Does the mere presence of leverage in a forex account, without actually using it, render the transaction or contract forbidden, given the seemingly conflicting fatwas on this issue? And is forex considered gambling and usury because currency prices are merely electronic figures and their buying and selling are illusory? Is opening and closing a trade within hours considered buying and selling without physical possession, or is it among the permissible forms given that settlement is immediate?

It is permissible to trade currencies under Sharia (definition) controls, including not using leverage because it is a loan that draws benefit. There is no contradiction in the permissibility of dealing in Forex, provided that leverage is not used. If the transaction is free from prohibitions, it is permissible, even if the website allows leverage for those who want it, as long as the transaction itself is free from prohibitions. Currency trading is not gambling; rather, it is a permissible buying and selling. Currencies are not something imaginary; rather, they enter the account. Opening a trade, keeping it open, and then closing it does not mean buying and selling without immediate possession. Rather, the two exchanged items are transferred to the accounts of the two parties, which is a condition for permissibility.