best forex broker in Malaysia constitutes one of the top searched topics for Malaysian traders.
Over the last few years, Malaysia has been transformed from being merely a raw material exporter to one of the biggest and emerging economies in Asia. With this dramatic growth, many forex brokers felt attracted to the potentially lucrative business opportunities available there.
Though forex trading is relatively new in Malaysia, it genuinely becomes popular among citizens. However, Since Malaysia is predominantly a Muslim country, Malaysian traders don’t look only for the best forex broker in Malaysia, but also for the best forex broker that offers an Islamic account.
Best Forex Broker in Malaysia with Islamic Account
|Broker||Min Account Size||Leverage||Spread||Review||Open Account|
|$200||600:1||5 Pips||Review||Visit Broker Demo|
|1000:1||Starting from 0||Review||Visit Broker Demo|
|up to 500:1||Starting from 0,2||Review||Visit Broker Demo|
|$100||300:1||Review||Visit Broker Demo|
|$0||up to 3000:1, the highest in forex Market||Starting from 1.2||Review||Visit Broker Demo|
*Trading bonus are not eligible for clients registered under Trading Point of Financial Instruments Ltd and Trading Point of Financial Instruments UK Ltd
Is Forex Illegal in Malaysia?
Initially, the Malaysian government had prohibited Forex trading. Worse, it has been categorized as a criminal activity and a sort of gambling. Therefore, many traders have been charged heavily for taking part in this illegal activity. However, over the last few years, Malaysia has abandoned its old system and opened up to the new world of forex.
Nowadays, forex trading is legal in Malaysia. As a result, any forex broker can accept Malaysians. However, it is preferably to select a broker that holds a Capital Markets Services License (CMSL) from the Securities Commission of Malaysia (SCM), which is the financial regulatory body in Malaysia. SCM’s website is sc.com.my.
The legal situation of the Best Overseas Forex Brokers
Investing with an offshore forex broker is legal in Malaysia. However, there are many conflict opinions about the situation of these forex brokers. Malaysian state considers investing with overseas brokers a foreign investment since it wants to control the value of its currency. Such a thing that all countries do to maintain the value of their local currencies. Therefore, Because most Forex trading does not involve Malaysian ringgit as a base currency, they tend to overlook the many ways that Forex can be traded using other currencies.
How to choose a reliable Forex broker in Malaysia
Once you’ve crossed over the first hitches, the next decision revolves around selecting a reliable Forex broker in Malaysia. You want to pick the right business partner that keeps your funds not only safe and secure, but also offers the best services. You will need to practice due diligence in order to ensure there are no problems waiting to catch you unawares. Fraud goes hand in glove with the Forex market. In the list below, we will present to you 6 crucial things to take into account when selecting the best forex broker.
Best forex broker offers a high level of security. Therefore, checking the reliability of the broker is of utmost importance. Luckily, it is not hard since the information is available on the net. Indeed, no want to lose money with an unregulated forex broker.
Every single trade you make, the broker charges you commissions. You need to select a broker the offers low commission so that you can increase your profit. Therefore, it is quite normal to look for the most affordable and cheapest rates.
Sometimes you may need to sacrifice low transaction for a more reliable broker.
3. Deposit and Withdrawal
A good forex broker offers free Deposit and withdrawal. There is no reason behind charging you extra fees for withdrawing money. Exceptions made when the bank charges a broker for that.
In addition, a good broker makes it easier for you to withdraw your funds. Some brokers ask why? and make withdrawal procedures hard.
Brokers keep your money to facilitate trading; therefore, there is no reason to hold your funds in case you want to withdraw. A good broker should make the withdrawal process easy and smooth.
4. Trading Platform
All trading orders happen via the brokers’ trading platform. Therefore, it should be user-friendly. The platform should enable the use of technical indicators. Moreover, it shouldn’t be stack when the market news, or when you add customized indicators and expert advisors.
In addition to trading platform, Execution plays also an important role.
A good forex broker should fill you at the best possible price for your orders. Moreover, the speed at which your orders get filled is very important, especially if you’re a scalper.
6. Customer Service
No one is perfect, including the best forex brokers in the world. However, a good forex broker should enable you to contact him when a problem has occurred.
many brokers offer live chat; we think that it is the best thing since you can get a solution immediately.