Top 10 Best Forex Brokers Malaysia for 2020
Malaysia is a charming country amongst the south-east Asian country with the highest economic growth. In the past few years, its capital market has witnessed phenomenal growth and starts competing with the capital market of the western countries.
Many retail investors envisioned this phenomenal growth in the capital market of Malaysia as the best lucrative business opportunity. Despite the creation of numerous business opportunities in Malaysia, skepticism amongst the inhabitants of Malaysia remain intact and they are concerned about the potential scams in an unorthodox way of conducting businesses.
This brief article is geared towards educating the conservative Malaysian businessmen and makes them familiar with the revolutionary way of doing business.
Even though many companies in Malaysia deceive their customers and steal their hardly-earned money by pretending as an authentic trader, but you don’t need to worry in this regard. In this article, I’ll walk you through all authentic and internationally-recognized forex brokerage firms in Malaysia.
Finding an appropriate forex broker in Malaysia might seem a bit confusing to someone. Finding a legal forex broker in Malaysia can be a bit challenging particularly if you aren’t aware of the compliant requirements for an authentic forex broker.
Even though the Malaysian legislative body legalize both inshore and offshore investment, but both of them cannot be envisioned as a safe investment option.
All the Malaysian forex brokers we’ve listed in this article are compliant with the SCM, provides the numerous languages support and accept payment via the localized mode of payment. Aside from all these functionalities, all these brokers are compliant with Islamic principles and offer swap-free accounts to their potential customers.
Before choosing a specific forex broker in Malaysia, it is strongly recommended to educate yourself about the following topics:
- Who is responsible for regulating forex brokers in Malaysia
- What is the eligibility criteria for opening a trading account in Malaysia
- Working methodology of Islamic accounts
- Ins and outs of forex trading in Malaysia
Malaysia Forex brokers list consists mostly of those brokers, whose currency market performance have demonstrated the best results, the quantity of investors is growing and costumers’ feedbacks confirms the high status of each Forex broker.
How to choose a trusted Forex broker in Malaysia
If one is looking to invest in Forex trading in Malaysia, investeor has to no longer have to worry about landing in perison. The popularity of Forex trading grows, so does the choice of reliable and regulated brokers available. Since Malaysia has very hazy regulations when it comes to Forex trading, it is crucial that you choose a regulated broker.
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- Trade all FX & CFD s
- Advanced Charting
- One Click Trading
- No Exchange Fees
- User-Friendly Platform
- No Commission
How Forex Trading is regulated in Malaysia?
Soon after an effective regulation for forex trading in Malaysia comes into play, it opens a door to lucrative investment opportunities for Malaysian businessmen. But you can leverage only those forex brokers that are publicly endorsed by the financial regulatory authorities of Malaysia and fulfill all the regulatory compliance requirements of Malaysian legislative bodies.
Up till all the forex brokers in Malaysia only works with the banks and the large financial institution of Malaysia and aren’t interested in working with individual retail investors.
As of now, the Malaysian government legalizes offshore investments and eventually many Malaysian traders reap the benefit of this legislation and start working with various online forex brokers and categorized their investments as an offshore investment.
Some legal experts are of the view that the rule of only trading currency is only applicable to physical currency and the digital currency or cryptocurrency is exempted from this rule.
Therefore, online forex trading is an exceptional case because you aren’t dealing with the physical currency pairs, but instead trading theoretical currency.
In order to ensure the highest level of security while working with an online forex broker in Malaysia, it is strongly recommended to work with only licensed brokers who have an Islamic account.
So there are countless available options to you for trading forex legally in Malaysia particularly if you are trading with a licensed broker or an offshore online broker. However, the law regarding forex trading in Malaysia restricts you from trading forex with someone else funds. Similarly, you cannot ask someone else to provide you money for trading forex.
Luckily, the government of Malaysia is simplifying the laws regarding forex trading in Malaysia consistently.
Regulatory Bodies for Forex Brokers
In terms of governing bodies, forex trading in Malaysia is primarily regulated by the security commission of Malaysia and the Bank Negara Malaysia.
Bank Negara Malaysia
Bank Negara is the leading financial regulatory body in Malaysia and controls all the things that pertain to Ringgit. Aside from that, this regulatory body acts as a financial advisor to the government of Malaysia and plays a crucial rule in the framing of legislation regarding forex trading.
The Securities Commission of Malaysia
The securities commission of Malaysia frames a regulatory compliant for all those financial institutions or hedge funds of Malaysia that deals with securities. Some of its key functions are:
- Monitoring governing houses, central depositories, and exchanges
- Endorsement of the bond issued by the corporates.
- Registering preparation prospectuses aside from the unlisted recreational club
- Governing all the institutions that deal with the securities and futures contracts
- Governing mergers and acquisitions
Other Governing Bodies
Other regulatory bodies that play a vital role in regulating forex trading in Malaysia other than the security commission are Malaysian Investment Development Authority, Finance Accreditation Agency and Sharia Advisory Council.
The Malaysian Investment Development Authority
This regulatory body frames the regulatory compliance requirements for the currency exchange business and in particular forex trading. It also acts as a leading regulatory body for foreign assets, foreign currency loans, Ringgit loans, and foreign currency-dominant accounts.
The Financial Accreditation Agency
This regulatory body was primarily introduced by the Malaysian Securities Commission. It acts as an independent body whose job is to provide quality assurance and accreditation services to the companies operating in the financial services sector.
The Sharia Advisory Council
This regulatory body ensures all the capital market in Malaysia is entirely compliant with the Sharia Jurisprudence.
Not long ago Malaysian government penalized forex traders and who was involved in this act was sent to jail, but the situation has thoroughly changed now.
You can now trade currency pairs in Malaysia without worrying about the legal constraints because forex trading is legalized by the government officials of Malaysia.
In order to trade currency pairs in Malaysia, you need a certified forex broker.
Forex Trading in Malaysia
Forex trading is known to be a very tasking and risky trade to go through but it is very profitable when time is taken to study the market. If you are new in the forex market trade, it is advisable to note that this broker trade is very risky, you need the time to study the market well before investing real money.
The Forex Broker Malaysia also offer a practice account demo for practice like every other broker platform. With this practice account you have a platform to virtually invest money and test your ability on how to invest right before investing in real life. When you done practicing virtually you can now have the confidence to start investing in Forex Brokers Malaysia
If you are looking for the best forex brokers Malaysia, look for those that offer different platforms as the software platform will be your most important tool in the industry. The platform should show all available currency pairs and a trend graph, this trend graph the movement of market disturbances indicating whether the value of the currency is going up or down. The great and best thing about Forex broker Malaysia is that you can actually trade both day and night.
Like many other brokers platform, the Forex broker Malaysia also offers you the opportunity to stop your investment when the market is dropping. The option will be displayed as soon as you have made an investment. The stop investment feature on the Forex broker Malaysia platform is beneficial for newbies who are just starting to invest in Forex. Stop Loss allows you to limit your investments and determine when to take profits without incurring additional losses. You can manually set the option to automatically sell as things move south.
Options For Forex Malaysia Trading
Forex in Malaysia is not a very popular destination for foreign exchange trading. Malaysia is a country known for importing and exporting raw materials and commodities, including oil. This country accounts for up to 40% of government revenue. Malaysia is also famous for its proximity to Singapore, a global financial center. While Malaysia, as a neighboring nation, has no global significance, Malaysia’s law has built a modern infrastructure driven by a robust and stable economy, which has led to an improved standard of living and an influx of foreign investment.
Malaysia is an Islamic country, where more than 60% of the Malaysian population follow a religion with strong Islamic ideals. As a result, many aspects of currency trading in Forex brokers Malaysia violate fundamental Islamic values and force Malaysian traders to trade Sharia-compliant foreign exchange brokers. The Malaysian government has also imposed several restrictions on Malaysian currency trading, increasing the general confusion about the legality of foreign exchange trading in the country. In any case, Malaysian Forex traders can participate in Forex trading provided they comply with all applicable laws in the country where trading and investment are regulated.
The Legality Of Forex Broker Malaysia And In relation To The Regulation Of Foreign Exchange Brokers
Malaysia initially banned the concept of currency trading as an illegal act involving heavy fines and even imprisonment if it was assumed that a person had exchanged a currency. In recent years, however, Malaysia has been slow in launching the idea of forex trading, but the concept itself is still in its infancy. As an Islamic country that adheres to Islamic rules, it is advisable for traders to examine the legality of the exchange trade in Malaysia and also adhere to the country sharia law.
Regarding the regulation of foreign exchange traders, the Malaysian regulator is still in its infancy and there is much confusion about the current regulation of foreign exchange brokers in Malaysia. The Central Bank of Malaysia, Negara Bank, is responsible for managing the currency in Ringgit, while the Malaysian Securities Commission is responsible for the regulation and control of financial companies. Note that there is no agency available for regulating the forex broker Malaysia due to the fact that the country is yet to update the regulation relating to forex trading.
Selection Of Forex Broker Malaysia
The lack of a supervisor can be dangerous for investors as brokers have significant potential for fraud and irregularity. With the lack of regulation in malaysia forex broker area the different trading companies have used the opportunity to divert huge amount of money from traders around the world.
Due to the lack of a regulation in the forex brokers Malaysia, this has given brokers the opportunity to set up their headquarters in the country so as to provide services to an international market. Therefore, the Malaysian government can only intervene if the company violates the state laws on the legality of foreign exchange transactions for its citizens.
On the contrary, there are real and reliable foreign exchange brokers offering real-world foreign exchange brokerage to Malaysian traders. There are local and international brokers who provide a safe business environment and are completely free from bad financial practices. Also note that as a trader, try your best to search for different forex broker Malaysia and understand what each broker is ready to offer before you start investing. We have compiled a list of Malaysian foreign exchange traders that we believe can offer you excellent services without compromising the protection of your trading capital.
How To Choose A Trusted Forex Broker Malaysia
With the growing popularity of foreign exchange, the selection of reliable best forex broker in malaysia is also growing. It is advisable you take your time to choose a reliable broker before investing.
The lack of a regulator makes the choice of a Malaysian foreign exchange broker very risky for investors, as the brokers have a large number of scams and loopholes. Due to the lack of a regulation in the forex brokers Malaysia, this has made it hard for the Malaysian authorities from getting enough information and seeing through the trading activities of forex brokers that set up their headquarters anywhere they want in the country. Therefore, the Malaysian authorities can intervene only if they find that the laws of the country are isolated in terms of currency exchange with their citizens.
Malaysia has honest and reliable foreign exchange brokers that provide reliable forex brokerage services and provide traders with a safe trading environment. These brokers are completely free from criminal or financial acts. Finding a trusted and reliable forex broker Malaysia is a very tasking job and stressful because you have to do your researches and look out for how different broking firms operate, check for reviews from different firms clients, you can also consult from people that have been investing for a very long time. Because at the end of the day what you need is a broking firm that can give you the assurance of your invested money
What You Need To Check Before Choosing The Best Forex Broker Malaysia.
The choice of a regulated foreign exchange broker is essential for foreign exchange trading. Since there is no regulatory authority in Malaysia, you can choose a regulated dealer from international organizations such as the United Kingdom, the United States, the European Union, Australia, Japan or Japan, even Singapore. Remember, choosing a broker in your area offers the benefit.
Availability of Islamic Trading Accounts without SWAP:
Since most operators in Malaysia are Islamic, the potential broker should be able to offer exclusive accounts without SWAP, especially if you are Malaysian. Muslim traders seeking sharia account can have an agreement with the brokers firm and agree with the terms and condition.
Speed of payment:
As a trader, your primary goal is to achieve consistent profits with all of your Forex trading companies. A very reliable broker firm should be able to provide your profits at any given time you need them. Though it is hard to get a forex broker Malaysia that provide payment instantly when needed, but if you see a reliable one be sure of your investment safety.
Trading platform performance:
Trading platform is known to be very important because it links an investor and the trading market. What you need is just to find a reliable forex broker Malaysia that is efficient and offer easy and reliable service.
Trading Accounts Selection:
Different forex brokers firm in Malaysia offers you the opportunity for different types of trading accounts, depending on your location or availability. Forex broker Malaysia usually offers small amount of accounts for trading with low capital, but in the US brokers need to make sure their trading requirements is on the high side and also it involves more restrictions when trading.
As a newbie in the Forex broker Malaysia as stated earlier you need to do your research well and seek for the best broker firm available in Malaysia before investing your hard earned money. A little research on choosing your ideal sales representative will help protect your investment.
Best Forex Broker In Malaysia
The foreign exchange market is a popular trading instrument in Malaysia where brokers need to obtain a service license from the Securities Commission of Malaysia. In most cases, the foreign exchange market is considered a foreign investment because it is not related to the ringgit, the national currency of Malaysia. Some foreign exchange trading rules are directly related to the ring, as Bank Negara Malaysia, the central bank of Malaysia, controls the value of its currency in the same way as the banks of many other emerging markets.
Listed Below Are The Best Forex Broker Malaysia
Here is the complete list of all the certified forex brokers both inshore and offshore.
Alpari international lies in the category of STP/ECB broker and has a very remarkable history of trading. It makes a foray into a forex trading industry for almost two decades before. This forex broker highly emphasizes on the satisfaction of their clients.
Offers a wide variety of trading accounts, beneficial terms, and conditions for the trade, 24/7 uninterrupted customer service. Alpari international would be the best trading option for both newbie and experienced forex traders.
If you are a novice trader, Alpari international allows opening a demo account to make yourself familiar with the live trading environment. Apart from the demo trading account, it offers a micro account and social trading to mitigate the fear of losing money from novice traders.
If you are an experienced forex trader, you can easily earn a little bit of extra cash not just by ECN trading, but by offering your services as a Strategy Manager to the new traders who aren’t quite familiar with the working methodology of this market.
Other forex traders can replicate the trading strategy of highly professional strategy planner and you’ll earn a proportion of their earnings as a commission.
This brokerage firm is also feasible to institutional and professional forex traders as it offers them a dedicated account.
- It allows its customers to diversify their investment portfolios with a wide range of investment instruments.
- Low initial budget requirement
- Well-suited for those who cannot devise their investment strategy themselves but are reliant on others to devise their investment strategy
- Appealing bonuses and cashback program
- leverage social trading option
- Scarcity of authentic educational resources
- Inadequate research tools
XM Group Forex Broker
XM Group is the highly reputable forex broker in Malaysia that has a wide range of tools to aid in technical and fundamental analysis and decades of forex trading experience. It is amongst the most credit-worthy name in an arena forex trading.
XM group allows its users to smartly diversify their investment portfolio with a wide variety of assets and is regulated by one of the well-known financial regulatory bodies across the world.
This regulation ensures you will always experience transparency and fair trading irrespective of the category of assets you’ve chosen.
In order to acquire extensive knowledge regarding all the key aspects of the XM Group Forex broker, you need to go to the official website of this forex broker. Our team has thoroughly gone through all the major features of this forex brokerage firm and we’ve provided sufficient knowledge that can assist you in getting started with XM group forex broker.
- XM group allows you to trade with the 57 currency pairs.
- It allows its investors to foray into different investment vehicles like commodities, indices, metals, energies and crypto-backed assets.
- XM Group provides access to MT4 and MT5 trading platforms to all its users
- XM Group is endorsed as the most authentic brokerage firm by the world’s most widely-recognized financial regulatory body
- An accomplished and well-rounded package makes the XM group well-suited for the newbie forex traders.
- Restricts US customers from accessing this brokerage firm
- As of now, no proprietary XM trading platform exists.
FBS Forex Broker
FBS is arguably the best forex broker and has been successfully operating for more than a couple of years. It offers a variant account types to its users, valuable research tools and extensive educational materials.
After analyzing the core features of the FBS forex broker, I can ensure it is a creditworthy and reliable forex broker.
Some of the available account types have the very minimum initial budget requirement that makes this brokerage firm well-suited for novice forex traders willing to start their trading journey with a low initial budget.
Aside from low initial budget requirements, FBS also offers attractive bonuses and a rewarding loyalty program.
Before start using the FBS forex trading platform, it is strongly recommended to do in-depth research and try to conduct extensive testing.
- Comprehensive educational material and resources are available at their site that includes extensive training, webinars and a video guide.
- Excellent research tools are available at this platform to conceptualize the core concepts of different asset classes.
- Minimum initial deposit requirement
- In order to address the requirement of all the traders, it comes with a wide variety of account types
- US clients aren’t allowed to leverage this platform
Pepperstone is regarded as the best forex broker in Malaysia and is internationally-recognized. This brokerage platform is trusted by thousands of users across the world and has millions of active users right now.
Pepperstone has received plenty of prestigious forex awards from some of the well-reputable financial organizations of the world which demonstrates how a reputable brokerage platform is it.
Pepperstone allows you to diversify your investment portfolio with 150 different investment instruments like currencies, crypto, indices, and commodities. It would be the best available option for you whether you are an experienced forex trader or a newbie trader.
Check out the official website of Pepperstone in order to acquire extensive knowledge of all the aspects of it such as fees, bonuses and many more.
- Highly regulated broker and internationally-recognized by the various financial institutions
- Offer 150+ different investment instruments
- It comes with the best educational resources in the form of video guides and webinars
- Forex, cryptocurrencies, and CFDs are all available at this platform
- Well-suited for those willing to gain extensive knowledge of all the technicalities of the forex market
- Very few opportunities for trading CFDs
- Unavailability of a proprietary trading platform
- Ava Trader
AVA trader is regarded as the highly regulated and universally well-known forex broker. It has its subordinates in different regions of the world. Ava traders allow its users to foray into different forex markets across the globe thereby can be envisioned as the most reliable online forex broker.
Ava traders allow you to diversify your investment via different tradable assets. If you want to expand your investment portfolio with different asset classes other than CFDs and commodities then this would be the best available option for you.
It comes with a wide variety of best educational resources and research material to make you familiar with all the core aspects of forex trading, making it the best forex trading option for both newbie and experienced forex traders.
Ava Trader is well-suited for highly professional forex traders. It provides them a huge discount with higher leverage along with the diversified collection of trading tools to simplify the forex trading.
- Wide variety of tradable financial instruments available at this platform
- Appealing spreads
- Highly regulated and endorsed by multiple jurisdictions
- Low initial deposit requirement makes it well-suited for students and those who are running on a very tight budget
- Attractive bonuses for the clients with multi-ethnicity
- No available for US-based clients due to regulatory constraints
If you are looking for an internationally-endorsed and highly professional forex broker then Plus500 would be the most appropriate option for you.
Plus500 is an internationally well-known brand that has its offices in almost more than 4 countries across the world. It is regulated by some of the world’s strictest financial regulatory authorities of the world and is entirely geared towards providing exemplary customer service to its users.
Tight spread and the low initial deposit requirement makes it the best possible choice for novice forex traders. As a CFD broker, plus500 is the best available option for those seeking to diversify their assets acquisitions with CFDs.
At Plus500, you can invade into 200 different investment instruments including forex, commodities, cryptocurrencies, ETFs, bonds, equities, indices and many more.
- Extremely low trading fees and deducts no commission on profits.
- Offers a diversified collection of 200 tradable assets
- Universally-acknowledged and highly regulated broker with decades of experience
- Best broker for an intermediate to an advanced forex broker
- Not feasible for novice forex trader
- No customer support via telephonic conversation
- Account deactivation fees is often charged
After conducting an in-depth analysis of forexMart, I can assure it is amongst the highly trusted forex broker in Malaysia.
ForexMart allows you to invest in plenty of different investment instruments aside from currency pairs so it would be the best option for those seeking to diversify their investment portfolio. There is no better forex broker than this because it offers 200 different currency pairs.
ForexMart would be an ideal platform for newbie investors seeking to start forex trading with a very small initial investment. Through this platform, you can make yourself familiar with the live trading environment without investing behemoth amount of capital.
- A diversified collection of different financial instruments
- Lucrative bonuses for the non-EU clients
- Easy to use and navigate through
- Extremely fast execution
- Well-suited for novice traders
- Comparatively higher spreads for STP accounts
- Not available for US residents
Oanda is amongst the pioneers of online forex brokerage firms and came into the picture in the early 1990s. Dr. Michael Stumm and Dr. Richard Olsen are amongst the co-founder of this company.
When an online forex trading was first established in 2001, it was amongst the first fully-automated and functional online forex trading platform at that time. Since then, Oanda has undergone numerous developments and as of today, it can handle millions of queries per day.
It is quite evident from the statistics available at some highly authentic websites that 20% of all the online forex trading occurs through OANDA’s servers.
- It leverages highly innovative trading practices
- No discrimination due to ethnicity
- Uninterrupted customer support
- Quality execution
- Easy to use forex trading platform
- The charting patterns provided by the platform needs strides of serious reforms.
- They manipulate the market most of the time owing to their supremacy.
- Any unfavorable economic event or rumor leads to the widening of the spreads
Vantage FX was first established in 2009 with the name of Vantage International Group which was primarily regulated by the Cayman Islands Monetary Authority (CIMA). It emphasizes the safety of the client’s fund by creating a segregate amount for that.
Vantage makes forex trading accessible to both the newbie and experienced traders. It would be the best available option to those seeking to smartly diversify their investment portfolio with a wide range of assets like indices, crypto-backed assets, commodities, ETFs and currency pairs. Aside from numerous financial instruments, Vantage provides its users access to the USA and UK capital markets by leveraging MT4 and MT5 trading platforms.
- Unique and attractive bonuses
- Offers forex ECN trading
- Provides access to US and UK equity markets and a wide range of CFDs.
- Create a segregate account to secure client fund from any unexpected future event
- Limited CFDs are available at this platform
- Non-compliant with the Europe or UK regulators
- FP Markets
FP markets was initially established in 2005 and is entirely governed by an Australian Securities and Investment Commission (ASIC). It ensures the highest level of client’s fund security by segregating them into a separate account.
The FP markets provides an opportunity for its users to invest in more than 10,000 financial instruments, including ETFs, forex, equities, commodities, bonds, indices, crypto-backed assets. Meta traders at this platform can reap the full benefits of both the Standard Account (commission-free) and Raw Account (commission-based) account.
Traders at this platform can leverage MetaTrader 4 and MetaTrader 5 trading platforms designed specifically for the desktop, web and mobile platforms. Traders at this platform can make the use of a wide variety of extremely beneficial tools including MAM/PAMM accounts, VPS services, Forex calculations, an MT4 trader toolbox that comprises external indicators and uninterrupted access to AutoChartlist.
- It offers a wide range of quality educational resources and research materials
- Provides an extensive set of tools for performing both the technical and fundamental analysis
- ASIC compliant
- 24/7 uninterrupted customer support
- ECN-based pricing and DMA trading option available
- Newbie traders become obsesses by the volume of choices of accounts and markets offered by this platform
The risk factor is always associated with all investment instruments so you can’t avoid risk but can mitigate it by leveraging the proficiency of market research tools provided by the forex brokers. Therefore, we can say the only way to mitigate the risk factor is to select an appropriate forex broker. I sincerely hope this article will assist you in finding an appropriate forex broker in Malaysia thereby you can successfully launch a highly lucrative forex trading business.
Is trading forex legal in Malaysia?
Yes, forex trading is legal in Malaysia but only registered and approved financial brokers are allowed to oprate for forex trading in Malaysia. if the broker is regulated by a major regulator around the world, forex and stock investeor are fine are allowed to use the broker.
How to Select the Best Forex Brokers For Malaysian Forex Traders
Many of the international regulated Forex brokers their office established in Malaysia also they provide Malaysian client Forex trading service. Also, there have some non-regulated Forex brokers. So if Malaysian trader trade with unregulated Forex brokers can be the scam. So when you are choosing Forex brokers, you should select regulated Forex Brokers. You think How to select the best-regulated Forex brokers? So we give some guideline on how to choose the best reliable, trusted Forex brokers:-
- If you are beginner’s Malaysia forex trader, you should choose Forex broker carefully for your account. Because there are has some scam brokers. If you are confused to choose the best Forex brokers. You no need to worry about choose the Forex brokers. Our experience member is select the reliable and secure Forex brokers so you can select a forex broker from our selecting broker’s list for your account.
- If you want to choose best Forex brokers, you should look- broker’s regulation, Broker good reputation, brokers background history, brokers financial strength and their experience in this Forex market also seems their operating system. When you choose Forex brokers for your account, you should look brokers offer trading instrument is available for your trading which instrument you are like to trade. You should select the broker who provides more trading instrument because some brokers offer to trade only Forex currency and some brokers offer Forex, Metal, Gold, Energy, Cryptocurrency and more. So before you choose the Forex brokers, you check broker’s website their offering trading instrument.
- The trading platform is the essential aspect of entry in the Forex trading. Before selecting brokers, you should check their offers trading platform. You can check the broker’s website for their offers trading platform. You should choose the brokers who will offer reliable best trading platform.
- The bonus is the promotion from the brokers. Before you select the brokers, you will check the brokers who provide more bonus program. Bonus can help your trading activity. Generally, brokers offer client many types of bonus.
- Spreads is broker’s service charge. Brokers make money through spreads and commission. Before you are choosing the brokers you should check their offers spreads and leverage. Some brokers offer tight spreads if you trade with tight spreads means your trading coast will lower, so you make profit more. Every Forex trader knows very well for leverage only for using leverage can more profit from the forex market. Because of leverage, you invest small of amount fund but you can control the big amount of money. But remember if you are using high leverage means you risk is very high can be your account zero. So try to use lower leverage.
- When you are choosing Forex brokers, you must check broker’s customer support like- live chat-email and telephone check how they respond. You can check broker’s website for what type of customers support they are offering you. In Forex during trading hours must have live support because during the trading hours if you have any problem trading related you would contact immediately with broker live support they will solve your problem quickly. So when you are choosing Forex brokers you should check their live support as it for you suitable or not. Most of the brokers are offers Multilanguage. So you can check your language they are an offer or not.