Every sixth Malaysian came across Forex before, and they are likely to become regular traders, OctaFX reports
- Written by The Bulletin
If all the people familiar with Forex lived in the same city, it would have to be bigger than Kuala Lumpur. This conclusion was reached by the analysts of the global broker OctaFX.
The broker recently researched the Forex market capacity in Malaysia. While many people have at least heard about Forex, as discovered by the research team, how many of them use this investment tool regularly? Let's take a closer look.
KUALA LUMPUR, MALAYSIA - Media OutReach - 12 July 2022 - According to the OctaFX research, almost 80 percent of the working-age population in Malaysia are familiar with the Forex market. This is over 12 million people—more than eight times the population of the country's capital.
The global broker conducted a large-scale study of Malaysia's population and found that a significant number of people of different sex, age and profession consider Forex a promising investment tool. In the related survey, more than 4.7 million people claimed to trade Forex actively.
In other words, one out of six adult Malaysians invests in Forex, and this figure is expected to grow. About 215 thousand residents of the country are actively engaged in trading every month.
Forex expert Kar Yong Ang makes an optimistic forecast about the Forex market growth in Malaysia: 'With the recent economic changes due to the pandemic and lockdowns, more and more people are seeking an alternative source of income, and I believe that trading is one of the most attractive vehicles to make an additional income. You can trade on the go or from the comfort of your own home. You can also choose how much time to dedicate to it. As more people start to realise the importance of investing, I believe many will also start to see the benefits of Forex as a way of gaining an additional income or even as their preferred investment type.'
The current number of active traders seems realistic, in particular when supported by similar figures from a reputable industry source. According to Finance Magnates, Malaysian traders invest over 76 million USD per month in Forex, making Malaysia one of the four most promising countries for development on this market.
One of the most curious results of the OctaFX study suggests that women are most interested in Forex trading between the ages of 18 and 29. Presumably, a liberal university environment allows women to think out of the box and feel more freedom to try new things. As the data shows, they willingly—and, quite successfully—claim their places in trading and other spheres traditionally occupied by men. Meanwhile, men are most active in Forex between the ages of 30 and 44.
The researchers were also interested to learn some common reasons for people to stop investing in Forex. As discovered, one of the significant barriers is a lack of knowledge or experience in trading. Fortunately, today there are many freely available educational materials—it just takes dedication to study them.
Trading expert Gero Azrul emphasises the importance of continuous training and development to trade successfully. 'Beginner traders or those who are not confident enough in their skills should consider first practising on demo accounts. Many brokers offer them, and they are a great tool for strategy testing. It is also necessary to dedicate enough time to reading educational articles, watching webinars, and attending Forex online courses. Also, it is always good to return to the definitions of basic terms, strategies, and theories. Finally, you should always follow the latest financial news,' noted Mr Azrul.
As Malaysia's Forex market continues to grow, expect more people around you to become involved. Watch out to not bump into a person in front of you, distracted by a phone. They are probably trading right now.
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About OctaFX
OctaFX is a global broker that has been providing online trading services worldwide since 2011. It offers everything one needs to reach their investment goals, providing top-notch conditions utilised by more than 11 million clients globally.
The company is involved in a comprehensive network of charity and humanitarian initiatives, including improving educational infrastructure, short-notice relief projects, and supporting local communities and small to medium enterprises.
OctaFX has also won more than 45 awards since its foundation, including the 2021 'Best ECN Broker' award by World Finance, the 2021 'Best Forex Broker Asia' and 'Best Forex Broker Malaysia 2022' awards from Global Banking & Finance Review.
