Forex Brokers in Malaysia.
It is not hard to find a forex broker who makes you feel safe and mentally comfortable, you just have to take into account the important factors in finding a reliable and trusted Forex broker . Essentially, a trusted forex broker is ethical , law-abiding , fully devoted to its clients , and its background in the industry speaks for itself. Such a broker provides quality support, prompt deposits and withdrawals methods, and most importantly, reliable trading conditions so you can take a load off your mind and focus your attention solely on your trading career.
Here we have presented the most successful Forex brokers in Malaysia with years of presence in the forex industry. These brokers are also fully regulated by the top international financial regulatory bodies such as CySEC , FCA , ASIC , and IFSC . They have acquired the very best rate of satisfaction among the traders from all over the world.
Choosing a safe forex broker is your #1 priority for successful trading. To learn more about each reliable forex broker listed below, simply go to the broker ’ s “ review ” page and check out their trading products, account types, platforms, spreads and so on.
List of Trusted and Reliable Forex Brokers in Malaysia 2022.
How to choose a trusted & reliable Forex broker?
The regulation is one of the key factors to consider before anything else. You cannot entrust your funds to any random Forex Broker that you come across. It is imperative to thoroughly investigate the FX Broker of your choice in terms of safety, security, and reliability by simply taking into account which supervisory authority oversees their overall financial activities i.e., an administrative body which regulates Forex brokers in the interest of the public. Regulated Forex Brokers are required to be financially stable, provide segregated accounts for their customers, offer proper pricing, quality order execution, and most importantly ethical and fair business methods.
It’s better to make sure that the chosen Forex Broker is headquartered in a country where a certain regulatory body enforces laws and regulations; for instance, the CySEC of Cyprus, FCA of the UK, ASIC of Australia, IFSC of Belize and other relevant authorities. Working with a Forex Broker that is not regulated and answers to no authority could put you at financial risks. A non-regulated Forex Broker is not under any obligation to process your transactions, give you the correct required charts or data, or support you in any way. Additionally, if you choose to work with an unauthorized broker, you do so at your own risk, and can’t redeem your losses or officially complain to authorities since they are not members of a compensation fund scheme or any organization of that kind.
The quality of a Forex Broker’s Customer Support says a lot about them. The services that you require from a Forex Broker need to be available at all hours (24/5) considering the level of activities in the FX Market. Customer support should be within your reach via various methods including email, live chat, and phone calls just to make you more comfortable. The support staff has to be well-informed and well-mannered to answer all your questions and guide you to the best of their knowledge, so you’d know if you can count on them when a real problem occurs. You can review their overall response time and effort through live chat to see how they approach your questions about spreads, leverage, regulations, or any other details that you want to know. They should listen to your concerns patiently and offer their support to address your needs. Otherwise, you need to go to another Forex Broker whose support department would help to make your trading experience all the more rewarding.
An active Forex Broker in your region that offers support in your local language could be very helpful, especially if you are not very good at English. This also means that you will receive the best support to face your problems faster.
Forex traders are required to pay a spread – the difference between the Bid and Ask prices – to their Forex Brokers. The spread is offered either as fixed or floating which can be chosen according to your trading requirements. The fixed spread, as the name suggests, stays the same regardless of the size of your trade. The floating spread, however, changes with the market movements and is usually offered as low as 1 pip. So you need to consider which spread type fits your trading strategies and choose accordingly. Forex Brokers earn a profit by charging a spread for the clients’ transactions. Some Brokers charge higher spreads to earn more money while others offer lower fees for their services to attract more customers. Dealing Desk Brokers (Market Makers) set the spread price for every currency pair ranging from 2-3 pips. Forex traders are always looking for the lowest spread Forex Brokers in order to reduce their own trading costs.
Forex is known for its high leverage, and there are Forex Brokers who offer high leverage ranging from 1:50, 1:100 or even as high as 1:3000. Aggressive traders tend to use leverage at its maximum level and take bigger risks, cautious traders, on the other hand, might want to approach leverage more carefully to stay on the safe side.
Another important issue is the speed and quality of order execution, especially for scalpers, EA users, and those who trade more often. Moreover, Scalpers are more interested in ECN Forex Brokers through which they can receive better and friendlier trading conditions including the lowest spreads, no re-quotes, and ultra-fast order execution.
Every Forex Broker offers somewhat different deposit and withdrawal methods to its clients. Ideally, you need a broker whose payment systems are user-friendly, fast, and secure. Traders can now fund their accounts via Bank Wire and Credit Cards (Visa, Mastercard, etc.) at many Forex Brokers. Forex Brokers also accept online payment systems including WebMoney, Skrill, Neteller, FasaPay, Bitcoin and PerfectMoney because of their speed, ease of access, and worldwide popularity. Funding time in Bank Wire transactions is usually up to a few business days, while with online payment systems, deposits and withdrawals are processed very quickly (Deposits are made instantly and withdrawals in few hours or within a working day).
Moreover, Forex brokers that are active in specific regions may accept funding via local banks. For example, the clients from Malaysia are able to use their accounts with the local Malaysian banks as a depositing method directly from their personal cabinet. In this way, the Malaysian traders can fund their Forex account faster and easier withdraw the funds (e.g., any earned profits) to their local bank account (in Ringgit).
Go to Forex Deposit & Withdrawal in Malaysia to learn about all the payments methods offered by Forex brokers in Malaysia.
Licensed & regulated Forex Broker in Malaysia.
If you are still a newbie in the foreign exchange business, it is essential to be cautious in every decision you make, most notably in choosing the right Forex broker for your trading plans and goals.
Unlike stocks, trading in the foreign exchange market does not have a particular place or center that can be monitored and organized. That is why Forex is the go-to destination for international scam artists who want to defraud their gullible clients.
Therefore, before making a decision and registering on a broker ’ s website, always make sure that your Forex broker is properly regulated for safe and secure trading experience.
Foreign exchange regulation is a set of financial rules administered to all financial corporations and companies as well as traders who operate in the currency market. The regulations are laid down to make sure that all parties involved in this global and decentralized market work fairly and ethically.
As the biggest financial market with a daily turnover above $5 trillion, Forex works on an international scope with no particular center. Because in the Forex market, unlike the stock exchange, various participants of different financial levels operate, including banks, commercial companies, Forex brokers, as well as corporate and retail traders.
Therefore, a special governmental organization or independent institution is formed to supervise and control the market activities within a set framework. This special institution is known as a Forex regulator or Forex regulatory body. These regulators are responsible for keeping all forex participants in check to make certain that they abide by the regulations and conduct fair business practices.
International Forex Regulatory Bodies & Licensed Forex brokers in Malaysia.
?️ 1. FCA The Financial Conduct Authority of the UK is one of the most prominent regulatory bodies in the Forex business. Even though the FCA enforces strict rules and policies, it is still considered quite open and friendly to Forex offshore operators.
Moreover, the FCA is an independent public institution, which guarantees a fund program as high as 50,000 GBP as insurance for traders and investors in the case of financial disputes.
The FCA ’ s main objective is to protect consumers, safeguard and enhance the integrity of the UK financial system, and ensure effective competition between consumers in the Forex business.
?️ 2. CySEC As the world ’ s top destination for Forex brokerage business, Cyprus has an independent regulatory agency called the Cyprus Securities and Exchange Commission (CySEC), which operates under the European MiFID regulations.
MiFID or Markets in Financial Instruments Directive has been enforced to provide free entrance services to its members within the European Union countries. Brokers that have acquired a license from a MiFID ’ s regulatory agency member will be able to operate their business in MiFID ’ s other member countries.
The CySEC is a respected regulatory agency that attracts numerous foreign Forex brokers and companies due to its slightly lighter regulations and minimal capital requirements. Many financial companies choose to obtain a license and join CySEC ’ s jurisdiction to operate within the European market. The capital protection offered by the CySEC is the maximum of 100,000 USD within the European Union zone.
?️ 4. IFSC Belize is a country located in Central America that upholds strict privacy laws and zero tax structure for overseas income, making the country one of the safest and most secure places for investment. That is why Belize ’ s International Financial Service Commission (IFSC) is famous among Forex brokerage companies.
The IFSC is responsible for supervising companies and individuals operating in Belize ’ s financial sector and ensures that they conduct business according to the Belize government ’ s rules and guidelines.
How are Forex Brokers in Malaysia Licensed & Regulated?
As a new trader, you have to understand completely how Forex brokers are regulated. This way, you will be better equipped with sufficient knowledge before working with a certain forex broker.
Furthermore, Forex brokers that want to operate in a particular country must be registered by the country ’ s respective regulatory institution. As each regulator has different specific rules and requirements, the basic principles of those regulations can be summarized as follows:
1. Valid License Before registering on a broker ’ s website, you have to make sure that your Forex broker operates under an active and valid license acquired from the regulatory agency in the relevant jurisdiction. Regulated Forex Brokers will display the regulatory agency ’ s name on their websites and are registered on the agency ’ s active list.
2. Segregated Accounts Your regulated Forex broker is required to keep its clients ’ funds in segregated bank accounts, completely separate from the company ’ s operational funds. Therefore, in case something unfortunate happens, the broker ’ s creditor will not be able to access your financial account and use your money to settle the broker ’ s debt.
3. Regular Reviews and Audits All regulated Forex brokers are bound to periodic inspections and audits to make sure they have complied with the regulation. The audit frequency varies depending on the regulatory body.
4. Sufficient Capital Requirement To be able to operate as a regulated Forex broker actively, a brokerage company needs to have a sufficient amount of capital, based on the regulator ’ s requirement. For example, the IFSC requires its members to have a minimum of 100,000 USD as operating capital, whereas this requirement for the members of the FCA is a minimum of 1 million GBP.
5. Risks Disclosure Check your preferred broker ’ s website and find out if they display an early warning regarding the high risks involved in the Forex business. A regulated Forex broker is required to display a risk disclosure to warn their future clients that trading in the Forex market involves a certain level of risks.
Importance and Advantages of licensed Forex Brokers.
The Forex market is the most appealing business in the financial world that offers a huge amount of revenues almost as big as the risks involved. When you pick a Forex broker, it means that you are choosing a business partner that you need to trust with not only your personal information but also your capital and investments.
Choosing a well-respected Forex broker that is regulated by one or more regulatory agencies will not only provide a safer and more secure trading experience but also gives you various following advantages:
1. Trading Protection.
The Foreign exchange market is highly prone to financial frauds. Unregulated brokers are often scammers who rob traders out of their money and leave them in huge debts.
Trading with a regulated Forex broker will definitely protect your assets against these types of financial frauds. Regulated brokers are constantly monitored by the regulatory agency, and if you ever find yourself in a bind, you can bring your complaints against them to a higher authority.
2. Insurance and Compensation.
Even if your regulated broker turns out to be unstable and goes bankrupt, they are still obligated to provide appropriate compensation to their clients. The amount of compensation depends on their regulatory agency.
3. Fund Security and Transparency As previously mentioned, regulated Forex brokers must keep their clients ’ money in different bank accounts separate from the company ’ s funds, and additionally, they have to be regularly reviewed and audited.
Therefore, you can be sure that your investment will not be mixed with the broker ’ s capital, and your broker can always process your withdrawal requests. Besides, you ’ d be more confident in your trading operations knowing that your broker ’ s activities will continually be reviewed by the regulator so no trading manipulations can occur.
It is always best to confirm whether your Forex broker is regulated before registering and opening a live account. You can start by finding the regulator ’ s name on the broker ’ s website or ask the customer support if you can ’ t find one. Then, you can double-check with the regulator ’ s list on their website to make sure that the license is still valid and active.
In conclusion, it is highly recommended for you to work only with regulated Forex brokers because Forex regulations supervise and bind brokerage companies, so they do not go around scamming their clients.