So, maybe you have now decided to take on trading in Malaysia. However, the question still remains, where do I start? Well, as with any financial market you should always look for a broker. As we mentioned before though, make sure that said broker has your best interests in mind. The Malaysian market is unstable as of yet, and you need to be careful. Find a local or someone already trading in forex in Malaysia to give you suggestions.
Tracking down a broker
Firstly, take a little time to understand how trading in Malaysia works. The better you understand this, the better you will understand the best practices in the country.
We should also say that you should shop around as much as you can. Do not stop by the first good broker you see. It is always possible that you will be missing an even better for you.
Have a close look at all of the credentials you come across. This mainly means looking at regulators, but you should also find online reviews for the brokers if you can. Most worthwhile brokers should also offer demo accounts which you could take advantage of. Through it, you can understand exactly how their platform works.
Have a close look at what they are offering and their claims. If they do not show any facts and figures, be careful. They could be hiding things that they do not want people to know. Similarly, if they are offering you the moon in terms of possible profits, they are likely a scam.
The legality of trading in Malaysia
The legality of forex trading in Malaysia is a bit spotty and often regional. This means you have to be quite cautious when it comes to choosing a broker. It could mean you yourself will get into trouble. If the proper authorities are watching over the broker, then it should be fine.