Both sides deferred
Is futures trading halal?
A futures contract is an exchange-traded agreement to transact at a future date, with both the payment and the delivery deferred. That structure raises a different objection from CFDs and a different one again from spot, which is why it needs its own answer.
Figures checked against regulators and the brokers' own disclosures
The short answer
The objection most commonly raised against futures is the deferment of both counter-values — neither the payment nor the asset changes hands at the time of contracting — which is a different problem from the absence of ownership in a CFD.
Views are less uniform here than on CFDs: some scholars distinguish contracts genuinely intended for delivery from those closed out before expiry, and treat commodity hedging differently from speculation. This page describes mechanics rather than issuing a ruling. For a decision, ask a qualified religious authority with the account terms in front of them — ForTrade's own swap-free page gives the same advice.
What makes futures a separate question
Two things. First, a futures contract is standardised and traded on an exchange, with a clearing house between the parties, rather than concluded against a broker's own book. Second, delivery is contemplated by the contract even when the position is closed before it — the mechanism exists.
That distinguishes it from a contract for difference, where delivery is impossible by design, and from spot, where the exchange happens at once. Whether either distinction is decisive is the question the scholarship divides on.
What a retail trader is usually offered
Most retail forex brokers do not offer exchange-traded futures at all; among the nine we track, Tickmill's global instruments page lists futures and options alongside its CFDs, and the rest offer CFDs on futures rather than the contracts themselves.
A CFD on a futures contract is a CFD — the analysis on that page applies, whatever the underlying is called. Establishing which of the two you are actually being offered is the first step, and it is answered by the contract specification rather than by the instrument's name.
Questions people ask
Are futures halal?
The objection usually raised is that both the payment and the delivery are deferred, unlike a spot exchange. Opinions differ more than on CFDs, with some scholars distinguishing contracts intended for delivery from those closed out before expiry.
Are futures the same as CFDs?
No. A futures contract is standardised, exchange-traded and cleared, with delivery contemplated by the contract; a CFD is concluded against a broker and delivers nothing. Many brokers offer CFDs on futures, which are CFDs.
Which brokers offer real futures?
Among the nine we track, Tickmill lists futures and options on its global instruments page. The others offer CFDs, including CFDs referencing futures.
The question about forex as a whole, and what a swap-free account changes, is on is forex halal, and the accounts themselves — how each is opened and what replaces the swap — on Islamic forex brokers.