The good news for you is that Malaysian laws
permit trading with local and offshore brokers, so you’re not limited in your
choice of reliable partners. The only thing to keep in mind is that trading
with a broker who has no license is a criminal offense, so you’d better check
that before putting your money in.
Except for a valid license, you might be interested in specific trading accounts and payment methods. You can easily find the info in the corresponding sections of the broker’s website. And while the payment methods are pretty much the same everywhere, Forex trading account names might confuse you because brokers like to name them however they want. If you need more info on starting trading Forex in Malaysia – JustForex can provide you with everything you need.
If you’re new to Forex trading – you’ll
probably need a broker with cent accounts to be able to feel the real market
without losing large sums of money. The balance on these accounts is displayed
in cents instead of dollars, and you won’t be able to lose a lot unless you try
Islamic Forex Accounts in
Islamic account is another thing you might
want to look for because some of the basic Forex trading practices fo against
the Shariah law. Specifically, we’re talking about the swap and the delayed
Quran prohibits the accumulation of interest
in any way, and it means that to make your trading activity halal, you should
refrain from paying swap. Swap is a commission for leaving your position open
overnight, which the Islamic experts consider an interest. So, if your broker
of choice offers an Islamic account – there’s going to be no swap in it.
Another difference is that by Quran, all the
trading should go “hand in hand,” which is quite tricky nowadays because most
transactions travel across the world. Luckily for Islamic Forex traders, the
old definition was altered a little, and now the trade is considered halal if the
money and goods exchange metaphorical hands simultaneously. It means that if
you have an Islamic account – all the transactions will be executed immediately
and without delays so that funds would be sent and received during the same
The registration process is pretty standard.
You choose a broker, fill out the registration form with typical fields such as
Name, Phone Number, Address, ID, etc. After that, you’ll need to verify your
account. There might be many ways to do that, but if you have your ID and a
recent utility bill scanned and ready to upload – you’ll be fine.
Benefits of Forex Trading in
Starting forex trading in Malaysia is a great
idea mainly because of the country’s timezone. It’s perfect for all sorts of
trading because the market’s working hours overlap with both European and
American markets, giving Malaysian traders a unique opportunity. If certain
tendencies appear in the American Forex market, they’ll likely continue on the
European market when it opens for trading, and you can take advantage of that.
With such an outstanding positioning, the only thing left for you is to figure
out how to take advantage of it. Nature itself did a lot for you already, so
what’s left is to find a reliable broker, open an account, gain some
experience, develop your unique style and start trading to take your future
into your hands!