Forex Trading In Malaysia

I came across an interesting article about forex trading in Malaysia.

I once read that there was a Forex firm that was closed down by the authorities because our law do not allow any companies to be set up as a forex broker.

But with the internet, individuals can easily register with a foreign forex broker to trade forex. The down side is that we are not protected by the law in our own country.

Therefore, I think the smart thing to do is to have only a certain amount of capital in the forex broker that you are using. Always withdraw your profits into your bank accounts.

Anyway, here are 4 facts about trading forex in Malaysia that I found in another website:

Source: www.forextradingmalaysia.net 

New to forex? No worries. You need to start somewhere. It might as well be today. Before venturing in the exciting world of forex trading, you must understand these 4 FACTS.

1. Forex is technically “not legal” in Malaysia. Let me elaborate. Bank Negara Malaysia does not allow any deposit-taking by to take place by any representative (authorized or unauthorized) of a forex company. All deposit-taking must be done by persons registered under Bank Negara. However, if you trade on your own, you are entitled to use money as you wish, whether to trade or to gamble it away in a casino. It’s up to you. Your life, your call. The Malaysian law is hazy on this. I have not seen or heard of anyone yet who is arrested for trading forex. I won’t guarantee that this will never happen in the future so don’t take my word for this.

2. All forex brokers have HIDDEN FEES. There is no such thing as a totally honest forex broker. Their main purpose is to make profit, whether it is from charging for deposits, or charging for withdrawals, or charging from each transactions made through the spreads, forex brokers will find a way to squeeze some money from any activities made while using their services. Take for example FXPRIMUS. They position themselves as being an honest forex broker. I agree with them to certain extent. However, some things are not stated when they sell their services to you. When you try to withdraw money using wire transfer, they will charge $50 USD  just for that to happen. $50 USD is a lot for most of us Malaysians. That’s equivalent to RM150. So, for some, FXPRIMUS might not be the right option. Regardless of this fact, they are still quite decent and worth checking out.

3. Finding a good mentor to teach you how to trade correctly can be very hard. This is a FACT. Not many successful forex traders in Malaysia are willing to teach how they got to that stage. The skills gained from forex are earned through closed doors. No fan fare, no hype and gimmick. True mastery is gained in front of the computer with deep thinking involved. But once you do find a great mentor, it won’t be as you expected it to be. It may be in form of an e-book or a simple advice from an obscure blog or a discussion in a forum. Check out this website for more insight on finding the right forex mentor.

4. Forex traders in Malaysia are divided into different camps and groups.Let me explain.  Malaysian traders who trade with easy-forex will find it more easier to communicate and get support if they join groups such as easyforexmalaysia.com or Mocfx. If you happen to trade with Instaforex, there is a group for you to join in Malaysia. You could go to Carigold to find such groups or simply register with an established group such as instaforexmalaysia.net. One thing that I notice is that it is not advisable to trade with different brokers at the same time. This is the vibe I got by reading long discussions in online forums. It’s not that you can’t, its just that the sifu in these groups will only accept you if you show loyalty to their preferred forex broker.

 I believe that there are many forex traders out there. I think successful traders will be happy enough to be the 'silent millionaire'. If they are making a good living out of it, why spend more time promoting through seminars or classes.

To me, all of the seminars out there are just out there to attract newbies and in the end, promote something. To be fair, you can't blame them for it. They provide something and in return, hope that you will be their customer.

So, think twice about it....

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