Forex Trading Malaysia – How to Make Money Trading Currencies

Forex trading or currency trading is fast becoming one of the most popular ways to earn income from the Internet. It used to be that Forex trading was only possible for banks as well as the elite class of investors who have hundreds of thousands to invest. But now, thanks to the Internet and the growing competition among Forex operators, currency trading has become possible for average investors like you and me. This means that we don’t need to have a staggering amount of wealth like the banks and billionaires to trade currencies. There are a number of Forex brokers today that offer accounts for a few thousands to even hundreds of dollars.

How to Make Money Trading Currencies in Malaysia

There had been some confusion about whether Forex trading is legal or illegal in Malaysia. If you are having doubts about this, then here is a quote from Yeo Chin Tiong, Head of Financial Markets for Alliance Bank Malaysia Bhd “Bank Negara has liberalised many of its policies, including allowing individuals to open foreign currency accounts (even joint accounts) with any authorised bank.”

That said, Forex trading is legal in the country. One should also be aware that it is acceptable to trade currencies by exchanging their Malaysian ringgit into US dollars then using it for speculation through a Forex broker.

If you will be trading from Malaysia, it is highly advisable that you go this route. There are numerous offshore Forex brokers that you can open an account with and trade currencies. Again, make sure you have your ringgit exchanged into US dollar first.

When it comes to choosing a Forex broker, it is vitally important that you choose one that is regulated in its local jurisdiction. For example, if you are considering a Forex broker that is headquartered in UK, you’ll want to make sure that it is regulated in that country. To protect yourself from fraud, it is highly recommended that you take time inspecting the legitimacy and credibility of a Forex broker before opening an account with it. Dealing with a legitimate and regulated broker saves you from unnecessarily headaches and losses as your assets are safe in a credible brokerage company.

There are several other factors that you need to consider when choosing a broker. You need to find out if the trading platform provided is easy to navigate and if it meets your trading requirements.