If you want to trade forex, one of the things you are going to need is a bankroll. But what is the minimum amount of money to start trading forex in Malaysia?
As you will discover in this post, you actually do not need much to fund your account. In fact, if you do not have anything to deposit just yet, you can still get started right away with a no deposit bonus forex promotion in Malaysia.
Only Trade With Money You Can Afford to Lose
How much money do you need to trade forex? Well, at a minimum, you at least need to be earning enough money so that you can pay your bills. If you can do that, and you have some money left over, you can probably trade.
One caution you will read time and again about forex is that “past performance does not guarantee future results.” You take a risk with every trade you place, no matter how well you plan it and no matter how professional your approach is.
Someday, you might be able to make a living trading. But as a novice, you need to rely on your day job for that. Only trade money you can afford to lose.
Malaysia Forex Broker Minimum Deposit Requirements
There is a pretty wide range of minimum deposit amounts from one broker to the next. On average, most Malaysian forex brokers seem to require deposits between USD $100-$300. But we have seen some that require much larger or smaller deposits. In some cases, you might be able to open an account and begin trading with a deposit as low as $1. So, a small bankroll does not need to hold you back.
How Much Do You Need to Deposit to Claim a Bonus?
There are two main types of forex bonuses: forex deposit bonuses, and forex no deposit bonuses.
With a forex deposit bonus, you make a deposit, and then the site matches a percentage of the amount you have deposited, up to a certain limit.
The site will generally specify a minimum deposit you need to make in order to claim that match. It could be the same as the minimum to open an account, or it could be more.
Usually, there are multiple account tiers based on the amount you deposit. With the higher tiers, you may be able to claim more significant bonuses. So, you will need to decide how big a bonus you want, and then deposit accordingly.
With a no deposit forex bonus promotion in Malaysia, however, you do not need to deposit money to claim the bonus. That is why it is a “no deposit” bonus. Instead, you simply accept the bonus offer. The bonus funds are transferred to your account, and you can start trading (you will probably need to make a deposit to withdraw the winnings, however).
Malaysia Forex Broker Minimum Trade Size Requirements
Forex lots usually are available in these sizes:
- Standard
- Mini
- Micro
- Nano
There are also sites that offer custom lot sizes.
Not every site supports every lot size, which is why you need to take the following steps before you open an account and make a deposit:
- Figure out how much money you will be putting in your trading account to start out.
- Calculate around 2% of that to figure out how much you can responsibly afford to risk on each position you open.
- Check to see if you can select a lot size (or create a custom lot size) that allows you to trade that amount.
If the answer is “yes,” then you can afford to trade at that site. If the answer is “no,” look for a site that supports smaller lot sizes.
How to Get Extra Money for Trading: Two Easy Methods
If you pick a forex broker in Malaysia that has a low minimum deposit amount and supports small or custom lot sizes, then you should be able to trade even with a very small account.
But if you want some extra money for trading, there are a couple of options to consider.
1. Forex bonuses
As we already talked about, you can claim a forex bonus, which might be either a deposit or no deposit bonus.
These bonuses provide you with extra funds for trading. Just be aware that you need to meet certain conditions to withdraw afterwards. Those could include depositing a particular amount, and/or meeting rollover requirements.
2. Forex contests
Another way to increase the amount of money you have in your trading account is to take part in the contests that some brokers offer.
Here is how contests work:
- Each contest takes place over a set time period, which could be as long as a month or as short as a day.
- You place trades in your account during the scheduled time period.
- For your trades to count toward the contest, they need to follow the contest’s rules.
- While you are trading, so are other contest participants.
- At the end of the contest period, whichever trader was most profitable receives a prize, typically bonus funds.
A forex trading contest can be either a live contest, or a demo contest. That means that you need to find a contest that is for your type of account. If you have a live account, you can participate in a live forex contest. If you have a demo account, you will need to participate in a demo contest.
If you win the prize, you have funds you can use for trading. That means you can, for instance, participate in a demo contest, and then win real bonus funds you can put into a real, live account.
Forex contests typically happen on a recurring schedule. So, if you do not win one contest, you can try again in the next one, and the next, and the next. In fact, some brokers run contests constantly. So, if you are trading on the site at all, whether in a demo account or a live account, you have the opportunity to compete for bonus cash.
Summary
In order to start trading forex, you do not need as much money as you might think. You just need enough to:
- Keep up with your bills
- Make the minimum deposit
If you have a small account, it will take you a while to grow it. You can either trade live with a small account and grow it gradually, or you can stay in demo mode for longer and then open up a larger account when you want to go live. It is totally up to you. Either way, there is nothing holding you back from getting started. Check out our recommended forex brokers in Malaysia to begin.
20$