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Thankfully, things have changed for Malaysia and today anybody of you can make trades, while being in Malaysia and while being based there without facing the jail. We remind you thank only 5 years ago, several people went to jail due to Forex trading in Malaysia.
Today it is and here are all the things you need to know about Forex trading in Malaysia, if this is your plan. Malaysia goes on keeping the liberal Foreign Exchange Administration FEA approaches and methods for regulation and official license providing procedures, which are mainly prudential measures to support the overall economy in good condition.
The monetary and financial stability are top priorities for the agency, which made it rearrange its drastic measures against both — Malaysian traders and all financial brokers that are listed here.
Meanwhile, the National Bank of Malaysia has also made a commitment to ensure that FEA strategies and measures will continue to support and enhance the competitiveness of national economy alongside with the Forex market growth. Bank Negara is actually the name behind Malaysian National Bank. It has a giant role for traders and trading websites, because it is the official regulator for them in the country. The Bank is responsible to provide official licenses for the brokers and to keep the Malaysian traders safe regarding their personal data and money they invest or win by trading.
The Bank has a very strict, but quite working transparency policy for Forex brokers. In the beginning, experts in the field from UK and Cyprus the leaders in regulation of Forex trading believed that such measures cannot work in such a sphere as Forex. However, their requirements to customers are usually much stricter than those of online Forex brokers. In addition, their trading conditions may not be as favorable as those of the brokers listed in the table above.
Please disable AdBlock or whitelist EarnForex. When looking for a broker, you have to pay attention to the following aspects: Is the broker reliable? Is it regulated by a solid authority? What country is it based in? Will it be easy for you to get compensated in case things do not go as planned?
How fair are the broker's trading conditions? Are spreads and commission low? Does it offer leverage on fair conditions?
Are overnight interest rate payments distributed honestly? How fast and seamless is the broker's order execution? Does the broker offer all currency pairs you would like to trade? Does it accept your preferred payment method? Are you comfortable with the trading platform?