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Foreign exchange market attracts more and more people, and they are interested either in the possibility of this industry bringing in high profits, or its use as an additional source of income. The sphere is among the most desirable but quite frequently, traders lose their funds by selecting wrong strategies.
Three ways of Forex trading
There exist three ways of Forex trading that are accessible for companies and private investors. These ways are the following ones:
- spot market;
- forward market;
- contract market.
The spot market was always regarded as the largest one, being a basic asset. The other two types of markets are based on the spot one. This market is a place where currencies are purchased and sold by current prices. The price is a reflection of a supply-and-demand situation and other important factors including economic and political ones. Forward and contract markets imply contracts trading.
These contracts give the right to demand particular currencies by a fixed price and future settlement date. The forward market implies purchasing and selling contracts between participants according to the OTC principles while the contract market offers contracts that have fixed amount and settlement date. Most traders select either forward or contract markets to minimize their risks.
What are the most widespread mistakes of beginners?
Nowadays the market is spread throughout the world but no matter which country was selected by a trader, there are some common mistakes made by beginners. To be successful in this industry, you need to be patient and learn some basic knowledge.
The key mistake lies in selecting the wrong goal. Most new entries are interested in making money instead of understanding the industry. Such a decision is a dead-end road.
Traders should understand this market to become professionals so that they can comprehend the smallest nuances and pitfalls. So, follow the latest news, learn basic terms, analyze the situation and find out some special materials concerning the industry. The more you learn, the more effective your trading becomes and therefore, the more money you earn.
The second important mistake lies in hastiness. Some brokers offer the possibility to test your skills at first. For instance, IQ Option offers a demo account for beginners to avoid wasting funds. Professionals highly recommend starting with virtual accounts to understand the market and its processes.
Binary trading in Malaysia: basic notions
Malaysia is a country with a rapidly developing economy that attracts investors from all over the world. ForEx trading is among the prospective investing instruments in the country but this industry is strictly regulated by the local government.
The main legislative acts that control the sphere are the following ones:
- The Exchange Control Act (adopted in 1953);
- The Securities Commission Act (adopted in 1993);
- he Money-Changing Act (adopted in 1998).
The market is controlled by several state organizations that make obtaining the national license a rather complicated process but fortunately, Malaysian traders may use international companies for trading. Hence, the developing economy, the maintenance of the industry on the government level and growing interest in the sector among Malaysians are the main reasons of rapid development of the ForEx market in the country.
The Malaysian Ringgit (MYR) is the official currency of Malaysia and was introduced in 1975. In that time, 1 MYR was equal to 0.39 USD while in 2019, the value of 1 Malaysian Ringgit decreased to $0.24.However, the Malaysian currency had lost only 40% of its value and was regarded as a rather stable one in comparison with other currencies of the region.
Broker selection for new entries and professional traders
Selecting a reliable broker is the key aspect from the viewpoint of successful trading. On the one hand, traders’ rights should be protected and on the other hand, they demand a convenient and functional platform for trading. IQ Option becomes the best choice for both beginners and professional traders having great experience.
Among the main pros for beginners the following ones can be indicated:
- Obtaining a demo account for free. Every trader gets a training account with $10 000 virtual money for practicing his skills without any limitations. You may open a real account when you are convinced that you are ready to earn money.
- IQ Option Company has the necessary licenses for being on the market since 2013, therefore the rights of beginners are completely protected.
- There are numerous ways of depositing and withdrawing funds while the minimal deposit is just 10 USD and for withdrawals, minimal limits are only $2, therefore such platform is perfect for investors with minimal capital.
- A trader may the download IQ Option app for his devices that guarantee the trading process to be more effective.
Professional traders will find the following pros for themselves:
- The platform introduces all recent innovations to become better for users, therefore, the last version applies Web GL technology and is the first to introduce such innovation. This technology downloads all graphic components immediately upon reaction to any change. Therefore, a trader gets more control over the trading process.
- Apart from foreign exchanges, digital currencies and stocks are also available for trading to provide extended functionality for professionals.
- A trader gets a fully functional trade room where up to nine graphs can be shown simultaneously, therefore you are able to control the trading process as you wish.
- 16 technical analysis instruments are available to make your prognosis more precise.
- KPMG annual audit.
- VIP manager supporting your native language.
The platform becomes fully functional for both beginners and professional traders and various apps for your devices grant you access to all functions. Speaking about Malaysian users, they are able to deposit and withdraw MYR using the currency in trading. IQ Option works with several banks, therefore the process of funds withdrawal to debit or credit cards imply no problems.
The platform was awarded several times for its innovative and effective approach to the industry.
The main advantages of IQ Option software
A trader may download IQ Option for PC, laptop or the mobile version that implies the following advantages:
- You do not need to log into a system every time. Upon downloading the app, you are kept logged into a system from your device.
- A trader is able to make personal settings that are saved for your device.
- The app design was worked out by taking into account the preferences of traders, therefore, you are able to select the most preferable color scheme.
Users can download the latest version of the platform for their computers or laptops.
System requirements for IQ Option apps?
IQ Option download for Windows or macOS may be provided from the official website. Remember the following requirements your device should correspond to:
- Windows of the following versions: 7,8,8.1 or 10;
- MacOS of the 10.10 version and later;
- 4 GB RAM (recommended while 2 GB is regarded as minimal);
- DirectX 9 or later for Windows or OpenGL 2.0 or later for MacOS;
- 130 Mb ROM.
Downloading this app for mobile devices that use Android or iOS the following demands should be taken into account:
- Android of 4.4 version or later;
- iOS of 9.0 version or later;
- 74 Mb of storage space.
How to download apps for your device?
In order to perform the IQ Option download for laptop or other devices, the following actions should be followed:
- Visit the official website of the company.
- On your browser scroll down the page to find a tab marked ‘Download’ on the bottom of the website.
- Select the appropriate variant (for Windows and macOS, different versions are provided, while for Android and iOS, the apps are offered through the Play Market or App Store).
- Click on the preferable variant to download the file on your device.
- Finally, you need to install the app on your device by performing the following actions.
To complete downloading for Windows the next steps are implied:
- Open the downloaded file and select the place where the tool should be installed.
- Click ‘Yes’ to allow the app to make changes on your device.
- Wait until all components are be installed.
- Finish the installation, and if you wish, install the Desktop icon of the app.
- Log into a system to start trading.
To complete downloading for macOS the next three steps must be completed:
- Open the downloaded file and send it to the folder labelled ‘Applications’.
- Open the file and click next to all the steps of installation, waiting until the process is completed.
- Log into the system and use your application.
The Malaysian taxation policy
In order to avoid any problems with the Malaysian legislative system, a trader must pay taxes according to the indicated norms that depend on the annual profits.
A progressive taxation system is adopted in Malaysia that implies the following categories of people according to their annual incomes:
- less than 5 000 MYR (less than 1 200 USD): such persons are tax-free;
- 5 000 – 20 000 MYR (1 200 – 4 800 USD): pay 1% taxes;
- 20 000 – 35 000 MYR (4 800 – 8 400 USD): pay 5% taxes;
- 35 000 – 50 000 MYR (8 400 – 12 000 USD): pay 10% taxes;
- 50 000 – 70 000 MYR (12 000 – 16 800 USD): pay 16% taxes;
- 70 000 – 100 000 MYR (16 800 – 24 000 USD): pay 21% taxes;
- 100 000 – 250 000 (24 000 – 60 000 USD): 24% taxes;
- 250 000 – 400 000 MYR (60 000 – 96 000 USD): 24.5% taxes;
- 400 000 – 600 000 MYR (96 000 – 144 000 USD): 25% taxes;
- 600 000 – 1 000 000 MYR (144 000 – 240 000 USD): 26% taxes:
- over 1 000 000 MYR (more than $240 000): 28% of taxes.
Thus, traders should pay taxes depending on their annual profits.