How to Start Forex Trading in Malaysia?

Have you been thinking about venturing into the world of forex trading, but don’t know where to start? If you’re based in Malaysia, there are a few things you need to know before you start trading.

In this blog post, we’ll take a look at some of the basics of forex trading, as well as what you need to do to get started in Malaysia. We’ll also provide some useful tips for those who are new to forex trading.

So, if you’re interested in learning more about how to start forex trading in Malaysia, read on!

How to start Forex Trading in Malaysia?

What is Forex Trading?

Forex trading is the act of buying and selling foreign currencies with the aim of making a profit. The foreign exchange market is the largest and most liquid market in the world, with a daily turnover of over $5 trillion and counting…

Forex trading is not complicated, but it does require some basic knowledge and understanding of how the market works.

Before you start trading, you should have a clear idea of what your investment goals are and what you are willing to risk. You should also be aware of the different types of risks involved in forex trading.

The most important thing to remember when starting out in forex trading is to trade responsibly.

Don’t trade with money that you can’t afford to lose and always seek professional advice if you’re not sure about something.

Bank Negara Malaysia and Forex Trading

Bank Negara Malaysia, the central bank of Malaysia, has recently announced new guidelines for forex trading in Malaysia.

The guidelines are designed to protect Malaysian investors from financial scams and promote responsible trading practices.

Under the new guidelines, all forex brokers operating in Malaysia must be registered with the Securities Commission of Malaysia (SCM).

In addition, all forex brokers must provide their clients with a demo account to practice trading before investing real money.

The Bank Negara Malaysia guidelines also prohibit forex brokers from offering bonuses or incentives to encourage traders to deposit more money.

This is to prevent traders from taking on too much risk and losing their investment.

Overall, these new guidelines will help to create a more safe and secure environment for forex trading in Malaysia.

Malaysian investors can now be sure that they are dealing with reputable brokers who are adhering to strict regulations.

This will help to reduce the risk of financial scams and promote responsible trading practices.

Forex Scams in Malaysia

Forex scams are unfortunately all too common in Malaysia. There are a number of ways that these scams can occur, so it is important to be aware of them and how to avoid them.

One common scam is when a broker promises high returns with little or no risk. This is not possible, and if you do invest in such a scheme, you will likely lose all of your money.

Another popular scam is when a broker offers managed accounts or signal services. These services may seem legitimate, but in reality, they are often just using your money to trade for their own benefit.

Finally, always be wary of any fees or commissions that are charged upfront. These are usually red flags that you are dealing with a scammer.

If you do your research and only deal with reputable brokers, you can trade forex safely in Malaysia.

Blacklisted Forex Brokers and Companies in Malaysia

It is important for Malaysian forex traders to be aware of the risks involved in trading with blacklisted forex brokers and companies. These firms are not licensed or regulated by the Malaysian government and may not follow proper financial practices. As a result, investors may lose their money without any recourse.

Below is a partial list of blacklisted forex brokers and companies in Malaysia:

1. Pollywood Investment Scheme
2. Bitclub
3. TopproFX
4. SFX Management (KT0339697-V)
5. INint Global Solution ( IGS)
6. Toga Capital Sdn Bhd (1132072-MD)
7. Toga Company Limited
8. GM Trader
9. Superbinvest Group
10. Forex4you
11. PTFX
12. Rex Russell Capital Investment Group
13. OCFX
14. Golden Speed Trading (00225254-K)
15. Century Dynasty Asia Pacific Sdn Bhd
16. Century Dynasty Group Bhd
17. Century Dynasty Resources Sdn Bhd (980031-K)
18. Century Dynasty Group LTD
19. Premier FX Malaysia
20. Premier Point Market LLC
21. Premier Point Market Sdn Bhd
22. Qinur Enterprise
23. Arribhu Suci Ent
24. Nikprofit Trading
25. Exness Malaysia
26. Exness Executive Management
27. Fruits LT Venture
28. Fruits LT Venture Investment Scheme
29. Rich World Revolutions (RWR)
30. XIG Limited
31. MMM Malaysia
32. Atlantic Global Asset Management (AGAM)
33. Questra World (QM)
34. HotForex Malaysia
35. Myrezeki
36. SimplyFx Malaysia
37. Auto Trading Management
38. Omega Pinnacle Ltd ( Labuan)
39. WMS Capital Ltd ( Labuan)
40. WMS Global Services (PG0402301-M)
41. LetDuit Schemes
42. SGV Premier Plan Scheme
43. SV International Sdn Bhd (116955-K)
44. SVI International Scheme

Source: Bank Negara Malaysia

How to Avoid Forex Trading Scams in Malaysia

If you’re looking to start forex trading in Malaysia, there are a few things you need to be aware of in order to avoid any potential scams.

First and foremost, make sure that you only deal with regulated brokers. This ensures that your broker is held to certain standards and is required to follow certain rules in order to protect your money.

Next, be sure to do your own research before investing any money. There are a lot of online resources available that can help you learn about the different aspects of forex trading.

Finally, don’t be afraid to ask questions if you’re ever unsure about anything. The more information you have, the better equipped you’ll be to make successful trades.

How to Start Forex Trading in Malaysia?

Malaysia is a country with a very high standard of living, and its currency, the Malaysian Ringgit, is one of the most traded currencies in the world. The country’s central bank is the Bank Negara Malaysia.

Forex trading in Malaysia is not illegal, but it is only allowed through licensed brokerages. There are many international brokerages that are registered and have an office in Malaysia.

You can find a list of licensed brokerages on the BNM website.

When you open a forex account with a Malaysian brokerage, you will be able to trade any currency pairs that you want.

The most popular pairs include the US Dollar/Malaysian Ringgit (USD/MYR) and the Euro/Malaysian Ringgit (EUR/MYR).

To start forex trading in Malaysia, you will need to have a valid Malaysian bank account and deposit some funds into it.

Once you have done this, you can then start placing trades using your chosen brokerage’s online trading platform.

Conclusion

Starting forex trading in Malaysia can be a daunting task, but with the right knowledge and preparation, it can be done successfully. We hope that this article has provided you with some helpful tips on how to get started.

Remember to do your research, start small, and always use proper risk management techniques. With careful planning and execution, you can be well on your way to profiting from the forex market.

Frequently Asked Questions

Q: Is forex trading legal in Malaysia?
A: Yes, forex trading is legal in Malaysia. The Malaysian government has regulated the industry to prevent any fraudulent activities.

Q: What are the requirements to start forex trading in Malaysia?
A: In order to start forex trading in Malaysia, you will need to open a broker account and deposit some funds. You will also need to have a good understanding of the market and how it works.

Q: What are the risks involved in forex trading?
A: Forex trading is a risky investment and you can lose all of your capital if you don’t know what you’re doing. It is important to learn about risk management before getting started.

Q: How much money do I need to start forex trading?
A: You will need to deposit at least $500 into your account to start trading. However, we recommend starting with at least $1000 so that you have more room for error.