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Forex Sites in Malaysia
When it comes to Forex trading in Malaysia, your first hurdle is to choose the best broker. This is important as it will mean the difference between a great experience and a not so good one. There are many criteria to consider from the incentives offered to encourage you to trade, to the overall trading experience. These are some of the critical things to look out for:
Welcome Bonuses And Deals
Most brokers offer a welcome bonus in one form or another. A popular choice is the no deposit bonus. This bonus is offered to new traders to encourage you to open an account. It can vary in price but generally starts at $25. This allows you the opportunity to test the platform without risking your funds and is a great way to start.
There are three main categories of Forex currency pairs. The main ones include pairs like the USD/GBP and USD/EUR. Then there are minors and exotics which involve trading in less popular currencies. Some brokers offer more options than others when it comes to trading. Some will only allow you to trade in the main pairs which tend to be more profitable but with tighter spreads.
If you want to get familiar with a Forex broker before you start investing your funds then the demo account is perfect. It allows you to trade on the virtual version of the platform with a generous amount of virtual funds. You have a limited amount of time available to trade on the platform, but it gives you the chance to get familiar with it.
This is an essential factor, especially to new traders. You need to be sure that if you have a question, query or an issue then you can get hold of someone. Many brokers offer a live chat assistant but make sure you dig deeper than this. Check out the contact link to see what opportunities you have to contact them.
Broker Fees And Tax
Any income that is accrued or derived in Malaysia is subject to income tax. Now there may be some confusion as to whether trading with an offshore broker, classes as income that is derived in Malaysia and if you are in any doubt at all then we recommend that you consult with a tax professional.
As legally you are required to trade with a licensed broker, you may be trading with a broker that is local to you in which case you will most certainly be liable to tax on your trading profits. To ensure that you are paying the right amount, you need to obtain a full history of your transactions so that you offset your losses against your earnings.
In terms of fees, there are a few to consider. Some of them might be regarded as negligible for those of you that are trading in large sums, but they soon add up. First is the commission you pay for a successful trade. Then there are additional fees. The withdrawal fee is often charged by brokers as a fixed fee each time a withdrawal is made.
It is advisable to make larger, less frequent withdrawals to minimise these fees. Then there are a couple of other expenses to consider; transaction fees from your payment provider and currency conversion fees if you are trading in a foreign currency.
Until recently, Forex trading in Malaysia was illegal. Times have now progressed, and now you can trade in Forex as long as you adhere to certain conditions with include:
There are still some areas of the country where they haven't caught up, and some Islamists and government officials still believe it to be an illegal practice. Our advice is to check the rules and regulations for the region in which you live to ensure that you are not going to caught up in any issues. There are some regulations that stipulate if you use an Islamic account then you will be fine.
The Bank Negara Malaysia is responsible for overseeing the currency of the country, while the Securities Commission of Malaysia is responsible for financial trading. Their main priority is to ensure that the Ringgit is protected and therefore you are advised not to trade against it. If you are serious about Forex trading you are probably more interested in the main currency pairs, or indeed more tradeable ones than the Ringgit.
Most brokers offer a welcome bonus to new traders, like the no deposit bonus.
How we Recommend Brokers
We provide the information that you need to ensure that you enjoy and get the most out of your trading experience. Forex trading in Malaysia can be confusing to those who are just starting. This confusion begins with selecting the right site. Using our comprehensive and detailed reviews you can check out each broker and what they have to offer.
Many of them offer an extensive list of benefits, and it is on these benefits that we score them. Do they provide a good welcome bonus and are their payouts good? Are they easy to use and do they offer a good mobile trading experience?
Our team of experienced traders look at every aspect of trading so that they can bring you information that is accurate, relevant and up to date. In addition to testing the various Forex brokers around the world, we also look at the various trading tools available and how they can add to your trading experience.
Rather than spending hours researching the information for yourself, we do the hard work for you. All you need to do is choose the ones that best suit your requirements and then decide who you are going to invest your money with.
Our Review Rating System (More Info)
- Account Types
- Banking & Payouts
- Bonuses & Promotions
- Mobile Trading
- Trade Types
- Special Features
- Customer Support
Is Forex trading in Malaysia legal and safe?
Until recently it wasn't legal to trade Forex in Malaysia; however, times have moved on, and now as long as you follow certain conditions, you are allowed to trade.
Do I need to pay fees and taxes on my profits?
All income in Malaysia is taxable if it has been accrued or derived in the country. If you are using an offshore bank and an offshore broker, you will need to check with your accountant.
Can I test brokers before trading with real money?
The demo account is a virtual platform with virtual funds that allows you to get familiar with a simulated trading environment before you risk your own money.
Is it easy to make deposits and withdrawals?
You will need a credit or debit card, or you can use an electronic wallet like Paypal or Skrill. Withdrawals may take around three days for the funds to be returned to your account.
Can I trade using my mobile or tablet device?
If you have a mobile device and an internet connection, then you should be able to trade. This does depend on the broker though and what their mobile trading platform is like.
Ben’s contributions as a freelancer to the site since 2013 are highly valued. He has a real talent particularly within short-term speculation, making many successful trades on the directions of the global financial markets.