Sheikh Râshid Hamad al-`Alawî, professor at al-Imâm University , al-Qasîm Branch
In currency exchange transactions, the two countervalues must be exchanged at the same time. In addition, if the two parties are exchanging the same currency, then they must be equal in quantity. Therefore, currency futures and options are not acceptable from an Islamic point of view.
Furthermore, what is called “spot” is not actually "on the spot", as it takes 2 days for settlement. This is also unacceptable from an Islamic legal standpoint. Only currency exchanges with an immediate settlement are allowed.
Trading with a margin described in the question is actually a type of interest-based loan. The investor is lent 99000 to cover the fees per trade. Obviously, the investor cannot use this loan for any other purpose than trading, so he must pay the fees.
Source: Islam Today