Transcription
The trading happening above Cortex is actually betting, not trading. Behind the scenes of Cortex, there are no real activities happening. I swear to God, I will come onto the leaderboard myself and show you. All of them are charlatans selling snake oil. Because of them, a wrong concept about courses is being created in Pakistan. Now people have come out from Shopify to promote Cortex. They don't even know what trading is, yet they are promoting it. They say, "This is Cortex, and so-and-so." Just put them in front of me, and I'll ask them five questions. If they falter, my name isn't Waqas Ahmed. I will speak openly on YouTube. There's a scam behind this. Yes, there's a complete scam behind it. Bring all these influencers. I will give them funded accounts from my own pocket. Tell them to trade for three months and show me. They will fail. I can prove it. Let them take out a couple of payouts. Just take 1% risk and show me. They will get stuck even in lot size calculations. Some crypto traders came into Forex and started explaining about funded accounts, competitions, and so on. They have no knowledge about funded accounts. They just researched what's written on the website and started talking.
Assalamu Alaikum, welcome back. In this video, I will tell you whether Cortex is halal or haram, and I will talk with the scholar. You also need to make sure that you comment below this video if you want to give any point of view. Give it with the scholar; don't just start commenting below saying, "Oh, Cortex is halal or something like that." Whatever you want to discuss, it will be with the scholar, and I will also explain everything to you with the scholar. So, first, let's understand what a broker is. Cortex is a broker, claiming to be a Forex broker. What is a broker? A broker basically is someone who takes your trades, meaning they take your trades to the international market. They become a medium in between. That's why they are called brokers. Attached to brokers are liquidity providers. Liquidity providers are banks, and also some registered, licensed institutions that are providing liquidity. They are proper institutions.
Now, when you send your trade to the broker, the broker sends it directly to the liquidity provider. The liquidity provider is active in the market, and all your trades are executed. Now, the issue that our scholars have with Forex trading is that we don't have possession of the item. We don't have possession, and because of this, they say that Forex is haram. I will make a separate, detailed video about Forex; this is only about Cortex. I am just explaining to you what Cortex is and what Forex is, and then I will tell you with the scholar why Cortex is haram. So, when a trade is placed, it goes to the banks. Your trade enters the active market. And brokers have restrictions. What are these restrictions? That you must physically possess the item that the client is buying. Let's suppose I am a client of theirs, and I have, let's say, 10,000 pounds. It shows in my account that I have bought 10,000 pounds. So, the broker must have 10,000 pounds. These are the restrictions on them because they are licensed.
Now, let's move on to Cortex. The trading happening on Cortex is betting, not trading. How? You draw a line, and you predict whether the market will go up or down in one minute. If it closes below that line, and you have bought, you incur a loss. If it closes above, you make a profit. That is a fixed profit. However, in trading, what happens is that when you open a lot, you open your position. As the market goes up, you make more profit. As it goes down, you incur more loss. So, there is a huge difference between the two. No international market, no central bank, no institution trades like this, where you draw a line and they conduct trading based on that line. No institution operates like this. They are not liquidity providers. Because of this, you don't have possession of anything. For example, if you are trading pounds, euros, or anything, you are not actually buying or selling anything. You are just betting on figures. This is why Cortex is haram. When you don't have possession of anything, when you haven't bought anything, what are you doing? You are just betting on figures, and against whom are you betting? You are betting against that broker. When you are betting against the broker, what does that mean? It means you are gambling; you are playing a game of chance. It's like, I am a person, Waqas Ahmed, and I say whether Babar Azam will hit this ball or not. As I have explained in different videos, if Babar Azam hits this ball, I win; if he doesn't, I lose. But in trading, there is no fixed profit. If the market goes further up, you make more profit, and if it comes down, you incur more loss if you have bought.
After that, Cortex also has a real market, but that is also fake. What is the reason? Look, you open Cortex, open the broker, open its website. Go to the bottom of its website, and you will see something mentioned that it is registered in Charlestown or somewhere like that. Because betting is happening within Cortex, it cannot get any license. Look at good licenses like the Australian license or the UK license. It cannot get those, which is why there are no restrictions on it. Now, what is registration? Like I have a car, and I have either registered it in Islamabad or Karachi, like a Sindh number, or registered it in Punjab. This registration can be done from anywhere because you have to register a company. This registration can also happen in Pakistan, saying, "We are such-and-such company," and show yourself as anything. So, Charlestown is an island near Venezuela. You will see about 70 Caribbean islands there where all these black people live, and all this money laundering and illegal activities are happening. If you have 10 crore rupees, you can even get a passport from there. Cortex is registered in this place. The second thing is the license. The license is the main thing. It is what restricts you from scamming. Now, when I have registered my car, and let's say I am in Dubai and I have done the registration there, I get a Dubai number. Now, I get a license. When I get a license, restrictions are placed on me, like you cannot exceed the speed limit, and so on. If I break any of their restrictions, I will get black dots, my license can be suspended, and there will be some restrictions on me. The point is, when Cortex has no license, what does that mean? It means there are no restrictions on them. When there are no restrictions, what will happen? They will operate as they please because they are operating as they please. This is why Cortex is haram because, behind the scenes, they are not buying anything, nor are they selling anything. You are simply betting against Cortex.
Now, all these big influencers, they are all selling their courses, selling signals, and doing fake promotions. Coming onto the leaderboard, all of it is fake. I swear to God, I will come onto the leaderboard myself and show you. Right now, you have to follow me on Instagram. They show that they have earned 20,000, 50,000, 100,000 rupees. From that, they buy cars, they make some 5,000 investment, they show you some real trading once or twice. They incur losses, they make profits, and then they show you, "Look, this is how we have built our portfolio with real trading." But behind it, it's all a scam. Yes, there's a complete scam behind it. All these people who say they don't sell courses, this and that, they are all charlatans. Because of them, a wrong concept about courses is being created in Pakistan. Look, selling courses is not an illegal thing; selling courses is not a bad thing. If you are selling a course, and your knowledge backs it, if your results back it, then it's fine. If it contains what you are saying, then it's well and good. If not, it means you are earning haram. For example, let's say this is an iPhone. I tell you, "This is an iPhone. I am selling it for 1 lakh rupees. This is its battery health, this is its condition." If you agree to it, then it becomes permissible according to Sharia. Similarly, if I say, "Buy my course, buy my signal group," it becomes permissible up to this point. But when you go behind the scenes, they are not actually traders, which is why what they are doing is also haram. Cortex is definitely haram. And when you are promoting a haram act, that is also haram. All the people who will come to Cortex because of you, all that sin will go to you. And we have become so crazy in the pursuit of making money that we have forgotten the distinction between halal and haram. We don't even research what we are promoting. These influencers don't understand that this is a betting app that we are promoting, just to make our own money. That's it.
They are promoting Cortex. They don't even know what trading is, yet they are promoting it. They say, "This is Cortex, and so-and-so." Just put them in front of me, and I'll ask them five questions. If they falter, my name isn't Waqas Ahmed. I will speak openly on YouTube. I don't say big things, may Allah forgive me, may Allah protect me from boasting, but I am telling you the genuine truth. Bring all these influencers. I will give them funded accounts from my own pocket. Tell them to trade for three months. They will fail. I can prove it. If anyone is there, let them come forward. In the Forex market, I will provide funded accounts. Come on, let's see if you can pass. Let's see if you can take out a couple of payouts. Just take 1% risk and show me. They will get stuck even in lot size calculations. So, this was the reality of all of them. This was the reality with logic that Cortex is haram. Behind Cortex, nothing is happening. There is no actual buying, nor is there any actual selling. Besides this, there are some concepts remaining, like whether Forex trading is halal or haram. I will make a separate video on that. Short selling remains, whether short selling is haram or halal. Then there is leverage. I will make videos on all these points and explain to you with proper logic what is right and what is wrong. The decision is yours. Take this video and go to any Mufti, go to the scholars. Ask different scholars if this person is saying this, then is Cortex halal or haram? If that scholar declares it halal, then change my name. This thing is inherently haram because you don't have any possession. After that, I will also explain Forex completely, what was happening behind Forex, and then I will also explain funded accounts, what is happening behind funded accounts. There was some crypto trader who came into Forex and was explaining about funded accounts, competitions, and so on. They have no knowledge about funded accounts. They just researched what's written on the website and started talking. You need to have proper knowledge about how funded accounts work behind the scenes, and I will tell you that. If you say, "No, you are saying wrong things," then after I give the knowledge about funded accounts, I will even bring the person who ran a funded company and prove it to you that, "No, what I was saying is true," because, praise be to Allah, I know what is happening behind the scenes of funded accounts, what is happening behind the scenes of brokers, and which broker is running an A-book, which is running a B-book, what each broker is doing. I have done proper research on everything because I have been in this market for a long time, and there is a great shortage of real traders in Pakistan. And praise be to Allah, with the kind of results I show consistently, I don't think anyone else shows them. This is not a big deal, but the point is that a trader doesn't do such things; they don't scam people. They just show their results. "I made this." And this is it. If they have to sell a course, many traders also sell courses. If they stop selling courses, where will you learn from? So, selling courses is not a bad thing. I am not justifying myself; I am justifying people who sell courses. A course is knowledge. You are investing in yourself. You should invest. You don't have to do a trading course; you can go and do a Microsoft course, a Shopify course, a web development course, a social media course. Do any course. By doing a course, your skills enhance, your skills increase, nothing decreases. What matters is from whom you are learning. So, I hope I have answered all your questions and explained with logic why Cortex is haram. You must share your point of view below this video and share this video as much as possible with all those people who are involved in this betting of Cortex, so that they can also get out of this quagmire, and you also benefit, and the world also benefits. We only think about the world and don't think about the hereafter, which is why we are disgraced in this world, and there is disgrace in the hereafter. So, with the prayer that Allah guides us and everyone, we end this video. See you in the next video. Until then, Allah Hafiz.