I recently signed up for an AI bot to invest in crypto. As part of the settings they ask you to set the leverage at x10. Which means you are investing on loaned money. Isn’t that similar to options trading on loaned money which is not halal. Should I just start the AI Bot to start trading at a leverage of 1 or it doesn’t matter?
Thank you
I’m not familiar with the specifics of the platform you are using, but in general, leverage implies borrowing money at an interest rate in order to invest more than you have. Therefore, if you want to avoid paying interest, you should keep leverage set to 1.
That’s what I thought
Just wanted to make sure from someone that has better financial education
Thank you
Which AI Bot are you using? How do you find it so far?