The new Malaysia 2021 foreign exchange platform launched by the CBMS last month has attracted a lot of foreign brokers to participate in the trade. At present, the trading volume in the country is around $2.5 billion per day. This means that a lot of money is transacted in the currency market in a single day. This is why a lot of foreign brokers are taking advantage of this opportunity to gain more clients in the country.
This is also why there is so much competition in the industry. Each of the brokers trying to gain clients have their own unique selling proposition. They offer different kinds of products and they target different demographics. For example, some of them concentrate on younger investors and others on older ones. However, this competition goes beyond the types of products offered by the brokers themselves. There is also a very fierce marketing campaign underway.
Since the CBMS is an institution that counts a lot of prominent Malaysian politicians as its members, it naturally tries to project a positive image in the eyes of the public. A lot of government propaganda channels are released in the local media to promote the country. In fact, one of the CBMS’s prime movers is the acting Finance Minister UMNO. This shows how dedicated the government is to promoting its vision for the country’s economic growth. In addition, various national events are also held regularly to encourage foreign brokers to come to Malaysia and take part in the industry.
Despite all these efforts, however, the brokers in Malaysia still face certain challenges. For starters, they face the intense competition coming from brokers based in Europe, Japan and US. They also have to contend with endemic corruption at the country’s financial sector. On top of all these, the Forex Megadroid was recently launched to address some of the issues related to the industry. But is it enough to gain the industry’s full attention?
Judging by the response of the industry, the answer is not yet. There is still a long way to go before the industry can achieve its full potential and become a strong force in Malaysian and Asian markets. With the recent launch of the new Forex Megadroid, developers hoped to address two major issues related to the industry. They were hoping to attract new players while simultaneously building a stronger base for the industry at the same time.
Aside from attracting new players, the developers also hope to address weaknesses present in the industry. One of these is the absence of educational and training programs for members of the public who want to get into the business. They also hope to make the trading process easy for a beginner. These are some of the key points addressed by the company in its strategy for the coming years.
So, how will the industry fare against the likes of brokers in Singapore and other countries? Experts are predicting a close competition in the near future. However, it is important to note that even though the competition is close, there are still advantages for clients of brokers in Malaysia and Asia as a whole. First, since the Forex market is largely based on information, a good Forex broker in Malaysia or Asia will be able to provide crucial information to their clients. For example, if a new investor decides to take a look at the Forex market, the brokers will be able to give him/her important tips on which currencies should be bought and which should be sold. This is one advantage that makes the brokers in Malaysia and Asia stand out from others.
The second advantage is the quality of advice that they offer. Since a lot of data is exchanged during currency trades, good brokers in Asia are able to gather and process all the relevant information and make relevant recommendations. These recommendations will be very useful to traders who want to gain advantage on the Forex market. They can be adjusted as the market conditions dictate. Therefore, brokers in Malaysia and Asia are not only more convenient to work with, but they also tend to have a deeper understanding of the Forex market.