I am part of a group (an actual proper group, unlike other PnD groups) that trades coins on KuCoin. Problem is, I rarely take part in their activities due to the lack of screening of the “low-key” coins there. I do understand that KuCoin as an exchange lists coins that are of the same degree as PEPE, but there are also many others that offer legitimate utility. It’s just that when I look through, for example, their tokenomics, I fear that my conclusion may be of misguidance. I do not want to invest in a coin that I may have deemed (maybe) halal, but infact, has underlying haram aspects. My approach has always been to not take a trade that I’m skeptical of, unless said otherwise through your screener.
How do you combat this, as someone who navigates the market looking for opportunities?
Much love
Salam Irham,
Great to have you here and thanks for the question. It’s a common concern and hardly a day goes by without someone asking if something is halal. As much as we’d love to help, unfortunately, we don’t have the resources or capacity to take ad-hoc requests so stay away from that for the most part, unless there are a lot of requests for a hype coin for instance.
To answer your question it can take a couple of hours to screen a coin, depending on the materials available, complexity and length of whitepaper etc. But in some cases, the haram ones even jump out in 5-10 mins. What takes longer is the write-up and editing to publish onto the site.
If you are screening yourself, I suggest you compare several closely related coins we have fully screened. This may give you a better indication of the things to consider—potential areas to look for etc.
You may also find the responses to the following two questions useful as they are closely related in terms of ambiguity and what to do when in doubt: https://cryptoummah.com/question/what-happens-when-a-halal-project-adds-a-haram-component https://cryptoummah.com/question/can-you-invest-in-a-coin-where-only-the-staking-part-is-haram
Personally, I stay within the top 20 and have yet to trade anything outside the top 50. There are a lot of coins, where only one source has given a verdict that it is halal, even on those I remain slightly uncomfortable as one persons understanding can be very different from another, while they both may be equally qualified in Shariah. The more we can reduce doubt the better. Hope that helps iA
