FYI: Malaysia is One of the Best Countries for FX Trading!

In a recent study conducted by City Index, Malaysia has earned recognition as one of the premier destinations for foreign exchange (forex) traders, boasting a commendable forex suitability score of 6.18 out of a possible 10. This comprehensive assessment took into account various critical factors, including the turnover of forex instruments, the cost of living, broadband internet speeds, and trading hours across a selection of 50 countries, all with the aim of identifying the most favourable nations for forex trading.

This comprehensive study revealed Malaysia's ascendancy, surpassing the Philippines in its standing as an ideal haven for forex traders. Interestingly, despite a substantial over-the-counter (OTC) forex instrument turnover exceeding USD 1 billion, Malaysia secures the 11th position in the rankings, supported by its noteworthy forex suitability score of 6.18 out of 10. A significant contributing factor to this ranking is Malaysia's remarkably affordable cost of living, placing it 94 spots ahead of Singapore in terms of living affordability.

Additionally, Malaysia boasts a moderately impressive average internet speed, clocking in at 100.84 Mbps. This notable figure stands in stark contrast to the Philippines, which lags behind in 24th place with a comparatively sluggish internet speed of 44.39 Mbps. Fawad Razaqzada, a forex trading expert at City Index, emphasizes the pivotal role of swift broadband connectivity in the forex market's fast-paced environment. Razaqzada underscores that even a few seconds can hold significant sway over trade outcomes, making a dependable and speedy internet connection an indispensable asset for traders. He asserts, “Fast broadband is paramount for forex traders, enabling expedited trade execution, mitigating the risk of connection interruptions, and facilitating multi-platform trading across various devices.”

While Malaysia has undoubtedly made impressive strides in the realm of forex trading suitability, Singapore has solidified its position as the world's third-largest forex centre by daily trading volumes, trailing only behind the United Kingdom and the United States. Singapore emerges as the most optimal destination for forex traders, boasting an impressive overall suitability score of 8.07 out of 10. A primary driver behind Singapore's success in this regard is its substantial turnover of OTC foreign exchange instruments, totalling an impressive USD 929 billion, a figure six times higher than China's USD 153 billion.

China secures the second position in the rankings, flaunting a commendable forex suitability score of 7.97, closely followed by Japan, which claims the third spot with a notable forex suitability score of 7.64. These rankings underscore the dynamic landscape of the forex market, with various nations vying for prominence, each bringing its unique strengths to the table.