Forex Trading in Malaysia Explained

While Malaysia may undoubtedly be new to the Forex trading scene, the Southeast Asian country has witnessed exponential growth of the latest industry. There are hundreds of brokers and trading companies, both from Malaysia and many international Forex platforms. If you want to join the bandwagon, here is Fxexplained in Malaysia; everything about the legality, regulation, and brokers.

Is it Legal?

In Malaysia, Forex trading is legal, as long as you are working with a registered and licensed company. The new law states that you are supposed to trade the Malaysian currency on accredited institutions.

Regulation

There is no framework for regulating FX trading apart from the laws regarding the legality of FX trading for its citizens. Companies are free to set up shop in Malaysia, and this has had a positive impact, and alongside, fraud.

How to Choose a Malaysian Forex Broker

Lack of regulation has left many loopholes in the industry, and in the past, traders have been deceived. Up to this day, some traders are still falling prey to the FX fraudsters.

For that reason, you must go for the renowned Forex brokers. Be very careful with your selection, and remember to read online reviews to find out what other traders are saying about a particular broker.

But you need not worry as there are many trustworthy Forex brokers in Malaysia; both local and international. They offer authentic Forex brokerage services on safe and secure platforms.

Can You Make Profits Trading Forex in Malaysia?

Yes, just like in any other country, you can make profits trading Forex in Malaysia. You can even carve a career out of it. But then, you need to be good at it. Master the art, exercise patience, maintain discipline and be always ready to learn. Above all, have a passion for FX!