Best forex brokers in Malaysia reviewed by TradingPedia.com. Find out where to trade currency, stocks and commodities in Malaysia. The official currency of Malaysia is Ringgit. Therefore when we speak about forex trading, we refer to this currency exchanged with other worldwide known currencies.
Significant role for the Malaysian forex market play both international and domestic financial markets. There are many important economic factors such as government budget surplus or deficit, economic growth, inflation levels, and the measures taken by the central bank of Malaysia, which goes by the name Bank Negara Malaysia. All those factors influence more or less the exchange market of Malaysia.
Maybank is probably the most popular forex service provider in all over Malaysia. It is also the largest bank in Malaysia and it is known for its good maintenance of extensive network in the financial market worldwide. It also handles the foreign exchange management of risks.
During the crisis, Malaysia was one of the countries that were in the group of other nations that suffered from the capital market destabilization. The reason for this was the insignificant forex trading in the early 2000s. Of course, traditional measures were taken and thus the stabilization of markets was not late.
Leading Forex Brokers in Malaysia
The interest rate was increased which lead to devaluation of currencies. This strategy, however, was not really successful and led to small foreign exchange trading. The overall volatility transmission and the volatility that varies depending on the time are some of the most important factors that are affecting the forex market in Malaysia.
The exchange rate of Malaysian Ringgit is always changing following a slight change in the money value of the Ringgit and other currencies of the world. The current exchange rates of one Malaysian Ringgit with some of the major currencies of the world are as follows:
You should know that the Malaysian Ringgit is always going through changes. Thus it follows the slight changes of other currencies, and as soon as something happens to them and they increase or reduce their value – it is immediately reflected on the Ringgit.
The Ringgit is tied up with some of the major world exchange rates such as; Euro, New Zealand Dollar, US Dollar, Pound Sterling, Australian Dollar, Canadian Dollar.
Here is a list of brokers that you can use in Malaysia: