s not permissible and their reasoning

● https://www.islamicfinanceguru.com/investment/scholars-who-say-cryptocurrency-is-hara
m-and-those-who-say-its-halal/
● https://twitter.com/daruliftaa/status/1385259176117645314
●

Strategy / Mindset / Psychology

Be careful about how much time you are putting into it too, for example if you spend five hours
every week on it and make 100-300$ is this worth your time? Having a strategy and your own
discipline is a must!

Crypto currency is very volatile. Prices can drop by 50% or more in a day without any warning.
Make sure you are investing carefully and understand the risks. Don’t put in more than you can
afford to lose.

https://www.coindesk.com/buying-your-first-crypto-things-you-should-know

https://www.bbc.com/news/technology-55996412

● https://3commas.io/blog/investing-in-cryptocurrency-guide
● https://3commas.io/blog/most-common-mistakes-to-avoid-while-day-trading-cryptocurren
cy
● https://www.islamicfinanceguru.com/halal-investing-101-guides/
Zakat Guide / Zakat on Crypto Currency
● https://nzfcanada.com/zakatguide/
● https://www.islamicfinanceguru.com/islamic-finance/calculate-zakat-on-crypto-bitcoin-cry
ptocurrency/
● https://amanahadvisors.com/what-is-the-zakat-treatment-of-crypto-assets/
●

Country Specific Info

Canada

TFSA and RSP eligible ETF

In Canada you can invest under your TFSA / RSP by buying BTCX.B.TO or BTCX.U.TO
and ETHX.U.TO or ETHX.B.TO

https://www.coindesk.com/purpose-investments-gets-approval-to-launch-first-ether-etf-in
-canada

There may be other ETFs available at the time you get in.

https://www.investopedia.com/investing/bitcoin-etfs-explained/

You can use Questrade for ETFs, or your favorite RSP / TFSA broker. If you use
Questrade look at their limit, trailing and bracket orders for advanced trading

https://questrade-support.secure.force.com/mylearning/view/h/Investing/Order+types
Centralized Exchanges

NDAX
https://ndax.io/
Withdrawal fees apply ($25)
Can fund fiat with interac e-transfer or wire transfer
Only had one stablecoin USDT
Major markets: BTC ETH LTC XRP XLM DOGE ADA LINK DOT EOS

Newton
https://www.newton.co/
No-fee
Can fund fiat with interac e-transfer or wire transfer
Has USD and CAD stable coins (USDT USDC QCAD)
Major markets: BTC ETH LTC XRP XLM BCH XMR

Binance
https://www.binance.com/en
You can also use Binance by using USD wire transfer via your USD bank account
● https://www.binance.com/en/support/faq/e7900fc3e5c94ea6827ee7c159d956d5
Or you can use the above Canadian friendly exchanges, buy coins that you like and
transfer them to binance
I use binance because it is cheaper and I think better rates and liquidity

Decentralized Exchanges (DEX)

Decentralized Exchanges are not governed by any one company or entity. They are governed
by smart contracts written on the blockchain. The market makers are the community people
themselves who provide liquidity to these platforms. Trade is conducted by users without a third
party.

Uniswap
https://app.uniswap.org/
- Ethereum chain
PancakeSwap
https://pancakeswap.finance/
- Binance smart chain

1inch
https://app.1inch.io
- DEX aggregator for both ethereum and binance chains

SushiSwap
https://app.sushi.com/
- Ethereum chain

USA

○ IFG Coinbase Referral: https://coinbase-consumer.sjv.io/MaZvq

○ IFG Binance Referral: https://www.binance.com/en/register?ref=66013919

UK

○ IFG Coinbase Referral: https://coinbase-consumer.sjv.io/MaZvq

○ IFG Binance Referral: https://www.binance.com/en/register?ref=66013919

Beginner Education
Before you put money in, don’t forget to spend time on the section Strategy / Mindset /
Psychology.

IFG Beginner Guide

● https://www.islamicfinanceguru.com/halal-cryptocurrency-bitcoin-guide/
Want to Understand the Tech In Depth?
● https://docs.google.com/document/d/1oecvgUpLOwJkraYOg2KuUOOY0MraOdZdFzhP2
3lSPQc/edit?usp=sharing

Videos about Basics of Exchange and Tools

● https://www.youtube.com/watch?v=YzJ6xkJpeUk

Referral Links
● Many big youtubers give special referral links they benefit from it too, but you will get
great discounts too
● Do your research on current referral links for products, sites and tools that you care
about.
● E.g.
○ https://www.youtube.com/watch?v=YzJ6xkJpeUk
○ https://coinbureau.de/3commas-2/
● IFG Guide to Crypto Investing:
○ https://www.islamicfinanceguru.com/halal-cryptocurrency-bitcoin-guide/
○ IFG Coinbase Referral: https://coinbase-consumer.sjv.io/MaZvq
○ IFG Binance Referral: https://www.binance.com/en/register?ref=66013919

Security
● Please keep coins on exchange only if you want to trade
○ Otherwise take it off and store it on
■ hardware wallet
■ Software wallets which allow export of keys to you
● Please use strong password and use 2 factor authentication
● Please don’t reuse same password on other sites
●

Wallets
BTC https://bitcoin.org/en/choose-your-wallet
Use the helper feature to get a wallet for your preferred device, with preferred features, and
level of expertise.

Paper Wallet
https://www.bitaddress.org/
You can use this website to generate a unique key pair for your BTC. You can then use this key
pair to access your funds through any number of wallets that allow key importing. This should
only be used with the highest level of care and security. Recommended to do this in an offline
session or behind a VPN.

Other options:
Brain Wallet: use a passphrase to generate a key pair

Hardware Wallets
NOTE: NEVER PURCHASE HARDWARE WALLETS FROM UNAUTHORIZED SELLERS LIKE
EBAY. ALWAYS PURCHASE FROM THE COMPANY OR FROM LISTED AUTHORIZED
SELLERS.

Ledger Nano
https://www.ledger.com/
The Ledger Nano S (or the more expensive Nano X) is one of the best hardware wallet options
if you plan on investing in Bitcoin (BTC) and altcoins.

Supports 1000+ digital assets including ERC-20 tokens.

Price: 89.00 CAD (HST included)

Trezor
https://trezor.io/
TREZOR is a small, key-sized device which connects to your computer with a USB cable. It
stores your Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash, Ripple (XRP), Cardano (ADA),
Ethereum Classic (ETC), Monero, Zcash and other different cryptocurrency private keys offline
and signs transactions. It can be safely used on a malware infected computer.

Price: approximately 70 USD for the base model.

Software Wallets

Metamask
https://metamask.io/
- Supports ethereum and ethereum ERC-20 tokens
- Can be added as a chrome extension
- Has a built in swap feature (however with high fees)
-

Binance Chain Wallet

- Supports binance smart chain network, binance chain network, and ethereum networks
- Can be added as a chrome extension

Trust Wallet
https://trustwallet.com/

Understand the coin that you are investing in

Check out it’s price history, you can view weekly views, monthly views, daily views and see how
it behaves, it’s volatility etc

● https://coinmarketcap.com/
○ https://coinmarketcap.com/currencies/bitcoin/
○ https://coinmarketcap.com/currencies/ethereum/
○

Tools / Apps

● Blockfolio
○ To track your trades, averages , get alerts about price changes etc
○ https://blockfolio.com/

●
Stablecoins

USD-pegged:
USDC - governed by coinbase
USDT - governed by bitfinex
BUSD - governed by binance

CAD-pegged:
QCAD - governed by stablecorp
VCAD - stablecoin and versabank

News Feed / Channels To Follow

Note, they may recommend many coins which may or may not be halal. Do your research to
make sure they don’t violate islamic principles.

● https://www.coindesk.com/newsletters
○ https://www.coindesk.com/newsletter/crypto-long-and-short
○ https://www.coindesk.com/newsletter/first-mover
● https://www.youtube.com/channel/UCbLhGKVY-bJPcawebgtNfbw
● https://www.youtube.com/channel/UCqK_GSMbpiV8spgD3ZGloSw
● Blockfolio news aggregator - built in the blockfolio app
●

Automation / Bots / Scripting / Advanced Trading

Here is a strategy with 3commas automation, if you don’t want to automate, 3commas can give
you interesting trading features too, please note it has it’s down side too.

https://youtu.be/ApToojTnJMo

How To Profit When Market is going Down Or Sideways - https://youtu.be/jpP2EmXpN5g

https://help.3commas.io/en/articles/4430555-all-about-3commas-features
https://help.3commas.io/en/articles/3361922-plan-when-to-buy-sell-with-one-trade
https://help.3commas.io/en/articles/4704126-terminal-different-order-types