Forex trading creates a bit of a debate around traders and investors. Is it legal? Can we do it? Is it profitable? What’s the risk?
Forex trading, which is the exchange of one foreign currency for another, opens doors of opportunities to traders interested in a dynamic market, with a very high potential to make a profit, but equivalent risk.
But, before we get into the details of the forex market, which is one of the largest and more active with 5 trillion dollars being dealt with daily, there is the matter of… is forex trading legal in Malaysia?
The answer is yes!
However, there is the condition that the broker has to be regulated by the Bank Nagara Malaysia. If you’re wondering how you can choose the right broker for you, you can start by checking out opinions and reviews like this review to know if is OctaFX legal in Malaysia.
Forex Trading in Malaysia
The forex market in Malaysia opens at 5 am on Monday and stays open until 4 am on Saturday.
As in other countries, there is a wide variety of brokers offering forex financial products, and in Malaysia, the system to regulate them is rather strict, so you want to make sure the broker you are considering or using, is properly registered.
Choosing a regulated broker that abides by the national law and it’s overseen by the regulatory bodies, means your information as a trader is safe, and so it’s your money in case something happens.
How to choose the best forex broker?
Choosing the best forex broker depends very much on your trading style, interests, time, priorities, and expectations.
In any case, traders should always avoid unregulated brokers or those that offer possibilities that sound too good to be true but may not look as transparent in their operations.
The best way to avoid scams and being a victim of fraudulent operations is choosing a forex broker that is regulated and complies with the standards required.
Traders should make a priority of ensuring their information and their money is protected and safe.
After this aspect is a must, traders can look into different aspects or benefits that brokers may offer and compare them to choose the one that suits them (and their trading style) better.
Best Forex brokers in Malaysia 2021
We have selected some of the best-rated forex brokers in Malaysia for this year. Competition is tough and they are always bettering their services and expanding their offer to satisfy newer traders and make online trading more accessible.
- IG has been voted the most reliable broker and it’s a favorite based on their general services. Also good ranking for security.
- Saxo Bank. This broker is mostly chosen by professional or experienced traders. It’s well-known for their research tools and the fact that they have an international reputation helps make it a reliable option. They are a more “VIP” option as they ask for 10 thousand dollars as an initial deposit.
- Interactive Brokers. This broker has established itself as the to-go broker for financial agencies and professional traders. They don’t ask for any initial deposit, which has started to make them popular among beginners as well.
- eToro. This broker has an international reputation for being the best with copy trading and it’s a popular option among newer traders and also more experienced ones.